FED: Jefferies Join List Delaying Rate Cut Calls, But Only To April

• Stocks are weaker but off morning lows ahead midday Wednesday, inside ranges as markets breath a sigh of relief as the Supreme Court avoids commenting on Pres Trump's IEEPA tariff ruling for the second straight week. ("If SCOTUS rules against the United States of America on this National Security bonanza, WE’RE SCREWED!" Trump posted yesterday.)
• Markets digested mixed data (PPI inflation up slightly vs. gain in Retail Sales) earlier, weaker US$ provided some modest support for equities midmorning while weaker earnings for some banks weighed on financials.
• Currently, the DJIA trades down 268.35 points (-0.55%) at 48928.89, S&P E-Mini Futures down 70 points (-1%) at 6933.25, Nasdaq down 355 points (-1.5%) at 23362.35.
• IT, Financials and Consumer Discretionary sectors led declines ahead midday:
• Chip makers and software/services stocks weighed on the Tech sector (some dust-up over Chinese customs denying entry of Nvidia high-end H200 chips): AppLovin -10.26%, Intuit -6.25%, Broadcom -5.36%, Oracle Corp -4.40%, Arista Networks -3.89% and Nvidia -2.21%.
• After missing earnings and profit estimates, Wells Fargo & Co -4.79%, while Bank of America decline -4.49% (despite beating earnings), Citigroup -3.89%, Synchrony Financial -2.92% and Block -2.78%.
• Meanwhile, discretionary stocks trading weaker at midday include: Royal Caribbean Cruises -5.09%, Airbnb -5.00%, Expedia Group -4.38% and Norwegian Cruise Line -3.78%.
• On the positive side, the Energy sector was buoyed by oil & gas stocks as Mideast tensions continued to support crude (WTI +.56 at 61.71): APA Corp +4.04%, , Valero Energy +3.88%, Devon Energy +3.47%, ConocoPhillips +3.37%, Marathon Petroleum +3.27% and Phillips 66 +3.09%.

MNI London: Bloomberg News reports that, “Top Taiwanese officials are traveling to Washington to advance a long-stalled agreement to lower US tariffs on the self-governing island’s exports and boost investment in America, according to people familiar with the matter.”

• Bloomberg notes, “It’s unclear which US officials will participate in the meetings and whether Trump plans to become personally involved, the people said. Whether a deal will be finalized during the visit also remains uncertain… Still, the trip marks the latest signal that months of negotiations between Washington and Taipei are entering their final stages.”
• The Bloomberg report appears to support previous reporting, highlighted by MNI here, that the deal will bring tariffs on Taiwanese exports from 20% to 15%, on par with the rates applied on exports from Japan and South Korea, and include a commitment from Taiwan Semiconductor Manufacturing Co. to significantly increase investment in US chip manufacturing.
• Bloomberg notes, "A signed pact would represent a significant victory for Taipei, which has been pushing to conclude an agreement before Trump meets with Chinese President Xi Jinping, according to a senior official in the Taiwanese capital. That sit-down is expected to take place in April."

 "*FRENCH GOVERNMENT SURVIVES NO-CONFIDENCE VOTES ON MERCOSUR PACT" Bloomberg

Failure of the RN vote follows the LFI motion earlier this afternoon.

The National Assembly now moves back to debating the 2026 state budget.