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Honeywell International exceeded first-quarter earnings and revenue estimates as two of its units posted sales gains.

LONDON (Reuters) -The United States and China are unlikely to see a rapid hit to their credit ratings from a trade war, S&P Global's top sovereign analyst has said, with damage more likely concentrated on poorer countries and those already on downgrade warnings. S&P reaffirmed its "stable" outlook on its AA+ U.S. sovereign credit rating days before President Donald Trump announced his sweeping round of global trade tariffs in early April. It cited the U.S.' near 100%-of-GDP government debt level and a fiscal deficit running at 6%-7% of GDP as its key credit weaknesses, while it also pointed to the significant uncertainty around Trump's trade moves and other policies.

The US stock market is on track for its worst first 100 days of any presidential term since President Gerald Ford assumed office in 1974.

The statutory instruments will see the creation of new regulated activities such as operating a cryptoasset trading exchange and stablecoin issuance.

Qualcomm reinstated, Arista upgraded: Wall Street's top analyst calls

The London-based brokerage cut its target to 5600 from 6700, which is in line with BofA Global Research's forecast. "Nearer term, the market should trade between recession and stagflation fears until the Fed cuts and tariff turmoil subsides," said HSBC strategists in a note. Global brokerages have been aggressively revising their targets for the benchmark index following Trump's evolving tariff policy as they are expected to dent corporate America's earnings and push the U.S. economy into a likely recession.

Ethereum (ETH) joined Bitcoin Cash (BCH) as a top performer, rising 1.8% from Monday.