EM LATAM CREDIT: Mercado Libre 1Q 2025 Earnings Results Beat: Neutral take

• Stocks have bounced amid hopes of progress on US tariff negotiations early Tuesday, still off last week's levels prior to Pres Trump's sweeping tariff announcement. Indexes pared gains at midmorning after Pres Trump said he would not do tariff exemptions in the near term.
• Currently, the DJIA trades up 1000.21 points (2.63%) at 37,814.14 (39,426.60 high), S&P E-Minis up 142 points (2.79%) at 5078.5 (5,305.25 high), Nasdaq up 513.8 points (3.3%) at 15551.09 (16,316.16 high).
• Information Technology and Financial sectors outperformed in the first half, chip stocks and hardware makers buoyed the Tech sector: Palantir Technologies +9.75%, Western Digital +9.58%, Broadcom +8.99%, Arista Networks +7.86% and NVIDIA +7.53%.
• Banks led gainers in the Financial sector: JPMorgan Chase +5.60%, Citigroup +5.59%, Capital One Financial +5.41%, Charles Schwab +5.38% and Discover Financial Services +5.36%.
• Reminder, banks kick off the latest earnings cycle this Friday with Bank of New York Mellon, Wells Fargo & Co, JPMorgan Chase and Morgan Stanley reporting.
• On the flipside, Materials and Energy sectors underperformed in the first half, Albemarle -1.58%, International Paper -0.32% weighed on the Materials sector while oil and gas shares hampered gains in the Energy sector: APA Corp -0.53%, EOG Resources +0.12%, Occidental Petroleum +0.59%, Devon Energy +0.59% and ConocoPhillips +0.77%.

The DMO has announced it will be looking to sell GBP4bln of the 4.50% Mar-35 Gilt (ISIN: GB00BT7J0027)at its auction next Tuesday, April 15.

• 37,000 SFRM5 96.50/97.25 call spds from 5.0 to 4.5 ref 96.015 to 96.00