US equity markets opened lower on April 21, 2025, with the S&P 500 futures (ES) down 1.1%, Nasdaq 100 futures (NQ) down 1.4%, Dow Jones futures (YM) down 0.8%, and Russell 2000 futures (RTY) down 0.9%. The US stock market experienced a notable selloff, with the SPY ETF dropping by 5.15 points. Bitcoin showed a decoupling trend, tracking gold and global liquidity instead of equities. On April 22, 2025, US futures rebounded, with ES, NQ, and RTY all gaining around 1%, while European markets opened slightly lower, reflecting the previous day’s US selloff. The US Dollar Index (DXY) remained flat, and USD/JPY fluctuated below 140 before rebounding. Market participants focused on a heavy slate of Federal Reserve speakers scheduled throughout April 22, including Fed Governor Philip Jefferson, Philadelphia Fed President Patrick Harker, Minneapolis Fed President Neel Kashkari, Richmond Fed President Thomas Barkin, and Fed Governor Adriana Kugler. The European Central Bank (ECB) also had key speakers such as President Christine Lagarde, Vice President Luis de Guindos, and Governing Council member Klaas Knot. Economic data releases on April 22 included the Richmond Fed Manufacturing Index and Eurozone Consumer Confidence flash reading, which was expected to worsen. On April 23, 2025, the market agenda included S&P Global Manufacturing and Services PMI, New Home Sales, the Fed Beige Book report, and speeches by Fed officials Austan Goolsbee, Christopher Waller, Alberto Musalem, and Beth Hammack. Treasury auctions for 5-year notes and 4-month bills were also scheduled. Overall, the markets were navigating mixed economic signals amid active central bank communications and key macroeconomic data releases.