Good morning and welcome to Markets Desk, your morning read on what's moving and why.
China's industrial profit data out of March came in strong, up fifteen point eight percent year over year, but the headline flatters the underlying picture. Rising global oil prices tied to Iran war disruptions are beginning to squeeze manufacturers relying on imported raw materials, and that margin pressure could deepen if crude stays elevated through the second quarter.
Turning to earnings, Tesla beat on revenue, earnings, and free cash flow last quarter, but the more significant signal wasn't the numbers themselves. Investors and analysts are increasingly focused on what Elon Musk telegraphed about the company's strategic pivot toward autonomous vehicles and robotics, suggesting Tesla's long-term identity may have less to do with selling cars than with licensing technology.
And on the equity side, the Nasdaq is now approaching all-time highs, up roughly fourteen percent through April alone. That kind of run naturally raises the question of whether artificial intelligence growth names still offer entry points at current valuations, or whether the easy money has already been made and buyers here are simply paying for a story the market already knows.
That's the tape. Markets Desk, signing off the floor.
