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Early Morning with Dave
China Breaks Its Silence and Investors Celebrate a Looming Thaw
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China Breaks Its Silence and Investors Celebrate a Looming Thaw

Beijing responds to U.S. overtures, boosting U.S. futures overnight

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David Rosenberg
May 02, 2025
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Early Morning with Dave
Early Morning with Dave
China Breaks Its Silence and Investors Celebrate a Looming Thaw
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Highlights

• Beijing responds to U.S. overtures, boosting U.S. futures overnight

• April layoff announcements are three times the historical norm

• Earnings reports highlight the growing strain on low-end consumers

• Dominating bearish sentiment could provide additional fuel for this rally

Key Takeaways

• McDonald’s Sales Hit Pandemic Low: Amazon delivered negative guidance, and investors didn’t treat Apple’s stock too favorably after what looked to be a decent earnings release (save for China and tariff-induced costs). All this followed McDonald’s -3.6% YoY sales decline — the steepest since the height of the pandemic five years ago — which attests to escalating strain in the low-end consumer base (where visits to the fast-food giant plunged by nearly -10%).

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