In a surprising move, President Donald Trump has exempted a range of technology products, including some consumer electronics produced in China, from reciprocal tariffs.



What Happened: On late Friday, the Trump administration published a list of exclusions through the&nbsp;U.S. Customs and Border Protection,&nbsp;effectively reducing&nbsp;the scope of the levies.&nbsp;



The exclusions apply to smartphones,&nbsp;laptop computers, hard drives,&nbsp;and computer processors and memory&nbsp;chips, shielding them&nbsp;from Trump's 125% China tariff&nbsp;and his baseline 10% global&nbsp;tariff on nearly all other&nbsp;countries.



This decision brings significant relief to global tech giants like Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), albeit potentially for a limited period, <a href="https://www.bloomberg.com/news/articles/2025-04-12/trump-exempts-phones-computers-chips-from-reciprocal-tariffs?srnd=homepage-americas&amp;sref=TBDibEcD">reports</a> Bloomberg.



However, this tariff relief may be temporary. The exclusions are part of the initial order, which aimed to prevent&nbsp;extra tariffs on certain sectors&nbsp;from cumulatively stacking&nbsp;on top of the country-wide&nbsp;rates. This suggests that these products could&nbsp;soon be subject to a&nbsp;different tariff, likely&nbsp;a lower one for China.



Also Read:&nbsp;<a href="https://www.benzinga.com/25/04/44652222/trumps-tariffs-may-shift-us-spending-from-goods-to-services-creating-uncertainty-for-ecommerce-and-advertising-industries-analyst-warns" target="_blank" rel="noreferrer noopener">Tariffs To Impact End Demand: Goldman Sachs Analyst Expects Drag On Corporate Spending, Hiring</a>



Notably, machines used to make semiconductors are also exempt from the new tariffs. This is significant news for companies like Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), which recently announced a major new investment in the US, as well as other chipmakers.



Despite this reprieve, the Trump administration&#8217;s 20% duty on China, imposed&nbsp;to pressure Beijing to crack&nbsp;down on fentanyl, including the&nbsp;shipment of precursor materials, remains in place.&nbsp;



Other previously existing levies, including&nbsp;those that predate Trump's current&nbsp;term, also appear unaffected.



Why It Matters: This tariff exemption is a significant development for the global tech industry, particularly for companies like Apple and Nvidia. 



The decision may provide temporary relief from the financial strain caused by the tariffs, potentially boosting their profit margins. 



However, the temporary nature of the reprieve suggests that the industry may need to brace for potential changes in the tariff landscape in the future.



Read Next



<a href="https://www.benzinga.com/markets/25/04/44656680/trumps-10-tariff-on-most-imports-is-finally-here-taking-effect-saturday">Trump&#8217;s 10% Tariff On Most Imports Is Finally Here, Taking Effect Saturday</a>



Shutterstock: nikkimeel

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Trump Grants Tariff Reprieve to Tech – Including From China - In Surprise Move

The Tesla Cybertruck may be polarizing among adults, but it <a href="https://www.benzinga.com/markets/25/03/44346155/trumps-tesla-shoutout-falls-flat-no-spike-in-orders-or-inventory-movement">is a hit among children</a>.



What Happened: Children are enamored with the Cybertruck, the brainchild of Elon Musk and his company Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). The vehicle has been at the center of public opinion, with some owners facing vandalism and negative reactions due to its association with Musk and his controversial stances.



However, for kids, the Cybertruck is a source of fascination. The truck&#8217;s distinctive and rare design is a head-turner, especially for a demographic that finds excitement in the unique and the extraordinary. Parents have noted their children&#8217;s obsession with the vehicle, with some kids even creating Cybertruck-themed art.



According to a report <a href="https://www.businessinsider.com/tesla-cybertruck-kids-love-elon-musk-2025-4">by</a> Insider, despite Musk&#8217;s controversial image, children are intrigued by the billionaire who makes rockets and cool-looking cars. The concept that Musk is a controversial figure due to his political opinions and role in DOGE is not something easily explained to a small child.



At the same time, trying to explain why Elon Musk is considered controversial—whether due to his political views or involvement with DOGE—isn't exactly something you can easily break down for a young child.



Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/09/40971831/putin-ally-who-unveiled-tesla-cybertruck-with-machine-gun-last-month-now-says-elon-musk-remotely-dis" target="_blank" rel="noreferrer noopener">Putin Ally Who Unveiled Tesla Cybertruck With Machine Gun Last Month Now Says Elon Musk ‘Remotely Disabled' The Militarized EV</a>



Even parents who are not fans of Musk or the Cybertruck have observed their children&#8217;s fascination with the vehicle. The market has responded with a variety of Cybertruck-themed toys and books, further fueling the interest among kids.



Not long ago, Musk was widely seen as an inspiring, uncontroversial figure in STEM—someone kids could look up to. But his growing involvement in politics, especially around the 2024 election, and his continued promotion of Dogecoin, have shifted public perception. 



As noted in Nate Silver&#8216;s Silver <a href="https://www.natesilver.net/p/elon-musk-polls-popularity-nate-silver-bulletin">Bulletin</a>, Musk's favorability took a significant hit last summer, flipping from positive to negative. Today, he&#8217;s facing record-low approval, with 53.5% of respondents viewing him unfavorably.



Why It Matters: While the Cybertruck may be a symbol of controversy for adults, for children, it represents a cool-looking car that sparks their imagination and curiosity. 



This fascination among the younger generation could potentially translate into a future consumer base for Tesla. As these children grow up, their early interest in the Cybertruck could influence their vehicle purchases in the future. 



Furthermore, the market response in creating Cybertruck-themed toys and books indicates a potential for ancillary revenue streams tied to the vehicle&#8217;s design and popularity.



Read Next



<a href="https://www.benzinga.com/news/25/03/44348055/anti-musk-protester-vandalizes-tesla-cybertruck-with-swastika-shocking-jewish-owner">Anti-Musk Protester Vandalizes Tesla Cybertruck With Swastika, Shocking Jewish Owner</a>



Shutterstock: Iv-olga

TSLA

Elon Musk's Cybertruck Is Controversial, But Kids Love It

President&nbsp;Donald Trump&#8217;s&nbsp;announcement that he will place a 90-day pause on tariffs for countries that have not retaliated against U.S. trade measures. Markets rose on the <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/04/44725578/technology-stocks-outperform-after-trumps-tariff-pause-microchip-technology-amd-lead-sector-higher" rel="noreferrer noopener">news, driven&nbsp;higher by tech stocks</a>.&nbsp;



U.S. President&nbsp;Donald Trump&nbsp;has been on the receiving end of criticism from Michigan auto and business groups as tariffs on<a target="_blank" href="https://www.benzinga.com/25/04/44729157/michigan-auto-groups-criticize-trump-for-not-halting-auto-tariffs" rel="noreferrer noopener">&nbsp;automotive imports&nbsp;remain in effect</a>.



The U.S. and Vietnam have launched trade negotiations after President&nbsp;Donald Trump&nbsp;paused the implementation of a&nbsp;46% tariff on Vietnam's exports, a move that could bolster the country's <a target="_blank" href="https://www.benzinga.com/tech/25/04/44726879/vietnam-a-hub-for-us-tech-giants-like-apple-and-nvidia-wants-to-talk-trade-after-trump-pauses-46-tariff" rel="noreferrer noopener">growing tech manufacturing sector</a>.



The European Union and China have agreed to explore setting minimum prices for Chinese-made electric vehicles as an alternative to tariffs imposed last year, <a href="https://www.benzinga.com/news/global/25/04/44756940/europe-china-eye-ev-price-pact-to-avert-trump-tariff-escalation-after-tesla-ceo-elon-musk-pushes-for-zero-eu-tariffs-amid-declining-sales" target="_blank" rel="noreferrer noopener">a European Commission spokesperson</a>.



The sales figures for Q1 2025 for EVs showcase a growth in U.S. EV sales for several manufacturers and paint a strong picture <a href="https://www.benzinga.com/25/04/44755934/us-q1-ev-sales-data-shows-106-yoy-growth-tesla-experiences-decline-but-still-dominates-domestic-ev-sales" target="_blank" rel="noreferrer noopener">for the domestic EV sector</a>.



Technology



European Commission president&nbsp;Ursula von der Leyen&nbsp;has said the EU is preparing a&nbsp;slate of retaliatory measures&nbsp;that could include levies on digital advertising <a target="_blank" href="https://www.benzinga.com/markets/25/04/44754753/meta-google-and-other-big-us-tech-firms-could-end-up-paying-up-if-trump-tariff-talks-collapse-warns-european-commission-president-no-winners-in-this-only-losers" rel="noreferrer noopener">revenues from U.S. tech companies</a>.



Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has reportedly fired two employees who disrupted the tech giant&#8217;s 50th-anniversary event on Friday after protesting the company&#8217;s contracts with Israel and <a target="_blank" href="https://www.benzinga.com/25/04/44677497/microsoft-fires-employee-protestors-who-disrupted-50th-anniversary-event-you-have-shown-no-remorse-for-the-effect-that-your-actions-have" rel="noreferrer noopener">accusing its&nbsp;AI CEO of war profiteering</a>.



Microsoft has decided to suspend its billion-dollar data center project in Licking County, Ohio. ​This decision marks the most recent in a line of data center project <a target="_blank" href="https://www.benzinga.com/25/04/44733013/microsoft-shelves-1-billion-ohio-data-center-plans-amid-global-project-withdrawals-we-are-slowing-or-pausing-some-early-stage-projects" rel="noreferrer noopener">cancellations by the software behemoth</a>.



Microsoft reportedly contemplating another wave of job cuts, primarily <a target="_blank" href="https://www.benzinga.com/25/04/44729860/microsoft-stock-had-a-rough-ride-over-the-past-year-and-the-satya-nadella-led-company-is-now-mulling-more-job-cuts-this-time-focused-on-managers-and-non-coders" rel="noreferrer noopener">targeting middle managers and non-coders</a>.



Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) announced new restrictions for teen users, prohibiting those under 16 from live streaming on Instagram without parental permission, as the company expands its Teen <a target="_blank" href="https://www.benzinga.com/general/social-media/25/04/44704723/meta-restricts-live-streaming-for-teens-under-16-as-part-of-expanded-safety-measures" rel="noreferrer noopener">Account&nbsp;protections across its platforms</a>.



Taiwan Semiconductor Manufacturing Co. Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) reported first-quarter revenue growth of 41.6% year-on-year to&nbsp;839.25 billion<a target="_blank" href="https://www.benzinga.com/25/04/44732800/taiwan-semiconductor-reports-255-billion-q1-revenue-surges-42-in-despite-us-tensions" rel="noreferrer noopener"> New Taiwan dollars ($25.5 billion)</a>.



Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) newly appointed CEO,&nbsp;Lip-Bu Tan, has deep financial ties to China&#8217;s tech sector, including investments in companies <a target="_blank" href="https://www.benzinga.com/25/04/44755999/new-intel-ceo-lip-bu-tan-linked-to-hundreds-of-chinese-tech-firms-including-companies-tied-to-chinas-military-report" rel="noreferrer noopener">reportedly linked to the Chinese military</a>.



Smartphones



Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is reportedly shifting more of its&nbsp;iPhone&nbsp;production to India to mitigate the financial impact of President&nbsp;Donald Trump&#8217;s&nbsp;escalating tariffs on Chinese goods, potentially&nbsp;offsetting the projected 30% to 40% <a target="_blank" href="https://www.benzinga.com/25/04/44677880/apple-reportedly-plans-to-move-more-iphone-production-to-india-amid-trump-tariff-fearscould-this-solve-the-300-price-hike-on-550-hardware" rel="noreferrer noopener">price&nbsp;increase on its device</a>.



U.S. consumers are reportedly rushing to&nbsp;Apple stores to purchase new&nbsp;iPhones&nbsp;ahead of potential price hikes caused by President&nbsp;Donald Trump&#8217;s&nbsp;newly <a target="_blank" href="https://www.benzinga.com/media/25/04/44679666/apple-customers-flock-to-stores-as-tariffs-threaten-to-drive-iphone-prices-up-by-45-report" rel="noreferrer noopener">announced tariffs on Chinese imports</a>.



Apple completed an urgent logistics operation in late March, transporting five planeloads of iPhones and other products from manufacturing centers in India and<a target="_blank" href="https://www.benzinga.com/25/04/44706383/apple-airlifts-iphones-from-india-and-china-in-72-hour-race-to-beat-trumps-tariffs-as-stock-sinks-amid-us-china-trade-panic" rel="noreferrer noopener"> China to the U.S. within 72 hours</a>.



Automotive &amp; Social Media



Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&nbsp;has unveiled a new trim for its Cybertruck. The new trim is RWD (rear-wheel drive) and offers a range of over 362 <a target="_blank" href="https://www.benzinga.com/markets/equities/25/04/44755221/tesla-unveils-new-cybertruck-long-range-trim-with-a-362-mile-range-and-reduced-features" rel="noreferrer noopener">miles on a single charge</a>.



Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) CEO&nbsp;Andy Jassy&nbsp;has warned that President&nbsp;Donald Trump&#8217;s&nbsp;new tariffs on Chinese imports could result in higher prices for consumers, as many of the company&#8217;s third-party sellers <a target="_blank" href="https://www.benzinga.com/25/04/44754457/amazon-ceo-andy-jassy-says-trump-tariff-costs-could-hit-consumers-as-sellers-pass-them-on-company-working-to-limit-price-hikes-amid-1771-ytd-stock-drop" rel="noreferrer noopener">are unlikely to absorb the additional costs</a>.



Amazon reportedly pulled back on importing a wide range of consumer goods from Asia, leaving vendors stuck with <a target="_blank" href="https://www.benzinga.com/media/25/04/44729831/amazon-halts-orders-worth-over-500000-from-china-vietnam-and-other-asian-countries-following-trumps-tariff-plans-report" rel="noreferrer noopener">unsold inventory and mounting costs</a>.



TikTok&nbsp;has reportedly laid off some of its U.S.-based e-commerce governance and experience team, just days after President&nbsp;Donald Trump&nbsp;extended the deadline&nbsp;for parent company&nbsp;ByteDance&nbsp;<a target="_blank" href="https://www.benzinga.com/general/social-media/25/04/44754260/with-tiktoks-future-in-limbo-e-commerce-team-reportedly-hit-by-layoffs-days-after-trumps-bytedance-deadline-push-amid-chinas-opposition-and-tariff-hikes" rel="noreferrer noopener">to divest its U.S. operations</a>.



Artificial Intelligence



OpenAI&nbsp;is reportedly in discussions to acquire the AI hardware startup co-founded by&nbsp;Jony Ive&nbsp;and&nbsp;Sam Altman&nbsp;in a deal <a target="_blank" href="https://www.benzinga.com/25/04/44678864/openai-eyes-500-million-deal-to-acquire-jony-ive-and-sam-altmans-ai-hardware-startup-report" rel="noreferrer noopener">worth approximately $500 million</a>.



OpenAI&nbsp;countersued&nbsp;Elon Musk, accusing him of using harassment tactics to slow the company&#8217;s progress and disrupt its plans for growth, <a target="_blank" href="https://www.benzinga.com/25/04/44726544/elon-musk-faces-legal-backlash-as-sam-altman-led-openai-countersues-over-harassing-tactics-and-bid-for-control-musk-has-tried-every-tool-available-to-harm-openai" rel="noreferrer noopener">including a&nbsp;contentious bid&nbsp;for control</a>.



Mira Murati, the former chief technology officer of ChatGPT-parent OpenAI, is reportedly seeking to raise a staggering $2 billion seed round for her <a href="https://www.benzinga.com/media/25/04/44756971/former-openai-cto-mira-murati-targets-record-breaking-2-billion-seed-round-for-new-ai-startup" target="_blank" rel="noreferrer noopener">new AI venture, </a><a href="https://www.benzinga.com/media/25/04/44756971/former-openai-cto-mira-murati-targets-record-breaking-2-billion-seed-round-for-new-ai-startup" target="_blank" rel="noreferrer noopener">Thinking Machines Lab</a>.



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Consumer Tech News (April 7-April 11): US President Puts 90-Days Pause On Tariffs, Microsoft May Cut Jobs & More

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas" target="_blank" rel="noreferrer noopener"> many investors' favorite stocks</a> over the last week — here's a look at some of our top stories.



President Donald Trump's hold on global tariffs but imposition of a 145% levy on Chinese imports led to significant market volatility and eroding confidence in the dollar and Treasuries this week. The 30-year Treasury yield briefly reached 5%, indicating the return of bond vigilantes — investors selling bonds in reaction to policy decisions.



Despite the turmoil, certain stocks have outperformed. For instance, Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) have shown resilience amid the market's fluctuations, demonstrating robust fundamentals and strategic positioning that appeal to investors even during uncertain times.



Overall, while the broader market faces challenges from escalating trade tensions and policy uncertainties, select companies continue to thrive, highlighting the importance of strategic agility and strong fundamentals in navigating volatile economic landscapes.



Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.



The Bulls



<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44696168/apple-is-a-buying-opportunity-again-as-key-valuation-level-flashes-green-bank-of-america-says">"Apple Is A ‘Buying Opportunity' Again As Key Valuation Level Flashes Green, Bank Of America Says"</a>, by Piero Cingari, reports that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares have dropped 17% since April 2, more than double the S&amp;P 500's decline in the same period, and Bank of America analyst Wamsi Mohan views this as a buying opportunity, citing historical data showing average gains of 17% one year after Apple's P/E ratio compresses under 25x.



<a href="https://www.benzinga.com/news/buybacks/25/04/44674899/broadcom-stock-jumps-on-10-billion-buyback-authorization">"Broadcom Stock Jumps On $10 Billion Buyback Authorization"</a>, by Adam Eckert, reports that Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) shares rose after the company authorized a $10 billion share repurchase program through the end of 2025, reflecting confidence in its semiconductor and infrastructure software businesses.



<a href="https://www.benzinga.com/25/04/44683383/marvell-plays-ai-hardball-divestiture-sparks-155-upside-says-analyst">"Marvell Plays AI Hardball: Divestiture Sparks 155% Upside, Says Analyst"</a>, by Surbhi Jain, reports that Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) sold its automotive Ethernet business to Infineon Technologies AG for $2.5 billion, prompting JPMorgan analyst Harlan Sur to reaffirm an Overweight rating and set a $130 price target — implying a 155% upside — as the company intensifies its focus on AI and cloud data center growth.



For additional bullish calls of the past week, check out the following:



<a href="https://www.benzinga.com/news/earnings/25/04/44701164/aehr-test-systems-stock-climbs-after-q3-results-details">Aehr Test Systems Stock Climbs After Q3 Results: Details</a>



<a href="https://www.benzinga.com/government/regulations/25/04/44752313/health-care-technology-stocks-surge-after-fda-announces-plans-to-phase-out-animal-testing-requirements">Health Care Technology Stocks Surge After FDA Announces Plans To Phase Out Animal Testing Requirements</a>



<a href="https://www.benzinga.com/news/large-cap/25/04/44725578/technology-stocks-outperform-after-trumps-tariff-pause-microchip-technology-amd-lead-sector-higher">Technology Stocks Outperform After Trump's Tariff Pause: Microchip Technology, AMD Lead Sector Higher</a>



The Bears



<a href="https://www.benzinga.com/news/global/25/04/44741043/nike-stock-tumbles-as-us-china-trade-war-intensifies-what-you-need-to-know">"Nike Stock Tumbles As US-China Trade War Intensifies: What You Need To Know"</a>, by Adam Eckert, reports that Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) shares fell 10.3% to $53.18 amid escalating U.S.-China trade tensions, as the company's reliance on imports from China, Vietnam, and Indonesia exposes it to new tariffs, including a 145% rate on Chinese goods.



<a href="https://www.benzinga.com/news/global/25/04/44725016/us-steel-stock-tumbles-as-trump-says-we-dont-want-to-see-it-go-to-japan">"US Steel Stock Tumbles As Trump Says ‘We Don't Want To See It Go To Japan'"</a>, by Adam Eckert, reports that United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) shares fell over 11% in after-hours trading after Trump expressed opposition to the company's acquisition by Nippon Steel, stating, "We don't want to see it go to Japan."



<a href="https://www.benzinga.com/25/04/44684590/microns-meltdown-tariff-surcharge-adds-salt-to-the-stocks-slide">"Micron's Meltdown: Tariff Surcharge Adds Salt To The Stock's Slide"</a>, by Surbhi Jain, reports that Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) shares plunged over 22% in five trading days as the company imposed a tariff-related surcharge on U.S. customers, exacerbating bearish technical signals with the stock trading below key moving averages and nearing oversold RSI levels.



For more bearish takes, be sure to see these posts:



<a href="https://www.benzinga.com/trading-ideas/technicals/25/04/44695368/death-cross-alert-alphabet-stock-drops-the-signal-bears-pick-it-up">Death Cross Alert: Alphabet Stock Drops The Signal, Bears Pick It Up</a>



<a href="https://www.benzinga.com/25/04/44715119/pfizer-stock-is-sliding-wednesday-whats-going-on">Pfizer Stock Is Sliding Wednesday: What's Going On?</a>



<a href="https://www.benzinga.com/25/04/44748974/death-cross-meets-tax-threat-tsms-chip-dip-has-more-than-just-technicals-to-blame">TSMC Triggers Death Cross As Trump Tariff Threats Add To Investor Concerns</a>



Keep up with all the latest breaking news and trading ideas by following <a href="https://twitter.com/Benzinga" target="_blank" rel="noreferrer noopener">Benzinga</a><a href="http://twitter.com/Benzinga" target="_blank" rel="noreferrer noopener"> on X</a>.



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Benzinga Bulls And Bears: Apple, Nike, US Steel — And The Markets Ride Out Ongoing Volatility

President Donald Trump's aggressive trade tariffs extend beyond Wall Street, rattling the Treasury market and the U.S. dollar. The turmoil is now challenging the long-held narrative of &#8220;American exceptionalism&#8221; that has underpinned global confidence in the <a href="https://www.benzinga.com/government/regulations/25/04/44710975/wall-streets-american-exceptionalism-trade-falters-as-dollar-stocks-bonds-all-slide">U.S. economy for decades.</a>



A broad trade-weighted measure of the dollar fell Friday to its lowest level since April 2022. The greenback is now down 10% since Trump's inauguration, raising concerns about its global reserve status.



Although recent March inflation reports showed cooling price pressures across both consumer and producer markets, bond markets didn't react <a href="https://www.benzinga.com/25/04/44762609/producer-inflation-sharply-drops-yet-treasury-yields-rise-heres-why-a-fed-rate-cut-in-may-could-be-back-on-the-table">with the usual optimism.</a>



Long-dated Treasury yields climbed steadily all week, with the 10-year yield breaking past 4.50%  — a level not seen since February. The 30-year yield briefly hit 5%, signaling that bond vigilantes —investors who dump bonds in protest of policy mistakes — have returned.



Amid widespread selling of U.S. Treasury bonds and the dollar, gold reaffirmed its role as a haven, surging to a new all-time high above $3,200 per ounce.



On Wednesday, stocks skyrocketed after the Trump administration announced a 90-day suspension of tariffs for most trade partners — China being the notable exception, with levies surging to 145%. The move triggered the biggest one-day rally on <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44720903/nasdaq-100-eyes-strongest-day-since-2008-as-magnificent-seven-add-15-trillion-in-historic-market-rally">Wall Street since 2008.</a>



Still, that positive momentum faded quickly. By the week's end, investor sentiment was once again clouded by uncertainty. The White House remains committed to its hardline tariff policy against China, even as Beijing retaliated with counter-tariffs on U.S. goods that now <a href="https://www.benzinga.com/markets/25/04/44756353/xi-jinping-says-there-are-no-winners-in-tariff-war-as-china-slaps-125-tariffs-on-us-goods-urges-trump-to-immediately-correct-wrongdoings">reach as high as 125%.</a>



Meanwhile, first-quarter earnings reports from banking giants including 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>) and Wells Fargo Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) delivered encouraging numbers. Yet, investors remain cautious as the true impact of tariffs likely won't be visible until the second-quarter results.



<a href="https://www.benzinga.com/25/04/44760533/jpmorgan-kicks-off-earnings-season-strong-investment-banking-wealth-management-lead-revenue-surge">&#8220;The economy is facing considerable turbulence,"</a> JPMorgan CEO Jamie Dimon said.



More troubling are signs from Main Street. American consumers are growing increasingly pessimistic.



The <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44764554/consumer-sentiment-crashes-to-3-year-lows-as-inflation-expectations-spike-to-1981-highs">University of Michigan's preliminary consumer sentiment</a> index for April plunged to its lowest level since mid-2022. Expectations for inflation jumped sharply: one-year outlooks soared to 6.7%, the highest since 1981, while five-year expectations climbed to 4.4%, the highest since 1990.



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Image: Shutterstock

Government

Macro Economic Events

Regulations

Bonds

Treasuries

Econ #s

Economics

Wall Street Panic Extends To Main Street As US-China Trade War Escalates, Bond Vigilantes Make A Comeback: This Week In Markets

Adaptive Security, a New York-based cybersecurity firm, has successfully raised $43 million in a Series A funding round. According to<a href="https://www.msn.com/en-us/money/smallbusiness/why-openai-and-andreessen-horowitz-just-bet-43-million-on-this-little-known-startup/ar-AA1Cmvds"> Inc.</a>, this round was co-led by <a href="https://www.benzinga.com/25/04/44580172/openai-finalizes-historic-40-billion-funding-round-valuing-company-at-300-billion-with-backing-from-softbank-and-microsoft">OpenAI</a>&#8216;s Startup Fund and <a href="https://www.benzinga.com/startups/24/08/40221033/peter-thiel-launched-j-d-vances-venture-capital-career-but-a-former-colleague-says-he-was-rarely-in">venture capital</a> firm Andreessen Horowitz, marking OpenAI&#8217;s inaugural investment in the cybersecurity sector.



Other participants included Abstract Ventures, Eniac Ventures, CrossBeam Ventures, and K5, along with executives from companies such as Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>, GOOGL)), Workday (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>), Shopify (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>), Plaid, and Paxos.



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<li>Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> this is your last chance to become an investor for $0.80 per share.</a></li>
</ul>



<h2 class="wp-block-heading">A Strategic $43M Investment in Cyber Defense</h2>



Adaptive Security was founded after its creators recognized the growing threat of AI-enabled cyber attacks. The startup is creating a new AI-native defense platform that will enable enterprises to proactively detect, protect against, and respond to advanced threats, such as deep fake social engineering.



The program uses AI to scan and flag fraudulent-looking messages by assigning them risk levels and alerting company security teams. Adaptive Security also preemptively tests employees with simulated phishing attacks via AI-generated emails, text messages, and voice calls, offering personalized training if they fall for the simulated phishing attempts.



Brian Long, co-founder and CEO of Adaptive Security, emphasized the company&#8217;s mission on the startup&#8217;s official site: &#8220;Adaptive's mission is to protect people from AI-powered cyber attacks. Over the next decade, we will work tirelessly to stay one step ahead of attackers with enhanced features, new products, and scale to every business globally.&#8221;



Trending: ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. <a href="https://www.benzinga.com/money/mode-mobile-2">You can invest today for just $0.26/share with a $1000 minimum.</a>



This investment is all the more notable as it involves OpenAI, a pioneer in AI research and deployment. This collaboration shows a broader recognition in the industry when it comes to the importance of strong cybersecurity measures, especially since the pace of development around AI increased. Adaptive Security&#8217;s platform is designed to stay one step ahead of malicious actors who use AI increasingly to carry out sophisticated cyber attacks.



Adaptive Security was publicly launched in January and has since signed over 100 customers, <a href="https://techcrunch.com/2025/04/03/openai-just-made-its-first-cybersecurity-investment/">TechCrunch</a> wrote. According to Inc., some of the early adopters include Podium, First State Bank, the Dallas Mavericks, and BMC.



Word of how well this pilot project went spread, and that was a big factor in attracting OpenAI&#8217;s attention and subsequent investment. The fresh capital will be used to expand the engineering team, whose goal is to enhance the platform to better defend against new AI-powered cyber attacks.



See Also: <a href="https://www.benzinga.com/money/vatom-adv">Invest in the Future of Digital Engagement. Own a Piece of the $100 Billion Metaverse Today for Just $500.</a>



<h2 class="wp-block-heading">What the Investment Means for Adaptive Security's Future</h2>



Cybersecurity is undergoing a paradigm shift with cybercriminals using generative AI to enhance the scale and sophistication of their attacks. Such advanced threats are often beyond traditional security solutions.



Adaptive Security&#8217;s ingenious approach addresses this gap by identifying and handling threats and by strengthening the human element within organizations through specific training and simulations.



Having Andreessen Horowitz on board also proves the startup can set a new bar in the cybersecurity sector. Adaptive Security&#8217;s mission aligns with the venture capital firm's commitment to paving the way for impactful technology portfolio startups. Together, these two forces can drive the development and deployment of the solutions that will protect businesses from the next generation of cyber threats. ​



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<li>Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a></li>
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GOOG

SHOP

WDAY

OpenAI And Andreessen Horowitz Lead $43M Round For Cybersecurity Startup Taking On AI Scammers, Deepfakes, And Voice Spoofs

On Friday, China's General Administration of Customs implemented a new rule that determines the country of origin for semiconductor products based on the location of wafer fabrication — not where the chips are designed, developed, or packaged.



What Happened: As a result of this development, chips designed by U.S.-based companies like Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), and Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) but manufactured by foundries in Taiwan, such as Taiwan Semiconductor Manufactoring Co. Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and United Microelectronics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UMC#NYSE">UMC</a>), will be exempt from <a href="https://www.benzinga.com/markets/25/04/44756353/xi-jinping-says-there-are-no-winners-in-tariff-war-as-china-slaps-125-tariffs-on-us-goods-urges-trump-to-immediately-correct-wrongdoings">China's 125% retaliatory tariffs</a> on U.S. imports, <a href="https://www.tomshardware.com/tech-industry/chinas-new-semiconductor-rule-spares-taiwan-fabs-punishes-intel-globalfoundries-and-texas-instruments">reported</a> Tom's Hardware.



However, this rule delivers a blow to U.S. chipmakers like Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), GlobalFoundries (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GFS#NASDAQ">GFS</a>), and Texas Instruments (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), which fabricate their chips domestically.



Products from these companies will now face the full brunt of China&#8217;s import tariffs, dramatically impacting their competitiveness in the Chinese market.



See Also: <a href="https://www.benzinga.com/tech/25/04/44630304/qualcomm-expands-ai-ambitions-with-acquisition-of-vinais-generative-ai-division">Qualcomm Expands AI Ambitions With Acquisition of VinAI&#8217;s Generative AI Division</a>



The China Semiconductor Industry Association (CSIA) issued a notice clarifying that the "country of origin" for all chips — packaged or unpackaged — will be based solely on where the wafers were processed.



Because China considers Taiwan part of its own territory, chips produced in Taiwanese fabs are not subject to the punitive tariffs, even if designed and sold by American firms.



<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">BIG: &quot;China Semiconductor Industry Association Issues Urgent Notice on Rules for Determining the &#39;Country of Origin&#39; of Semiconductor Products&quot; The China Semiconductor Industry Association has issued an urgent notice regarding the rules for determining the &quot;country of origin&quot; of… <a href="https://t.co/41JJL0fdg5">pic.twitter.com/41JJL0fdg5</a>&mdash; Ray Wang (@rwang07) <a href="https://twitter.com/rwang07/status/1910532580861935953?ref_src=twsrc%5Etfw">April 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: This change effectively divides U.S. semiconductor firms into winners and losers. Designers like Nvidia, AMD, Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), and Qualcomm benefit from outsourcing production to Taiwan, which keeps their products tariff-free and their access to China intact.



Meanwhile, chipmakers with U.S.-based fabrication operations—such as Intel's fabs in Arizona and Oregon and GlobalFoundries' Fab 8 in New York—are now disadvantaged.



The rule bolsters China's geopolitical stance by treating Taiwan as a domestic supplier and incentivizes more outsourcing to Taiwanese and Chinese foundries, the report noted.



It may also redirect chip business away from U.S. fabs, pushing global firms to avoid sourcing from the U.S. to sidestep tariffs.



In a note released Thursday, Goldman Sachs economists, led by Andrew Tilton, warned that the abrupt hike in U.S. tariffs on Chinese imports — raised to 125% as of April 9 — could significantly impact China's economy and put as many as 20 million export-related jobs at risk.



Qualcomm has a growth score of 60.95, according to Benzinga Edge Stock Rankings. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it stacks up against</a> companies like Nvidia, AMD, TSMC, Intel, and others.



<figure class="wp-block-image aligncenter size-full is-resized"><a href="https://www.benzinga.com/quote/QCOM"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/12020305/Screenshot-2025-04-12-at-11.32.55%E2%80%AFAM.png" alt="" class="wp-image-868815" style="width:420px;height:auto"/></a></figure>



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



Photo courtesy: Shutterstock

QCOM

Trump Tariff Wars: China's New Rule To Exempt Nvidia, Qualcomm And Others From Levies, But These Chip Companies Will Be Hit With 125% Tariffs

Robert F. Kennedy Jr., the nation&#8217;s top health official, questioned whether society should bear the cost of healthcare for individuals who engage in unhealthy habits, such as smoking or consuming doughnuts.



What Happened: In an interview <a href="https://www.cbsnews.com/news/rfk-jr-sweeping-cuts-health-programs-employees-exclusive-interview/">with</a> CBS News, Kennedy asked, "If you're smoking three packs of cigarettes a day, should you expect society to pay when you get sick?"



He emphasized that while Americans have the freedom to make such choices, the question remains whether society should cover the resulting health care costs.



Public health experts expressed concern, suggesting Kennedy&#8217;s remarks could imply limiting access to health care based on personal behavior.



See Also: <a href="https://www.benzinga.com/25/04/44777097/gm-halts-electric-van-production-in-ontario-amid-sluggish-sales-1200-employees-affected">GM Halts Electric Van Production In Ontario Amid Sluggish Sales: 1,200 Employees Affected</a>



Meanwhile, the Department of Health and Human Services (DHHS) clarified that Kennedy aims to empower individuals with better health options, not to shame them.



His comments, they said, reflect a broader strategy to align public health outcomes with smart incentives.



Amid these discussions, Kennedy&#8217;s department has faced criticism for recent layoffs affecting programs aimed at reducing smoking, raising questions about the impact on public health efforts.



Why It Matters: This debate comes on the heels of <a href="https://www.benzinga.com/markets/25/03/44550801/rfk-jr-spreading-misinformation-and-lies-fdas-top-vaccine-official-walks-out-sparking-debate-on-safety-an">RFK Jr.&#8217;s previous controversies</a> surrounding health policies. Recently, Peter Marks, the FDA&#8217;s top vaccine official, resigned due to Kennedy&#8217;s stance on vaccine misinformation.



Marks was integral in the COVID-19 vaccine rollout, and his departure has sparked concerns about the politicization of health decisions.



Additionally, Kennedy has been proactive in addressing health issues by <a href="https://www.benzinga.com/markets/equities/25/03/44209953/rfk-jr-takes-on-food-giants-calls-meeting-with-pepsico-and-general-mills">engaging</a> with major food companies. In March, he called a meeting with executives from PepsiCo Inc. and General Mills Inc., urging them to address their role in public health challenges.



Earlier in February, a media report stated that the Trump administration is <a href="https://www.benzinga.com/25/02/43999106/trumps-officials-to-re-consider-modernas-590-million-bird-flu-vaccine-funding-hhs-cites-biden-administrations-failed-oversight">planning to reconsider</a> $590 million in funding for Moderna Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) bird flu vaccine, with RFK Jr.&#8217;s HHS slamming the Biden administration for a lack of oversight.



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</ul>



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



Photo courtesy: Shutterstock

Health Care

Politics

MRNA

RFK Jr Asks If Taxpayer-Funded Healthcare Should Be Accessible To People Smoking 'Three Packs A Day'

Investor and TV personality Kevin O&#8217;Leary has voiced his disapproval of President Donald Trump&#8216;s tariff strategy against China, citing potential economic and political repercussions.



What Happened: O&#8217;Leary has openly criticized President Trump&#8217;s approach to the ongoing tariff war with China. In a recent post on X, O&#8217;Leary expressed concerns over the economic and political implications of the tariffs.



<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">Let's be honest—this tariff war? It's Trump going all-in. He's got 18 months before the midterms, and if this gamble doesn't pay off, it's not just the markets that crash—it's his political capital. China can't hang in this forever. Time for leadership, not chaos. Sit down. Make… <a href="https://t.co/uh6EEAB6LT">pic.twitter.com/uh6EEAB6LT</a>&mdash; Kevin O&#39;Leary aka Mr. Wonderful (@kevinolearytv) <a href="https://twitter.com/kevinolearytv/status/1910759473049727267?ref_src=twsrc%5Etfw">April 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



According to O&#8217;Leary, Trump is taking a significant risk with the tariff strategy, which could have severe consequences for both the markets and his political standing if it fails. With 18 months until the midterms, O&#8217;Leary suggests that the stakes are high for Trump.



See Also:&nbsp;<a href="https://benzinga.com/markets/equities/25/04/44728524/adam-schiff-and-elizabeth-warren-call-for-investigation-into-possible-insider-trading-by-trump-allies-as-markets-surge-after-90-day-tariff-pause-it-sure-looks-like-corruption" target="_blank" rel="noreferrer noopener">Adam Schiff And Elizabeth Warren Call For Investigation Into Possible Insider Trading By Trump Allies As Markets Surge After 90-Day Tariff Pause</a>



O&#8217;Leary highlighted the impact of the <a href="https://www.benzinga.com/25/04/44720006/markets-take-off-as-trump-announces-90-day-tariff-pause-for-non-retaliating-nations-slaps-china-with-125-duty">125% tariffs on China&#8217;s</a> economy, noting that the country&#8217;s factories are struggling with nowhere to ship their goods. He emphasized the potential unrest among unemployed workers in China, despite President&nbsp;Xi Jinping&nbsp;not facing electoral pressure.



<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">Let's cut the fluff—this is economic warfare. China's got factories with nowhere to ship, and 125% tariffs are choking them out. You think unemployed workers stay quiet? Xi's not on a ballot, but he's playing with fire. The U.S. is the buyer of last resort—and when that stops,… <a href="https://t.co/BVpcdjGN7u">pic.twitter.com/BVpcdjGN7u</a>&mdash; Kevin O&#39;Leary aka Mr. Wonderful (@kevinolearytv) <a href="https://twitter.com/kevinolearytv/status/1910738079549169996?ref_src=twsrc%5Etfw">April 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



He further pointed out that the U.S. serves as the &#8220;buyer of last resort,&#8221; and if American demand halts, it could lead to broader economic consequences.



O&#8217;Leary urged for a resolution, stating that the current situation is unsustainable and advocating for leadership and negotiation to end the economic standoff.



Why It Matters: O&#8217;Leary&nbsp;has been vocal about his views on tariffs and market volatility. Recently, he called for a&nbsp;<a href="https://www.benzinga.com/markets/equities/25/04/44711364/kevin-oleary-calls-for-hefty-400-us-tariffs-on-china-they-dont-play-by-the-rules">400% tariff on China</a>, arguing that the existing tariffs are insufficient.



He criticized China&#8217;s trade practices, claiming they don&#8217;t adhere to international rules and often engage in technology theft.



O&#8217;Leary&#8217;s concerns about volatility are well-documented. He has stated, &#8220;I hate volatility and I don&#8217;t like it when the market corrects,&#8221; but acknowledges that market corrections are a regular occurrence, typically ranging from 15% to 20% over time.



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Photo courtesy: Shutterstock

Global

Kevin O'Leary Says Xi Jinping Is 'Playing With Fire:' 'If This Gamble Doesn't Pay Off…'

Cryptocurrency markets are trading higher on Friday, amid Florida passing a Bitcoin reserve bill.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$83,687.73</td><td>+5.5%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$1,565.31</td><td>+3.3%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$120.10</td><td>+8.4%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.03</td><td>+4.3%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.1599</td><td>+4.6%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001220</td><td>+5.7%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume decreasing by 12.3% and daily active addresses grow ingby 5.6%. Transactions greater than $100,000 are down from 11,411 to 10,6343 in a single day. Exchanges netflows are down by 467.5%.</li>



<li>Coinglass data reports 98,702 traders were liquidated in the past 24 hours for $242.45 million.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/top-stories/25/04/44758705/ripple-sec-move-to-end-legal-dispute-as-both-sides-withdraw-appeals">Ripple, SEC Move To End Legal Dispute As Both Sides Withdraw Appeals</a></li>



<li><a href="https://in.benzinga.com/markets/cryptocurrency/25/04/44764584/solana-jumps-as-janover-adds-5m-to-treasury-strategy-doubling-down-on-crypto-pivot">Solana Jumps As Janover Adds $5M To Treasury Strategy, Doubling Down On Crypto Pivot</a></li>



<li><a href="https://in.benzinga.com/markets/cryptocurrency/25/04/44764578/why-is-bitcoin-up-today-btc-climbs-past-83k-as-florida-passes-historic-bitcoin-reserve-bill">Why Is Bitcoin Up Today? BTC Climbs Past $83K As Florida Passes Historic Bitcoin Reserve Bill</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44747802/block-fined-40-million-by-new-york-regulator-over-cash-app-compliance-failures">Block Fined $40 Million By New York Regulator Over Cash App Compliance Failures</a></li>
</ul>



 Top Gainers:



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Onyxcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">XCN</a>)</td><td>$0.02533</td><td>+53.4%</td></tr><tr><td>Fartcoin (CRYPTO: FARTCOIN)</td><td>$0.9031</td><td>+29.7%</td></tr><tr><td>AB (CRYPTO: AB)</td><td>$0.01340</td><td>+24.2%</td></tr></tbody></table></figure>



Trader Notes: Crypto traders are watching Bitcoin's price action closely as it attempts to break free from a persistent downtrend—and many believe this time could be different. 



Jelle highlighted that Bitcoin is trying to break out of a downtrend it&#8217;s failed to escape seven times before. The big question: will bulls finally push through the $84,000 resistance?



Ali Martinez raised caution, asking whether Bitcoin&#8217;s recent bounce was the completion of a W pattern, and if so, is an M pattern, a bearish reversal on deck?



<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">If the first <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> move up was a &quot;W,&quot; are we about to see an &quot;M&quot;? <a href="https://t.co/59QCxjev28">pic.twitter.com/59QCxjev28</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1910742138427760916?ref_src=twsrc%5Etfw">April 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Mayne noted that Bitcoin is testing a key 12-hour order block (H12 OB). A flip of this resistance into support could generate serious upside momentum, making for what he calls "a very fun weekend."



Rekt Capital emphasized that a true breakout isn't confirmed yet—Bitcoin needs a daily close above the downtrend and a successful retest to validate the move.



Meanwhile, Titan of Crypto spotted a potential Inverse Head &amp; Shoulders pattern playing out. If confirmed, the long-term measured move projects a target near $125,000 by 2025.



<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/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Inverse Head &amp; Shoulders Pattern &#x1f9e0;&#x1f4c8; Still looks like a clean retest for now. If the pattern plays out, <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> could reach $125,000 in 2025. Let's see. <a href="https://t.co/HvR0cdZYmM">pic.twitter.com/HvR0cdZYmM</a>&mdash; Titan of Crypto (@Washigorira) <a href="https://twitter.com/Washigorira/status/1910760473378578662?ref_src=twsrc%5Etfw">April 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/25/04/44763111/rising-tariff-tensions-deepen-global-fragmentation-experts-say-bitcoin-and-stablecoins-gaining-strategic-importance">Bitcoin, Stablecoins Will Gain From Trade War, Experts Say: &#8216;The Map Is Being Redrawn&#8217;</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

$BTC

$DOGE

$ETH

$SHIB

$SOL

$XCN

$XRP

Bitcoin, Ethereum, XRP, Dogecoin Rally And 'Could Be In For A Very Fun Weekend' If One Key Level Flips

<h2 class="wp-block-heading">New On The Block</h2>



Harley-Davidson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOG#NYSE">HOG</a>) is <a href="https://www.benzinga.com/topic/auction">selling its financing arm</a>. 



Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-04-10/harley-davidson-said-to-mull-1-billion-plus-sale-of-finance-arm?srnd=phx-deals&amp;sref=TBDibEcD">estimates</a> a price tag of $1 billion. The Milwaukee-based motorcycle brand could market the segment to various buyers, including regional banks and private equity firms. 



Separately, there&#8217;s drama brewing on the board level. Director Jared Dourdeville, who joined in 2022, resigned, but not before sending a damning letter to fellow board members on April 1. And it was not an April Fool&#8217;s Day prank. 



Dourdeville called for several of his colleagues to resign and expressed &#8220;grave concerns about the current state of the company.&#8221;



For more coverage, Benzinga&#8217;s Kaustubh Bagalkote <a href="https://www.benzinga.com/markets/equities/25/04/44727511/harley-davidson-boardroom-turmoil-director-resigns-demands-ceo-jochen-zeitz-step-down-over-cultural-depletion-and-brand-decline">has the latest</a>.



Harley-Davidson shares, at last check, were up over 2.6% at $22.05. 



Other auctions to note:



<ul>
<li>Clessidra Private Equity is mulling a potential sale of Milan-based software firm Impresoft, which could fetch around 800 million euros ($885 million), according <a href="https://www.bloomberg.com/news/articles/2025-04-10/italy-s-clessidra-weighs-sale-of-software-firm-impresoft?sref=TBDibEcD">to</a> Bloomberg. The Italian PE firm reportedly received unsolicited interest from industry players and fellow buyout shops, sparking early talks of a formal auction process. Impresoft, led by CEO Alessandro Geraldi, offers software for manufacturing and cybersecurity.</li>
</ul>



<ul>
<li>Keros Therapeutics, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KROS#NASDAQ">KROS</a>) board of directors initiated a formal review process on Thursday to evaluate strategic alternatives, <a href="https://www.benzinga.com/general/biotech/25/04/44746372/keros-therapeutics-goes-up-for-sale-on-heels-of-stockholder-rights-plan">including a sale</a>.</li>
</ul>



<ul>
<li>Rivalry Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/RVLCF#OTCQX">RVLCF</a>), a sportsbook and iGaming operator, launched a review of strategic alternatives, including a sale, to maximize long-term stakeholder value. XST Capital Group LLC, a boutique investment bank focused on the digital gaming sector, is advising the process.</li>
</ul>



See Also: <a href="https://www.benzinga.com/general/entertainment/25/04/44725503/princess-dianas-iconic-style-heads-to-auction-block">Princess Diana&#8217;s Iconic Style Heads To Auction Block</a>



<h2 class="wp-block-heading">Updates From The Block</h2>



<ul>
<li>Capri Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPRI#NYSE">CPRI</a>) confirmed it's selling Versace to Prada for a high-end price of <a href="https://www.benzinga.com/25/04/44738776/versace-goes-prada-capris-big-exit-sparks-fashion-power-shift">$1.375 billion in cash</a>. The deal marks a luxe exit for the iconic brand founded by Gianni. It was last helmed by Donatella, who recently handed creative control to Miu Miu alum Dario Vitale. CEO John Idol said the move will help Capri tighten its belt and focus on brands like Michael Kors and Jimmy Choo. But the sale feels less glamorous considering Capri's stock has lost over 62% in the past year. With net debt at $1.12 billion and shares already bruised by tariff turmoil, this windfall might finally help the company strut into better financial shape. If Trump&#8217;s <a href="https://www.benzinga.com/25/04/44720006/markets-take-off-as-trump-announces-90-day-tariff-pause-for-non-retaliating-nations-slaps-china-with-125-duty">tariff plans remain on pause</a>, Capri may benefit. </li>
</ul>



<ul>
<li>Woodside Energy Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WDS#NYSE">WDS</a>) <a href="https://www.benzinga.com/news/asset-sales/25/04/44668895/woodside-energy-sells-40-stake-in-louisiana-lng-project-for-5-7-billion">inked a binding deal</a> to sell a 40% stake in Louisiana LNG Infrastructure LLC to Stonepeak.</li>
</ul>



<ul>
<li>Cloudflare Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>) shares <a href="https://www.benzinga.com/movers" target="_blank" rel="noopener">traded</a><a href="https://www.benzinga.com/movers"> higher on Friday</a> after it acquired Outerbase, a database tool designed with developers in mind. The deal is expected to boost the overall experience for developers, especially those using Cloudflare Workers, by making it easier to manage and connect to databases during the app-building process. Financial terms of the deal <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44671105/cloudflare-acquires-outerbase-to-streamline-ai-app-development-our-goal-is-to-make-it-easy-and-accessible-for-any-developer">were not disclosed</a>.</li>
</ul>



<ul>
<li>International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) disclosed on Monday that it had acquired Hakkoda Inc. for an undisclosed amount. The acquisition is expected to strengthen IBM's capacity to meet the <a href="https://www.benzinga.com/news/large-cap/25/04/44669800/ibm-enhances-ai-consulting-muscle-with-hakkoda-deal">rising demand for data services</a>.</li>
</ul>



<h2 class="wp-block-heading">Off The Block</h2>



<ul>
<li>Niox Group&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CSSPF#OTC">CSSPF</a>) auction ended without a deal. Reuters reported that the medical device company, based in Oxford, U.K., received an offer of 345.8 million pounds ($452.4 million). However, due to macroeconomic conditions, private equity firm Keensight Capital canceled its buyout offer. </li>
</ul>



<h2 class="wp-block-heading">Bankruptcy Block</h2>



<ul>
<li>Lucid Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) continues its slow climb as a Tesla rival by striking a deal to acquire now-bankrupt Nikola Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NKLAQ#OTC">NKLAQ</a>) <a href="https://www.benzinga.com/news/25/04/44757588/lucid-wins-nikola-bankruptcy-auction-buys-nikola-facilities-for-30-million-to-boost-us-ev-production">for roughly $30 million</a>. The deal, pending court approval, includes Nikola's former Coolidge manufacturing plant and its Phoenix HQ—adding 884,000 square feet of industrial real estate to Lucid's footprint. The company also plans to offer jobs to 300-plus former Nikola staffers. This all comes after Nikola's fall from grace, which started in 2020 with fraud allegations and ended with a bankruptcy auction <a href="https://www.benzinga.com/markets/equities/25/02/43552668/nikola-once-a-30-billion-ev-sensation-struggles-to-survive-after-hindenburg-fallout-and-mounting-losses">and a convicted ex-CEO</a>. </li>
</ul>



For last week&#8217;s edition of <a href="https://www.benzinga.com/news/25/04/44651650/deal-dispatch-us-ma-is-quiet-but-abroad-volume-is-spiking">Deal Dispatch, click here</a>.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44764554/consumer-sentiment-crashes-to-3-year-lows-as-inflation-expectations-spike-to-1981-highs">Consumer Sentiment Crashes To 3-Year Lows As Inflation Expectations Spike To 1981 Highs</a></li>
</ul>

Asset Sales

CPRI

CSSPF

KROS

LCID

NKLAQ

RVLCF

Deal Dispatch: Harley-Davidson To Wipe Out? Plus, Prada's Versace Purchase Garners A Fashionable Price

Tesla Inc. CEO Elon Musk, overseeing the Department of Government Efficiency (DOGE), has reportedly reduced his projected budget savings for the upcoming fiscal year.



What Happened: Musk, who initially pledged to cut $2 trillion from the federal budget during Donald Trump&#8216;s 2024 presidential campaign, has now lowered the projected savings to $150 billion. This announcement was made during a cabinet meeting on Thursday, according to the <a href="https://www.nytimes.com/2025/04/10/us/politics/musk-doge-drops-goal.html">New York Times.</a>



The Department of Government Efficiency, under Musk&#8217;s leadership, has been responsible for slashing budgets and laying off thousands of employees in Washington. However, the department&#8217;s website shows that it is far from reaching Musk&#8217;s revised&nbsp;goal of $1 trillion in&nbsp;savings for the next fiscal year.



"I'm excited to announce that we anticipate savings in '26 from reduction of waste and fraud by $150 billion," stated Musk at the cabinet meeting, referring to the fiscal year spanning October 2025 through September 2026.



Musk also called the government a "target-rich environment" for uncovering waste or fraud.



It is still uncertain whether the $150 billion represents the total projected savings or just the amount identified to date. Despite the confusion, a White House official confirmed that the $1 trillion savings target remains &#8220;the goal&#8221;, stated NY Times. 



In a Fox News interview last month, Elon Musk stated that the DOGE office was on track to cut nearly $1 trillion in government spending by the end of his tenure.



SEE ALSO:&nbsp;<a href="https://benzinga.com/25/04/44754349/bitcoins-final-crash-peter-schiff-predicts-2025-crisis-will-end-what-2008-created" target="_blank" rel="noreferrer noopener">Bitcoin&#8217;s Final Crash? Peter Schiff Predicts 2025 Crisis Will End What 2008 Created</a>



Why It Matters: Notably, Musk&#8217;s cost-cutting efforts have been criticized for errors on the department&#8217;s website, including double-counting&nbsp;the same cancellations and claiming&nbsp;credit for ending programs that concluded under previous administrations.



Bank of America (BofA) Securities recently pointed out that DOGE's savings from canceled or renegotiated contracts are apparently "overstated,&#8221; as per a Fortune report. The DOGE team reports savings of approximately $24.8 billion through contract cancellations and renegotiations as of March 30, an increase from $21.6 billion the week before that. However, experts told the publication that DOGE seemed to misinterpret the nature of government contracts, resulting in overstated figures. These contracts often include &#8216;ceiling values&#8217;—maximum limits that are typically much higher than the actual amounts spent.



The drastic drop in projected savings comes in the wake of concerns raised by financial experts about the economic impact of the job cuts initiated by the Department of Government Efficiency. Danny Moses, founder of Moses Ventures, <a href="https://www.benzinga.com/25/03/44447947/big-short-investor-danny-moses-warns-of-economic-risks-from-elon-musks-doge-induced-federal-job-cuts">had warned </a>about the economic risks from these job cuts.



Moreover, billionaire entrepreneur Mark Cuban had also cautioned about a potential economic crisis <a href="https://www.benzinga.com/markets/25/04/44666499/mark-cuban-warns-of-a-crisis-far-worse-than-2008-if-trumps-tariff-turmoil-and-elon-musks-doge-moves-continue">worse than 2008 </a>if the downsizing by the Department of Government Efficiency continues, coupled with the newly imposed tariffs. 



<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/news/25/04/44735140/most-people-dont-have-the-balls-to-do-it-says-mark-cuban-praising-musk-for-going-all-in-with-his-own-money-f" target="_blank" rel="noreferrer noopener">&#8216;Most People Don&#8217;t Have The Balls To Do It,&#8217; Says Mark Cuban, Praising Musk For Going &#8216;All In&#8217; With His Own Money For His Startups</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.

Did Elon Musk Just Lower DOGE's $1 Trillion Savings Target To $150 Billion In A Second Revision Since Jan?

Sen. Bernie Sanders is warning American workers to prepare for enormous changes as AI and robotics reconfigure the <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44645518/strong-jobs-report-offers-hope-but-will-it-be-enough-to-counter-tariff-turmoil">job market</a>.



Speaking at a CNN town hall with Anderson Cooper earlier this week, he advised the public to consider the threat seriously.



What Happened: Sanders referred to Elon Musk's <a href="https://www.benzinga.com/25/03/44447947/big-short-investor-danny-moses-warns-of-economic-risks-from-elon-musks-doge-induced-federal-job-cuts">dismissal of federal workers</a> under the Trump administration's Department of Government Efficiency.



"If Musk can do this to federal employees, what do you think he's going to be doing when artificial intelligence and robotics come for your job?" he asked. "The job you have today ain't going to be here in 10 or 15 years."



Trending:



<ul>
<li>Hasbro, MGM, and Skechers trust this AI marketing firm —<a href="https://benzingapartners.go2cloud.org/aff_c?offer_id=557&amp;aff_id=1"> invest pre-IPO from $0.55 per share now</a></li>



<li>Deloitte's fastest-growing software company partners with Amazon, Walmart, and Target —<a href="https://benzingapartners.go2cloud.org/aff_c?offer_id=518&amp;aff_id=1&amp;tblci=GiDztrPhRgf66i_FsvfOfYo_Yn9p12IB6nL8nUpMGNC31yDvwVook6q8vfDMmLc4MO-ISg"> Many are rushing to grab 4,000 of its pre-IPO shares for $0.26/share</a>.</li>
</ul>



Why It Matters: Sanders accused Musk and tech elites of <a href="https://www.benzinga.com/markets/25/03/44556147/mark-cuban-warns-of-red-rural-recession-as-hundreds-of-small-town-maga-supporters-reportedly-lose-federal-jobs-their-finances-will-be-turned-upside-down">prioritizing profits above people</a>. "They don't give a damn about you," Sanders said. "If this is what they could do to federal employees, think about what they could do to people in the private sector."



"I am not a Luddite," Sanders went on to add. "But new technology, AI, robotics, has got to work for working people, not just for the billionaires and Mr. Musk."



Earlier this week, Shopify CEO Tobi Lutke issued a memo announcing that the company will only recruit new workers if they can <a href="https://benzinga.com/25/04/44678363/shopify-ceo-tobi-lutke-says-employees-must-prove-ai-cant-handle-their-tasks-before-requesting-more-headcount">prove that AI cannot be used to do the job</a>. Sanders&#8217; warning appears even more stark in light of this new development.



Read Next:



<ul>
<li>Invest in the future of digital engagement —<a href="https://benzingapartners.go2cloud.org/aff_c?offer_id=559&amp;aff_id=1&amp;tblci=GiDztrPhRgf66i_FsvfOfYo_Yn9p12IB6nL8nUpMGNC31yDvwVook6q8vfDMmLc4MO-ISg"> own a piece of the $100 billion Metaverse for $500</a>.</li>



<li>The $1.3 billion startup investment boom:<a href="https://benzingapartners.go2cloud.org/aff_c?offer_id=551&amp;aff_id=1&amp;aff_sub=advertorial&amp;tblci=GiDztrPhRgf66i_FsvfOfYo_Yn9p12IB6nL8nUpMGNC31yDvwVook6q8vfDMmLc4MO-ISg"> How this company's explosive growth is opening doors for everyday investors</a></li>
</ul>



Photo courtesy: Shutterstock

Bernie Sanders Warns: 'The Job You Have Today Ain't Going To Be Here In 10 Or 15 Years,' As AI And Robotics Threaten US Workforce

Even as President Donald Trump paused the reciprocal tariffs for 90 days on Wednesday, he later confirmed in a conversation with reporters at his Oval Office that pharmaceutical companies would face tariffs.



What Happened: The rally in pharma stocks was short-lived after the stocks reversed course on Thursday. When a reporter asked President Trump if he would go ahead and levy tariff duties on pharmaceutical stocks, he said, &#8220;Yeah, well, I will be because we want them coming back.&#8221;



&#8220;You know, we realized during COVID-19 that we don&#8217;t make our drugs and our pharmaceuticals in this country. So, I realized that, and it was a big realization,&#8221; he added.



Citing the emergency during COVID-19, he stated that he wanted the pharma companies to produce drugs in the U.S.



&#8220;We had to go to China to get drugs, we had to go to other places, we don&#8217;t make it. That&#8217;s because we let them leave, and now if they want to come back, we&#8217;re going to put tariffs on the pharmaceutical companies, and they&#8217;re going to all want to come back,&#8221; Trump said.



The pharma stocks tumbled on Thursday after Trump&#8217;s confirmation of tariffs.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Pharma Stocks</td><td>Thursday&#8217;s Performance</td><td>YTD Performance</td><td>One Year Performance</td></tr><tr><td>Eli Lilly And Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>)</td><td>-4.35%</td><td>-7.35%</td><td>-5.09%</td></tr><tr><td>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>)</td><td>-3.14%</td><td>-2.92%</td><td>3.99%</td></tr><tr><td>Bristol-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>)</td><td>-6.10%</td><td>-11.15%</td><td>2.73%</td></tr><tr><td>Regeneron Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>)</td><td>-5.26%</td><td>-23.60%</td><td>-40.63%</td></tr><tr><td>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>)</td><td>-3.87%</td><td>-18.87%</td><td>-18.03%</td></tr><tr><td>Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>)</td><td>-3.66%</td><td>10.36%</td><td>47.71%</td></tr><tr><td>Merck &amp; Co Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>)</td><td>-5.32%</td><td>-21.80%</td><td>-38.53%</td></tr><tr><td>Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>)</td><td>-3.33%</td><td>8.54%</td><td>4.23%</td></tr><tr><td>Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>)</td><td>-1.51%</td><td>3.24%</td><td>-0.07%</td></tr></tbody></table></figure>



See Also: <a href="https://www.benzinga.com/markets/equities/25/04/44755181/pentagon-slashes-5-1-billion-in-accenture-deloitte-booz-allen-contracts-thats-a-lot-of-consulting">Pentagon Slashes $5.1 Billion In Accenture, Deloitte, Booz Allen Contracts: &#8216;That&#8217;s A Lot Of Consulting&#8217;</a>



Why It Matters: Despite a 90-day pause on reciprocal tariffs, base global tariffs of 10% and China tariffs of 125%, along with sector-specific tariffs of 25% on steel and aluminum, auto, and auto parts remain in place. Adding to it, the President hinted that he could soon announce tariffs on pharmaceutical companies.



Here are some of the pharmaceutical industry-linked exchange-traded funds that could be impacted.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Pharma ETFs</td><td>YTD Performance</td><td>One Year Performance</td></tr><tr><td>VanEck Pharmaceutical ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PPH#NASDAQ">PPH</a>)</td><td>-7.02%</td><td>-7.51%</td></tr><tr><td>iShares US Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)</td><td>-7.04%</td><td>-6.08%</td></tr><tr><td>Invesco Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PJP#NYSE">PJP</a>)</td><td>-10.13%</td><td>-4.37%</td></tr><tr><td>SPDR S&amp;P Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPH#NYSE">XPH</a>)</td><td>-14.05%</td><td>-11.45%</td></tr><tr><td>KraneShares MSCI All China Health Care Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KURE#NYSE">KURE</a>)</td><td>2.88%</td><td>0.35%</td></tr><tr><td>First Trust Nasdaq Pharmaceuticals ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXH#NASDAQ">FTXH</a>)</td><td>-11.54%</td><td>-10.18%</td></tr><tr><td>Direxion Daily Pharmaceutical &amp; Medical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PILL#NYSE">PILL</a>)</td><td>-41.35%</td><td>-43.86%</td></tr></tbody></table></figure>



Price Action: After Thursday&#8217;s fall, following Wednesday&#8217;s rebound, 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 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, ended lower on Thursday. The SPY was down 4.38% to $524.58, while the QQQ declined 4.25% to $446.18, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



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<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" 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>
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Eli Lilly, AbbVie, Bristol Myers, Regeneron, And Other Pharma Companies Slide As Donald Trump Confirms Tariffs On Pharma Companies

Leading consulting giants Accenture Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>), Deloitte, and Booz Allen Hamilton Holding Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAH#NYSE">BAH</a>) are facing significant contract reductions as the U.S. Department of Defense (DoD) announced a sweeping $5.1 billion cut in IT services and other contracts deemed &#8220;wasteful spending.&#8221;



What Happened: Defense Secretary Pete Hegseth issued these cuts on late Thursday as part of a broader effort to streamline the department&#8217;s budget and redirect funds toward warfighting capabilities and improved healthcare for service members and their families.



&#8220;We need this money to spend on better health care for our warfighters and their families, instead of $500 an hour business process consultant,&#8221; Hegseth said. &#8220;That&#8217;s a lot of consulting.&#8221;



According to the memorandum, Secretary Hegseth detailed the specific areas targeted for cuts, emphasizing a shift away from reliance on external consultants for services that can be performed by the DoD&#8217;s workforce.



&#8220;That&#8217;s with a &#8216;B&#8217;; $5.1 billion in DOD contracts for ancillary things like consulting and other nonessential services,&#8221; Hegseth said while recording a video of the announcement from his office.



He specifically highlighted several major contracts being terminated, including:



<ul>
<li>$1.8 billion in consulting contracts awarded by the Defense Health Agency to various private sector firms, including Accenture, Deloitte, and Booz Allen, for services the DoD believes its civilian workforce can handle.</li>
</ul>



<ul>
<li>A $1.4 billion Air Force contract with Accenture for reselling third-party enterprise cloud IT services, which the department intends to fulfill directly using existing procurement resources.</li>
</ul>



<ul>
<li>A $500 million Navy contract for business process consulting for administrative offices.</li>
</ul>



<ul>
<li>A $500 million contract with the Defense Advanced Research Projects Agency (DARPA) for IT help desk services was deemed &#8220;completely duplicative&#8221; of existing services provided by the Defense Information Systems Agency (DISA).</li>
</ul>



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-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>



Why It Matters: The announcement builds upon a <a href="https://www.benzinga.com/markets/equities/25/03/44434720/defense-secretary-slashes-580-million-in-wasteful-spending-targets-overdue-overpriced-projects">previous $580 million in cuts</a> announced on March 20, bringing the total savings identified under the Department of Government Efficiency or DOGE initiatives to &#8220;nearly $6 billion in wasteful spending over the first six weeks,&#8221; Hegseth added.



Beyond IT services, the remaining $0.9 billion to reach the $5.1 billion total comes from the termination of 11 additional contracts across the DoD.



These contracts target consulting services related to diversity, equity, and inclusion (DEI), climate change initiatives, the department&#8217;s response to the COVID-19 pandemic, and other &#8220;non-essential activities.&#8221;



To ensure the continued efficiency of the DoD&#8217;s IT operations, Secretary Hegseth has directed the DoD Chief Information Officer (CIO), in coordination with the DOGE team, to develop a 30-day plan for:



<ul>
<li>In-sourcing IT consulting and management services to the department&#8217;s civilian workforce. </li>



<li>Negotiating the most favorable rates for software and cloud services. </li>



<li>Completing an audit of DoD software licensing by April 18, 2025, to eliminate unnecessary expenditures.</li>
</ul>



Price Action: Shares of Accenture were down 18.23% on a year-to-date basis, whereas it declined by 12.29% over a year. Booz Allen Hamilton, on the other hand, was down 15.07% YTD and 24.54% over a year.



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, ended lower on Thursday. The SPY was down 4.38% to $524.58, while the QQQ declined 4.25% to $446.18, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



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<li><a href="https://www.benzinga.com/government/regulations/25/04/44732982/donald-trump-reduced-himself-to-a-paper-tiger-says-peter-schiff-after-comparing-tariff-rollout-and-pause-to-the-hindenburg-of-trial-balloons">Donald Trump &#8216;Reduced Himself To A Paper Tiger,&#8217; Says Peter Schiff After Comparing Tariff Rollout And Pause To The &#8216;Hindenburg Of Trial Balloons&#8217;</a></li>
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Photo courtesy: Shutterstock

Pentagon Slashes $5.1 Billion In Accenture, Deloitte, Booz Allen Contracts: 'That's A Lot Of Consulting'

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