According to online reports, Trade Nation analyst David Morrison said in a report that the U.S. stock market has recently rebounded, but it still fails to reflect the "serious damage that tariffs have caused to global trade." U.S. stocks rebounded from declines after the U.S. announced global tariffs in early April, boosted by interest rate cuts and stronger-than-expected earnings from Meta and Microsoft. Traders are currently focusing on expectations that President Trump will "reach some settlement on tariffs" and that the Federal Reserve will cut interest rates "when the economy shows signs of pain."