The Trump administration today officially acknowledged what businesses have been saying for weeks: The trade war with China is "unsustainable" in its current form.

• Besides that, however, businesses and investors are no clearer on what a trade agreement might actually look like when the dust settles.

Catch up quick: Stocks have jumped, retreated, jumped again, and pulled back again on at least four different comments coming from the Trump administration over the last two days, remarks intended either for China's ears or for jittery U.S. investors.

State of play: The latest update came from Treasury Secretary Scott Bessent, who told reporters this morning that ​​the trade war was "unsustainable," but that the U.S. will not move unilaterally to reduce tariffs.

Between the lines: That was a good news/bad news statement for investors.

• It's clear the U.S. and China haven't begun talking yet.
• In the meantime, the trade tensions threaten to all but shutter commerce between the world's two largest economies.

Zoom in: The now-familiar volatility in the stock market was particularly evident over the last two sessions in stocks sensitive to the U.S.-China trade war.

• Apple jumped 3.4% yesterday on the day's headlines. It jumped another 4% at the open today following Trump's reassurances that he didn't intend to play hardball — but then surrendered some of those gains following Bessent's statement. All in all, it's up 5.9% over the last two sessions.
• Caterpillar showed a similar arc. It jumped over 2% yesterday, and another 4.5% this morning before retreating. In total it's now up over 4% in two days.
• And Nvidia had jumped nearly 8% at one point, before finishing up 6% for the sessions.

The bottom line: The only sustained thing in the market right now is uncertainty.

Boeing delivered an encouraging earnings report today despite concerns about the impact on the company of President Trump's trade war.

State of play: The aircraft maker beat earnings estimates and said it's progressing on its path to boosting production of its 737, which has been caught up in regulatory scrutiny.

• The company's currently making "in the low 30s" of the crucial narrow body per month, and expects to get to 38 over the next few months, CEO Kelly Ortberg said, referring to the FAA's current production limit.
• Boeing expects to "request an increase to 42 per month with the FAA later this year," Ortberg said.

🇺🇸/🇨🇳 Threat level: China recently barred its airlines from accepting Boeing jet deliveries in retaliation for Trump's tariffs, and Ortberg today said the company has an immediate solution for what he called the "unfortunate situation" — redirecting supply to other customers.

• "We're not going to continue to build aircraft for customers who will not take them."

💉 Eli Lilly is suing four telehealth companies that have been selling compounded versions of its GLP-1 drugs. (CNBC)

🔌 BYD is overhauling its European business after a series of strategic mistakes. The Chinese EV maker failed to establish enough dealers, didn't hire the right executives and didn't offer enough plug-in hybrid models, executives said. (Reuters)

🌯 Chipotle same-store sales dropped for the first time since 2020, while the burrito chain warned of a "slowdown in consumer spending." (CNBC)

🚛 Aurora Innovation is poised to launch commercial driverless truck operations in Texas this month. The first autonomous truck will travel between Dallas and Houston. (Axios)

Preorders for Nintendo Switch 2 open at midnight ET Thursday and the hotly anticipated consoles are expected to sell out quickly.

• Why it matters: Preorders for Nintendo's Switch sequel were delayed by two weeks in early April amid tariff uncertainty.

By the numbers: Nintendo said last week it would maintain the console's launch price at $449.99. The original Switch launched in 2017 with a price of $299.

• Yes, but: Switch 2 accessories will "experience price adjustments from those announced on April 2 due to changes in market conditions," Nintendo said.
• The Switch 2 Joy-Con, Pro Controller, and Switch 2 camera each increased $5 from their original prices.
• "Other adjustments to the price of any Nintendo product are also possible in the future depending on market conditions," the company said.

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