U.S. stock futures plummeted on Thursday after advancing on Wednesday. Futures of major benchmark indices were down over 2-3% in premarket trading.



Invoking a 1977 law, President Donald Trump declared a trade emergency Wednesday, arguing it was necessary to address the U.S.&#8217;s "large and persistent trade deficit." The White House <a href="https://www.benzinga.com/markets/25/04/44621408/market-access-has-a-price-trump-unveils-list-of-tariffs-countries-targeted">released a fact sheet</a> outlining the new reciprocal tariffs, which Trump justified with the principle, "Treat us like we treat you." 



While Canada and Mexico were notably excluded from the tariff program, China, Vietnam, Cambodia, and Sri Lanka face the steepest increases under the new system. Gold prices soared to a fresh record of $3,167.71 per ounce, and investors fled toward safe-haven assets.



The 10-year Treasury bond yielded 4.06% and the two-year bond was at 3.78%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool </a>shows markets pricing in a 76.7% likelihood of the Federal Reserve maintaining current interest rates through its May meeting. 



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-2.54%</td></tr><tr><td>S&amp;P 500</td><td>-3.04%</td></tr><tr><td>Nasdaq 100</td><td>-3.29%</td></tr><tr><td>Russell 2000</td><td>-4.29%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, slumped in premarket on Thursday. The SPY was down 3.08% to $547.11, while the QQQ declined 3.36% to $460.17, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Consumer discretionary, industrials, and financials led a broad S&amp;P 500 rally Wednesday, pushing the Dow Jones over 200 points, despite President Trump&#8217;s later announcement of trade tariffs.



Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) surged 5%, even after reporting weak delivery numbers. Contrary to the market&#8217;s upward trend, consumer staples closed lower.



Positive economic data, showing stronger-than-expected job growth and rising manufacturing orders, contributed to the day&#8217;s gains, though Trump&#8217;s trade actions sparked fears of a potential economic downturn.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.87%</td><td>17,601.05</td></tr><tr><td>S&amp;P 500</td><td>0.67%</td><td>5,670.97</td></tr><tr><td>Dow Jones</td><td>0.56%</td><td>42,225.32</td></tr><tr><td>Russell 2000</td><td>1.65%</td><td>2,045.36</td></tr></tbody></table></figure>



Insights From Analysts:



Senior economist Jeremy Siegel, in his weekly commentary, explained that the public is more willing to endure the near-term friction and economic headwinds from the cuts to inefficient government spending rather than "facing higher prices via tariffs, which bring near-term pain with very uncertain long-term benefit."



He said, "Dividend-paying value stocks look increasingly attractive, and I expect the market rotation from growth to dividend stocks to continue."



"Equity weakness has been widespread. The rotation out of growth continues, and the AI-led rally that defined the market over the last three years has decisively broken trend. Growth stocks have taken a larger hit than value stocks," he added.



Meanwhile, other analysts opined with their views on the tariffs. Wedbush&#8217;s Daniel Ives said, &#8220;We would characterize this slate of tariffs as ‘worse than the worst case scenario&#8217; the Street was fearing.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We would characterize this slate of tariffs as &quot;worse than the worst case scenario&quot; the Street was fearing. The biggest focus will be the China 34% tariff and Taiwan 32% and how this impacts supply chain and demand. Negotiations the only option at this point for White House.&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1907611902047338791?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Economist Mohamed El-Erian said that the tariffs imposed by Trump point to &#8220;major worries about global economic growth.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The price action in global financial markets in the immediate aftermath of the US tariff announcement points to major worries about global economic growth.<a href="https://twitter.com/hashtag/economy?src=hash&amp;ref_src=twsrc%5Etfw">#economy</a> <a href="https://twitter.com/hashtag/markets?src=hash&amp;ref_src=twsrc%5Etfw">#markets</a>&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1907687511448572001?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Justin Wolfers, senior fellow at the Brookings Institution, said that the "announcement was so much worse than expected that it caused the chance of a 2025 recession to rise from 42% to 52%.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Prediction markets had already priced in their best guess of the Trump tariffs. Today&#39;s announcement was so much worse than expected that it caused the chance of a 2025 recession to rise from 42% to 52%. <a href="https://t.co/brDWjfNykx">pic.twitter.com/brDWjfNykx</a>&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1907619681248108764?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a> 



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Thursday:



<ul>
<li>The initial jobless claims data for the week ending March 29 and February&#8217;s U.S. trade deficit data will be released by 8:30 a.m. ET.</li>
</ul>



<ul>
<li>March&#8217;s S&amp;P final U.S. services PMI and ISM services will be announced between 9:45 and 10:00 a.m. ET.</li>
</ul>



<ul>
<li>Fed Vice Chairman Philip Jefferson will speak at 12:30 p.m., and Fed Governor Lisa Cook will speak at 2:30 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Acuity Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYI#NYSE">AYI</a>) was down 0.57% in premarket on Thursday ahead of its earnings before the opening bell. Analysts expect a quarterly earnings of $3.70 per share on revenue of $1.03 billion.</li>
</ul>



<ul>
<li>Conagra Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAG#NYSE">CAG</a>) dropped 2.39% as Wall Street expects it to report a quarterly earnings of 53 cents per share on revenue of $2.90 billion before the opening bell.</li>
</ul>



<ul>
<li>Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) declined 2.38% ahead of its earnings after the closing bell. Analysts expect a quarterly earnings of $1.70 per share on revenue of $86.09 billion.</li>
</ul>



<ul>
<li>RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>) slumped 26.31% after reporting weaker-than-expected fourth-quarter financial results after the market closed on Wednesday. Its fourth-quarter revenue of $812.41 million, missing the consensus estimate of $829.56 million</li>
</ul>



<ul>
<li>Penguin Solutions Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENG#NASDAQ">PENG</a>) rose 4.60% as it posted better-than-expected results for its second quarter on Wednesday. The company said it sees FY25 net sales growth of 17% year-over-year and adjusted EPS of $1.60.</li>
</ul>



<ul>
<li>Genasys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GNSS#NASDAQ">GNSS</a>) surged 41.55% after receiving $2.5 million worth of LRAD orders from the U.S. Military for Army, Navy, and Air Force units. LRAD systems provide long-range communication and escalation of force capabilities up to 5,000 meters, and are used globally.</li>
</ul>



<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) dropped after Elon Musk clarified his exit from the government&#8217;s DOGE as "fake news."</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 3.75% to hover around $69.02 per barrel.



Gold Spot US Dollar declined 0.15% to hover around $3,122.96 per ounce. Its fresh record high stood at $3,167.71 per ounce. The U.S. Dollar Index spot was lower by 1.68% at the 102.060 level.



Asian markets closed on a lower note on Thursday. India's S&amp;P BSE Sensex, Japan's Nikkei 225, Australia's ASX 200, China&#8217;s CSI 300, Hong Kong's Hang Seng, and South Korea's Kospi index fell. European markets were also lower in early trade.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/04/44622754/tariffs-are-most-expensive-and-masochistic-could-cost-30-trillion-to-the-economy-erasing-300k-per-family-explains">Trump Tariffs Could Cost $30 Trillion Or About $300,000 Per Family, Says Former Treasury Secretary Larry Summers: &#8216;Most Expensive And Masochistic&#8217;</a></li>
</ul>



Photo courtesy: Shutterstock

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Pre-Market Outlook

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PENG

TSLA

US Stocks Likely To Open Lower Following Trump's Tariffs: 'Worse Than The Worst Case Scenario,' Says Analyst

On Wednesday, April 2nd, U.S. markets closed mixed after a turbulent session as investors positioned themselves ahead of President Trump&#8217;s sweeping tariff announcement. While stocks gained during regular trading, S&amp;P 500 and Nasdaq futures fell sharply afterward, reacting to a proposed 10% baseline import tariff and stricter measures on key trade partners, fueling market volatility and investor unease.



In economic data, U.S. private businesses added 155,000 jobs in March, beating expectations. Meanwhile, factory orders rose 0.6% in February, down from January&#8217;s revised 1.8% increase.



Most S&amp;P 500 sectors closed higher, led by industrials and financials, though consumer staples and some consumer discretionary stocks ended lower.



The Dow Jones Industrial Average rose 0.56% to 42,225.32, the S&amp;P 500 gained 0.67% to 5,670.97, and the Nasdaq Composite increased 0.87% to close at 17,601.05.



Also Read: <a target="_blank" href="https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-in-market-value" rel="noreferrer noopener">Markets Reel As Trump&#8217;s Tariffs Hit — Magnificent 7 Set To Shed Almost $700 Billion</a>



Asia Markets Today



<ul>
<li>On Thursday, Japan&#8217;s Nikkei 225 closed the session lower by 2.73% at 34,751.00, led by losses in the Paper &amp; Pulp, Transport and Communication sectors.</li>



<li>Japan&#8217;s Nikkei fell to an eight-month low after Trump unveiled steep tariffs, including a 24% levy on Japanese goods. This sparked a broad market selloff and investor risk-off sentiment.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 was down 0.94% and closed at 7,859.70, led by losses in the IT, Energy and Resources sectors.</li>



<li>India&#8217;s Nifty 50 was down 0.38% to 23,243.10, and Nifty 500 declined 0.13% to 21,237.80.</li>



<li>China&#8217;s Shanghai Composite declined 0.24% to 3,342.01, while the Shanghai Shenzhen CSI 300 slid by 0.59% to 3,861.50.</li>



<li>Hong Kong&#8217;s Hang Seng was down 1.77%, ending the session at 22,792.00.</li>
</ul>



Eurozone at 05:45 AM ET



<ul>
<li>The European STOXX 50 was down 2.12%.</li>



<li>Germany&#8217;s DAX declined 1.52%.</li>



<li>France&#8217;s CAC 40 fell 2.09%.</li>



<li>U.K.&#8217;s FTSE 100 index traded lower by 1.16%.</li>



<li>European stocks tumbled as Trump&#8217;s sweeping tariffs on all U.S. imports sparked global trade tensions. Markets fear an economic slowdown, with oil prices sliding and the EU, China, and others planning retaliation.</li>
</ul>



Commodities at 05:45 AM ET



<ul>
<li>Crude Oil WTI was trading lower by 4.00% at $68.83/bbl, and Brent was down 3.83% at $72.08/bbl.</li>



<li>Oil prices plunged Thursday as Trump&#8217;s steep new tariffs sparked fears of a global trade war, dampening growth and fuel demand.</li>



<li>Natural Gas slid 0.20% to $4.047.</li>



<li>Gold was trading lower by 0.56% at $3,148.31, Silver was down 4.75% to $33.008, and Copper fell 2.37% to $4.9215.</li>
</ul>



U.S. Futures at 05:45 AM ET



<ul>
<li>Dow futures were down 2.44%, S&amp;P 500 futures declined 3.03% and Nasdaq 100 futures slid 3.33%.</li>



<li>U.S. stock futures fell sharply after President Trump announced sweeping new tariffs, including a 10% baseline on all imports and higher duties on countries like China, the EU, and Japan. Auto tariffs also took effect, fueling global trade tensions and recession fears.</li>
</ul>



Forex at 05:45 AM ET



<ul>
<li>The U.S. Dollar Index fell 1.56% to 102.05, USD/JPY was down 1.86% to 146.50, and USD/AUD declined 0.66% to 1.5774.</li>



<li>The dollar weakened on Thursday following President Trump&#8217;s sweeping tariff announcement, as investor concerns over a potential global economic slowdown grew. Ongoing uncertainty and weaker U.S. data have continued to weigh on the dollar.</li>
</ul>



Image via Shutterstock

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Global Markets Rattle With Trump's Tariff, Dollar Weakens, Oil Tanks - Global Markets Today While US Slept

As President Donald Trump lights the global economy on fire in his bid to <a href="https://www.benzinga.com/markets/25/04/44621408/market-access-has-a-price-trump-unveils-list-of-tariffs-countries-targeted">reduce America&#8217;s $1.2 trillion annual trade deficit</a>, a few astute observers on X have uncovered the math that went into arriving at the tariffs that other countries charge the United States, which ultimately led to the reciprocal tariffs that the US will now be imposing on them.



What Happened: A post questioned Trump&#8217;s credibility on the subject of tariffs. James Surowiecki, a writer for The Atlantic and Fast Company had a tough time making sense of some of the figures shared by the White House on Wednesday evening, especially those about tariffs imposed by other countries on American exports.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Even given that it&#39;s Trump, I cannot believe they said &quot;We&#39;ll just divide the trade deficit by imports and tell people that&#39;s the tariff rate.&quot; And then they decided to set our tariffs by just cutting that totally made-up rate in half! This is so dumb and deceptive.&mdash; James Surowiecki (@JamesSurowiecki) <a href="https://twitter.com/JamesSurowiecki/status/1907560211365167246?ref_src=twsrc%5Etfw">April 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



He knew something wasn&#8217;t adding up, since South Korea, a country with which the US has a trade agreement was not charging 50% tariffs on US exports, as reported in the graphic released by the White House. After initially chalking it all up to made-up figures, he soon arrived at the absurd calculations that went into them.



See More: <a href="https://www.benzinga.com/25/04/44621914/trump-reportedly-imposes-tariffs-on-uninhabited-islands-and-remote-locations-world-bank-data-raises-questions">Trump Imposes Tariffs On Uninhabited Islands And Remote Locations: World Bank Data Raises Questions</a>



Surowiecki says that the tariff figures were calculated by merely dividing the US&#8217; trade deficit with a particular country by the said country&#8217;s total exports to the U.S. He even went on to illustrate it by giving the example of Indonesia, on which Trump now plans to impose 32% reciprocal tariffs.



He further adds &#8216;I cannot believe they decided to just divide the trade deficit by imports and tell people that&#8217;s the tariff rate,&#8217; and wonders how U.S. Treasury Secretary Scott Bessent signed off on something like this. 



Why It Matters: Others are now waking up to these calculations, such as the <a href="https://x.com/Geiger_Capital/status/1907568233239949431">popular X finance influencer</a> Geiger Capital, and the Sri Lankan publication Economynext, which <a href="https://economynext.com/sri-lankas-88-pct-tax-on-us-arrived-at-by-dividing-trade-deficit-213077/">questioned</a> how the U.S. figures were calculated.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This guy cracked the tariff formula:<a href="https://twitter.com/orthonormalist?ref_src=twsrc%5Etfw">@orthonormalist</a> It's simply the nation's trade deficit with us divided by the nation's exports to us. Yes. Really. Vietnam: Exports 136.6, Imports 13.1 Deficit = 123.5 123.5/136.6 = 90% <a href="https://t.co/fDOMoQwzKt">pic.twitter.com/fDOMoQwzKt</a>&mdash; Geiger Capital (@Geiger_Capital) <a href="https://twitter.com/Geiger_Capital/status/1907568233239949431?ref_src=twsrc%5Etfw">April 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Neither the White House nor the United States Trade Representative responded to Benzinga&#8217;s request for comments on this story at the time of writing.



The tariff announcements led to the U.S. futures tanking at the time of writing. The Dow Jones Industrial Average futures were seen 2.5% lower at 41,433 while the Nasdaq dropped 3.45% at 19,076.75.



Image via Shutterstock



Read More: 



<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/04/44620686/sp-500-nasdaq-futures-plunge-over-3-as-trumps-reciprocal-tariff-plan-hits-market-confidence">Trump&#8217;s &#8216;Reciprocal Tariff&#8217; Plan Hits Market Confidence As Dow Futures Drops Over 830 Points </a></li>
</ul>

General

Trump's 'Reciprocal Tariff' Math: A Masterclass In Economic Absurdity

Former Treasury Secretary Larry Summers said on Thursday that President Donald Trump&#8216;s tariffs will cause an &#8220;oil crisis-like shock&#8221; to the economy, simultaneously spiking prices and unemployment while shrinking productive capacity.



What Happened: Summers <a href="https://www.bloomberg.com/news/articles/2025-04-02/summers-says-trump-tariffs-to-impose-oil-shock-type-economic-hit">told</a> Bloomberg Television that the tariffs should be seen as &#8220;a supply shock,&#8221; comparable to &#8220;an oil-price spike or earthquake or a drought,&#8221; with significant economic consequences.



Potential economic losses, according to Summers, <a href="https://www.benzinga.com/25/04/44622754/tariffs-are-most-expensive-and-masochistic-could-cost-30-trillion-to-the-economy-erasing-300k-per-family-explains">may amount to $30 trillion</a>, or significantly more than $300,000 for a household of four people.



The &#8220;reciprocal&#8221; duties, which <a href="https://www.benzinga.com/markets/equities/25/04/44620686/sp-500-nasdaq-futures-plunge-over-3-as-trumps-reciprocal-tariff-plan-hits-market-confidence">go into effect on Apr. 9</a>, are half of what Trump says trading partners charge for American goods. The countries with the biggest duty rises include Sri Lanka (44%), Vietnam (46%), and China (34%).



See Also: <a href="https://www.benzinga.com/markets/equities/25/04/44621297/tesla-brand-wont-suffer-from-elon-musks-antics-says-analyst-despite-delivery-miss-8-stock-drop-in-after-hours-trading">Tesla Brand Won&#8217;t Suffer From Elon Musk&#8217;s &#8216;Antics,&#8217; Says Analyst Despite Delivery Miss, 8% Stock Drop In After-Hours Trading</a>



Why It Matters: The world&#8217;s markets responded quickly to what Trump referred to as &#8220;our Declaration of Economic Independence&#8221; and &#8220;Liberation Day.&#8221; Futures for the Dow Jones Industrial Average fell by around 830 points as U.S. futures fell.



The &#8220;Magnificent Seven&#8221; tech stocks bore the brunt, facing a projected $685 billion combined market value loss. Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/markets/equities/25/04/44620686/sp-500-nasdaq-futures-plunge-over-3-as-trumps-reciprocal-tariff-plan-hits-market-confidence">led declines, dropping 7.14%</a>.



Summers cited past analysis showing nearly a &#8220;dollar-for-dollar&#8221; impact on consumer prices from Trump&#8217;s first-term tariffs. &#8220;The proximate effect will be to boost prices, with effects then rippling out to include less employment and reduced investment,&#8221; he said. &#8220;This is a classic supply shock that puts the Federal Reserve in a very difficult position.&#8221;



Condemning the measure as &#8220;typical unilateral bullying,&#8221; <a href="https://www.benzinga.com/news/global/25/04/44620889/trumps-liberation-day-tariffs-roil-markets-as-china-slams-typical-unilateral-bullying-asian-markets-plunge">China threatened to take retaliatory action</a>. The Nikkei 225 in Japan dropped 2.95% on Thursday as Asian markets declined.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/04/44620056/dr-doom-nouriel-roubini-trumps-liberation-day-tariff-label-is-orwellian-doublespeak-us-playing-with-fire" target="_blank" rel="noreferrer noopener">‘Dr. Doom&#8217; Nouriel Roubini: Trump&#8217;s ‘Liberation Day&#8217; Tariff Label Is Orwellian Doublespeak, US ‘Playing With Fire&#8217;</a></li>
</ul>



Image via Shutterstock

AAPL

Larry Summers Warns Trump's Tariffs Will Deliver 'Oil Crisis-Like Shock,' Slash $30 Trillion From Economy As Markets Plunge

The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the &#8220;Extreme Fear&#8221; zone on Wednesday.



U.S. stocks settled higher on Wednesday, with the Dow Jones index gaining more than 200 points during the session ahead of the announcement of trade tariffs by President Donald Trump.



Trump later unveiled broad new tariffs on key trading partners, sparking fears of a global trade war that could further weaken the U.S. economy.



Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rallied over 5% on Wednesday despite reporting the worst quarterly deliveries in over two years and missing analyst estimates.



On the economic data front, private businesses in the U.S. added 155,000 jobs in March compared to a revised 84,000 gain in February and higher than market estimates of 105,000. New orders for U.S. manufactured goods rose by 0.6% month-over-month for February compared to a revised 1.8% gain in January.



Most sectors on the S&amp;P 500 closed on a positive note, with consumer discretionary, industrials, and financials stocks recording the biggest gains on Wednesday. However, consumer staples and consumer discretionary stocks bucked the overall market trend, closing the session lower.



The Dow Jones closed higher by around 235 points to 42,225.32 on Wednesday. The S&amp;P 500 rose 0.67% to 5,670.97, while the Nasdaq Composite climbed 0.87% to 17,601.05 during Wednesday's session.



Investors are awaiting earnings results from Acuity Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYI#NYSE">AYI</a>), Conagra Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAG#NYSE">CAG</a>), and Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) today.



At a current reading of 17.1, the index remained in the &#8220;Extreme Fear&#8221; zone on Wednesday, versus a prior reading of 15.6.



What is CNN Business Fear &amp; Greed Index?



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44604078/wall-streets-most-accurate-analysts-give-their-take-on-3-defensive-stocks-with-over-6-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Give Their Take On 3 Defensive Stocks With Over 6% Dividend Yields</a> </li>
</ul>



Photo via Shutterstock

Earnings

Trading Ideas

Dow Jumps Over 200 Points As Tesla Surges Over 5%: Investor Sentiment Improves, But Greed Index Remains In 'Extreme Fear' Zone

U.S. stock futures plunged on Wednesday after President Donald Trump unveiled broad new tariffs on key trading partners, sparking fears of a global trade war that could further <a href="https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-in-market-value">weaken the U.S. economy</a>.



What Happened: Futures on the S&amp;P 500 plunged 2.7% to 5,557.75, while Nasdaq-100 futures tumbled 3.37% to 19,092.25 in after-hours trading. Dow Jones Industrial Average futures fell 1.95% to 41,665.00, erasing nearly 830 points.



Trump unveiled a &#8220;reciprocal tariff rate&#8221; set at 50% of what trading partners charge the United States, including non-tariff barriers like currency manipulation and value-added taxes. 



&#8220;April 2nd, 2025 will forever be remembered as the day American industry was reborn,&#8221; Trump said, calling the move &#8220;our Declaration of Economic Independence.&#8221;



See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44612478/musk-needs-to-navigate-brand-crisis-or-else-warns-analyst-tesla-delivery-number-was-a-disaster-for-the-bulls" target="_blank" rel="noreferrer noopener">Musk Needs To ‘Navigate Brand Crisis Or Else,' Warns Analyst, Tesla's&nbsp;</a>‘<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44612478/musk-needs-to-navigate-brand-crisis-or-else-warns-analyst-tesla-delivery-number-was-a-disaster-for-the-bulls" target="_blank" rel="noreferrer noopener">Delivery Number Was A Disaster For The Bulls'</a>



Why It Matters: The &#8220;Magnificent Seven&#8221; tech stocks bore the brunt of the sell-off, projected to lose <a href="https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-in-market-value">a combined $685 billion in market value</a>. Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) led declines in after-hours trading, dropping 7.14% and facing a potential $221.7 billion market cap loss. NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell 5.68%, while Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) declined 6.10%.



Leading economists expressed alarm, with Justin Wolfers calling the tariffs &#8220;monstrously destructive&#8221; and former Treasury Secretary Larry Summers estimating potential economic losses of up to $20 trillion, or well <a href="https://www.benzinga.com/markets/equities/25/04/44620423/trumps-sweeping-tariffs-could-cost-us-20-trillion-crash-markets-warn-economists-monstrously-destructive">over $200,000 per family of four</a>.



While Canada and Mexico were notably <a href="https://www.benzinga.com/markets/equities/25/04/44620423/trumps-sweeping-tariffs-could-cost-us-20-trillion-crash-markets-warn-economists-monstrously-destructive">excluded from the tariff program</a>, Vietnam, Cambodia, and Sri Lanka face the steepest increases under the new system. As investors sought safety, gold futures gained 1.1%, with economist Peter Schiff predicting prices could reach $3,500 this month.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/04/44620056/dr-doom-nouriel-roubini-trumps-liberation-day-tariff-label-is-orwellian-doublespeak-us-playing-with-fire" target="_blank" rel="noreferrer noopener">‘Dr. Doom' Nouriel Roubini: Trump's ‘Liberation Day' Tariff Label Is Orwellian Doublespeak, US ‘Playing With Fire'</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AMZN

NVDA

Trump's 'Reciprocal Tariff' Plan Hits Market Confidence As Dow Futures Drops Over 830 Points

Leading cryptocurrencies pulled back Wednesday evening after President Donald Trump's &#8220;Liberation Day&#8221; tariff shock. 



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-2.13%</td><td>$83,296.75</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-4.65%</td><td>$1,814.86</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-5.02%</td><td>$0.1645</td></tr></tbody></table></figure>



What Happened: After breaching $88,000, Bitcoin sharply reversed course, plunging to a low of $82,182.32.



Ethereum saw a similar fate, plummeting to $1,780 from $1,950 earlier in the day.



Over $515 million was liquidated from the market in the last 24 hours, with long liquidations worth $290 million



Bitcoin's Open Interest shrank by 6% in the last 24 hours, while funds locked in Ethereum's unsettled futures contracts dipped by 2.21%.



That said, the Long/Short Ratio increased over the last 24 hours, suggesting an increase in the number of traders placing bullish bets on the leading cryptocurrency.



The market sentiment tumbled into "Extreme Fear," according to the Crypto Fear and Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>EOS (EOS)</td><td>+18.67%</td><td>$0.8092</td></tr><tr><td>DeXe (DEXE)</td><td>+9.73%</td><td>$14.78</td></tr><tr><td>Raydium (RAY)</td><td>+5.07%</td><td>$1.88</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.67 trillion, following a decline of 2.57% in the last 24 hours.



Stock futures tumbled after the tariff announcement. The Dow Jones Industrial Average Futures sank 823 points, or 1.94%, as of 8:33 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 fell 2.86%, while Nasdaq 100 Futures plunged 3.62%.



The sell-offs came after the scope and scale of the new reciprocal tariff structure <a href="https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-">exceeded Wall Street&#8217;s worst-case expectations</a>. The new levies on imported goods would be set at 50% of what the trading partners charge the U.S.



Earlier in the day, blue-chip averages closed in the green. The S&amp;P 500 rose 0.67% to close at 5,670.97, while the tech-focused Nasdaq Composite gained 0.87%, ending at 17,601.05.&nbsp;



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Popular blockchain analytics firm CryptoQuant highlighted $65,000 – $71,000 as a strong support zone for Bitcoin.



CryptoQuant defined $65,000 as the True Market Mean Price and $71,000 as the Active Realized Price. "Buying Bitcoin within this range could potentially lead to substantial gains," it projected.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Decrease in selling pressure by 1-3 month holders "These holders appear to show reduced activity in the market after taking profits from their short-term trades." – By <a href="https://twitter.com/CryptoOnchain?ref_src=twsrc%5Etfw">@CryptoOnchain</a> Read more &#x2935;&#xFE0F;<a href="https://t.co/ThyGe7pjPO">https://t.co/ThyGe7pjPO</a> <a href="https://t.co/0minPLfiWM">pic.twitter.com/0minPLfiWM</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1907084785408717268?ref_src=twsrc%5Etfw">April 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Widely followed cryptocurrency trader Rekt Capital said the altseason would arrive when Bitcoin's dominance hits 71%.



"Bitcoin dominance is currently only 8% away from 71%. Another similar growth spurt would see BTC.D reach that resistance comfortably," Rekt Capital added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Dominance Bitcoin Dominance has increased between 7-9% within one month on 4 separate occasions since mid-2023 Bitcoin Dominance is currently only 8% away from 71% Another similar growth spurt would see BTC.D reach that resistance comfortably<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/X1MJOj7HDc">https://t.co/X1MJOj7HDc</a> <a href="https://t.co/H1bp4TyTsS">pic.twitter.com/H1bp4TyTsS</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1907480214818451787?ref_src=twsrc%5Etfw">April 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Avi Rozen on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44569292/congressman-buys-up-to-600k-in-bitcoin-etf-after-selling-1-million-in-goldman-sachs-stock-committee-assignment-could-be-red-flag">Senator Buys Up To $600K In Bitcoin ETF After Selling $1 Million In Goldman Sachs Stock: Committee Assignment Could Be Red Flag</a></li>
</ul>

Cryptocurrency

Movers

$BTC

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Crash On Trump's Tariff 'Liberation Day' — Analyst Says Buying BTC Between These Levels Could Lead To 'Substantial Gains'

The Senate Judiciary Subcommittee is set to hold a hearing next week to examine Mark Zuckerberg-led Meta Platforms, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) alleged efforts to establish a presence in <a href="https://in.benzinga.com/general/social-media/25/03/44363736/zuckerbergs-global-push-meta-faces-scrutiny-over-privacy-free-speech-regulatory-tactics">China and its ties to censorship tools</a>.



What Happened: The hearing, titled &#8220;A Time for Truth: Oversight of Meta's Foreign Relations and Representations to the United States Congress,&#8221; will scrutinize Meta's past actions in China.



Senators, including Josh Hawley (R-Mo.) and Ron Johnson (R-Wis.), have raised concerns over <a href="https://in.benzinga.com/25/03/44212431/meta-whistleblower-alleges-zuckerberg-offered-china-full-censorship-control-and-user-data-access-in-desperate-bid-to-enter-market-working-hand-in-glove-with-the-chinese-communist-party-and-lying-about-it">Meta's internal efforts to engage</a> with the Chinese government, as detailed in a book by former Facebook executive Sarah Wynn-Williams.



See Also:&nbsp;<a href="https://www.benzinga.com/media/25/03/44508019/tesla-and-other-us-robotics-giants-demand-federal-strategy-to-compete-with-chinas-138-billion-push-warn-america-will-lose-the-race-without-it" target="_blank" rel="noreferrer noopener">Tesla And Other US Robotics Giants Demand Federal Strategy To Compete With China&#8217;s $138 Billion Push — Warn America Will Lose The Race Without It</a>



The lawmakers have requested internal documents from Meta regarding the company&#8217;s business dealings in China since 2014, including content suppressed at the behest of Chinese officials.



The letter sent to Zuckerberg on Tuesday also cited reports that Meta may have explored partnering with Chinese companies to create censorship tools and share user data with the Chinese Communist Party (CCP).



Meta spokesperson Andy Stone has stated that the company had abandoned its plans to enter China, <a href="https://www.politico.com/live-updates/2025/04/02/congress/senators-scrutinize-metas-work-in-china-00267744">reported</a> Politico.



&nbsp;&#8220;We do not operate our services in China today,&#8221; Stone said, adding that Facebook&#8217;s previous efforts to connect with China were publicly discussed but ultimately halted in 2019.



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It Matters: Meta&#8217;s efforts to suppress the tell-all book by Wynn-Williams inadvertently <a href="https://www.benzinga.com/general/social-media/25/03/44450577/metas-effort-to-suppress-tell-all-book-made-it-a-bestseller">boosted its popularity</a>.



Last month, Cathie Wood&#8217;s Ark Invest sold a significant amount of Meta stock, <a href="https://www.benzinga.com/25/03/44409161/cathie-wood-offloads-meta-stock-while-mark-zuckerberg-celebrates-llama-ai-success">reflecting investor concerns</a> amid privacy issues and global expansion efforts. This sale occurred as Meta celebrated a milestone with its AI model, Llama, reaching 1 billion downloads.



In February, <a href="https://in.benzinga.com/tech/25/02/43551024/mark-zuckerberg-visits-white-house-for-advancing-american-tech-leadership-abroad-as-meta-ceo-continues-to-strengthen-ties-with-trump">Zuckerberg visited the White House</a> to discuss advancing American tech leadership abroad. <a href="https://in.benzinga.com/news/24/12/42454227/months-after-trump-threatened-to-put-mark-zuckerberg-in-prison-meta-ceo-donates-1m-to-president-elects-inaug">Meta CEO donated $1 million</a> to Donald Trump&#8217;s inauguration fund, following previous tensions over alleged censorship of right-wing voices.



Price Action: Meta&#8217;s stock is down 2.55% year-to-date, but over the past 12 months, it has climbed 17.40%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Meanwhile, Benzinga Edge Stock Rankings assigns Meta a 74.72% growth rating. Want to see how it compares to other companies? <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here for the full analysis</a>.



Image via Shutterstock



Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



Read Next:



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<li><a href="https://www.benzinga.com/markets/25/01/43373775/tim-cook-praises-chinas-deepseek-for-driving-efficiency-stresses-apples-prudent-and-deliberate-approach-toward-capital-expenditure" target="_blank" rel="noreferrer noopener">Tim Cook Praises China's DeepSeek For Driving Efficiency, Stresses Apple's ‘Prudent And Deliberate' Approach Toward Capital Expenditure</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Legal

Tech

Mark Zuckerberg-Led Meta Set To Face 'Truth' At Senate Hearing Over China Operations And Communist Party Censorship Efforts

A sweeping new wave of tariffs unveiled by President Donald Trump on Wednesday triggered a sharp selloff during the after hours of trading as the scope and scale of the trade duties exceeded <a href="https://www.benzinga.com/25/04/44616760/donald-trump-sets-reciprocal-tariffs-on-key-trade-partners-in-historic-policy-shock">Wall Street's worst-case expectations.</a>



The president framed the move as a long-overdue correction to decades of trade imbalance, instituting what he called a "reciprocal tariff rate," set at 50% of what trading partners charge the United States, but also factoring in non-tariff barriers like currency manipulation, value-added taxes and outright import bans.



While Trump had telegraphed his intention to "rebalance" U.S. trade policy, the specific duty levels, some of which reached into the mid-30% range with key trading partners, jolted investors.



Under the new framework, China, which Trump said imposes tariffs as high as 67% on American goods, will now face reciprocal U.S. duties of approximately 37%. The European Union, which applies a 39% combined rate including VATs, will be subject to a 20% U.S. tariff. Japan, with an estimated 46% trade barrier, now faces a 24% duty on exports to the U.S.



Canada and Mexico, two major trading partners, were notably excluded from the tariff program — a move that suggests Trump may be preserving the U.S.-Mexico-Canada Agreement, at least for now.



The White House confirmed that new trade tariffs will take effect on April 9. 



<h3 class="wp-block-heading">Tariffs Spark After-Hours Chaos: Index Futures Dive</h3>



The market&#8217;s reaction was swift and brutal. By 5:10 p.m. ET, futures on the S&amp;P 500 dropped 2.5%, while Nasdaq 100 futures fell 3.3%. Dow Jones Industrial Average contracts lost 1.4% and the Russell 2000 futures collapsed by 4.7%. 



Losses were broad-based. Every major sector of the S&amp;P 500 was in the red, with Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) and Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) down about 3%.



As risk appetite evaporated, gold prices climbed. Futures on the yellow metal gained 1.1%, extending their year-to-date advance as investors sought shelter from escalating geopolitical and trade tensions.



<h3 class="wp-block-heading">Tech Megacaps Bear the Brunt</h3>



The Magnificent Seven stocks, the market's dominant tech names, are on track to lose a combined $685 billion.



Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) was the biggest laggard, down 6.6% and projected to erase $221.7 billion in market value.



 Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) lost 4.7%, a drop equivalent to $127.2 billion. Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) fell 5.1%, and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) slid nearly 6%, as traders repositioned for a potentially more inflationary and protectionist economic environment.



Here's the breakdown of projected market cap losses with the tech elite group:



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Name</th><th>Market Cap ($B)</th><th>Post-Mkt % Chg</th><th>Projected Loss ($B)</th></tr></thead><tbody><tr><td>Apple Inc.</td><td>3364.8</td><td>-6.59%</td><td>-221.7</td></tr><tr><td>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)</td><td>2842.7</td><td>-1.99%</td><td>-56.6</td></tr><tr><td>NVIDIA Corporation</td><td>2694.6</td><td>-4.72%</td><td>-127.2</td></tr><tr><td>Amazon.com, Inc. </td><td>2079.0</td><td>-5.06%</td><td>-105.2</td></tr><tr><td>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)</td><td>1923.7</td><td>-3.09%</td><td>-59.4</td></tr><tr><td>Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</td><td>1480.5</td><td>-4.16%</td><td>-61.6</td></tr><tr><td>Tesla, Inc. </td><td>910.7</td><td>-5.86%</td><td>-53.4</td></tr><tr><td>Total</td><td>—</td><td>—</td><td>-685.1</td></tr></tbody></table></figure>



According to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data, the steepest decliners in the aftermarket session included:



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Name</th><th>Chg %</th></tr></thead><tbody><tr><td>RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>)</td><td>-24.41%</td></tr><tr><td>Penske Automotive Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAG#NYSE">PAG</a>)</td><td>-22.47%</td></tr><tr><td>Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>)</td><td>-12.51%</td></tr><tr><td>Hess Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>)</td><td>-11.61%</td></tr><tr><td>The Gap, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPS#NYSE">GPS</a>)</td><td>-11.60%</td></tr><tr><td>lululemon athletica inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>)</td><td>-10.82%</td></tr><tr><td>Five Below, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>)</td><td>-10.38%</td></tr></tbody></table></figure>



Major gainers were: 



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Name</th><th>Chg %</th></tr></thead><tbody><tr><td>Dillard&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DDS#NYSE">DDS</a>)</td><td>+4.36%</td></tr><tr><td>Certara, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CERT#NASDAQ">CERT</a>)</td><td>+4.16%</td></tr><tr><td>Federal Realty Investment Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FRT#NYSE">FRT</a>)</td><td>+3.78%</td></tr><tr><td>Reinsurance Group of America, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RGA#NYSE">RGA</a>)</td><td>+2.79%</td></tr><tr><td>Ferguson Enterprises Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FERG#NASDAQ">FERG</a>)</td><td>+2.57%</td></tr><tr><td>Church &amp; Dwight Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHD#NYSE">CHD</a>)</td><td>+2.48%</td></tr><tr><td>L3Harris Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LHX#NYSE">LHX</a>)</td><td>+2.33%</td></tr></tbody></table></figure>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44610548/trumps-auto-tariffs-could-crush-demand-blow-26-billion-hole-in-industry-profits">Trump&#8217;s Auto Tariffs Could Crush Demand, Blow $26 Billion Hole In Industry Profits</a></li>
</ul>



Image created using photos from Shutterstock.

Large Cap

Macro Economic Events

Regulations

Broad U.S. Equity ETFs

CERT

FERG

FIVE

GOOGL

LULU

MSFT

Markets Reel As Trump's Tariffs Hit — Magnificent 7 Set To Shed Almost $700 Billion

The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500, is facing heavy selling pressure in Wednesday&#8217;s after-hours session following reciprocal tariffs<a href="https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-in-market-value"> from the Trump Administration</a>.



What To Know: U.S. President Donald Trump unveiled sweeping new tariffs on Wednesday designed to help strengthen the American economy over the long term. The move could have dramatic impacts on the economy in the near term, as evidenced by the steep sell-off in reaction by the market.



The SPY was last down about 2.8% after hours, trading just below the $550 level. With a market capitalization of approximately $47.36 trillion as of April 1, <a href="https://www.slickcharts.com/sp500/marketcap#:~:text=The%20S%26P%20500%20has%20a,the%20outstanding%20float%20share%20count.">per</a> Slickcharts, the S&amp;P 500 saw approximately $1.3 trillion in value disappear on Wednesday.



Here&#8217;s a look at some of the biggest movers in the S&amp;P 500 after hours:



<ul>
<li>On Holding AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONON#NYSE">ONON</a>) down 15.01% at $38.22</li>
</ul>



<ul>
<li>Five Below Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) down 13.5% at $70.49</li>
</ul>



<ul>
<li>AST SpaceMobile Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>) down 11.2% at $19.90</li>
</ul>



<ul>
<li>Dollar Tree Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) down 11.1% at $68.99</li>
</ul>



<ul>
<li>Lululemon Athletica Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) down 10.9% at $251.96</li>
</ul>



<ul>
<li>Deckers Outdoor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) down 10.1% at $106.05</li>
</ul>



<ul>
<li>Skechers U.S.A. Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKX#NYSE">SKX</a>) down 9.59% at $53.38</li>
</ul>



<ul>
<li>Shopify Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NASDAQ">SHOP</a>) down 9.01% at $91.58</li>
</ul>



<ul>
<li>V.F. Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) down 8.77% at $14.95</li>
</ul>



<ul>
<li>Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) down 8.39% at $39.03</li>
</ul>



<ul>
<li>Viper Energy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VNOM#NASDAQ">VNOM</a>) down 8.41% at $42.08</li>
</ul>



<ul>
<li>SharkNinja Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SN#NYSE">SN</a>) down 8.09% at $81.25</li>
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Read Next: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-in-market-value">Markets Reel As Trump&#8217;s Tariffs Hit — Magnificent 7 Set To Shed Almost $700 Billion</a></li>
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Photo: Shutterstock.

After-Hours Center

ASTS

DECK

DLTR

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ONON

SHOP

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Trump Tariffs Trigger Sell-Off: On Holding, AST SpaceMobile, Lululemon, Shopify, Robinhood Tank

A Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) analyst sees the electric vehicle company at a pivotal moment in the company's history after reporting weaker-than-expected<a href="https://www.benzinga.com/trading-ideas/movers/25/04/44607859/teslas-deliveries-slide-in-q1-amid-production-setbacks-political-backlash"> first-quarter deliveries Wednesday.</a>



The Tesla Analyst: Wedbush analyst Daniel Ives maintained an Outperform rating on Tesla with a $550 price target.



The Analyst Takeaways: Ives said the almost 337,000 vehicle deliveries were below analyst estimates with weakness reported in China, America and Europe.



"The company Model Y refresh across factories led to several weeks of lost production in the quarter, however the brand crisis issues are clearly having a negative impact on Tesla … there is no debate," Ives said.



The analyst said Tesla needs to "navigate brand crisis or else."



"This delivery number was a disaster for the bulls with continuous negativity around the TSLA brand. We are not going to look at these numbers with rose colored glasses … they were a disaster on every metric."



Read Also: <a href="https://www.benzinga.com/interview/25/03/44539183/exclusive-tesla-protest-organizer-says-elon-musk-seems-to-have-purchased-the-american-government">EXCLUSIVE: Tesla Protest Organizer Says &#8216;Elon Musk Seems To Have Purchased The American Government&#8217;</a>



Ives said that while expectations were low for Tesla, the numbers were worse than expected, which could show the damage to the brand being done by Tesla CEO Elon Musk's increasing role in politics.



"The more political he gets with DOGE the more the brand suffers, there is no debate."



Ives cited protests at Tesla dealerships and brand worries related to Musk as causing "continuous negativity" for Tesla.



"The time has come for Musk … it's a fork in the road moment."



Ives said the first-quarter deliveries are an example of the damage Musk is doing to Tesla.



"This continues to be a moment of truth for Musk to navigate this brand tornado crisis moment and get onto the other side of this dark chapter for Tesla with much better days ahead."



Ives said there could be darker times ahead for Tesla if Musk doesn't "get his act together."



The analyst sees autonomous driving as being one of the biggest transformations for the automotive industry in modern-day history with Tesla having the ability to be a leader.



"Musk needs to stop this political firestorm and balance being CEO of Tesla with DOGE."



TSLA Price Action: Tesla stock is up 5.70% Wednesday to $283.77. Shares fell after the first-quarter delivery figures were reported. A new Politico report that Musk's government role could be minimized in the coming weeks saw shares trade higher.



Tesla stock is down 25.9% year-to-date in 2025.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/25/03/44572341/elon-musk-has-55-unfavorable-rating-in-new-poll-how-tesla-ceo-could-be-hurting-ev-giants-future-sales">Elon Musk Has 55% Unfavorable Rating In New Poll: How Tesla CEO Could Be Hurting EV Giant&#8217;s Future Sales</a></li>
</ul>



Photo: Shutterstock

Analyst Color

Musk Needs To 'Navigate Brand Crisis Or Else,' Warns Analyst, Tesla 'Delivery Number Was A Disaster For The Bulls'

President Donald Trump on Wednesday unveiled a sweeping new trade offensive aimed at rebalancing America's trade relationships, calling it &#8220;our <a href="https://www.benzinga.com/topic/tariffs">Declaration of Economic Independence.&#8221;</a>



&#8220;April 2nd, 2025 will forever be remembered as the day American industry was reborn, the day America&#8217;s destiny was reclaimed,&#8221; Trump said.



The centerpiece of Trump's announcement is a new reciprocal tariff structure that will apply to imports from trading partners, set at half the tariff rate they impose on U.S. goods.



Trump called April 2 "one of the most important days in American history," likening the move to a declaration of economic independence. 



He stated previous administrations had "ripped off taxpayers for over 50 years" by allowing foreign nations to flood the U.S. with goods while blocking American exports.



<h2 class="wp-block-heading">How Will Reciprocal Tariffs Work?</h2>



While full reciprocity was floated, Trump said the plan would cap U.S. retaliation at 50% of what foreign nations charge. 



This includes non-monetary barriers — such as VAT taxes, product bans, subsidies, and technical restrictions — in tariff calculations.



"They manipulated their currencies, subsidized exports, stole our intellectual property, imposed exorbitant VAT taxes, and created filthy pollution havens," Trump said.



For instance, Japan, which he said imposes tariffs as high as 46% on some goods, would now face U.S. duties of around 24%. India's 52% rate would translate to a 26% U.S. tariff. 



"To all of the foreign presidents, prime ministers, kings, queens, ambassadors and everyone else who will soon be calling to ask for exemptions from these tariffs," he said, 



"I say terminate your own tariffs. Drop your barriers. Don't manipulate your currencies," Trump said.



<h2 class="wp-block-heading">New US Reciprocal Tariffs By Country</h2>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td> </td><td>Tariffs Charged to the U.S.</td><td>New Discounted Reciprocal Tariffs</td></tr><tr><td>China</td><td>67%</td><td>34%</td></tr><tr><td>European Union</td><td>39%</td><td>20%</td></tr><tr><td>Vietnam</td><td>90%</td><td>46%</td></tr><tr><td>Taiwan</td><td>64%</td><td>32%</td></tr><tr><td>Japan</td><td>46%</td><td>24%</td></tr><tr><td>India</td><td>52%</td><td>26%</td></tr><tr><td>South Korea</td><td>50%</td><td>25%</td></tr><tr><td>Thailand</td><td>72%</td><td>36%</td></tr><tr><td>Switzerland</td><td>61%</td><td>31%</td></tr><tr><td>Indonesia</td><td>64%</td><td>32%</td></tr><tr><td>Malaysia</td><td>47%</td><td>24%</td></tr><tr><td>Cambodia</td><td>97%</td><td>49%</td></tr><tr><td>United Kingdom</td><td>10%</td><td>10%</td></tr><tr><td>South Africa</td><td>60%</td><td>30%</td></tr><tr><td>Brazil</td><td>10%</td><td>10%</td></tr><tr><td>Bangladesh</td><td>74%</td><td>37%</td></tr><tr><td>Singapore</td><td>10%</td><td>10%</td></tr><tr><td>Israel</td><td>33%</td><td>17%</td></tr><tr><td>Philippines</td><td>34%</td><td>17%</td></tr><tr><td>Chile</td><td>10%</td><td>10%</td></tr><tr><td>Australia</td><td>10%</td><td>10%</td></tr><tr><td>Pakistan</td><td>58%</td><td>29%</td></tr><tr><td>Turkey</td><td>10%</td><td>10%</td></tr><tr><td>Sri Lanka</td><td>88%</td><td>44%</td></tr><tr><td>Colombia</td><td>10%</td><td>10%</td></tr></tbody></table></figure>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44610548/trumps-auto-tariffs-could-crush-demand-blow-26-billion-hole-in-industry-profits">Trump&#8217;s Auto Tariffs Could Crush Demand, Blow $26 Billion Hole In Industry Profits</a></li>
</ul>



Photo: Shutterstock

Econ #s

Donald Trump Sets Reciprocal Tariffs On Key Trade Partners In Historic Policy Shock

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