U.S. stock futures were volatile on Friday after losing steam on Thursday. Futures of major benchmark indices were lower in premarket.



Data from the Bureau of Labor Statistics on Thursday showed the<a href="https://www.benzinga.com/news/econ-s/25/04/44733390/march-inflation-rate-cools-far-more-than-expected-raises-hopes-for-near-term-fed-rate-cuts"> annual inflation rate falling</a> to a six-month low of 2.4% in March, down from 2.8% in February and below the expected 2.6%.



Monthly, the Consumer Price Index contracted by 0.1%, a decrease from the previous month&#8217;s 0.2% increase and below the anticipated 0.1% rise, marking the lowest monthly reading since May 2020.



Investors will keep an eye on the headline and core producer price index data for March and April&#8217;s consumer sentiment data, slated to be released later today. Major banks will kick off the earnings season as they report earnings before the market opens on Friday.



The 10-year Treasury bond yielded 4.40% and the two-year bond was at 3.80%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 61.6% likelihood of the Federal Reserve keeping the current interest rates unchanged in 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>-0.49%</td></tr><tr><td>S&amp;P 500</td><td>-0.34%</td></tr><tr><td>Nasdaq 100</td><td>-0.33%</td></tr><tr><td>Russell 2000</td><td>-0.32%</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, were lower in premarket on Friday. The SPY was down 0.52% to $521.85, while the QQQ declined 0.58% to $443.60, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Energy, information technology, and communication services sectors led Thursday&#8217;s U.S. stock market decline, overshadowing a rise in consumer staples.



The broader market saw the Dow Jones briefly plunge over 1,000 points as investors considered economic risks despite a newly announced 90-day tariff pause.



Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) was down 4%, Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) declined 6%, and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) slipped 7% as these were the significant individual stock decliners.



On the economic front, the Consumer Price Index fell to 2.4% in March, below expectations, with monthly inflation turning negative for the first time since May 2020.



After Thursday&#8217;s fall, the Nasdaq 100 index was 17.46% lower than its previous high of 22,222.61 points. The S&amp;P 500 index was down 14.31% from its record of 6,147.43 points, and the Dow Jones declined 12.16% from its 52-week high of 45,073.63 points.



The Dow Jones index dropped 1,015 points or 2.50% to 39,593.66, whereas the S&amp;P 500 index declined 3.46% to 5,268.05. Nasdaq Composite tumbled to end 4.31% lower at 16,387.31, and the small-cap gauge, Russell 2000, slipped 4.27% to 1,831.39.



<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>-4.31%</td><td>16,387.31</td></tr><tr><td>S&amp;P 500</td><td>-3.46%</td><td>5,268.05</td></tr><tr><td>Dow Jones</td><td>-2.50%</td><td>39,593.66</td></tr><tr><td>Russell 2000</td><td>-4.27%</td><td>1,831.39</td></tr></tbody></table></figure>



Insights From Analysts:



As the U.S. Core consumer price inflation excluding food and energy moved down to 2.81%, the lowest level since March 2021. And the overall U.S. CPI moved down to 2.39% in March, the lowest level since February 2021.



&#8220;Fed is likely to cut rates again on June 18th,&#8221; said Charlie Bilello from Creative Planning in an X post.



<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">Overall US CPI moved down to 2.39% in March, the lowest level since February 2021. US Core CPI (ex-Food/Energy) moved down to 2.81%, the lowest level since March 2021. Based on this data the Fed is likely to cut rates again on June 18th (25 bps cut down to 4.00-4.25%). <a href="https://t.co/2qI8nO4nDz">pic.twitter.com/2qI8nO4nDz</a>&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1910313873929892200?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



He added that this data &#8220;should be enough for the Fed to resume cutting rates in June.&#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">US Core CPI Inflation is back below 3% for the first time in 4 years. This should be enough for the Fed to resume cutting rats in June.<a href="https://t.co/l5IYmkeySJ">https://t.co/l5IYmkeySJ</a> <a href="https://t.co/pvOHrTLqaL">pic.twitter.com/pvOHrTLqaL</a>&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1910315991218659582?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



As tech stocks experienced significant volatility following President Donald Trump‘s tariff announcements, Alexander Morris, CEO of F/m Investments, viewed the pullback as a buying opportunity for select Magnificent 7 companies.



"We have long been investors in the Mag 7 — not all of them, but a handful of them — and you'll see us more into some Apple, which seems to be at a discount," Morris told Reuters. "We picked up some Meta, which seemed to have done well."



Morris recommends investors maintain a disciplined portfolio allocation, like a 60-40 mix, through market volatility, noting the repeated resurgence of such strategies.



He advises choosing an allocation and sticking with it through market cycles until life events necessitate a change, emphasizing its self-balancing nature. Morris also cautions against market timing, as significant returns often occur within a few key days throughout the year.



&#8220;The concern going forward is that prices will rise and the economy will slow,&#8221; said Cooper Howard, director, fixed income strategy at the Schwab Center for Financial Research. &#8220;This will put the Fed in a difficult place.&#8221;



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 Friday:



<ul>
<li>The headline and core producer price index data for March will be released by 8:30 a.m. ET.</li>
</ul>



<ul>
<li>April&#8217;s preliminary consumer sentiment data will be announced, while St. Louis Fed President Alberto Musalem speaks at 10:00 a.m. ET.</li>
</ul>



<ul>
<li>New York Fed President John Williams will speak at 11:00 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) was up 0.019% in premarket on Friday as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of $2.20 per share on revenue of $16.57 billion.</li>
</ul>



<ul>
<li>Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) was 1.13% lower as Wall Street expects it to report earnings of $1.24 per share on revenue of $20.75 billion before the opening bell.</li>
</ul>



<ul>
<li>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) rose 0.7% as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of $4.61 per share on revenue of $44.11 billion.</li>
</ul>



<ul>
<li>Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) dropped 1.16% as Wall Street expects it to report earnings of $1.51 per share on revenue of $4.77 billion before the opening bell.</li>
</ul>



<ul>
<li>BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) was 0.14% higher as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of $11.19 per share on revenue of $5.53 billion.</li>
</ul>



<ul>
<li>Fastenal Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) was 0.32% lower as Wall Street expects it to report earnings of 52 cents per share on revenue of $1.95 billion before the opening bell.</li>
</ul>



<ul>
<li>Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) declined 1.68% after reporting estimated consolidated shipments for the three months ending March 31 at 1.2 million units, representing a 9% year-on-year decline.</li>
</ul>



<ul>
<li>MSP Recovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSPR#NASDAQ">MSPR</a>) surged 171.88% after securing massive $1.2 billion debt relief via strategic partnerships and creation of an independent servicer.</li>
</ul>



<ul>
<li>Calamos Global Dynamic Income Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHW#NASDAQ">CHW</a>) jumped 43.10% after strategically choosing Pretoria&#8217;s LightDeepEarth as its preferred assay lab to boost assay result turnaround for its Heavy Mineral Sands program and improve operational efficiency.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.15% to hover around $60.22 per barrel.



Gold Spot US Dollar advanced 1.30% to hover around $3,216.91 per ounce. Its fresh record high stood at $3,227.23 per ounce. The U.S. Dollar Index spot was lower by 1.69% at the 99.163 level.



Asian markets were mixed on Friday as India's S&amp;P BSE Sensex, China&#8217;s CSI 300, and Hong Kong's Hang Seng index advanced. Whereas, Japan's Nikkei 225, Australia's ASX 200, and South Korea's Kospi index declined. European markets were mostly lower in early trade.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44728276/spy-qqq-call-volumes-spiked-minutes-before-tariff-pause-announcement-alexandria-ocasio-cortez-demands-disclosure-from-congress-members">SPY, QQQ Call Volumes Spiked Minutes Before Tariff Pause Announcement: Alexandria Ocasio-Cortez Demands Disclosure From Congress Members</a></li>
</ul>



Photo courtesy: Shutterstock

Equities

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Market Summary

News

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Guidance

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Pre-Market Outlook

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TSLA

US Stocks Likely To Open Lower As Volatility Persists Before Bank Earnings: 'Fed Is Likely To Cut Rates Again On June 18th,' Says Expert

China has significantly increased tariffs on U.S. goods from 84% to an unprecedented 125% on Friday. This move comes as a countermeasure to the Trump administration&#8217;s similar actions.



What Happened: China&#8217;s&nbsp;Customs Tariff Commission of the&nbsp;State Council has declared that any additional tariffs imposed by the U.S. will be disregarded. "Given that U.S. exports to China already have no market acceptability under the current tariff rates, if the U.S. further imposes additional tariffs on Chinese goods, China will simply ignore them,"



The commission maintains that U.S. exports to China are already struggling to find market acceptability under the current tariff rates, <a href="https://www.scmp.com/economy/china-economy/article/3306151/china-raises-tariffs-us-goods-125?module=breaking&amp;pgtype=homepage">reported</a> the South China Morning Post.



A spokesperson for the Ministry of Commerce emphasized China&#8217;s commitment to safeguarding its legitimate rights and interests, supporting the multilateral trading system, and maintaining the stability of the international economic order. 



The ministry criticized the U.S. tariff measures as &#8220;a typical act of unilateral&nbsp;bullying and coercion,&#8221; which violate&nbsp;World Trade Organization rules and&nbsp;undermine the rules-based&nbsp;multilateral trading system and international&nbsp;economic order.



The spokesperson also called on the U.S. to &#8220;immediately correct its wrongdoings and&nbsp;revoke all unilateral tariffs imposed&nbsp;on China.&#8221;



In his first reaction to President Donald Trump&#8216;s tariffs on China, Xi Jinping told visiting Spanish Prime Minister Pedro Sanchez, "There are no winners in the tariff war and standing against the world ultimately results in self-isolation," as per state news agency Xinhua.



No matter how the external environment shifts, China will maintain its resolve and focus, dedicating itself to managing its own affairs efficiently,&#8221; added Xi.



SEE ALSO:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/04/44749653/bitcoin-ethereum-xrp-dogecoin-lose-steam-trader-warns-of-new-lows-under-one-condition" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, XRP, Dogecoin Lose Steam, Trader Warns Of &#8216;New Lows&#8217; Under One Condition &#8211; Benzinga</a>



Why It Matters: The decision to increase tariffs comes as President Donald Trump awaits negotiation talks with his &#8216;friend&#8217; Xi Jinping. 



According to China expert and political commentator Gordon Chang, the Chinese President&nbsp;is avoiding direct negotiations with President Trump to prevent <a href="https://www.benzinga.com/markets/25/04/44755977/xi-jinping-steering-clear-of-trump-negotiations-to-avoid-political-backlash-at-home-says-expert-china-doesnt-have-any-cards-in-this-game">potential political backlash</a> at home. Xi is in a difficult position where initiating a conversation with Trump about the trade war could lead to backlash from his fellow Communist Party leaders. 



Notably, China is not immune to the adverse impact from Trump&#8217;s tariffs. Goldman Sachs downgraded China&#8217;s growth forecast and warned of risk to 20 million export-linked jobs in the nation. However, the investment bank cited overall global economic gloom as a reason besides Trump&#8217;s tariffs. 



<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/25/04/44728777/pence-calls-trumps-tariff-moves-misstep-cites-potential-economic-harm-to-working-families" target="_blank" rel="noreferrer noopener">Former Vice President Mike Pence Calls Trump&#8217;s Tariff Moves &#8216;Misstep,&#8217; Cites Potential Economic Harm To Working Families</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.

Xi Jinping Says 'There Are No Winners In Tariff War' As China Slaps 125% Tariffs On US Goods, Urges Trump To Immediately Correct 'Wrongdoings'

Intel Corp's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) <a href="https://www.benzinga.com/tech/25/03/44298588/lip-bu-tan-got-high-praise-from-tsmc-founder-morris-chang-for-saving-cadence-from-pretty-big-trouble-will-the-magic-work-at-the-new-intel">newly appointed CEO</a>, Lip-Bu Tan, has deep financial ties to China's tech sector, including investments in companies reportedly linked to the Chinese military.



What Happened: Tan has control over more than 40 Chinese companies and investment funds and holds minority stakes in over 600 others through firms he owns or manages — including at least eight with reported ties to China's People's Liberation Army (PLA), reported Reuters.



The report, based on U.S. and Chinese corporate filings, found that Tan retains control or minority stakes in hundreds of Chinese tech firms via Walden International and Hong Kong-based holding companies Sakarya Limited and Seine Limited. In many cases, he co-invested alongside Chinese government entities or state-owned enterprises.



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's $138 Billion Push — Warn America Will Lose The Race Without It</a>



Among the companies identified are suppliers and contractors for the PLA, including partnerships with China Electronics Corporation, a key PLA supplier sanctioned by the first Donald Trump administration in 2020.



Tan was also an early investor in Semiconductor Manufacturing International Corp (SMIC), China's largest chip foundry, which is under U.S. sanctions due to military links.



Why It Matters: While it&#8217;s not illegal for U.S. citizens to invest in Chinese companies unless they are specifically blacklisted, Tan's ties have raised questions given Intel's central role in producing advanced chips for the U.S. Department of Defense.



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.



The company <a href="https://www.benzinga.com/news/24/09/40897994/whats-going-on-with-intel-stock-on-tuesday">holds a $3 billion defense contract</a> and is involved in multiple national security-focused semiconductor initiatives.



In response to the publication, Intel said that Tan had completed a required director and officer questionnaire disclosing any potential conflicts. "We handle any potential conflicts appropriately and provide disclosures as required by SEC rules," a spokesperson said.



Intel did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.



Tan's appointment comes at a <a href="https://www.benzinga.com/media/25/03/44577045/intels-new-ceo-lip-bu-tan-says-trump-administration-ready-to-help-beleagured-chipmaker-warns-bureaucracy-kills-innovation">critical time for Intel</a> as it seeks to reclaim leadership in advanced chip manufacturing.



Critics argue that Tan's extensive financial involvement in China's tech and military-linked sectors may present a conflict of interest or at least warrant heightened scrutiny, the report noted.



"The simple fact is that Mr. Tan is unqualified to serve as the head of any company competing against China, let alone one with actual intelligence and national security ramifications like Intel," said Andrew King of Bastille Ventures.



Others, however, defend Tan's deep experience in global tech investing. "He was at the top of … most investors' lists," said Bernstein analyst Stacey Rasgon. "He's a legend."



While Tan has reportedly divested some Chinese holdings, the publication found no full accounting of those exits. Chinese corporate databases continue to list many of his investments as active.



Price Action: Intel's stock has dropped 1.68% year-to-date and is down 47.17% over the past 12 months, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Despite the decline, Intel holds a respectable growth score of 3.48% based on Benzinga Edge Stock Rankings. You can see how it <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">compares to other companies by clicking here</a>.



Check out more of Benzinga'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:



<ul>
<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&#8217;s DeepSeek For Driving Efficiency, Stresses Apple&#8217;s ‘Prudent And Deliberate&#8217; Approach Toward Capital Expenditure</a></li>
</ul>



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



Photo courtesy: Shutterstock

Tech

Media

INTC

New Intel CEO Lip-Bu Tan Linked To Hundreds Of Chinese Tech Firms, Including Companies Tied To China's Military: Report

The cryptocurrency market cap dropped 2.80% in 24 hours to $2.54 trillion following President Donald Trump&#8216;s sweeping tariff announcement, imposing a 145% duty on Chinese imports and a 10% universal tariff on most other goods.



<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 9.47 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-3.34%</td><td>$79,672.33</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>-6,13%</td><td>$1,532.89</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>-1.35%</td><td>$0.1552</td></tr></tbody></table></figure>



On Thursday, Trump signed legislation nullifying a revised Internal Revenue Service rule that had expanded the definition of &#8220;broker&#8221; to include decentralized cryptocurrency exchanges.



The rule, finalized during former President Joe Biden&#8216;s administration, was criticized by the crypto industry as unworkable for DeFi platforms that lack visibility into user identities. This action fulfills part of Trump&#8217;s campaign promise to be a &#8220;crypto president.&#8221;



The Crypto Fear and Greed Index registered at 21, remaining in &#8220;Fear&#8221; territory for the second consecutive day, significantly down from November&#8217;s yearly high of 88.



Over $297.81 million in crypto positions were liquidated in the past 24 hours, affecting 101,191 traders. The largest single liquidation occurred on Binance&#8217;s ETH-USDT pair, worth $11.85 million, according to CoinGlass.



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 9.47 p.m. ET)</td></tr><tr><td>Onyxcoin (XCN)</td><td>+45.76%</td><td>$0.01741</td></tr><tr><td>Curve DAO Token (CRV)</td><td>+13.16%</td><td>$0.5761</td></tr><tr><td>Render (RENDER)</td><td>+6.42%</td><td>$3.54</td></tr></tbody></table></figure>



Traditional markets reeled from Trump&#8217;s announcement of a temporary 10% universal tariff on most imports and a 145% duty on Chinese goods.



In Thursday's session, the S&amp;P 500, tracked by SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), closed at 5,268, down 3.46% after plunging over 4% earlier in the day. The Nasdaq-100, tracked by Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), dropped 4.19% to 18,343. 



Futures <a href="https://www.benzinga.com/markets/equities/25/04/44753780/us-futures-slide-nikkei-crashes-over-5-as-markets-reel-from-trumps-tariff-shock-and-await-key-inflation-data-bank-earnings">extended the slide Thursday night</a>, with Nasdaq-100 futures falling 1.26% to 18,251.75, S&amp;P 500 futures down 1.04% to 5,247.00, and Dow futures slipping 0.88% to 39,448.00. 



See Also: <a href="https://www.benzinga.com/news/25/04/44752456/obama-era-economist-jason-furman-says-trump-tariffs-now-higher-more-inflationary-than-announced-rais">Obama-Era Economist Jason Furman Says Trump Tariffs &#8216;Now Higher &amp; More Inflationary&#8217; Than Announced: Raising China Levies Outweighs 90-Day Delay On Others</a>



Analyst Notes:



Analyst Michaël van de Poppe noted the correlation between Yuan strength and Ethereum performance, suggesting a Yuan bounce could improve conditions for altcoins. He added that a decline in Treasury yields and gold prices, alongside dollar weakness, would create favorable conditions for the crypto market.



<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">Presumably I&#39;d want to see Yields to tumble down, alongside the Dollar and Gold to go down. The correlation between strength on the Yuan and <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> is massive and that&#39;s why I think that we should see a bounce up in the Yuan to improve the conditions for <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a>. <a href="https://t.co/HT9Q6tZUhX">pic.twitter.com/HT9Q6tZUhX</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1910356346731458570?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Popular on-chain analytics firm, Santiment, reported 132 new wallets holding 10+ BTC in the past day, indicating &#8220;a higher level of confidence from crypto&#8217;s key stakeholders&#8221; following Trump&#8217;s tariff announcement.



<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">&#x1f433;&#x1f988; Bitcoin&#39;s whales and sharks are growing in number, indicating a sudden shift after Trump implemented his 90-day tariff pause yesterday. Over the past day, +132 more 10+ <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> wallets exist, indicating a higher level of confidence from crypto&#39;s key stakeholders. <a href="https://t.co/5Q1MUxWBeP">pic.twitter.com/5Q1MUxWBeP</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1910421739940851945?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Technical analyst Ali Martinez warned of several bearish signals on Bitcoin&#8217;s chart, including a recent death cross formation and the SuperTrend indicator showing a &#8220;Sell&#8221; signal. Martinez identified key resistance levels at $82,500 (monthly open), the descending trendline from all-time high around $84,000, and moving averages at $85,800 (50-day) and $87,000 (200-day), suggesting significant technical barriers to overcome.



<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">While the recent <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> bounce has been strong, the higher time frames suggest caution: &#8211; Death cross recently formed on the daily chart &#8211; SuperTrend indicator still shows &quot;Sell&quot; &#8211; Monthly open at $82,500 acting as resistance &#8211; Descending trendline from ATH sits around… <a href="https://t.co/ugF6fawUeE">pic.twitter.com/ugF6fawUeE</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1910398935367115082?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Traders now await Friday&#8217;s March producer price inflation data and earnings reports from JPMorgan Chase &amp; Co. and Wells Fargo &amp; Co., which could further <a href="https://www.benzinga.com/25/04/44751312/wall-street-on-edge-bank-earnings-inflation-data-consumer-sentiment-set-stage-for-friday-fireworks">influence market sentiment</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/25/04/44747573/adam-schiff-and-elizabeth-warren-call-for-investigation-into-possible-insider-trading-by-trump-allie">Adam Schiff And Elizabeth Warren Call For Investigation Into Possible Insider Trading By Trump Allies As Markets Surge After 90-Day Tariff Pause: &#8216;It Sure Looks Like Corruption&#8217;</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.

Cryptocurrency

$BTC

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Tumble As Trump Ups China Tariffs, Scraps IRS Rule In Nod To Crypto Voters: Rising Yuan Could Boost Altcoins, Says Analyst

U.S. stock futures fell on Thursday night as investors prepared to close a volatile trading week marked by dramatic market swings. 



Nasdaq-100 futures led declines, dropping 1.26% to 18,251.75, while S&amp;P 500 futures fell 1.04% to 5,247.00 and Dow futures slipped 0.88% to 39,448.00.



Japan's Nikkei 225 tumbled 5.39% to 32,744.89 in early Friday trading, shedding 1,864 points amid global market volatility. U.S. Treasury yields rose, with the 10-year up 8.4 basis points to 4.47% and the 30-year up 9.6 basis points to 4.94%.



Gold prices surged, with June COMEX contracts rising 1.61% to $3,228.60 as demand for safe-haven assets increased.



Markets remain on edge after President Donald Trump rolled out a temporary 10% universal tariff on most imports, while slapping China with a steep 145% duty, the White House <a href="https://www.cnbc.com/2025/04/10/trumps-triple-digit-tariff-essentially-cuts-off-most-trade-with-china-says-economist.html">told</a> CNBC. Still, Trump struck a hopeful tone, expressing confidence in eventually <a href="https://in.benzinga.com/government/regulations/25/04/44740040/chinas-growth-outlook-dims-as-trumps-125-tariffs-put-millions-of-jobs-at-risk-goldman-warns">reaching a deal with Beijing</a>.



&#8220;Would love to be able to work a deal with China,&#8221; Trump <a href="https://www.benzinga.com/government/regulations/25/04/44748635/stocks-bounce-off-session-lows-after-trump-says-china-deal-is-going-to-work-out">told reporters at the White House</a>. &#8220;I think we will end up working out something good for both nations.&#8221;



The comments helped major indexes trim earlier losses, with the S&amp;P 500 tracked by SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed at 5,268, down 3.46% after falling more than 4% midday. The Nasdaq-100, tracked by Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), lost 4.19%, dropping to the 18,343 level.



Traders will face additional catalysts on Friday, including major bank earnings from JPMorgan Chase &amp; Co. and Wells Fargo &amp; Co., along with crucial March <a href="https://www.benzinga.com/25/04/44751312/wall-street-on-edge-bank-earnings-inflation-data-consumer-sentiment-set-stage-for-friday-fireworks">producer price inflation data</a> that could influence Federal Reserve policy decisions.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/25/04/44752456/obama-era-economist-jason-furman-says-trump-tariffs-now-higher-more-inflationary-than-announced-rais">Obama-Era Economist Jason Furman Says Trump Tariffs &#8216;Now Higher &amp; More Inflationary&#8217; Than Announced: Raising China Levies Outweighs 90-Day Delay On Others</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.

US Stock Futures Fall, Nikkei Crashes Over 5% As Markets Reel From Trump's Tariff Shock

The CNN Money Fear and Greed index showed an increase in the overall fear level, while the index remained in the &#8220;Extreme Fear&#8221; zone on Thursday.



U.S. stocks settled lower on Thursday, with the Dow Jones index dipping more than 1,000 points during the session as investors digested the 90-day tariff pause and weighed lingering economic risks to the outlook.



Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares fell over 4%, while Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) declined around 6% on Thursday. Shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) also tumbled more than 7% during the session.



On the economic data front, the Consumer Price Index fell from 2.8% year-over-year in February to 2.4% in March, below expectations of 2.6% and marking the lowest reading since September 2024. On a monthly basis, inflation was negative by 0.1% — the first decline since May 2020.



Most sectors on the S&amp;P 500 closed on a negative note, with energy, information technology, and communication services stocks recording the biggest losses on Thursday. However, consumer staples stocks bucked the overall market trend, closing the session higher.



The Dow Jones closed lower by around 1,015 points to 39,593.66 on Thursday. The S&amp;P 500 fell 3.46% to 5,268.05, while the Nasdaq Composite dipped 4.31% to 16,387.31 during Thursday's session.



Investors are awaiting earnings results from Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), and JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 8.4, the index remained in the &#8220;Extreme Fear&#8221; zone on Thursday, versus a prior reading of 12.3.



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/25/04/44734419/top-2-real-estate-stocks-that-may-keep-you-up-at-night-this-month">Top 2 Real Estate Stocks That May Keep You Up At Night This Month</a> </li>
</ul>



Photo via Shutterstock

Trading Ideas

Dow Tumbles Over 1,000 Points As Nvidia, Apple And Tesla Decline: Greed Index Remains In 'Extreme Fear' Zone

On Thursday, Cathie Wood-led Ark Invest made notable trades, prominently featuring Tempus AI Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>) and Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>). The trades came as Wall Street <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44744139/wall-street-tumbles-dollar-crashes-gold-hits-record-highs-as-inflation-cools-more-than-predicted-whats-driving-markets-thursday">reversed Wednesday's rally</a> with a sharp selloff, as cooling inflation and hopes for Fed cuts were overshadowed by economic uncertainty and a 145% China tariff announcement by the Trump administration.



The Tempus AI Trade



Ark Invest&#8217;s flagship fund, the ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), acquired 48,909 shares of Tempus AI Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>), valued at approximately $1.97 million based on the closing price of $40.29.



Tempus AI has been gaining attention for its advancements in AI-driven healthcare solutions. Ark has been trading shares of the company actively. Last week, it <a href="https://www.benzinga.com/25/04/44704064/cathie-wood-loads-up-on-18-2-million-worth-of-nvidia-stock-adds-5-8-million-worth-of-amazon-shares-to-her-shopping-cart-amid-trump-tariff-upheaval">scooped up</a> stock worth $1.74 million.



The Coinbase Trade



In another significant move, ARKK purchased 11,849 shares of Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), amounting to approximately $2.01 million based on the closing price of $169.62. This acquisition comes at a time when the regulatory landscape for cryptocurrency trading in the U.S. is evolving, potentially making crypto leverage trading <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44739006/crypto-leverage-trading-in-the-us-may-become-more-accessible-heres-why">more accessible</a> to retail investors.



Coinbase, a leading cryptocurrency exchange, has announced plans to introduce a first-of-its-kind perpetual-style product in the U.S. and is also reportedly in talks to acquire crypto derivatives exchange Deribit



Other Key Trades:



<ul>
<li>ARKK bought 135,247 shares of Beam Therapeutics Inc. (BEAM).</li>



<li>ARKG sold 33,500 shares of Repare Therapeutics Inc. (RPTX).</li>



<li>ARKK acquired 191,500 shares of 10X Genomics Inc. (TXG).</li>
</ul>



How does Coinbase rank against other crypto picks? <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Find out</a> with Benzinga Edge Stock Rankings.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="794" height="109" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/10215544/Screenshot-2025-04-11-at-10.55.27.png" alt="" class="wp-image-867031" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/10215544/Screenshot-2025-04-11-at-10.55.27.png 794w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/10215544/Screenshot-2025-04-11-at-10.55.27-300x41.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/10215544/Screenshot-2025-04-11-at-10.55.27-768x105.png 768w" sizes="(max-width: 794px) 100vw, 794px" /></a></figure>



Image via Shutterstock



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44753854/alibaba-jpmorgan-carmax-janover-tesla-why-these-5-stocks-are-on-investors-radars-today">Alibaba, JPMorgan, Carmax, Janover, Tesla: Why These 5 Stocks Are On Investors&#8217; Radars Today</a></li>
</ul>



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ARKK

COIN

Cathie Wood's Thursday Plays: Healthcare AI And Crypto — Ark Scoops Up Tempus AI and Coinbase Stock Amid Trump Tariff Crash

As Wall Street wraps up one of its wildest weeks in recent memory, all eyes are locked on Friday, a session poised to unleash a wave <a href="https://www.benzinga.com/news/econ-s">of market-moving catalysts. </a>



After Thursday's brutal sell-off in risk assets, investors are gearing up for a showdown featuring big bank earnings, fresh inflation data, and a critical read on consumer sentiment.



The S&amp;P 500, tracked via the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), is clinging to a 2.8% weekly gain, eyeing its strongest performance of 2025. That includes Wednesday's historic 9.5% surge, the index's largest one-day leap since the 2008 financial crisis.



<h3 class="wp-block-heading">Big Banks Kick Off Q1 Earnings Season</h3>



Some of the country's biggest financial institutions will kick off the first-quarter earnings season.



JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), and Bank of New York Mellon (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) are all slated to report earnings before the market opens Friday.



Here's what the median Wall Street analyst is expecting, according to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>:



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Name</td><td>Estimated EPS</td><td>Estimated Revenue</td></tr><tr><td>JPMorgan Chase</td><td>4.61</td><td>44.11B</td></tr><tr><td>Wells Fargo</td><td>1.24</td><td>20.77B</td></tr><tr><td>Morgan Stanley</td><td>2.20</td><td>16.58B</td></tr><tr><td>BlackRock</td><td>11.19</td><td>5.53B</td></tr><tr><td>Bank of New York Mellon</td><td>1.51</td><td>4.77B</td></tr></tbody></table></figure>



Earnings beats or misses will surely drive immediate action, but investors are zooming in on forward guidance, particularly commentary around how tariffs and uncertainty could affect credit conditions, loan growth, and capital markets.



"Mounting uncertainty from the economic impact of tariffs could result in slower loan growth, a flatter curve, weaker capital markets, and a deterioration in credit quality," said Richard Ramsden, senior analyst at Goldman Sachs, in a recent note.



<h3 class="wp-block-heading">Producer Prices, Consumer Inflation Expectations Take Center Stage In Fed Debate</h3>



On Friday at 8:30 a.m. ET, the Bureau of Labor Statistics will release the March Producer Price Index (PPI)—a key gauge of wholesale inflation and an increasingly critical signal for the Fed's rate path.



Consensus forecasts see headline PPI rising 3.3% year-over-year, slightly hotter than February's 3.2%. On a monthly basis, prices are expected to bounce by 0.2% after a flat February reading. More crucially, core PPI (excluding food and energy) is projected to climb 3.6% annually, up from 3.4%, with a monthly rebound of 0.3% after a 0.1% dip the prior month.



Hotter-than-expected readings could raise alarms that U.S. producers are already pricing in the inflationary effects of tariffs, fueling concerns at the Fed about a future pass-through of those costs to consumers.



At 10:00 a.m. ET, attention shifts to Main Street, as the University of Michigan's preliminary April consumer sentiment survey provides a timely snapshot of how everyday Americans are feeling in the face of growing economic uncertainty.



Economists anticipate a dip in the sentiment index to 54.5 from March's 57, marking the weakest read since July 2022. But the inflation expectation components will be under the spotlight.



Last month, year-ahead inflation expectations shot up to 5%, the highest since mid-2022. Any further acceleration could force the Fed to reconsider its path toward policy easing.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44748635/stocks-bounce-off-session-lows-after-trump-says-china-deal-is-going-to-work-out">China Deal Is &#8216;Going To Work Out,&#8217; Trump Says As Stocks Bounce From Session Lows</a></li>
</ul>



Photo: Shutterstock

Macro Economic Events

Regulations

Broad U.S. Equity ETFs

Econ #s

Wall Street Braces For High-Stakes Friday With Bank Earnings, Inflation Data, Consumer Sentiment In Focus

Wall Street trimmed steep losses in afternoon trading Thursday, following remarks from President Donald Trump, who expressed some optimism about reaching trade <a href="https://www.benzinga.com/topic/china">agreements, particularly with China</a>. 



"Would love to be able to work a deal with China," Trump told reporters at the White House. "I think we will end up working out something good for both nations.&#8221;



Trump raised the tariff on imports from China, America's largest trading partner, to 125% on Wednesday. 



&#8220;I think it&#8217;s going to work out,&#8221; Trump added.



Markets reacted swiftly. By 2:50 p.m. ET: 



<ul>
<li>The S&amp;P 500 — tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — was down 3.2%</li>



<li>The Nasdaq 100 trimmed its decline to over 3.8%</li>



<li>The Russell 2000 was off 3.68%. </li>



<li>The Dow Jones Industrial Average also recovered, paring earlier losses from over 4% midday to 2.34%.</li>
</ul>



At midday, the S&amp;P 500 was down 4.8%, the Nasdaq 100 had plunged 5.4%, and the Russell 2000 had dropped 5.3%, wiping out nearly half of Wednesday's historic gains.



<h3 class="wp-block-heading">10% Baseline</h3>



Trump also attacked past trade policies, blaming NAFTA for the loss of nearly 90,000 factories and six million jobs—losses he claimed could have been avoided if tariffs had been in place earlier.



"We're going to bring them all back," Trump said.



Trump highlighted that the European Union initially planned to retaliate against U.S. tariffs but held back after seeing the U.S.&#8217;s aggressive stance against China. &#8220;They were very smart,&#8221; he said.



He also mentioned flexibility in tariff negotiations, suggesting that each country or company might be treated differently depending on the circumstances. 



&#8220;It&#8217;s possible that I would consider flexibility for countries and companies,&#8221; Trump said. &#8220;10% tariff is a baseline. But deals are all different, every country is different.&#8221;



Trump laid out potential uses for the money raised through tariffs, including paying down national debt, reducing the budget and creating border walls.



<h3 class="wp-block-heading">Market Reactions: Gold Eyes Record Close</h3>



At last check Thursday, <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a> data showed:



<ul>
<li>Atlassian Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>) was down 3.6% </li>



<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) down 7%</li>



<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) down 3.73%</li>



<li>Blackstone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>) down 6%, and </li>



<li>Eli Lilly and Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) down 3.77%.</li>
</ul>



Yields on 30-year Treasury notes were still 8 basis points higher on the day to 4.82%, yet slightly trimming earlier spike during the session.



Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), traded 2.5% higher to $3,160 per ounce, on track to close at fresh record highs. 



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 3.9% to below $79,500, erasing nearly all Wednesday&#8217;s gains occurred following the 90-day tariff pause announcement.



Now Read: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44740040/chinas-growth-outlook-dims-as-trumps-125-tariffs-put-millions-of-jobs-at-risk-goldman-warns">China&#8217;s Growth Outlook Dims As Trump&#8217;s 125% Tariffs Put Millions Of Jobs At Risk, Goldman Warns</a></li>
</ul>



Image: Shutterstock

Asia

Large Cap

PLTR

TEAM

China Deal Is 'Going To Work Out,' Trump Says As Stocks Bounce From Session Lows

Hightower Advisors&#8217; Stephanie Link has been holding her nose and buying stocks in recent weeks as markets unwind <a href="https://www.benzinga.com/government/regulations/25/04/44740040/chinas-growth-outlook-dims-as-trumps-125-tariffs-put-millions-of-jobs-at-risk-goldman-warns">amid tariff uncertainty</a>. 



What To Know: With the stock market reeling over the past month or so, Link has been rotating into high-quality names. She told Benzinga on Thursday that she had 9% cash last month, but has put almost all of it back into the markets. 



&#8220;Quality on sale,&#8221; Link said. &#8220;Upgrading to best in breed at better valuations.&#8221;



Some of the names Link has been buying include Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>), GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), Palo Alto Networks Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), Chipotle Mexican Grill Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) and Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>). 



Link noted that she doesn&#8217;t believe we are in a recession, citing a solid labor market. She expects strong wages and savings to help consumers handle the slower growth ahead. 



The Labor Department said Thursday that initial jobless claims totaled 223,000 for the week ended April 5, in line with economist expectations. Meanwhile, the Bureau of Labor Statistics said the annual inflation rate dropped to 2.4% in March, down from 2.8% in February. The number came in below economist forecasts of 2.5%, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Related Link: <a href="https://www.benzinga.com/news/econ-s/25/04/44733390/march-inflation-rate-cools-far-more-than-expected-raises-hopes-for-near-term-fed-rate-cuts">March Inflation Rate Cools Far More Than Expected, Raises Hopes For Near-Term Fed Rate Cuts</a>



The SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) has been extremely volatile in recent sessions, whipsawing back and forth on every bit of news out of the Trump administration. Stocks recorded one of the biggest single-day gains in history on Wednesday after President Donald Trump announced a 90-day pause on reciprocal tariffs. The market is giving back a large chunk of those gains on Thursday, down approximately 6% at last check. 



&#8220;Clearly they are watching the [markets],&#8221; Link said. &#8220;We'll get through tariffs and onto tax cuts/deregulation &#8230; Crazy times!&#8221;



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/04/44740737/inflation-cools-but-too-soon-to-blow-the-all-clear-economist-says">Inflation Cools, But &#8216;Too Soon To Blow The All Clear,&#8217; Economist Says</a></li>
</ul>



Photo: <a href="https://www.shutterstock.com/g/katjen">katjen</a>/Shutterstock.

Long Ideas

PANW

EXCLUSIVE: Stephanie Link Is Buying These 5 'Best In Breed' Stocks As Markets Whipsaw

The annual inflation rate eased more than expected in March, coming in at 2.4% on Thursday's Consumer Price Index report. Multiple economists emphasized that March's cooling may be temporary, as President Donald Trump's reinforced tariffs and trade measures could reverse progress by<a href="https://www.benzinga.com/news/econ-s/25/04/44733390/march-inflation-rate-cools-far-more-than-expected-raises-hopes-for-near-term-fed-rate-cuts"> raising consumer prices. </a>



Expert Ideas: Joseph Brusuelas, chief economist for RSM, said that this will be the last cool CPI print for some time as tariff-induced inflation is on the way. The economist sees topline and core inflation to hit 4% to 4.5% by mid-summer of 2025.&nbsp;



"Look at the 0.1% decline in core goods prices because it is the last one that investors are going to observe for a good period," Brusuelas wrote in <a href="https://x.com/joebrusuelas/status/1910328531994984565">a post</a> on social media.&nbsp;



Read Next: <a href="https://www.benzinga.com/25/04/44695907/elon-musk-calls-trump-trade-advisor-peter-navarro-dumber-than-sack-of-bricks-defends-tesla-as-the-most-american-made-cars">Elon Musk Calls Trump Trade Advisor Peter Navarro &#8216;Dumber Than Sack Of Bricks,&#8217; Defends Tesla As &#8216;Most American-Made Cars&#8217;&nbsp;</a>



Chris Zaccarelli, chief investment officer for Northlight Asset Management, noted March's cool inflation data is welcome news to the Federal Reserve who may choose to cut rates if tariffs cause significant damage to the economy.&nbsp;



"It's much too soon to blow the all clear – both on tariffs or on inflation – since the tariff damage has only been postponed as of now, and will only be relieved if tariff deals can be struck across the board," Zaccarelli said.&nbsp;



He also pointed to Friday's Producer Price Index data as an indicator of whether or not future inflation is already "in the pipeline."



Charlie Bilello, chief market strategist for Creative Planning, took a more optimistic view of the CPI data and said inflation below 3% should be enough for the Fed "to resume cutting rat[e]s in June." 



<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">US Core CPI Inflation is back below 3% for the first time in 4 years. This should be enough for the Fed to resume cutting rats in June.<a href="https://t.co/l5IYmkeySJ">https://t.co/l5IYmkeySJ</a> <a href="https://t.co/pvOHrTLqaL">pic.twitter.com/pvOHrTLqaL</a>&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1910315991218659582?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Financial news outlet ZeroHedge went even further, claiming that the U.S. economy is in deflation.&nbsp;



"Economists gonna be begging Trump for more tariffs: Supercore inflation CRASHES at fastest pace since covid lockdown. US is in DEFLATION," ZeroHedge <a href="https://x.com/charliebilello/status/1910315991218659582">posted</a> on X.&nbsp;



<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">Economists gonna be begging Trump for more tariffs: Supercore inflation CRASHES at fastest pace since covid lockdown. US is in DEFLATION <a href="https://t.co/qSNuM1uqLn">pic.twitter.com/qSNuM1uqLn</a>&mdash; zerohedge (@zerohedge) <a href="https://twitter.com/zerohedge/status/1910311804837769685?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Markets React: Markets shrugged off the cool inflation data Thursday as ongoing uncertainty around trade policies triggered another broad sell off.&nbsp;



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), tracking the S&amp;P 500, was down 3.88% at $527.33 and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), tracking the Nasdaq 100 index, was down 3.53% at $449.56 at the time of publication. 



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/25/04/44667862/oil-crashes-to-60-per-barrel-as-recession-fears-grow">Oil Crashes To $60 Per Barrel As Global Recession Fears Grow </a></li>
</ul>



Image: Shutterstock

Analyst Color

Inflation Cools, But 'Too Soon To Blow The All Clear,' Economist Says

After a spectacular risk-on rally on Wednesday, Wall Street sharply pulled back during Thursday's trading, as investors digested the 90-day tariff pause and weighed lingering economic <a href="https://www.benzinga.com/news/econ-s">risks to the outlook.</a>



Even a sharply lower-than-expected inflation report did little to support risk sentiment — a testament to how susceptible investors <a href="https://www.benzinga.com/news/econ-s/25/04/44733390/march-inflation-rate-cools-far-more-than-expected-raises-hopes-for-near-term-fed-rate-cuts">remain to economic uncertainty.</a>



The Consumer Price Index fell from 2.8% year-over-year in February to 2.4% in March, below expectations of 2.6% and marking the lowest reading since September 2024. On a monthly basis, inflation was negative by 0.1% — the first decline since May 2020.



While the data bolstered the case for near-term Fed rate cuts — markets are pricing in an 88% chance of a 0.25% move by June — traders remained cautious amid the ongoing tariff drama.



Read Also: <a href="https://www.benzinga.com/25/04/44740737/inflation-cools-but-too-soon-to-blow-the-all-clear-economist-says">Inflation Cools, But &#8216;Too Soon To Blow The All Clear,&#8217; Economist Says</a>



The S&amp;P 500 dropped 4.8% by midday in New York, erasing about half of Wednesday's historic gains, which had marked the index&#8217;s strongest rally since 2008. The Nasdaq 100 tumbled 5.4%, while small caps in the Russell 2000 sank 5.3%.



Despite the pullback in equities, traditional safe havens like Treasuries and the dollar also fell, raising concerns about waning international confidence in U.S. assets.



The U.S. dollar index — as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) — nosedived 2% to the 101 level, its lowest since late September 2024.



Yields on 30-year Treasuries surged by 11 basis points to 4.85%, as bond vigilantes appeared to reassert themselves —effectively flashing red signals in Washington.



Meanwhile, gold continued to deliver stellar returns, with bullion hitting fresh record highs of $3,175 per ounce, up 2.4% on the day. Over the past two sessions, gold has rallied nearly 6%, the biggest two-day gain since March 2020.



On Thursday, the White House announced that the actual tariff rate on Chinese imports will be 145%. Meanwhile, the U.S. House of Representatives passed a budget plan extending the Trump-era tax cuts. Trump welcomed the news, saying it laid the groundwork for what he called "the largest tax and regulation cuts&#8221; in American history.



<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg</td></tr><tr><td>Dow Jones</td><td>38,976.38</td><td>-4.0%</td></tr><tr><td>S&amp;P 500</td><td>5,193.60</td><td>-4.8%</td></tr><tr><td>Russell 2000</td><td>1,810.18</td><td>-5.3%</td></tr><tr><td>Nasdaq 100</td><td>18,119.84</td><td colspan="2">-5.4%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:05 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 5.2% to $517.46.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 4% to $389.66.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;sunk 5.5% to $440.99.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) tumbled 5.3% to $179.66.</li>



<li>S&amp;P 500 sectors with largest drops were Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), down 6.7%; Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), down 6% and Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>), down 5.8%.</li>
</ul>



<h1 class="wp-block-heading">Thursday&#8217;s Stocks Movers</h1>



<ul>
<li>There were only 22 gainers within the S&amp;P 500, with Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) rallying 3.3%, amid rising gold prices. </li>



<li>Major losers included CarMax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) down 20%, Microchip Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>), down 14%, and Celanese Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CE#NYSE">CE</a>), down 14%. </li>



<li>Magnificent Seven were all trading deeply in negative territory, with the group shedding nearly a trillion of combined market value. </li>
</ul>



<h1 class="wp-block-heading">Top U.S. Tech Stocks by Market Cap Loss – April 10, 2025</h1>



<ul>
<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) Market Cap Loss: $209.24 billion Daily Change: -7.50%</li>



<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) Market Cap Loss: $181.32 billion Daily Change: -6.07%</li>



<li>Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Market Cap Loss: $129.62 billion Daily Change: -6.40%</li>



<li>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Market Cap Loss: $124.82 billion Daily Change: -4.30%</li>



<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Market Cap Loss: $102.56 billion Daily Change: -6.91%</li>



<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Market Cap Loss: $87.47 billion Daily Change: -9.99%</li>



<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Market Cap Loss: $79.85 billion Daily Change: -4.10%</li>
</ul>



Read Now: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44710975/wall-streets-american-exceptionalism-trade-falters-as-dollar-stocks-bonds-all-slide">Wall Street&#8217;s &#8216;American Exceptionalism&#8217; Trade Falters As Dollar, Stocks, Bonds All Slide</a></li>
</ul>



Photo: Shutterstock Professional via Shutterstock

AMZN

GOOG

MCHP

MSFT

Wall Street Tumbles, Dollar Crashes, Gold Hits Record Highs As Inflation Cools More Than Predicted: What's Driving Markets Thursday

A seismic tariff escalation from President Donald Trump has triggered a sharp downgrade to China's growth forecasts, with Goldman Sachs now projecting a sluggish economic recovery and warning of <a href="https://www.benzinga.com/topic/china">deep labor market consequences.</a>



In a note shared Thursday, a team of Goldman Sachs economists led by Andrew Tilton said the sudden tariff spike announced on April 9 — lifting U.S. duties on Chinese goods to 125% — is poised to hammer China's GDP and jeopardize up to 20 million export-linked jobs.



<h3 class="wp-block-heading">Tariff Tsunami Raises Economic Stakes</h3>



Trump's move follows a tit-for-tat exchange with Beijing, which retaliated by hiking tariffs on U.S. goods to 84%, up from prior levels. The cumulative effect has pushed the U.S. effective tariff rate on Chinese goods from 11% at the start of his administration to today's eye-watering 125%. 



According to Goldman's estimates, that jump alone could slash Chinese real GDP by 2.6 percentage points — with a 2.2 percentage point impact hitting as soon as 2025.



The investment bank now forecasts China&#8217;s real GDP growth to slow to 4.0% in 2025 and 3.5% in 2026, down from previous estimates of 4.5% and 4.0%. That's well below the Chinese government&#8217;s official growth target of "around 5%" for the year.



Goldman said these projections reflect not just U.S. tariff pressure, but also a weakening global economy that's expected to further erode Chinese exports.



&#8220;We believe that achieving 4.5% GDP growth this year would be very challenging,&#8221; Goldman Sachs said. 



<h3 class="wp-block-heading">Can Stimulus Save the Day?</h3>



To cushion the blow, Beijing is expected to roll out an aggressive mix of monetary and fiscal policy easing. Goldman now forecasts an additional 60 basis points in policy rate cuts in 2025 — up from a prior 40 basis point estimate — as well as a substantial increase in the "augmented fiscal deficit" – a broad measure of public sector borrowing – from 10.4% to 14.5% of GDP.



Credit growth will likely accelerate too, with Chinese officials signaling relaxed property restrictions and stronger infrastructure stimulus to help offset demand destruction from abroad.



Still, Goldman said even these measures won't be enough to fully neutralize the negative effects of Trump's tariffs. 



"While we anticipate that policymakers achieve 4% real GDP growth," the bank wrote, "our alternative measures of growth could fall below this level."



The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) — a popular U.S.-listed fund tracking major Chinese companies — has dropped 12% since Trump first unveiled a 34% "reciprocal" tariff on Chinese imports. With the full tariff now at 125%, sentiment remains fragile.



<h3 class="wp-block-heading">The Human Toll: Millions of Jobs On The Line</h3>



Perhaps most concerning is the potential damage to China's workforce. Goldman estimates that between 10 million and 20 million Chinese workers are exposed to sectors heavily dependent on exports to the United States.



As exports to the U.S. come under strain, China's labor market may suffer a major blow, fueling job losses in manufacturing centers and deepening the challenges of its uneven post-pandemic rebound.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44736472/treasury-yields-rise-despite-cooling-inflation-data-as-bond-vigilantes-test-fed-resolve">Treasury Yields Rise Despite Cooling Inflation Data As &#8216;Bond Vigilantes&#8217; Test Fed Resolve</a></li>
</ul>



Photo: Shutterstock

China's Growth Outlook Dims As Trump's 125% Tariffs Put Millions Of Jobs At Risk, Goldman Warns

Despite a surprisingly soft inflation report and President Donald Trump&#8216;s temporary trade truce, U.S. Treasury yields rose Thursday, suggesting that bond investors remain skeptical of a near-term Fed pivot and are bracing <a href="https://www.benzinga.com/news/econ-s">for prolonged policy uncertainty.</a>



The yield on the 30-year Treasury note rose 8 basis points to 4.81%, retracing roughly half of the sharp decline sparked by Trump's unexpected 90-day tariff pause the day before. Meanwhile, the 10-year yield ticked up 3 basis points to 4.35%, signaling persistent investor wariness despite improving macroeconomic signals.



The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) fell 1.5% at the open.



While falling inflation typically softens yields by boosting rate-cut hopes, bond investors are clearly holding their breath, waiting for a more decisive signal — the so-called &#8220;Fed Put&#8221; — from the central bank.



<h3 class="wp-block-heading">Inflation Cools Sharply, But the Fed Stays Quiet</h3>



The Consumer Price Index (CPI) dropped more than expected in March 2025, reviving hopes that the Federal Reserve might pivot to rate cuts sooner than anticipated. 



Annual inflation fell to 2.4%, the lowest since September 2024, down from 2.8% in February and well below the 2.6% consensus forecast.



Even more striking, monthly inflation contracted by 0.1%, marking the first negative reading since May 2020. Core inflation, which strips out food and energy, eased to 2.8% year-over-year, its lowest level since March 2021.



Yet, Fed Chair Jerome Powell has made it clear he's in no hurry. In his latest remarks, Powell reiterated that the economy remains in a &#8220;good place&#8221; and emphasized patience in adjusting monetary policy.



<h3 class="wp-block-heading">Bond Market Vigilantes Are Back</h3>



This cautious stance has left room for the return of what some economists call the &#8220;bond vigilantes&#8221; — investors who push yields higher to impose market discipline when they sense monetary or fiscal authorities are falling behind the curve.



&#8220;Bond investors are the economy&#8217;s bond vigilantes&#8230; if the fiscal and monetary authorities won't regulate the economy, the bond investors will,&#8221; said Ed Yardeni, recalling his now-famous quote first uttered in 1983. 



&#8220;The Trump administration may be playing with liquid nitro,&#8221; Yardeni added, warning of unpredictable consequences if markets lose faith.



According to Yardeni, the Fed Put — a market belief that the Fed will step in during turmoil — might reappear swiftly if financial stress deepens.



Echoing this view, economist Nouriel Roubini framed the current climate as a tense standoff.



&#8220;In this three-way game of chicken between Trump, Powell, and Xi Jinping, Powell did not blink,&#8221; Roubini said. 



&#8220;Instead, market discipline forced Trump to backtrack — not equities alone, but soaring bond yields, widening credit spreads, and fears of a disorderly dollar collapse led to the 90-day tariff pause.&#8221;



Roubini believes that while the pause eases tensions, Trump feels emboldened, and Xi can't afford to lose face. A true de-escalation may only come through backchannel diplomacy, not economic signals alone.



Even Trump admitted on Wednesday: &#8220;I was watching the bond market. The bond market is very tricky… But if you look at it now it&#8217;s beautiful.&#8221;



On Thursday, he announced that a &#8220;Big, Beautiful, Bill&#8221; on tax cuts is on the way.



But bond markets aren't buying it — not yet.



Despite the White House&#8217;s softer rhetoric and a clear disinflationary trend, yields are under upward pressure, hinting that large foreign holders may be offloading long-dated Treasuries to repatriate funds amid global uncertainties.



Adding to the complexity, the U.S. dollar index dropped 1.2% on Thursday, on pace for its lowest close since early October 2024. Since Trump's inauguration in January, the greenback has lost nearly 8%, reflecting investor unease over both trade and fiscal policy.



<h3 class="wp-block-heading">Fed Speakers On Deck</h3>



Later today, markets will closely monitor remarks from a slate of Federal Reserve officials, including:



<ul>
<li>Lorie Logan, Dallas Fed President, at a North American trade and immigration conference.</li>



<li>Jeffrey Schmid, Kansas City Fed President, on monetary policy and the economy.</li>



<li>Michelle Bowman, Fed Governor, testifying before the Senate Banking Committee for her nomination as vice chair for supervision.</li>



<li>Austan Goolsbee, Chicago Fed President, in a Q&amp;A with the Economic Club of New York.</li>
</ul>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44731044/jim-cramer-says-pre-market-slide-driven-by-profit-takers-shorts-are-trying-to-figure-whether-to-operate-on-nvidia-avgo-aapl">Jim Cramer Says Pre-Market Slide Driven By Profit-Takers: &#8216;Shorts Are Trying To Figure Whether To Operate On Nvidia, AVGO, AAPL&#8217;</a></li>
</ul>



Photo: Shutterstock

Specialty ETFs

Treasury Yields Rise Despite Cooling Inflation Data As 'Bond Vigilantes' Test Fed Resolve

Price pressures eased more than expected in March, offering significant relief to concerns over the front-loading effects of trade tariffs and further fueling investor risk-on sentiment following President Donald Trump&#8216;s surprising 90-day <a href="https://www.benzinga.com/markets/forex/25/04/44730411/asia-and-europe-markets-rally-after-trumps-tariff-u-turn-gold-nears-record-high-global-markets-today-while-us-slept">tariff pause on Wednesday. </a>



The annual inflation rate fell to 2.4% in March, the lowest level in six months, down from 2.8% in February, according to data released Thursday by the Bureau of Labor Statistics.



The figure was below economist expectations of 2.6%. On a monthly basis, the Consumer Price Index contracted by 0.1%, slowing from the 0.2% increase seen the previous month and below expectations of a 0.1% increase.



It marks the lowest monthly inflation reading since May 2020.



A 6.3% drop in gasoline prices was more than offset by increases in electricity and natural gas indexes. In contrast, the food index rose 0.4% in March, driven by a 0.5% increase in food at home and a 0.4% rise in food away from home.



Shelter costs, which make up nearly a third of the consumer basket, edged up just 0.2%—the smallest monthly increase since August 2021.



Core inflation, which excludes volatile food and energy prices, was up 2.8% year-over-year, the lowest since March 2021.



The outcome was lower than the expected 3% and down from 3.1% in February. Month-over-month, core inflation increased by 0.1%, declining from February's 0.2% pace and below estimates of 0.3%.



Ahead of the March inflation report, traders had priced in a 16% probability of a 25-basis-point rate cut by the Federal Reserve at its upcoming May 7 meeting. By June, markets had factored in a 75% chance of a rate cut.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Measure</th><th>March 2025</th><th>Consensus</th><th>February 2025</th></tr></thead><tbody><tr><td>Inflation Rate MoM</td><td>-0.1% (Lowest since May 2020)</td><td>0.1%</td><td>0.2%</td></tr><tr><td>Inflation Rate YoY</td><td>2.4% (Lowest since September 2024)</td><td>2.6%</td><td>2.8%</td></tr><tr><td>Core Inflation Rate MoM</td><td>0.1% (Lowest since June 2024)</td><td>0.3%</td><td>0.2%</td></tr><tr><td>Core Inflation Rate YoY</td><td>2.8% (Lowest since March 2021)</td><td>3%</td><td>3.1%</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Market Reactions</h2>



S&amp;P 500 futures were down 1.6% as of 8:35 a.m. in New York, paring steeper overnight losses following the benign inflation report.



On Wednesday, the index – as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – closed 10.5% higher, notching the strongest one-day gain since 2008. 



Futures on the Nasdaq 100 were 1.7% lower. A day earlier, tech stocks – tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) – rocketed 12%, the largest jump since October 2008. Shares of Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) – the world&#8217;s largest company by market capitalization – were down 3.5% during the premarket trading Thursday after closing 15% higher a day earlier, setting their best day since January 1998. 



Yields on 2-year Treasury notes – which are more sensitive to interest rate expectations – fell by nearly 10 basis points. 



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44723376/goldman-sachs-scraps-recession-call-after-trumps-surprise-tariff-pause-as-wall-street-marks-strongest-day-since-2008">Goldman Sachs Scraps Recession Call After Trump&#8217;s Surprise Tariff Pause As Wall Street Marks Strongest Day Since 2008</a></li>
</ul>



Photo: Shutterstock

March Inflation Rate Cools Far More Than Expected, Raises Hopes For Near-Term Fed Rate Cuts

The technology sector is preparing for a period of uncertainty and volatility due to recent tariffs and the upcoming earnings season, according to Wedbush analyst Dan Ives.



What Happened: Despite hopes for stability following a pause in tariffs last year, the tech industry is facing a less certain reality. Large-scale purchases may see significant downsizing or pauses, contributing to the sector&#8217;s volatility, said Ives.



The tech analyst attributes this turbulence to recent tariffs, which have reached as high as 125% on China, significantly impacting the tech industry. While he stated that the pause on tariffs is a good sign, there is still a lot of uncertainty. &#8220;There is a framework but the reality is there is mass uncertainty.&#8221;



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Ives: Buckle up—Tech is heading into a period of major volatility" width="500" height="281" src="https://www.youtube.com/embed/zO58ikRXbAM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



These tariffs have led to a dramatic pullback in capital expenditure (CapEx), especially on data centers. Companies such as Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), and Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) have all felt the impact, with spending plans stalled as they navigate this new reality.



As earnings season approaches, Dan&nbsp;anticipates further turbulence and predicts&nbsp;earnings cuts of about 10%&nbsp;across internet and big tech. The&nbsp;tech world is still assessing&nbsp;the full extent of the&nbsp;damage, with&nbsp;the potential for a U.S.-China&nbsp;deal looming large.



 "​Street numbers now you are assuming across the board you will see earning cuts to about 10% across internet and big tech.," he predicted. 



The Wedbush Analyst stated that the June quarter would be very soft and investors are looking ahead to any sign of a China deal and a de-escalation. 



SEE ALSO:&nbsp;<a href="https://benzinga.com/markets/25/04/44730488/jim-cramer-reminds-investors-nobody-ever-made-a-dime-panicking-after-market-rally-amid-tariff-pause" target="_blank" rel="noreferrer noopener">Jim Cramer Reminds Investors &#8216;Nobody Ever Made A Dime Panicking&#8217; After Market Rally Amid Tariff Pause</a>



Why It Matters: The <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44721874/trumps-tariff-pause-saves-market-from-edge-of-the-cliff-dan-ives-says-biggest-wild-card-still-remains">90-day tariff pause</a>, announced by President Donald Trump, was initially seen as a relief for the stock market. However, despite the rally in markets, analysts warned of a &#8220;key obstacle&#8221; still on the table.



Ives&#8217; concerns about pauses in data center capex are relevant as reports suggest that Microsoft has recently shelved a $1 billion data center investment in Ohio.



Trump&#8217;s more lenient approach to his trade agenda led to a <a href="https://www.benzinga.com/25/04/44728207/trump-says-this-is-a-great-time-to-buy-but-portfolio-managers-give-a-reality-check-permanent-damage-has-been-done">significant rally</a> in the stock market. However, portfolio managers and analysts were not fully convinced. They believed that the escalating trade war and a worrying selloff in the U.S. government bond market had caused permanent damage.



For tech companies, the road ahead remains volatile. The combination of paused projects, tariff-driven cost increases, and cautious guidance paints a challenging picture for the industry. As Dan Ives put it, "The damage is real."



<ul>
<li>READ NEXT:&nbsp;<a href="https://benzinga.com/trading-ideas/long-ideas/25/04/44697177/marjorie-taylor-greene-buys-the-dip-congresswoman-purchases-shares-of-apple-amazon-nike-" target="_blank" rel="noreferrer noopener">Marjorie Taylor Greene Buys The Dip: Congresswoman Purchases Shares Of Apple, Amazon, Nike And More Following Tariff-Related Sell-Off</a></li>
</ul>

GOOGL

Tech Sector Entering A Period Of 'Mass Uncertainty' Amid Tariffs And Upcoming Earnings Season, Says Dan Ives: 'The Damage Is Real'

CNBC&#8217;s Jim Cramer has weighed in on pre-market decline, attributing downward pressure to the &#8220;profit-takers&#8221; who bought the dip amid the ongoing selloff.



What Happened: In a recent post on X, the host of &#8220;Mad Money&#8221; also shed light on the crucial decision facing short sellers as they evaluate their next moves on prominent technology stocks like Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).



Cramer&#8217;s commentary suggests that after a surge in these heavily watched stocks on Wednesday, investors who bought in earlier are now looking to lock in their profits, naturally leading to some selling pressure before the trading day begins.



However, the tweet also delves into the strategic considerations of short sellers. These investors, who bet on stock prices declining, are currently at a crossroads. They are actively &#8220;trying to figure whether to operate on Nvidia, AVGO, AAPL all over again,&#8221; said Cramer.



The factors considered by short sellers to short a company&#8217;s stock include;



<ul>
<li>Assessment of the fundamental reasons for a negative outlook on these companies and whether they still hold true.</li>
</ul>



<ul>
<li>Are there new catalysts for a potential price decline?</li>
</ul>



<ul>
<li>Or, have the stocks demonstrated enough underlying strength to make further shorting a risky endeavor?</li>
</ul>



Cramer hints at the complexities facing the shorts, suggesting it might be &#8220;too difficult&#8221; to initiate or add to short positions as President Donald Trump paused the tariffs for 90 days on Wednesday. While Thursday&#8217;s decline could just entail profit taking, the short sellers need to beware of a possible &#8216;short squeeze&#8217; in the event of a further advance in these stocks, after the tariff pause move.



Cramer indicated that clarity on this dynamic would emerge relatively quickly, stating, &#8220;We will know by mid-morning.&#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">So now the profit-takers come in and the shorts are trying to figure whether to operate on Nvidia, AVGO, AAPL all over <a href="https://t.co/1AHRVjG6xe">https://t.co/1AHRVjG6xe</a>.&#8211;or it is too difficult and it is time to cover and move on,, We will know by mid morning&#8230; Watch the club ten minute broadcast at…&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1910265126713700434?ref_src=twsrc%5Etfw">April 10, 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/government/regulations/25/04/44730455/bearish-sentiment-hits-7-week-high-mimicking-35-year-old-record-which-marked-the-bottom-of">Bearish Sentiment Hits 7-Week High, Mimicking 35-Year Old Record Which Marked The Bottom Of The October 1990 Bear Market</a>



Why It Matters: Tech giants have been hit the hardest in 2025, and Trump&#8217;s decision to levy tariffs on U.S. trading partners has further exacerbated a decline in these stocks.



Here is how the Magnificent 7 stocks performed on a year-to-date basis and after yesterday&#8217;s recovery.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Stocks</td><td>Thursday&#8217;s Premarket</td><td>Wednesday&#8217;s Performance</td><td>YTD Performance</td></tr><tr><td>Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td><td>-2.97%</td><td>18.72%</td><td>-17.34%</td></tr><tr><td>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)</td><td>-2.38%</td><td>15.33%</td><td>-18.45%</td></tr><tr><td>Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)</td><td>-1.24%</td><td>10.13%</td><td>-6.71%</td></tr><tr><td>Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)</td><td>-1.97%</td><td>11.98%</td><td>-13.22%</td></tr><tr><td>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)</td><td>-1.38%</td><td>9.88%</td><td>-15.51%</td></tr><tr><td>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</td><td>-2.45%</td><td>14.76%</td><td>-2.25%</td></tr><tr><td>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</td><td>-3.05%</td><td>22.69%</td><td>-28.23%</td></tr></tbody></table></figure>



Price Action: The market rebounded on Wednesday as the Nasdaq 100 climbed out of bear market territory, although it remained 13.85% below its prior peak of 22,222.61 points. The S&amp;P 500 was still in a correction, sitting 11.23% lower than its record high of 6,147.43 points, while the Dow Jones was 9.91% down from its 52-week high of 45,073.63 points.



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, were lower in premarket on Thursday. The SPY was down 2.40% to $535.43, while the QQQ declined 1.81% to $457.56, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44728276/spy-qqq-call-volumes-spiked-minutes-before-tariff-pause-announcement-alexandria-ocasio-cor" target="_blank" rel="noreferrer noopener">SPY, QQQ Call Volumes Spiked Minutes Before Tariff Pause Announcement: Alexandria Ocasio-Cortez Demands Disclosure From Congress Members</a></li>
</ul>



Photo by s_bukley on Shutterstock

General

AVGO

Jim Cramer Says Pre-Market Slide Driven By Profit-Takers: 'Shorts Are Trying To Figure Whether To Operate On Nvidia, AVGO, AAPL'

U.S. stock futures were lower on Thursday after staging a stellar recovery on Wednesday after a tariff pause. Futures of major benchmark indices were down in premarket.



President Donald Trump attributed the tariff pause to negotiation efforts by roughly 75 non-retaliating nations in a Truth Social post.



Amid investor anxiety regarding trade barrier impacts on the economy, the investors will keep an eye on the upcoming Consumer Price Index data. Federal Reserve Chair Jerome Powell emphasized last week that there is &#8220;no rush&#8221; to lower rates.



Economists&#8217; <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44716504/sink-or-swim-why-this-weeks-inflation-report-is-crucial-for-markets">median forecast anticipates</a> a 2.6% annual increase in the overall CPI for March 2025, a moderation from February&#8217;s 2.8% and the smallest inflation figure since October 2024. Monthly price growth is projected to be a mere 0.1%. 



The core CPI, excluding volatile food and energy prices, is expected to ease slightly to a 3.0% year-over-year rate, compared to February&#8217;s 3.1%. However, the monthly core CPI is predicted to rise to 0.3%, an increase from the previous month&#8217;s 0.2% pace.



The 10-year Treasury bond yielded 4.29% and the two-year bond was at 3.85%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 79.8% likelihood of the Federal Reserve keeping the current interest rates unchanged in 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>-1.73%</td></tr><tr><td>S&amp;P 500</td><td>-2.23%</td></tr><tr><td>Nasdaq 100</td><td>-2.55%</td></tr><tr><td>Russell 2000</td><td>-2.92%</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, were lower in premarket on Thursday. The SPY was down 3.04% to $531.92, while the QQQ declined 2.53% to $454.20, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Fueled by President Trump&#8217;s unexpected 90-day tariff pause for non-retaliating nations, U.S. stocks soared on Wednesday, with consumer discretionary, information technology, and communication services sectors leading the charge.



The S&amp;P 500 recorded its largest single-day gain since 2008. Notable individual movers included Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) up over 15%, Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) surging around 19%, and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) leaping more than 22%, although a subsequent Truth Social post from Trump threatened a 125% tariff hike on Chinese goods.



Additionally, U.S. mortgage application volumes saw a significant 20% weekly increase in early April.



The Dow Jones index surged 2,963 points or 7.87% to 40,608.45, whereas the S&amp;P 500 index skyrocketed 9.52% to 5,456.90. Nasdaq Composite jumped to end 12.16% higher at 17,124.97, and the small-cap gauge, Russell 2000, leaped 8.66% to 1,913.16.



<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>12.16%</td><td>17,124.97</td></tr><tr><td>S&amp;P 500</td><td>9.52%</td><td>5,456.90</td></tr><tr><td>Dow Jones</td><td>7.87%</td><td>40,608.45</td></tr><tr><td>Russell 2000</td><td>8.66%</td><td>1,913.16</td></tr></tbody></table></figure>



Insights From Analysts:



Charlie Bilello from Creative Planning said in an X post that the S&amp;P 500 logged its third-biggest one-day gain since 1950 on Wednesday.



After logging the biggest one-day gains in the past, the &#8220;Stocks moved substantially higher over the next 1, 3, 5 years every time,&#8221; he 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">The S&amp;P 500 was up 9.5% today, the 3rd biggest 1-day gain since 1950. What has happened in the past following the biggest 1-day gains? Stocks moved substantially higher over the next 1, 3, 5 years every time.<a href="https://t.co/l5IYmkeySJ">https://t.co/l5IYmkeySJ</a> <a href="https://t.co/jmUhOp6KOu">pic.twitter.com/jmUhOp6KOu</a>&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1910072767388451291?ref_src=twsrc%5Etfw">April 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Ryan Detrick from Carson Research cited historical data and concluded that after the S&amp;P 500 index gains over 5% in one day, the returns on the next day and in the next week are &#8220;fairly weak.&#8221;



On average, after such a gain, the S&amp;P 500 index falls by 0.7% the next day and by 1.7% in the next five days. However, the yearly gains after such a day are usually 26.9%.



<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">Wow, this is interesting. 23 times the S&amp;P has gained at least 5% in one day. The next day and a week out = fairly weak returns. But a year later? Up 26.9% on avg and higher more than 91% of the time. Don&#39;t shoot the messenger here. <a href="https://t.co/aHMuRqIwmK">pic.twitter.com/aHMuRqIwmK</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1910169404366635319?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Detrick also highlighted that 93.96% of all the stocks on the NYSE advanced on Wednesday, which was the most since May 10, 2010. &#8220;Yeah, that might classify as a buying thrust,&#8221; he said.



<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">93.96% of all the stocks on the NYSE advanced today. That is the most since 94.57% on 5/10/10. In other words, a couple days after the Flash Crash. Yeah, that might classify as a buying thrust.&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1910170984860000324?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Bridgewater Associates&#8217; billionaire founder, Ray Dalio, in an X post, praised Trump&#8217;s move to shift from escalating tensions to negotiation, calling it &#8220;a much better way,&#8221; and then pressed the President to finalize a trade agreement with China and reduce the fiscal deficit to 3% of GDP.



Dalio proposed a China deal featuring &#8220;appreciating the RMB against the dollar,&#8221; achievable through &#8220;Chinese selling dollar assets while also easing their fiscal and monetary policies to stimulate their demand.&#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">This is a great time for all involved to reconsider their approaches!  There are better and worse ways of handling our problems with unsustainable debt and imbalances, and President Trump&#39;s decision to step back from a worse way and negotiate how to deal with these imbalances is…&mdash; Ray Dalio (@RayDalio) <a href="https://twitter.com/RayDalio/status/1910166431053815819?ref_src=twsrc%5Etfw">April 10, 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 ended April 5 and the headline and core consumer price index data for March will be announced by 8:30 a.m. ET.</li>
</ul>



<ul>
<li>Fed Governor Michelle Bowman will testify to the Senate, while Kansas City Fed President Jeff Schmid will speak at 10:00 a.m. ET.</li>
</ul>



<ul>
<li>Also, Philadelphia Fed President Patrick Harker and Chicago Fed President Austan Goolsbee will both speak at noon.</li>
</ul>



<ul>
<li>March&#8217;s monthly U.S. federal budget data will be out by 2:00 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Carmax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) fell 2.57% in premarket on Thursday as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of 65 cents per share on revenue of $5.96 billion.</li>
</ul>



<ul>
<li>Lovesac Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOVE#NASDAQ">LOVE</a>) was 0.19% lower as Wall Street expects it to report earnings of $1.87 per share on revenue of $233.95 million before the opening bell.</li>
</ul>



<ul>
<li>Northern Technologies International Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTIC#NASDAQ">NTIC</a>) jumped 12.83% as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of 6 cents per share on revenue of $20.20 million.</li>
</ul>



<ul>
<li>Amtech Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASYS#NASDAQ">ASYS</a>) dropped 7.98% as it cut its revenue forecast for the second quarter from $21 million-$23 million to $15 million-$16 million.</li>
</ul>



<ul>
<li>Richardson Electronics Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RELL#NASDAQ">RELL</a>) advanced 3.98% after posting better-than-expected earnings for its third quarter, while sales missed estimates.</li>
</ul>



<ul>
<li>Constellation Brands Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) tumbled 3.75% after the Corona beer maker forecasted its annual profit below estimates due to the tariff hit.</li>
</ul>



<ul>
<li>Occidental Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) slid 2.59% after flagging higher prices for oil and gas production in the first quarter.</li>
</ul>



<ul>
<li>ReShape Lifesciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RSLS#NASDAQ">RSLS</a>) surges 76.65% after entering an exclusive U.S. distribution agreement with Motion Informatics to import and distribute neuromuscular rehabilitation devices.</li>
</ul>



<ul>
<li>NextPlat Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPL#NASDAQ">NXPL</a>) climbed 20.24% after its subsidiary, Global Telesat Communications, secured a deal from a central UK Government department to provide Iridium Push-To-Talk devices and recurring airtime services.</li>
</ul>



<ul>
<li>Damon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DMN#NASDAQ">DMN</a>) plunged 49.59% as it faces Nasdaq delisting after its stock plummeted 99.5% in a year to $0.01, triggering a delisting notice for trading below $0.10 for ten days straight.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 3.50% to hover around $60.17 per barrel.



Gold Spot US Dollar advanced 0.73% to hover around $3,105.70 per ounce. Its fresh record high stood at $3,168.04 per ounce. The U.S. Dollar Index spot was lower by 0.61% at the 102.2750 level.



Asian markets were mostly higher on Wednesday except for India's S&amp;P BSE Sensex index. China&#8217;s CSI 300, Hong Kong's Hang Seng, Japan's Nikkei 225, Australia's ASX 200, and South Korea's Kospi index advanced. European markets were also higher in early trade.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44728276/spy-qqq-call-volumes-spiked-minutes-before-tariff-pause-announcement-alexandria-ocasio-cortez-demands-disclosure-from-congress-members">SPY, QQQ Call Volumes Spiked Minutes Before Tariff Pause Announcement: Alexandria Ocasio-Cortez Demands Disclosure From Congress Members</a></li>
</ul>



Photo courtesy: Shutterstock

Earnings

ASYS

LOVE

NTIC

NXPL

RELL

RSLS

US Stocks Likely To Open Lower Ahead Of March Inflation Release: Expert Highlights 'Fairly Weak Returns' After 5%+ Gains In S&P 500

Despite a weekly decrease in negative sentiment, the latest American Association of Individual Investors (AAII) survey showed bearishness still leading bullish and neutral views at 58.9% this week.



What Happened: Investor pessimism in the latest <a href="https://www.aaii.com/sentimentsurvey">AAII survey</a>, conducted weekly from Thursday to Wednesday, has lessened. The percentage of individual investors with a negative short-term view of the stock market declined by 3%, moving from 61.9% down to 58.9%.



The bearish sentiment continues to be above 50% for the seventh straight week. Last week, at 61.9%, the bearish sentiment had hit a 16-year high since March 2009.



Whereas with the seven-week-long streak currently, it matched a 35-year-old record. According to Subu Trade, the last time bearish sentiment was above 50% for seven straight weeks was in October 1990, which was also the bottom of that bear market.



<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">AAII Bears is now at 58.9% This is the 7th straight week with over 50% bears — matching the record in October 1990, which was the bottom of that bear market. <a href="https://t.co/WmQEl1cOXp">pic.twitter.com/WmQEl1cOXp</a>&mdash; Subu Trade (@SubuTrade) <a href="https://twitter.com/SubuTrade/status/1910197280944108011?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The historical average of bearish sentiments stood at 31%, which was nearly half of the current pessimism among the participants of the AAII survey.



Meanwhile, the bullish sentiment rose to a seven-week high at 28.5%, the highest since the week ending Feb. 19, when it stood at 29.2%.



The neutral sentiment shrank from 16.3% to 12.5% this week.



See Also: <a href="https://www.benzinga.com/25/04/44729384/trump-pauses-tariffs-after-yields-surge-bond-vigilantes-hit-another-homerun-experts-point-to-bond-market-panic-fo">Trump Pauses Tariffs After Yields Surge: &#8216;Bond Vigilantes Hit Another Homerun,&#8217; Experts Point To Bond Market Panic For Reversal</a>



Why It Matters: While seven weeks of high bearish sentiments above 50% represented the bottom of the bear market in October 1990, this week could possibly be the same, owing to the pause on tariffs by President Donald Trump, announced on Wednesday.



He cited the negotiation attempts by nearly 75 countries without any retaliation as the reason for the pause. However, experts believed that a spike in Treasury yields was the major contributor to the change in stance.



The market rebounded on Wednesday as the Nasdaq 100 climbed out of bear market territory, although it remained 13.85% below its prior peak of 22,222.61 points. The S&amp;P 500 was still in a correction, sitting 11.23% lower than its record high of 6,147.43 points, while the Dow Jones was 9.91% down from its 52-week high of 45,073.63 points.



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, were lower in premarket on Thursday. The SPY was down 2.40% to $535.43, while the QQQ declined 1.81% to $457.56, according to Benzinga Pro data.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44728276/spy-qqq-call-volumes-spiked-minutes-before-tariff-pause-announcement-alexandria-ocasio-cor" target="_blank" rel="noreferrer noopener">SPY, QQQ Call Volumes Spiked Minutes Before Tariff Pause Announcement: Alexandria Ocasio-Cortez Demands Disclosure From Congress Members</a></li>
</ul>



Photo courtesy: Shutterstock

Bearish Sentiment Hits 7-Week High, Mimicking 35-Year Old Record Which Marked The Bottom Of The October 1990 Bear Market

Amid several theories on why President Donald Trump paused the tariffs hours after they went into effect, experts have been pushing the bond market turmoil as the major contributor to the decision.



What Happened: After the 10-year Treasury yields rose 34 bps from below 4.0% last week to nearly 4.34% on Wednesday, experts are pegging Trump&#8217;s reaction to pause the tariffs on the spike in yields.



Ed Yardeni from Yardeni Research said, &#8220;Bond vigilantes hit another homerun.&#8221; A bond vigilante is a bond market investor who protests against monetary or fiscal policies considered inflationary by selling bonds, thus increasing yields.



Yardeni resurfaced his 1983 quote after the yield spike and said, &#8220;Bond investors are the economy&#8217;s bond vigilantes. … So if the fiscal and monetary authorities won't regulate the economy, the bond investors will. The economy will be run by vigilantes in the credit markets."



Meanwhile, economist Craig Shapiro said, &#8220;China, just by threatening to sell USTs, basically blew up the bond market and forced the admin to backtrack.&#8221;



However, Trump, in his Truth Social post, said he decided to pause the tariffs based on the negotiation attempts by 75 countries without any retaliation. But Shapiro added in his tweet, &#8220;He didn&#8217;t admit the bond market had anything to do with this. He said he&#8217;s been thinking about it for days. Whatever. It was a flawed rollout.&#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">He didn&#39;t admit the bond market had anything to do with this. He said he&#39;s been thinking about it for days. Whatever. It was a flawed roll out China, just by threatening to sell USTs, basically blew up the bond market and forced the admin to backtrack. I think folks are…&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1910142119538262219?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Gary Black, the managing partner, the Future Fund LLC said, &#8220;In the end, Trump's stunning about face on tariffs was driven by chaos in the bond market including soaring 10yr and 30yr treasury yields; the prospect of huge Republican losses in next year's midterm elections; and pressure by Trump's billionaire supporters (Dimon, Ackman) who convinced him his tariff plan could cause a severe recession.&#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">In the end, Trump's stunning about face on tariffs was driven by chaos in the bond market including soaring 10yr and 30yr treasury yields; the prospect of huge Republican losses in next year's midterm elections; and pressure by Trump's billionaire supporters (Dimon, Ackman) who…&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1910163509557842166?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



According to Spencer Hakimian, the founder of Tolou Capital Management, a Japanese hedge fund that was 60 times levered to the U.S. 10-year Treasury bond was responsible for the spike in yields, which indirectly influenced the decision for a tariff pause. 



<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">Round of applause to the Japanese hedge fund that was 60x levered 10Y UST's that blew up last night to save the world from the Great Depression. We will not forget your sacrifice brother &#x1fae1;&mdash; Spencer Hakimian (@SpencerHakimian) <a href="https://twitter.com/SpencerHakimian/status/1910078058503283138?ref_src=twsrc%5Etfw">April 9, 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/government/regulations/25/04/44728276/spy-qqq-call-volumes-spiked-minutes-before-tariff-pause-announcement-alexandria-ocasio-cor">SPY, QQQ Call Volumes Spiked Minutes Before Tariff Pause Announcement: Alexandria Ocasio-Cortez Demands Disclosure From Congress Members</a>



Why It Matters: President Trump levied reciprocal tariffs on U.S. trading partners last week on Wednesday, which followed a heavy selloff in the market, pushing the Nasdaq into a bear market, whereas the S&amp;P 500 and the Dow Jones were nearing bear territory.



The Trump administration claimed that he was thinking about a tariff pause since Sunday, as Treasury Secretary Scott Bessent told reporter on Wednesday that "He and I had a long talk.&#8221; He added, "This was his strategy all along."



Before announcing the pause in a Truth Social <a href="https://truthsocial.com/@realDonaldTrump/posts/114308272725981913">post</a> around 1:18 p.m. ET, Trump posted the same morning that &#8220;THIS IS A GREAT TIME TO BUY!!! DJT&#8221; Trump transferred his entire stake in Truth Social owner, Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) to a revocable trust ahead of his inauguration.



Price Action: 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, surged on Wednesday. SPY rose by 10.50%, whereas QQQ advanced 12.00%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



After a period of decline, the Nasdaq 100 climbed out of bear market territory, although it remained 13.85% below its prior peak of 22,222.61 points. The S&amp;P 500 was still in a correction, sitting 11.23% lower than its record high of 6,147.43 points, while the Dow Jones was 9.91% down from its 52-week high of 45,073.63 points.



On Thursday, the futures of Dow were down by 0.49%, and the futures of S&amp;P 500 and the Nasdaq 100 index were 0.78% and 1.21% lower, respectively.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44709538/shapiros-treasury-market-dysfunction-warning-hits-home-buying-more-gold-as-fed-put-may-be-on-the-table">Shapiro&#8217;s Treasury &#8216;Market Dysfunction&#8217; Warning Hits Home: &#8216;Buying More Gold&#8217; As Fed Put May Be On The Table</a></li>
</ul>



Photo courtesy: Shutterstock

Trump Pauses Tariffs After Yields Surge: 'Bond Vigilantes Hit Another Homerun,' Experts Point To Bond Market Panic For Reversal

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