Markets are reeling after President Donald Trump unveiled sweeping tariffs on Wednesday, far exceeding investor expectations and triggering fears <a href="https://www.benzinga.com/general/market-summary/25/04/44623604/us-stock-likely-to-open-lower-following-trumps-tariffs-worse-than-the-worst-case-scenario-says-analyst">of an inflation spike.</a>



Ringing alarm bells in a post-announcement note was Ed Yardeni, president of Yardeni Research and historically one of Wall Street's most bullish voices, who now expects the U.S. economy to head to a stagflation regime.



&#8220;Trump&#8217;s Reign of Tariffs exceeds most expectations. The day after Liberation Day may be more like D-Day on Wall Street. That&#8217;s too bad,&#8221; he said.



<h3 class="wp-block-heading">Markets Swoon, Crude Prices Tumble</h3>



The initial market response was brutal. 



Futures tied to the S&amp;P 500 dropped 3.5% in premarket trading Thursday, with similar losses hitting the Nasdaq 100 and Dow Jones. The U.S. Dollar Index, tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), tumbled 2%, putting it on pace for its worst single-day performance since November 2022.



Commodities suffered heavy losses. Crude oil futures plunged 6%, the steepest decline since July 2022. Gold futures – as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) – retreated 1.5% from an all-time high of $3,192 per ounce.



Yardeni said he still expects gold prices could reach $4,000 by year-end, especially if Trump continues to push his aggressive tariff agenda.



<h3 class="wp-block-heading">Are We Headed Toward Stagflation?</h3>



The broader concern among investors and analysts isn't just immediate market volatility, but what comes next. Yardeni said Trump's tariff regime could be the trigger for a dangerous bout of stagflation—an economic environment where inflation remains high even as growth slows.



"We&#8217;ve recently warned that Trump&#8217;s Reign of Tariffs is very likely to boost inflation over the rest of the year, depressing overall consumer sentiment, real wages, and consumer spending," Yardeni said.



He expects the Personal Consumption Expenditures inflation rate—a key gauge watched by the Federal Reserve—to rise from its current 2%-3% range to 3%-4% in the coming months.



"If the result is a consumer-led slowdown later this year (after a short auto-buying binge), the Fed won&#8217;t be able to help by easing monetary policy if inflation remains well above its 2.0% target," Yardeni said. "The result could be 6-12 months of stagflation."



Yardeni said the 25% tariffs on auto is set to drive up the cost of new and used cars, insurance premiums, and vehicle maintenance—much like the inflationary ripple effects seen during the COVID-19 pandemic.



The analyst also flagged the impact on government finances. With a 10% tariff floor in place and additional duties targeting major trade partners like China, Yardeni estimates the U.S. could generate between $300 billion and $600 billion in annual tariff revenues.



Even at the high end of that range, however, the revenue won't be enough to offset rising debt costs. Net interest payments on U.S. government debt are projected to surpass $1 trillion this year, further pressuring the federal budget deficit.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44622346/trumps-reciprocal-tariff-math-a-masterclass-in-economic-absurdity">Trump&#8217;s &#8216;Reciprocal Tariff&#8217; Math: A Masterclass In Economic Absurdity</a></li>
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Trump's 'Reign Of Tariffs' Unleashes 'D-Day On Wall Street,' Analyst Warns Of Stagflation Risk

President Donald Trump rocked global markets on Wednesday with tougher-than-anticipated tariff announcements as part of his plan to reset U.S. trade policy. The measures include a 34% tariff on imports from China, raising the total duties on Chinese goods to 54% and prompting swift <a href="https://www.benzinga.com/general/market-summary/25/04/44623604/us-stock-likely-to-open-lower-following-trumps-tariffs-worse-than-the-worst-case-scenario-says-analyst">criticism from Beijing.</a>



The Details: Just hours after President Trump's tariff announcement, China&#8217;s Ministry of Commerce issued a statement that it &#8220;firmly opposes&#8221; the tariffs and &#8220;will resolutely take countermeasures to safeguard its own rights and interests,&#8221;<a href="https://asia.nikkei.com/Economy/Trade-war/China-blasts-Trump-s-bullying-tariffs-vows-countermeasures?utm_campaign=GL_asia_daily&amp;utm_medium=email&amp;utm_source=NA_newsletter&amp;utm_content=article_link&amp;del_type=1&amp;pub_date=20250403190000&amp;seq_num=3&amp;si=79447"> per </a>Nikkei Asia.&nbsp;



Read Next:<a href="https://www.benzinga.com/government/regulations/25/03/44517885/trump-slaps-25-tariffs-on-autos-what-it-means-for-your-next-car-purchase"> Trump Slaps 25% Tariffs On Autos: What It Means For Your Next Car Purchase</a>&nbsp;



"The so-called &#8216;reciprocal tariffs,&#8217; which are based on subjective and unilateral assessments by the United States, are not in line with the rules of international trade, seriously jeopardize the legitimate rights and interests of the parties concerned, and are typical of unilateral bullying,&#8221; the ministry added.&nbsp;



The Ministry of Commerce did not provide specifics on what "countermeasures" it has planned, but experts agree retaliatory measures are likely.&nbsp;



Expert Ideas: "We think the Chinese government is likely to retaliate with some targeted tariffs on US products as well as non-tariff measures like export controls," Goldman analyst Andrew Tilton wrote, <a href="https://www.zerohedge.com/markets/beijing-slams-trumps-unilateral-bullying-tariffs-signals-retaliatory-action">per</a> ZeroHedge.&nbsp;



The analyst also noted he expects China's policymakers to resist significant currency depreciation and thinks Beijing will step up easing measures to offset the drag from higher tariffs.



"Beijing has purposefully kept more in reserve, both in terms of domestic stimulus and retaliatory measures, in case it needs to respond more forcefully,&#8221; Ruby Osman, a China expert at the Tony Blair Institute for Global Change, told Reuters.&nbsp;



Stocks To Watch: Shares of U.S.-listed Chinese companies were trading lower Thursday morning amid global market declines with Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) down 3.19% and JD.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) down 5.26%. 



The iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>), tracking the FTSE China 50 Index, was down 1.86% and the KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>), focusing on Chinese internet companies, was down 2.63%.&nbsp;



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</ul>



Photo: Shutterstock/Bigc Studio

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Trump's Tariffs Prompt China To Vow 'Countermeasures': Experts See Retaliation Likely

As global markets reel from Donald Trump&#8216;s sweeping tariff announcement, speculators who wagered on a chain reaction of trade retaliation may soon cash <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44626421/trumps-reign-of-tariffs-unleashes-d-day-on-wall-street-analyst-warns-of-stagflation-risk">in the big prize.</a>



On Thursday, trading on CFTC-regulated prediction platform Kalshi lit up with activity as speculators priced in a sharp rise in retaliatory tariffs from major U.S. trading partners. 



The market titled "Which countries will impose tariffs on the US before Q3 2025?" saw odds spike across several jurisdictions in the wake of Trump's announcement.



See Also: <a href="https://www.benzinga.com/25/04/44624245/tariffs-to-plug-the-hole-for-income-tax-cuts-to-come-economists-predict-what-more-could-be-expected">Trump Tariffs To &#8216;Plug The Hole&#8217; For Income Tax Cuts To Come: Economists Predict What More Could Be Expected</a>



<h3 class="wp-block-heading">Global Trade War Now Becomes The Base Case</h3>



<ul>
<li>The odds of South Korea enacting retaliatory measures soared to 79%, up 29 percentage points in a single day. </li>



<li>Japan followed with a 33-point jump to 73%</li>



<li>South Africa climbed to 74%, up 16 points.</li>



<li>India saw a more cautious move, with odds now at 35%</li>



<li>Kalshi traders assigned a 96% probability that Brussels will strike back with its own tariffs in the coming months.</li>
</ul>



Only Mexico moved in the opposite direction. Following Trump&#8217;s exemption of North American partners from the new tariff structure, the odds of retaliation from the southern neighbor collapsed to 45%, down 31 percentage points.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Country</th><th>Odds of Tariff Retaliation</th><th>Change vs. Day Before</th></tr></thead><tbody><tr><td>&#x1f1ea;&#x1f1fa; European Union</td><td>96%</td><td>+12%</td></tr><tr><td>&#x1f1f0;&#x1f1f7; South Korea</td><td>79%</td><td>+29%</td></tr><tr><td>&#x1f1ef;&#x1f1f5; Japan</td><td>73%</td><td>+33%</td></tr><tr><td>&#x1f1ff;&#x1f1e6; South Africa</td><td>74%</td><td>+16%</td></tr><tr><td>&#x1f1ee;&#x1f1f3; India</td><td>35%</td><td>+9%</td></tr><tr><td>&#x1f1f2;&#x1f1fd; Mexico</td><td>45%</td><td>-31%</td></tr></tbody></table><figcaption class="wp-element-caption">Source: Kalshi</figcaption></figure>



Speaking on Bloomberg TV, U.S. Commerce Secretary Howard Lutnick attempted to downplay the likelihood of backlash, saying the tariffs will be applied broadly and uniformly, and adding that "it will not be effective for countries to retaliate against Trump tariffs."



<iframe loading="lazy" src="https://kalshi.com/external-widget/events-categorical/KXFOREIGNTARIFF-25JUL01?color_scheme=light&#038;widget_size=large&#038;utm_campaign=benzinga_widget" width="488px" height="242px" style="border:0"></iframe>



<h2 class="wp-block-heading">Country ETFs Witness Deep Declines</h2>



Amid the turmoil on Wall Street, U.S.-listed country ETFs took a beating Thursday as investors dumped risk ahead of possible tit-for-tat tariffs,



The VanEck Vietnam ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNM#NYSE">VNM</a>) plunged more than 8% in premarket trading, on track for its worst session since March 2020. The U.S. will apply a 46% tariff rate on Vietnam.



Japan's iShares MSCI Japan Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWJ#NYSE">EWJ</a>) dropped 3%, while the iShares China Large Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>) fell 1.8%. The two biggest Asian economies will see their respective tariff rate rising to 24% and 34%, respectively. 



India's iShares MSCI India ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INDA#NYSE">INDA</a>) and South Korea's iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) declined 1.1% and 1.5% respectively. India and South Korea are poised to face a 25% and 26% increase, respectively, in the cost of exporting goods to the U.S.



The SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) dipped 0.9%, while the iShares South Africa Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EZA#NYSE">EZA</a>) fell 4.5%. 



Read Now: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44624245/tariffs-to-plug-the-hole-for-income-tax-cuts-to-come-economists-predict-what-more-could-be-expected">Trump Tariffs To &#8216;Plug The Hole&#8217; For Income Tax Cuts To Come: Economists Predict What More Could Be Expected</a></li>
</ul>



Image: Shutterstock

INDA

Retaliation Odds Spike After Trump's Heavy Tariffs, Sending Country ETFs Tumbling

Top U.S. technology multinationals, which have been the biggest beneficiaries of globalization, come to the fore as tariffs could heavily impact the cost of the goods sold by these firms.



What Happened: The data shared by Gina Martin Adams, the chief equity strategist and global director of equity strategy at Bloomberg Intelligence, shows the top tech companies in the U.S. that are likely to be impacted by <a href="https://www.benzinga.com/markets/25/04/44621408/market-access-has-a-price-trump-unveils-list-of-tariffs-countries-targeted">tariffs announced</a> by President Donald Trump on Wednesday.



These firms &#8220;may suffer the most as tariffs spark trade turmoil and threaten the long-expanding margin domination of American companies,&#8221; explains Adams.



The graphic shared by her shows that <a href="https://www.benzinga.com/news/legal/25/04/44620411/mark-zuckerberg-led-meta-set-to-face-truth-at-senate-hearing-over-china-operations-and-communist-party-censorship-efforts">Mark Zuckerberg</a>&#8216;s Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) spends less than 10% of the total amount required for them to produce their products and services in the U.S., making it the most vulnerable to tariffs.



The top 10 firms also include Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), and AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>).



Adams says that these firms could face more challenges in the wake of retaliation by other countries, further influencing the global supply chain. &#8220;White House tariffs may only be the start, as retaliations further strain global supply chains,&#8221; she adds.



<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 multinationals, arguably the biggest driver and beneficiary of globalization, may suffer most as tariffs spark trade turmoil and threaten margin domination of American companies. White House tariffs may only be the start, as retaliations further strain global supply chains. <a href="https://t.co/kbopS2fsT8">pic.twitter.com/kbopS2fsT8</a>&mdash; Gina Martin Adams (@GinaMartinAdams) <a href="https://twitter.com/GinaMartinAdams/status/1907580802222690759?ref_src=twsrc%5Etfw">April 2, 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/general/market-summary/25/04/44602836/tesla-short-interest-soars-to-2116-making-it-the-4th-largest-shorted-stock-heres-what-its-charts-are-indicating">Tesla Short Interest Soars To 21.16%, Making It 4th Most Shorted Stock Currently: Here&#8217;s What Its Charts Indicate</a>



Why It Matters: According to Adams, &#8220;Contrary to popular belief, mega-cap U.S. tech may be at considerable risk, with extremely high valuations and assumptions that margin moats will remain intact.



Companies with high facilities exposure and elevated cost of goods sold outside the U.S. face the greatest direct threats in the short run, while those with elevated revenue exposure are not immune.&#8221;



However, she adds, &#8220;Non-domestic stocks and defensive U.S. sectors may provide some haven as U.S. companies adjust to the new regime.&#8221;



Wedbush&#8217;s Daniel Ives adds that &#8220;Negotiations the only option at this point for White House.&#8221;



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



Whereas, Craig Shapiro of Bear Trap Reports contends by saying that Trump isn&#8217;t looking for concessions from trading partners, but &#8220;wants/needs the tariff revenues to help plug the fiscal deficit budget hole.&#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">What the market fails to realize is that Trump doesn&#39;t want concessions from trading partners. He wants/needs the tariff revenues to help plug the fiscal deficit budget hole <a href="https://t.co/nQf82Q2Zan">https://t.co/nQf82Q2Zan</a>&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1905609335599698141?ref_src=twsrc%5Etfw">March 28, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Price Action: Here&#8217;s how these top 10 firms listed by Adams have performed.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Companies</td><td>Wednesday After-Hours</td><td>YTD</td><td>One Year</td></tr><tr><td>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</td><td>-4.83%</td><td>-2.55%</td><td>15.23%</td></tr><tr><td>Deckers Outdoor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>)</td><td>-11.85%</td><td>-42.32%</td><td>-21.41%</td></tr><tr><td>Incyte Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>)</td><td>-3.74%</td><td>-10.36%</td><td>12.69%</td></tr><tr><td>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)</td><td>-5.79%</td><td>-14.65%</td><td>-43.04%</td></tr><tr><td>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)</td><td>-7.14%</td><td>-8.19%</td><td>31.97%</td></tr><tr><td>AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>)</td><td>-0.64%</td><td>23.26%</td><td>59.80%</td></tr><tr><td>Albemarle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>)</td><td>-3.32%</td><td>-15.23%</td><td>-43.94%</td></tr><tr><td>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>)</td><td>0.02%</td><td>11.27%</td><td>4.44%</td></tr><tr><td>T-Mobile Us Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>)</td><td>-2.68%</td><td>20.51%</td><td>62.05%</td></tr><tr><td>Best Buy Co Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>)</td><td>-8.99%</td><td>-12.12%</td><td>4.51%</td></tr></tbody></table></figure>



Ahead of the tariff announcements on Wednesday, 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, rose in trade. The SPY was up 0.63% to $564.52, while the QQQ advanced 0.73% to $476.15, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



On Thursday, the <a href="https://www.benzinga.com/markets/equities/25/04/44620686/sp-500-nasdaq-futures-plunge-over-3-as-trumps-reciprocal-tariff-plan-hits-market-confidence">futures</a> of the Dow Jones index dropped 2.25%, whereas the S&amp;P 500 and Nasdaq 100 indices also slumped by 3.02% and 3.52%, respectively.



Read Next:



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<li><a style="font-weight: bold;" href="https://www.benzinga.com/25/04/44600269/mark-cuban-argues-ais-new-sht-will-drive-growth-not-deflation">Mark Cuban Dismisses Concerns of AI Causing Deflation, Calls It The &#8220;Greatest Growth And Productivity Engine Ever&#8221;</a></li>
</ul>



Photo courtesy: Shutterstock

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Meta, AMD, Apple, AT&T Among Biggest US Tech Giants That 'May Suffer The Most' As Tariffs Spark Trade Turmoil: Here's Why

After President Donald Trump unveiled the tariffs on all its trading partners on Wednesday, this economist recalled his analysis of tariffs being used to fund tax cuts. Meanwhile, another senior economist highlighted other possible implications of the tariff announcements.



What Happened: Craig Shapiro, a macro strategist at the Bear Traps Report, reaffirmed his analysis by referring to Trump as the "Tariff man," and explained how sweeping tariffs on the U.S. trading partners were announced as he had "predicted," back in February.



"Tariffs plug the hole in the deficit to allow income tax cuts to come," he said in an X post.



Shapiro, in his <a href="https://www.benzinga.com/25/02/43587245/tariffs-are-the-only-way-to-fund-tax-cuts-without-deficit-expansion-argues-expert-as-it-takes-center-stage-in-don">old analysis</a>, had argued that Trump&#8217;s deficit reduction goal, from 6-7% to 3% of GDP, necessitates tariffs. With entitlement and defense cuts off the table, he contended that tariffs are the only way to fund tax cuts without increasing the deficit.



While many believed that Trump could have backed down on tariffs, Shapiro reiterated that the underlying "math suggests he has no other choice but to use them."



Shapiro also said that tariffs seek to bring back manufacturing and secure domestic production of critical defense and healthcare items, a policy Trump has advocated for 40 years.



<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">Tariff man doing tariff man things. As predicted. Tariffs plug the hole in the deficit to allow income tax cuts to come. Tariffs help bring back manufacturing jobs to America Tariffs help America be able to produce critical items for defense and healthcare again. Trump… <a href="https://t.co/BI2HIPE27l">https://t.co/BI2HIPE27l</a>&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1907709171627086308?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/25/04/44623855/billionaire-investor-ray-dalio-warns-of-abrupt-unconventional-changes-in-markets-heres-how-the-tariff-machine-aff">Ray Dalio Warns Of &#8216;Abrupt, Unconventional Changes&#8217; In Markets: Here&#8217;s How The &#8216;Tariff Machine&#8217; Affects Currency, Monetary And Fiscal Policies</a>



Why It Matters: Apart from the long-term effect that tariffs could have on the economy and how they could align with Trump's further economic plans, senior economist Mohamed El-Erian highlighted things to look for after Wednesday&#8217;s tariff announcements.



He expects a wide range of reactions from the tariffed countries, which could include retaliation, escalation, or a state of paralysis. El-Erian also expects notable revisions in the U.S. and other countries' growth and inflation projections.



Finally, El-Erian expects business leaders to navigate the tariff barriers to reduce the impact on their businesses.



<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">Among the things to look for after yesterday's US tariff announcements: A wide range of country reactions: some retaliating, some eager to de-escalate, and some paralyzed for now; A major round of revisions for the US growth and inflation projections maintained by mainstream…&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1907718459158409674?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Claiming a need to address the U.S.&#8217;s trade deficit, President Trump invoked a 1977 law to declare a trade emergency and <a href="https://www.benzinga.com/markets/25/04/44621408/market-access-has-a-price-trump-unveils-list-of-tariffs-countries-targeted">implement new tariffs </a>on Wednesday. Notably, China, Vietnam, Cambodia, and Sri Lanka face the harshest tariffs, while Canada and Mexico were spared. The move spurred a record-breaking gold price rally and a flight to safe-haven investments. 



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, fell in premarket on Thursday. The SPY was down 3.36% to $545.54, while the QQQ declined 3.80% to $458.07, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Gold prices were lower by 0.85% at $3,126.02 after scaling a fresh record of $3,167.71 per ounce.



Read Next:



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



Image via Shutterstock

Macro Notification

Regulations

General

Trump Tariffs To 'Plug The Hole' For Income Tax Cuts To Come: Economists Predict What More Could Be Expected

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



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



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



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



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



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



Cues From Last Session:



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



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



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



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



Insights From Analysts:



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



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



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



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



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



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



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



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



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



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



Upcoming Economic Data



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



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



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



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



Stocks In Focus:



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



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



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



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



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



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



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



Commodities, Gold, And Global Equity Markets:



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



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



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



Read Next:



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



Photo courtesy: Shutterstock

Commodities

Forex

Treasuries

Federal Reserve

Pre-Market Outlook

GNSS

PENG

TSLA

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

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



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



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



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



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



Asia Markets Today



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



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



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



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



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



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



Eurozone at 05:45 AM ET



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



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



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



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



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



Commodities at 05:45 AM ET



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



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



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



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



U.S. Futures at 05:45 AM ET



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



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



Forex at 05:45 AM ET



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



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



Image via Shutterstock

Asia

Emerging Markets

Eurozone

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

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

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



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



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



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



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



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



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



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



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



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



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



Image via Shutterstock



Read More: 



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

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

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



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



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



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



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



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



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



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



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



Read Next:



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



Image via Shutterstock

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

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



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



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



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



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



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



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



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



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



What is CNN Business Fear &amp; Greed Index?



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



Read Next: 



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



Photo via Shutterstock

Earnings

Trading Ideas

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

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



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



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



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



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



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



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



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



Read Next:



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



Image via Shutterstock



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

AMZN

NVDA

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

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



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



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



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



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



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



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



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



Top Gainers (24-Hours)



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



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



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



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



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



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



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



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



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



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



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



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



Photo by Avi Rozen on Shutterstock



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

Cryptocurrency

$BTC

$DOGE

$ETH

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



Image via Shutterstock



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



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<li><a href="https://www.benzinga.com/markets/25/01/43373775/tim-cook-praises-chinas-deepseek-for-driving-efficiency-stresses-apples-prudent-and-deliberate-approach-toward-capital-expenditure" target="_blank" rel="noreferrer noopener">Tim Cook Praises China's DeepSeek For Driving Efficiency, Stresses Apple's ‘Prudent And Deliberate' Approach Toward Capital Expenditure</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Legal

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Major gainers were: 



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



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



Image created using photos from Shutterstock.

Large Cap

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Read Next: 



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



Photo: Shutterstock.

After-Hours Center

ASTS

DLTR

HOOD

ONON

SHOP

VNOM

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Read Next:



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



Photo: Shutterstock

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



Read now: 



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



Photo: Shutterstock

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

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