* S&P 500 earnings for Q1 fell nearly 7%, according to estimates by FactSet
* Banks are now losing money on mortgages after sharp rise in interest rates
* China oil imports surge to highest level in nearly 3 years
* Senate Leader Schumer seeks regulations on artificial intelligence technology
* US jobless claims rose for first time in three weeks
* US wholesale prices fell in March, another sign of easing inflationary pressure:

Gold rises to highest price in nearly two years. “These economic data have reinforced the market’s assessment that the cycle of interest rate hikes is nearing its end, which makes gold attractive to investors as it does not pay interest itself,” says Alexander Zumpfe, a precious metals dealer at Heraeus.”