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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Read Next: 



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



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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Now Read: 



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



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

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



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



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



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



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



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



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



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



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



Read Next:



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



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

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

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



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



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



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



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



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">US Core CPI Inflation is back below 3% for the first time in 4 years. This should be enough for the Fed to resume cutting rats in June.<a href="https://t.co/l5IYmkeySJ">https://t.co/l5IYmkeySJ</a> <a href="https://t.co/pvOHrTLqaL">pic.twitter.com/pvOHrTLqaL</a>&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1910315991218659582?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Economists gonna be begging Trump for more tariffs: Supercore inflation CRASHES at fastest pace since covid lockdown. US is in DEFLATION <a href="https://t.co/qSNuM1uqLn">pic.twitter.com/qSNuM1uqLn</a>&mdash; zerohedge (@zerohedge) <a href="https://twitter.com/zerohedge/status/1910311804837769685?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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



Read Next:&nbsp;



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



Image: Shutterstock

Analyst Color

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Read Now: 



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



Photo: Shutterstock Professional via Shutterstock

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Read Next: 



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



Photo: Shutterstock

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Read Next: 



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



Photo: Shutterstock

Specialty ETFs

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

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



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



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



It marks the lowest monthly inflation reading since May 2020.



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



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



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



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



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



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



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



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



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



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



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



Read Next: 



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



Photo: Shutterstock

Bonds

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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

Markets

GOOGL

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

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



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



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



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



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



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



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



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



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



Cramer indicated that clarity on this dynamic would emerge relatively quickly, stating, &#8220;We will know by mid-morning.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">So now the profit-takers come in and the shorts are trying to figure whether to operate on Nvidia, AVGO, AAPL all over <a href="https://t.co/1AHRVjG6xe">https://t.co/1AHRVjG6xe</a>.&#8211;or it is too difficult and it is time to cover and move on,, We will know by mid morning&#8230; Watch the club ten minute broadcast at…&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1910265126713700434?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/government/regulations/25/04/44730455/bearish-sentiment-hits-7-week-high-mimicking-35-year-old-record-which-marked-the-bottom-of">Bearish Sentiment Hits 7-Week High, Mimicking 35-Year Old Record Which Marked The Bottom Of The October 1990 Bear Market</a>



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



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



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



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



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Thursday. The SPY was down 2.40% to $535.43, while the QQQ declined 1.81% to $457.56, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Read Next:



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



Photo by s_bukley on Shutterstock

Analyst Ratings

General

AVGO

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

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



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



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



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



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



The 10-year Treasury bond yielded 4.29% and the two-year bond was at 3.85%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 79.8% likelihood of the Federal Reserve keeping the current interest rates unchanged in its May meeting.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-1.73%</td></tr><tr><td>S&amp;P 500</td><td>-2.23%</td></tr><tr><td>Nasdaq 100</td><td>-2.55%</td></tr><tr><td>Russell 2000</td><td>-2.92%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Thursday. The SPY was down 3.04% to $531.92, while the QQQ declined 2.53% to $454.20, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



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



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



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



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



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>12.16%</td><td>17,124.97</td></tr><tr><td>S&amp;P 500</td><td>9.52%</td><td>5,456.90</td></tr><tr><td>Dow Jones</td><td>7.87%</td><td>40,608.45</td></tr><tr><td>Russell 2000</td><td>8.66%</td><td>1,913.16</td></tr></tbody></table></figure>



Insights From Analysts:



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



After logging the biggest one-day gains in the past, the &#8220;Stocks moved substantially higher over the next 1, 3, 5 years every time,&#8221; he added.



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Wow, this is interesting. 23 times the S&amp;P has gained at least 5% in one day. The next day and a week out = fairly weak returns. But a year later? Up 26.9% on avg and higher more than 91% of the time. Don&#39;t shoot the messenger here. <a href="https://t.co/aHMuRqIwmK">pic.twitter.com/aHMuRqIwmK</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1910169404366635319?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">93.96% of all the stocks on the NYSE advanced today. That is the most since 94.57% on 5/10/10. In other words, a couple days after the Flash Crash. Yeah, that might classify as a buying thrust.&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1910170984860000324?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



Dalio proposed a China deal featuring &#8220;appreciating the RMB against the dollar,&#8221; achievable through &#8220;Chinese selling dollar assets while also easing their fiscal and monetary policies to stimulate their demand.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is a great time for all involved to reconsider their approaches!  There are better and worse ways of handling our problems with unsustainable debt and imbalances, and President Trump&#39;s decision to step back from a worse way and negotiate how to deal with these imbalances is…&mdash; Ray Dalio (@RayDalio) <a href="https://twitter.com/RayDalio/status/1910166431053815819?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



Upcoming Economic Data



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



<ul>
<li>The initial jobless claims data for the week ended April 5 and the headline and core consumer price index data for March will be announced by 8:30 a.m. ET.</li>
</ul>



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



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



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



Stocks In Focus:



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



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



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



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



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



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



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



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



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



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



Commodities, Gold, And Global Equity Markets:



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



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



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



Read Next:



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



Photo courtesy: Shutterstock

Earnings

Pre-Market Outlook

ASYS

LOVE

NTIC

NXPL

RELL

RSLS

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

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



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">AAII Bears is now at 58.9% This is the 7th straight week with over 50% bears — matching the record in October 1990, which was the bottom of that bear market. <a href="https://t.co/WmQEl1cOXp">pic.twitter.com/WmQEl1cOXp</a>&mdash; Subu Trade (@SubuTrade) <a href="https://twitter.com/SubuTrade/status/1910197280944108011?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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



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



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



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



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



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



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Thursday. The SPY was down 2.40% to $535.43, while the QQQ declined 1.81% to $457.56, according to Benzinga Pro data.



Read Next:



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



Photo courtesy: Shutterstock

Market Summary

Futures

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

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



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



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



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



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



However, Trump, in his Truth Social post, said he decided to pause the tariffs based on the negotiation attempts by 75 countries without any retaliation. But Shapiro added in his tweet, &#8220;He didn&#8217;t admit the bond market had anything to do with this. He said he&#8217;s been thinking about it for days. Whatever. It was a flawed rollout.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">He didn&#39;t admit the bond market had anything to do with this. He said he&#39;s been thinking about it for days. Whatever. It was a flawed roll out China, just by threatening to sell USTs, basically blew up the bond market and forced the admin to backtrack. I think folks are…&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1910142119538262219?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Gary Black, the managing partner, the Future Fund LLC said, &#8220;In the end, Trump's stunning about face on tariffs was driven by chaos in the bond market including soaring 10yr and 30yr treasury yields; the prospect of huge Republican losses in next year's midterm elections; and pressure by Trump's billionaire supporters (Dimon, Ackman) who convinced him his tariff plan could cause a severe recession.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">In the end, Trump's stunning about face on tariffs was driven by chaos in the bond market including soaring 10yr and 30yr treasury yields; the prospect of huge Republican losses in next year's midterm elections; and pressure by Trump's billionaire supporters (Dimon, Ackman) who…&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1910163509557842166?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Round of applause to the Japanese hedge fund that was 60x levered 10Y UST's that blew up last night to save the world from the Great Depression. We will not forget your sacrifice brother &#x1fae1;&mdash; Spencer Hakimian (@SpencerHakimian) <a href="https://twitter.com/SpencerHakimian/status/1910078058503283138?ref_src=twsrc%5Etfw">April 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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



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



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



Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, surged on Wednesday. SPY rose by 10.50%, whereas QQQ advanced 12.00%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



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



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



Read Next:



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



Photo courtesy: Shutterstock

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

On Wednesday, April 9, U.S. markets closed higher in a powerful rebound. The S&amp;P 500 soared 9.5%—its largest single-day gain since 2008—after President Trump announced a 90-day pause on tariffs for many countries with a 10% reciprocal Tariff on all except China, offering relief to anxious investors.



The rally was further fueled by strong demand in a U.S. Treasury auction, upbeat earnings from Delta Air Lines, and broad-based buying interest. Yet uncertainty remains over future policy shifts, inflation risks, and the upcoming earnings season.



On the economic front, mortgage applications surged 20% in the first week of April, reflecting renewed consumer activity.



All 11 sectors in the S&amp;P 500 finished in positive territory, with consumer discretionary, information technology, and communication services posting the strongest gains.



Related: <a target="_blank" href="https://www.benzinga.com/markets/equities/25/04/44726524/us-futures-edge-higher-nikkei-surges-8-as-trumps-90-day-tariff-pause-triggers-historic-wall-street-rally-gold-gains-slightly" rel="noreferrer noopener">U.S. Futures Edge Higher, Nikkei Surges 8% As Trump&#8217;s 90-Day Tariff Pause Triggers Historic Rally, Analyst Warns &#8216;We&#8217;re Not Out Of The Woods Yet&#8217;</a>



The Dow Jones Industrial Average jumped 7.87% to 40,608.45, the S&amp;P 500 rose 9.52% to 5,456.90, and the Nasdaq Composite surged 12.16% to close at 17,124.97.



Asia Markets Today



<ul>
<li>On Thursday, Japan&#8217;s Nikkei 225 jumped 8.99% to close at 34,564.00, marking its biggest single-day gain since 2008. The rally was driven by sharp rebounds in the Real Estate, Banking, and Textile sectors following U.S. President Trump&#8217;s surprise 90-day tariff pause. Investor sentiment surged, with nearly all stocks advancing, led by strong gains in tech and retail.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 was up 4.54% and closed at 7,375.00, led by gains in the IT, Gold, and Metals and mining sectors.</li>



<li>India markets were closed for the Mahavir Jayanti holiday.</li>



<li>China&#8217;s Shanghai Composite rose 1.16% to 3,223.64, and Shanghai Shenzhen CSI 300 increased 1.31% to 3,735.12.</li>



<li>Hong Kong&#8217;s Hang Seng Index gained 2.06% to 20,681.78.</li>



<li>China&#8217;s consumer and producer inflation fell more than expected in March, highlighting weak domestic demand and mounting trade war pressures. CPI dropped 0.1% year-on-year, while PPI shrank for a 30th consecutive month.</li>
</ul>



Also Read: <a target="_blank" href="https://www.benzinga.com/news/global/25/04/44727311/china-warns-citizens-over-us-travel-after-trumps-tariff-hike-triggers-retaliation-cites-deteriorating-relations-and-rising-security-risks" rel="noreferrer noopener">China Warns Citizens Over U.S. Travel After Trump&#8217;s Tariff Hike Triggers Retaliation, Cites&#8217; Deteriorating&#8217; Relations And Rising Security Risks</a>



Eurozone at 05:45 AM ET



<ul>
<li>The European STOXX 50 was up 5.10%.</li>



<li>Germany&#8217;s DAX gained 5.02%.</li>



<li>France&#8217;s CAC 40 rose 4.73%.</li>



<li>U.K.&#8217;s FTSE 100 index traded higher by 3.78%.</li>



<li>European stocks rallied strongly after President Trump announced a 90-day pause on most new U.S. tariffs, with major indices in Germany, France, and the U.K. posting significant gains amid investor relief.</li>
</ul>



Commodities at 05:45 AM ET



<ul>
<li>Crude Oil WTI was trading lower by 2.53% at $60.78/bbl, and Brent was down 2.50% at $63.84/bbl.</li>



<li>Oil prices dropped as escalating tensions in the U.S.-China trade war reignited fears of a global economic slowdown, overshadowing the temporary relief from Trump&#8217;s 90-day tariff pause. The sharp tariff hike on Chinese imports and Beijing&#8217;s retaliatory duties fueled concerns about weaker crude demand from the world&#8217;s top importers.</li>



<li>Natural Gas fell 3.28% to $3.691.</li>



<li>Gold was trading higher by 1.54% at $3,126.60, Silver was up 1.27% to $30.807, and Copper rose 3.55% to $4.3413.</li>



<li>Gold prices surged in Asian trading, nearing record highs, as investors sought safety amid escalating U.S.-China trade tensions. This geopolitical instability boosted demand for gold as a safe-haven asset, while a weaker U.S. dollar further supported prices.</li>
</ul>



U.S. Futures at 05:45 AM ET



Dow futures were down 1.44%, S&amp;P 500 futures declined 1.83% and Nasdaq 100 futures slid 2.13%.



Forex at 05:45 AM ET



<ul>
<li>The U.S. Dollar Index declined 0.73% to 102.23, USD/JPY was down 1.14% to 146.07, and USD/AUD gained 0.13% to 1.6266.</li>



<li>The U.S. dollar weakened broadly Thursday as traders reacted to Trump&#8217;s tariff decision, falling against safe-haven and risk currencies alike.</li>
</ul>



Photo via Shutterstock

Emerging Markets

Eurozone

Forex

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

Asia And Europe Markets Rally After Trump's Tariff U-Turn, Gold Nears Record High - Global Markets Today While US Slept

Following President Donald Trump&#8216;s global tariffs, a leading tech analyst has predicted that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhones could see a <a href="https://in.benzinga.com/analyst-ratings/price-target/25/04/44720209/apple-faces-up-to-90-cost-surge-on-iphones-if-us-tariffs-stick-analyst-looks-at-possible-shift-to-india-price-increase">significant price hike</a> if manufacturing shifts to the U.S.



What Happened: Dan Ives, the global head of technology research at Wedbush Securities, suggests that iPhones manufactured in the U.S. could cost more than three times their current price, reaching around $3,500. This is due to the necessity to recreate the complex production ecosystem that currently exists in Asia.



&#8220;You build that (supply chain) in the U.S. with a fab in West Virginia and New Jersey. They&#8217;ll be $3,500 iPhones,&#8221; Ives told <a href="https://edition.cnn.com/2025/04/09/tech/apple-iphones-cost-tariffs-impact-intl-hnk/index.html">CNN</a> on Wednesday. He also stated that it would cost Apple roughly $30 billion and three years to move just 10% of its supply chain to the U.S.



Since Trump took office, Apple&#8217;s shares have fallen over 10% due to tariff-related concerns impacting its extensive supply chain, which is heavily dependent on China and Taiwan. Approximately 90% of iPhones are assembled in China.



See Also: <a href="https://benzinga.com/25/04/44644765/tom-lee-predicts-a-market-rebound-after-april-9-as-absurd-tariffs-could-spur-potential-negotiations" target="_blank" rel="noreferrer noopener">Tom Lee Predicts a Market Rebound After April 9 As &#8216;Absurd&#8217; Tariffs Could Spur Potential Negotiations</a>



Despite Apple&#8217;s announcement in February to invest<a href="https://www.benzinga.com/tech/25/02/43910982/apple-commits-500-billion-in-us-investment-for-ai-push-boost-us-manufacturing-tech"> $500 billion</a> in the U.S. over the next four years to expand production outside China and avoid Trump&#8217;s tariffs, tech analysts concur that iPhone prices are likely to increase, even if supply chains remain in their current locations.



Why It Matters: In his latest Truth Social post, Trump <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">lashed out at China,</a> accusing the country of displaying &#8220;a lack of respect&#8221; toward the United States. He announced a sharp escalation in trade tensions, unveiling a 125% tariff on Chinese imports effective immediately. "At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable," he said.



Trump praised the more than 75 countries that, according to him, &#8220;have not, at my strong suggestion, retaliated in any way, shape, or form.&#8221; As a gesture of goodwill, he said these nations would receive a temporary 10% reciprocal tariff and a 90-day freeze on any new duties.



Meanwhile, the potential rise in iPhone prices <a href="https://in.benzinga.com/media/25/04/44679666/apple-customers-flock-to-stores-as-tariffs-threaten-to-drive-iphone-prices-up-by-45-report">has triggered a surge</a> of customers flocking to Apple Stores to buy new devices before the hikes take effect.



Apple also reportedly planned to shift more of its <a href="https://in.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">iPhone production to India</a> to mitigate the financial impact of Trump&#8217;s escalating tariffs on Chinese goods, potentially offsetting the projected price increase on its device. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Read Next: <a href="https://benzinga.com/article/17109647" target="_blank" rel="noreferrer noopener">MARL 5G Accelerator Announces Fall 2020 Cohort Portfolio Startups </a>



Image via Shutterstock

Trump's Tariffs Could Push Apple iPhone Prices To A Staggering $3,500, Says Top Analyst

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