Macro Market Movers

More trade ups and downs. President Trump ordered an investigation into whether auto and truck imports weaken the U.S. economy and threaten national security, which sparked a response from a Chinese official.

Things are looking up for George Washington, as the dollar has staged a solid comeback after losing nearly 10% in 2017 and an additional 4% in January.

Is Turkey a canary in the coal mine? Turkey’s currency, the lira, has lost over 20% versus the dollar since the start of the year and dropped as much as 5% overnight.

So what do you hear? Are you Team Yanny or Team Laurel? In case you haven’t heard, some people hear the word “Yanny,” while others hear the word Laurel in this epic division.

10-year Treasury yield holds above 3%. The 10-year Treasury yield again broached the 3% level last week, and unlike previous instances, it managed to stay above that level for the entire week.

Solid economic growth should be good news for emerging market (EM) stocks, which have historically done well when economic growth in EM has accelerated relative to that of developed economies.

Earnings estimates rose past week. Over the last week, forward-four-quarter estimates for the S&P 500 Index rose 0.6%, and have risen by an impressive 1.3% since April 1.

Global equities moved modestly lower on the week, as investors expressed renewed concern over rising interest rates. The yield on the 10-year Treasury jumped to multi-year highs on Tuesday.

In other British union news—though it may not be getting quite as much media coverage—Brexit negotiations are ongoing as Britain works to separate itself from the EU.

Prince Harry and Meghan Markle will wed on Saturday. Around 600 guests are expected to attend, a small crowd in comparison to the Duke and Duchess of Cambridge (William & Kate) who wed in front of 1,900 guests.