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The Trust holds the Portfolio and cash and is not actively managed by traditional methods, which typically involve effecting changes in the Portfolio on the basis of judgments made relating to economic, financial and market considerations. To maintain the correspondence between the composition and weights of the securities in the Trust and the stocks in the Nasdaq-100 Index, the Trustee adjusts the Securities from time to time to conform to periodic changes in the identity and/or relative weights of Index Securities. The composition and weighting of the securities portion of a Portfolio Deposit are also adjusted to conform to changes in the Index. Changes to the Index are made after the close of the market

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Trump eleva los aranceles a China hasta un 245% en una escalada sin precedentes que impacta minerales críticos, tecnología y comercio global.

Trump presiona a China con aranceles del 245% y dispara tensión comercial global

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With the ongoing shifts in the markets, the U.S.&#8217;s reliance on foreign capital is reversing, leading to lower asset prices. However, its unique position as the issuer of the world&#8217;s reserve currency provides a significant advantage in navigating this shift, according to an expert.
What Happened: In a recent thread on X, Bob Elliot, co-founder, CEO, and CIO of Unlimited and former investment committee member of Bridgewater Associates, argued that, unlike typical emerging market balance of payments crises, the U.S. can prioritize domestic economic conditions due to its debt being <a href="https://www.benzinga.com/government/regulations/25/04/44895384/dollar-slips-to-a-three-year-low-below-98-mark-higher-rates-are-not-supporting-the-dollar-says-expert">denominated in U.S. dollars</a>.
A balance of payments crisis in an emerging market can often trigger aggressive rate hikes to retain foreign capital, curb consumption, and limit currency depreciation needed to service foreign-currency debt, typically crushing local assets.
However, Elliot argues that the U.S. situation differs fundamentally despite sharing the characteristic of high reliance on foreign capital. Since U.S. debt is not issued in a foreign currency but in its own, &#8220;U.S. policymakers are in the privileged position to prioritize domestic conditions through the adjustment process,&#8221; said Elliot.
While concerns exist about foreign selling pushing rates higher, as seen in an emerging market crisis, the Fed&#8217;s ability to prioritize domestic conditions in the U.S. means it can ease monetary policy even as capital withdraws.
If needed, &#8220;the Fed can always print money and buy the bonds,&#8221; particularly to offset potential deflationary pressures from a weakening economy, said Elliot.
He explains that, unlike typical BoP crises, the Fed&#8217;s focus on domestic conditions, enabled by a weaker dollar and easing interest rates, can limit equity losses from reduced demand.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">But unlike more traditional BoP crises, the US policymakers are in the privileged position to prioritize domestic conditions through the adjustment process. The result is a weaker currency but stronger bond and equity performance than in typical adjustments of the past.
&mdash; Bob Elliott (@BobEUnlimited) <a href="https://twitter.com/BobEUnlimited/status/1914994502973944198?ref_src=twsrc%5Etfw">April 23, 2025</a></blockquote>
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See Also: <a href="https://www.benzinga.com/25/04/44947085/analyst-expects-googles-ad-revenue-to-pick-up-in-q1-google-normally-beats-heres-what-alphabets-chart-shows-ahead-of-earnings">&#8216;Google Normally Beats,&#8217; Says Analyst Expecting Sundar Pichai-Led Company&#8217;s Ad Revenue To &#8216;Pick Up&#8217; In Q1: Here&#8217;s What Alphabet&#8217;s Chart Shows Ahead Of Earnings</a>
Why It Matters: According to Elliot, the selloff in U.S. assets is a consequence of the government&#8217;s efforts to reduce consumption through tariff policies and a subsequent narrowing of the current account deficit.
The decades-long buildup in foreign capital inflows since the 1990s, Elliot highlighted, was initially driven by reserve purchases and later by increased equity investments following the Global Financial Crisis. Also, foreign private investors funded substantial federal government deficits in recent years.
&#8220;Never would a country be allowed to run such a classic &#8216;twin deficit&#8217; problem for so long,&#8221; Elliot stated, emphasizing the unprecedented nature of this forty-year dynamic, made possible by the dollar&#8217;s reserve currency status.
Thus, he argues that the dollar&#8217;s reserve status can help policymakers make &#8220;adjustments&#8221; without creating a typical balance of payments crisis.
Price Action: As of the publication of this article, the Dollar Index Spot was trading 0.16% lower at the 99.6890 level, and the futures of the Dow Jones, S&amp;P 500, and Nasdaq 100 indices were down 0.49%,0.31%, and 0.39%, respectively.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose on Wednesday. The SPY was up 1.55% to $535.42, while the QQQ advanced 2.27% to $454.561, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/44945402/wedbushs-dan-ives-raises-teslas-price-target-to-350-as-musk-promises-to-significantly-reduce-doge-time" target="_blank" rel="noreferrer noopener">Wedbush's Dan Ives Raises Tesla's Price Target To $350 As Elon Musk Promises To ‘Significantly' Reduce DOGE Time</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Dollar-Denominated Debt Gives US Policymakers Edge In Navigating Economic Shocks, Says Expert: '...Are In The Privileged Position'

Retail investors are raising concerns over U.S. Treasury Secretary Scott Bessent's recent remarks on tariffs and the ongoing trade tensions with China, delivered at a closed-door investor summit hosted by JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>). 
Bessent&#8217;s comments, which sparked a $2.2 trillion surge in the markets, have been criticized by retail traders who say they were shut out of potentially market-moving information.
What Happened: On Wednesday, popular financial newsletter The Kobeissi Letter voiced concerns about fairness in a post on X, referring to Bessent's recent appearance at a private, closed-door investor summit.
The post highlights that the event wasn&#8217;t &#8220;open to the public or media,&#8221; and it was where Bessent first said that he expects a &#8220;de-escalation with China,&#8221; before describing the current trade environment as &#8220;unsustainable for both sides.&#8221; 
See More: <a href="https://www.benzinga.com/tech/25/04/44970168/elizabeth-warren-slams-tim-cook-over-alleged-backdoor-deal-with-trump-to-shield-apple-from-crushing-china-tariffs-creates-the-appearance-of-impropriety">Elizabeth Warren Slams Tim Cook Over Alleged Backdoor Deal With Trump To Shield Apple From Crushing China Tariffs: &#8216;Creates The Appearance Of Impropriety&#8217;</a>
These remarks were made at 12:00 PM EST, according to the post, following which the markets witnessed a surge in volumes, with the S&amp;P 500 Futures rallying +5%, resulting in a total gain of $2.2 trillion in market cap, while retail traders and investors were still kept in the dark.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Retail investors were just cheated: Yesterday at 12:00 PM ET, US Treasury Secretary Bessent said he sees &quot;de-escalation with China&quot; and the current situation is &quot;unsustainable.&quot; These comments were provided at a CLOSED-DOOR investor summit hosted by JP Morgan. This summit was… <a href="https://t.co/gQGKVBYhi4">pic.twitter.com/gQGKVBYhi4</a>
&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1915007666604175549?ref_src=twsrc%5Etfw">April 23, 2025</a></blockquote>
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</figure>
It was only at 5:18 PM EST that President Donald Trump said tariffs on China &#8220;will not be as high as 145%,&#8221; which finally brought retail into the loop.
&#8220;Investors at the JP Morgan event were able to front-run these headlines,&#8221; it says, before asking, &#8220;How is this fair for retail investors?&#8221;
Other X users have raised similar concerns, with Cheddar Pool, a service that tracks options order flows, sharing insights on an S&amp;P 500 &#8220;Whale&#8221; who added $2.2 million in 1DTE (one day to expiry options) at 3:21 PM EST on Tuesday, while asking &#8220;Bessent, was that you?&#8221;
According to the post, that whale is now up 460%, with gains of over $10 million, within just a day.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bessent, was that you? &#x1f914; This <a href="https://twitter.com/search?q=%24SPY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPY</a> whale is now up +460% in ONE DAY +$10,000,000!!! <a href="https://t.co/l603kEVQhK">https://t.co/l603kEVQhK</a>
&mdash; Cheddar Flow (@CheddarFlow) <a href="https://twitter.com/CheddarFlow/status/1914715157210497425?ref_src=twsrc%5Etfw">April 22, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption"> Scott Bessent and the Treasury did not immediately respond to Benzinga&#8217;s request for comments. Why It Matters: There have been growing concerns regarding leaks and insider trading within the current administration, with Scott Galloway calling the April 9th tariff pause the &#8220;greatest day of insider trading in history,&#8221; citing the suspicious timing of <a href="https://benzinga.com/news/25/04/44891038/clearly-word-got-out-scott-galloway-says-april-9-will-go-down-as-the-greatest-day-of-insider-trading-in-history">large options trades</a>.</figcaption></figure>
Others, such as Rep. Marjorie Taylor Greene (R-Ga.), part of Trump&#8217;s inner circle, have <a href="https://www.benzinga.com/markets/25/04/44806734/marjorie-taylor-greene-made-large-stock-purchases-ahead-of-trumps-90-day-tariff-pause-hakeem-jeffries-calls-it-problematic">come under scrutiny</a> for making large stock purchases ahead of the 90-day pause on tariffs. 
Rep.&nbsp;Adam Schiff&nbsp;(D-Calif.) and Sen.&nbsp;Elizabeth Warren&nbsp;(D-Mass.) have outright accused Trump of <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">manipulating the markets</a> to &#8220;benefit his Wall Street donors.&#8221;
Price Action: The Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) is up 1.6% on Wednesday, followed by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which tracks the Nasdaq, up by 2.27%. The SPDR Dow Jones Industrial Average ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) is up 1.03%.
Photo courtesy: Maxim Elramsisy / Shutterstock.com
Read More: <a href="https://www.benzinga.com/news/25/04/44969920/its-not-going-to-end-well-former-sec-chair-gensler-says-chinese-are-tough-negotiators-who-believe-they-can-outwait-us-policy-volatility">&#8216;It&#8217;s Not Going To End Well&#8217;—Former SEC Chair Gensler Says Chinese Are &#8216;Tough Negotiators&#8217; Who Believe They Can Outwait US Policy Volatility</a>

Scott Bessent's China 'De-Escalation' Scoop Delivered To Wall Street Early At Closed-Door Event — $2.2 Trillion In Gains Later Questions Arise If Retail Investors Were 'Cheated'

With the CBOE Volatility Index (VIX) fluctuating around 30, a level that indicates moderately high market stress, investors are looking at a well-timed entry in <a href="https://www.benzinga.com/etfs">volatility-targeting exchange-traded products</a>. 
Although the VIX continues to be elevated, recent indications from Washington indicate that the window may not remain open for very long.
Both President Donald Trump and Treasury Secretary Scott Bessent have teased out the <a href="https://www.benzinga.com/government/regulations/25/04/44952395/us-business-activity-growth-slows-in-april-as-services-suffer-tariff-shock-markets-rally-as-trade-war-cools">possibility for rollback of tariffs and general de-escalation in trade</a>—news that will reassure investor confidence and push VIX down. 
In case of an eventual deceleration of volatility, tactical investors will need to invest in volatility ETFs, meaning now is also potentially the best time to take a holding position before equilibrium re-establishes.
Let us deconstruct three currently popular volatility ETFs amongst tactical investors:
iPath Series B S&amp;P 500 VIX Short-Term Futures ETN (BATS:<a class="ticker" href="https://www.benzinga.com/stock/VXX#BATS">VXX</a>)
<ul>
<li>The VXX gives exposure to a rolling position in front-month VIX futures contracts. Its behavior tends to surge during sudden market shocks, and it is a favorite hedge among short-term traders.</li>
<li>Best for: Quick-moving volatility spikes.</li>
<li>Structure: Being an ETN, it has issuer credit risk, something long-term investors should note</li>
<li>Expense Ratio: 0.89%.</li>
</ul>
ProShares VIX Short-Term Futures ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/VIXY#BATS">VIXY</a>)
<ul>
<li>VIXY provides comparable exposure to VXX, but in an ETF format. It offers a daily rolling position in short-term VIX futures and can take advantage of sudden spikes in volatility.</li>
<li>Best for: Traders seeking transparent, ETF-based volatility exposure.</li>
<li>Structure: ETF structure sidesteps credit risk of ETNs.</li>
<li>Expense Ratio: 0.85%.</li>
</ul>
ProShares VIX Mid-Term Futures ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/VIXM#BATS">VIXM</a>)
<ul>
<li>For those who want to steer clear of the volatile swings of short-term VIX products, VIXM provides exposure to mid-term VIX futures, which mitigates the effects of near-term decay.</li>
<li>Best for: More moderate exposure to volatility on a week-to-month basis.</li>
<li>Structure: ETF structure with a less spiky volatility pattern.</li>
<li>Expense Ratio: 0.85%</li>
</ul>
Also read: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/04/44947467/voo-vs-vti-buffett-approves-this-battle-for-your-portfolio">VOO Vs. VTI: Buffett Approves This Battle For Your Portfolio</a>
Macroeconomic Backdrop Is Still Shaky
Today&#8217;s demand for volatility ETFs lies in the blend of economic doubt and policy-related risk. In its April 2025 World Economic Outlook, the International Monetary Fund heavily <a href="https://www.imf.org/en/Blogs/Articles/2025/04/22/the-global-economy-enters-a-new-era">revised </a>its growth estimate for the United States downward to 1.8% as it singled out <a href="https://www.benzinga.com/government/regulations/25/04/44926902/imf-slashes-us-growth-outlook-as-trump-tariffs-bite-raises-recession-odds-to-40">Trump&#8217;s tariffs as being one of the heavy drags on productivity</a> and investor sentiment.
Close to 0.4 percentage points of the downgrade are attributed to trade measures directly, and the remaining portion is a reflection of weakening domestic momentum. IMF Chief Economist Pierre-Olivier Gourinchas now estimates the U.S. recession probability at 40%, an increase from 25% in October.
These projections have managed to keep the high VIX levels intact—but political tone is potentially changing.
Trade Relief On The Horizon?
On April 22, Trump and Bessent both <a href="https://www.benzinga.com/topic/tariffs">hinted at relaxing tariffs</a>, especially the 145% on Chinese imports. Bessent referred to the present trade policy as &#8220;unsustainable&#8221; and hinted at more clarity in the coming months.
Markets did not lose any time factoring in the possible relief:
SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 2.6%, the Dow Jones ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) increased by 2.7%, and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 2.6%, on the same day.
These actions imply a willingness to turn away from protectionism, an event that would subdue the VIX and, by association, make volatility ETFs less attractive.
The Bottom Line
Volatility ETFs such as VXX, VIXY, and VIXM work best as short-term instruments, not long-term holdings. Yet with the VIX still in elevated mode and policy clarity still on the drawing board, now might be the perfect time to get in on the action—before the market discovers its cool and these high-octane vehicles lose their sizzle.
In short: this may be your last bet before the volatility train leaves the station.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/25/04/44934617/the-magnificent-meltdown-qqq-tanks-as-big-techs-shine-wears-off-but-theres-a-silver-lining">Magnificent Meltdown: QQQ Tanks As Big Tech&#8217;s Shine Wears Off, But There&#8217;s A Silver Lining</a></li>
</ul>
Image: Shutterstock

Specialty ETFs

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VIXM

VIXY

Barclays Bank iPath S&P 500 VIX Short-Term Futures ETN

VIX Is Still Wild, But Not for Long: 3 Volatility ETFs To Grab Before Calm Returns

Risk-on sentiment dominated Wall Street on Wednesday, as upbeat earnings reports and conciliatory messages from the Trump administration h<a href="https://www.benzinga.com/markets">elped lift investor confidence.</a>
The administration eased market fears on two major fronts that have recently weighed heavily on sentiment. On the trade front, tensions with China appeared to thaw, with reports suggesting the White House is considering reducing tariffs on certain categories of goods.
U.S. Treasury Secretary Scott Bessent added fuel to the rally, stating U.S.-China tariffs are unsustainable and will likely need to be lowered to facilitate meaningful negotiations.
Meanwhile, President Donald Trump offered an abrupt shift in tone toward Federal Reserve Chair Jerome Powell, saying he has no intention to fire him, a remark that helped calm concerns over political interference in monetary policy.
By midday in New York, the S&amp;P 500 was up by nearly 2%, though it had earlier climbed even higher. The Nasdaq 100 outperformed with a 2.5% gain, driven by strength in Magnificent Seven stocks.
Trump's pivot on Powell pushed Treasury yields lower across the curve, with the 30-year yield falling five basis points to 4.83%, after briefly topping 4.90% the previous day.
On the macro front, flash Purchasing Managers&#8217; Index surveys revealed slowing growth momentum in the U.S. economy, as the services sector decelerated sharply following the impact <a href="https://www.benzinga.com/government/regulations/25/04/44952395/us-business-activity-growth-slows-in-april-as-services-suffer-tariff-shock-markets-rally-as-trade-war-cools">of recent tariff shocks.</a>
The U.S. dollar strengthened, while gold plunged 2.6%, heading for its worst session since November.
Oil prices dropped more than 2% following speculation that OPEC+ may announce a new output hike as early as next month.
Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) held steady around $93,000.
<h1 class="wp-block-heading">Wednesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>Chg</td>
<td>1-day %</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>18,732.09</td>
<td>+455.68</td>
<td>2.5%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,926.45</td>
<td>+37.40</td>
<td>2.0%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,384.67</td>
<td>+96.91</td>
<td>1.8%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,724.87</td>
<td>+537.89</td>
<td>1.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:35 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&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 1.9% to $537.35.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 1.4% to $397.79.</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;rallied 2.7% to $456.50.</li>
<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) soared 2.1% to $191.47.</li>
<li>The&nbsp;Technology&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 3.44%; the&nbsp;Consumer Staples&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged, down 1.2%.</li>
</ul>
<h1 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h1>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) jumped 6.6% despite falling short on both earnings and revenue expectations, as CEO Elon Musk reassured investors by pledging to scale back his involvement with DOGE and refocus on the company.</li>
</ul>
Other stocks reacting to earnings report included: 
<ul>
<li>Intuitive Surgical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>): up 2.8%</li>
<li>Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>): down 2.6%</li>
<li>Capital One Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>): up 4.6%</li>
<li>Steel Dynamics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>): up 4.7%</li>
<li>EQT Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>): up 3%</li>
<li>Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>): down 1.7%</li>
<li>Baker Hughes Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>): down 4.3%</li>
<li>Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>): down 14.4%​</li>
<li>Thermo Fisher Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>): down 0.5%</li>
<li>Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>): up 2.6%</li>
<li>NextEra Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>): up 1%</li>
<li>Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>): up 4.8%</li>
<li>General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>): down 3.4%</li>
<li>Boeing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>): up 5.7%</li>
<li>Norfolk Southern Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>): up 1.4%</li>
<li>CME Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>): down 3.8%</li>
<li>TE Connectivity Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEL#NYSE">TEL</a>): up 2.7%</li>
<li>Amphenol Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APH#NYSE">APH</a>): up 9.9%</li>
<li>AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>): up 0.8%</li>
<li>Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>): up 1.3%</li>
<li>Westinghouse Air Brake Technologies Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAB#NYSE">WAB</a>): up 7.2%</li>
<li>Masco Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAS#NYSE">MAS</a>): down 2.1%</li>
<li>Avery Dennison Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVY#NYSE">AVY</a>): down 2.4%</li>
<li>Lennox International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LII#NYSE">LII</a>): down 8.2%</li>
<li>GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>): up 5.2%</li>
<li>Teledyne Technologies Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDY#NYSE">TDY</a>): down 1.7%</li>
<li>Otis Worldwide Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OTIS#NYSE">OTIS</a>): down 6%​</li>
</ul>
<ul>
<li>Stocks slated to report earnings after the bell include Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>), O'Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>), Raymond James Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RJF#NYSE">RJF</a>), Molina Healthcare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOH#NYSE">MOH</a>), Texas Instruments Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), FirstEnergy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>), ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>), Lam Research Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>), Resmed Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RMD#NYSE">RMD</a>), Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), Rollins Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ROL#NYSE">ROL</a>), United Rentals Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URI#NYSE">URI</a>), Tyler Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TYL#NYSE">TYL</a>), Edwards Lifesciences Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>), Las Vegas Sands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>), and Alaska Air Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>).</li>
</ul>
Read Now: 
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44948932/goldman-sachs-backs-copper-tariff-trade-if-trump-slaps-25-duty-on-us-imports">Goldman Sachs Backs &#8216;Copper Tariff Trade&#8217; If Trump Slaps 25% Duty On US Imports</a></li>
</ul>
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Stocks Surge On China Tariff Hopes, Tesla Jumps, Gold Loses Shine: What's Driving Markets Wednesday?

<ul>
<li>TSLA</li>
<li>GLD</li>
<li>NVDA</li>
<li>BULL</li>
<li>GOOGL</li>
<li>JD</li>
<li>MSTR</li>
<li>$BTC</li>
<li>QQQ</li>
<li>DE</li>
</ul>
Data from <a href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment</a>
&nbsp;

Trading Ideas

BULL

GOOGL

MSTR

NVDA

Top 10 Trending Stocks On WallStreetBets As Of April 23, 2025 (Via Swaggy Stocks)

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Market Summary

Benzinga Market Summary: S&P Rises After Trump Says He Has No Intention Of Firing Powell And Suggests Final China Tariff Rate Will Be Below 145% Level, Tesla Rises After CEO Elon Musk Indicates DOGE Time Allocation Will Drop Off, Gold Pulls Back

A new Reuters/Ipsos poll suggests a decrease in approval for President Donald Trump&#8216;s management of the U.S. economy and inflation&nbsp;as he approaches his 100th&nbsp;day in office.
What Happened: Trump&#8217;s assertive economic strategies, including trade wars and Federal Reserve pressure, have triggered the most severe U.S. financial markets selloff since the early stages of the COVID pandemic. The poll, which ended on Monday, showed that only 37% of participants approve of Trump&#8217;s economic management, a decrease from 42% after his January 20 inauguration, reported Reuters.
James Pethokoukis, a senior fellow&nbsp;at the&nbsp;American Enterprise Institute, referred to the president&#8217;s unmet promise of a &#8220;Golden Age of America&#8221;. He hinted that the economic red flags might compel Trump to reconsider his tariff policies.
The survey also disclosed that 75% of participants fear an upcoming recession. Fifty-six percent of those surveyed—including 25% of Republicans—described Trump's economic decisions as &#8220;too erratic,&#8221; while two-thirds expressed concern over the recent sharp decline in the stock market.
A majority (52%) believe Trump&#8217;s actions could hurt their retirement comfort, compared to 31% who disagreed. Still, his overall approval rating holds at 42%, higher than Biden's for much of his term.
SEE ALSO:&nbsp;<a href="https://benzinga.com/25/04/44919745/tesla-shifts-cybertruck-marketing-strategy-to-appeal-to-traditional-pick-up-truck-customers-amid-poor-sales" target="_blank" rel="noreferrer noopener">Cybertruck Gets A Down-To-Earth Redesign As Tesla Shifts To Traditional Pickup Marketing Amid Poor Sales</a>
Why It Matters: This decline in approval for Trump&#8217;s economic policies comes after a&nbsp;<a href="https://www.benzinga.com/news/25/04/44890428/trumps-gallup-approval-stands-at-45-topping-same-point-in-first-presidency-but-hes-down-16-in-economist-survey">Gallup poll</a>&nbsp;in April showed Trump&#8217;s approval rating at 45%, despite economic uncertainty. This was a slight improvement from his 41% approval rating one quarter into his first term. However, an Economist/YouGov poll showed a 16-point drop since his January inauguration.
Earlier in March, an <a href="https://www.benzinga.com/news/global/25/03/44183107/trumps-approval-rating-48-voters-disapprove-of-handling-of-russia-ukraine-war-55-think-world-war-to-happen">Emerson College poll</a> revealed Trump&#8217;s approval rating remained steady at 49%, even as his handling of the Russia-Ukraine war divided voters. The recent Reuters/Ipsos poll results indicate a continuing downward trend in approval for Trump&#8217;s economic policies, reflecting growing public concern over the economy and financial markets.
Price Action: Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) dropped 9.4%, while SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) declined more than 8% over the past month. 
<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/25/04/44944439/warren-buffett-i-am-100-for-the-independence-of-the-fedand-for-over-20-years-hes-warned-we-do-not-want-to-fool-around-with-it" target="_blank" rel="noreferrer noopener">Warren Buffett Said &#8216;I Am 100% For The Independence Of The Fed:&#8217; For Over 20 Years, He&#8217;s Warned, &#8220;We Do Not Want To Fool Around With It&#8221; &#8211; Benzinga</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.

Trump Economic Approval Rating Drops To 37% As Market Selloff Erodes Public Support: Poll

WIIM

Major indexes are higher after President Trump said he has no intention of firing Fed Chair Powell. Trump also indicated the final tariff rate with China would be "substantially" lower than the current 145% but not 0%.

Ahead of Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) first-quarter earnings, this analyst expects Google's parent to deliver on the advertising revenue and expects an "earnings surprise."
What Happened: The Chairman and Founder of Navellier &amp; Associates, Louis Navellier, spoke about Alphabet's first quarter forecast in his podcast ‘Market Buzz'.
&#8220;Well, their sales are forecasted to go up 10.7%, and earnings are forecast to grow 7%. Google does not provide any guidance whatsoever, but it has a very good earnings surprise history. I think what everybody&#8217;s going to be looking at is their advertising revenue very carefully," he said.
According to him, March's strong retail sales will help push Google's<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44909414/google-parent-alphabets-topline-can-withstand-pressure-in-uncertain-macro-scenario-compared-to-peers-analyst"> advertising revenue</a> in the said quarter. &#8220;Based on the strong retail sales we had in March, the strongest in two years, I would think Google&#8217;s advertising revenue would pick up.&#8221;
Last week, a <a href="https://www.benzinga.com/news/legal/25/04/44876356/google-scores-partial-win-in-antitrust-case-but-faces-setback-on-publisher-tools">U.S. District Judge ruled</a> that the Department of Justice won its antitrust case against Alphabet&#8217;s Google, finding the company illegally monopolized advertising technology. 
The ruling concluded that Google engaged in anticompetitive practices for over a decade by bundling its publisher ad server and ad exchange to maintain its monopoly in those open-web display ad markets.
Navellier added, &#8220;The only glitch is, of course, the Department of Justice has won a suit against them to break them up. You know, breaking up Google is kind of like a dog catching a car. I mean, what does the dog do now? They&#8217;re trying to appease the government, and I&#8217;m sure with Trump in it&#8217;s going to be a little different, but I think they&#8217;re trying to spin off Chrome, so we&#8217;ll see what happens, but Google normally beats.&#8221;
See Also: <a href="https://www.benzinga.com/25/04/44945402/wedbushs-dan-ives-raises-teslas-price-target-to-350-as-musk-promises-to-significantly-reduce-doge-time">Wedbush&#8217;s Dan Ives Raises Tesla&#8217;s Price Target To $350 As Elon Musk Promises To &#8216;Significantly&#8217; Reduce DOGE Time</a>
Why It Matters: The company will be reporting its first-quarter earnings on April 24. Alphabet's technical charts indicated that its premarket price of $157.66 per share at the time of the publication was above its short-term simple daily moving averages but below its long-term averages.
The relative strength index of 43.78 was neutral, whereas its MACD line was at negative 4.04. However, its 12-day exponential moving average was above the 26-day EMA, with a positive histogram of 0.47, indicating a bullish trend.
<figure class="wp-block-image size-large"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23071926/GOOG-Tech-1024x576.png" alt="" class="wp-image-883854" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23071926/GOOG-Tech-1024x576.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23071926/GOOG-Tech-300x169.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23071926/GOOG-Tech-768x432.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23071926/GOOG-Tech-1536x864.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23071926/GOOG-Tech.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
The stock was up 2.44% in premarket, but it has fallen by 19.27% on a year-to-date basis. It was 3.76% lower over the year.
Benzinga Edge Stock Rankings shows that GOOG had a weaker price trend over the short, medium, and long term. Its momentum ranking was moderate at the 48.43 percentile, whereas its value ranking was also moderate; the details of other metrics are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>. 
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/report/TSLA"><img loading="lazy" decoding="async" width="1024" height="146" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23071909/GOOG-EDGE-1024x146.png" alt="" class="wp-image-883853" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23071909/GOOG-EDGE-1024x146.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23071909/GOOG-EDGE-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23071909/GOOG-EDGE-768x110.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23071909/GOOG-EDGE.png 1206w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></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, rose in premarket on Wednesday. The SPY was up 2.50% to $540.42, while the QQQ advanced 3.20% to $457.91, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/04/44945107/bearish-charts-and-upbeat-q1-estimates-heres-how-chipotle-stock-is-doing-after-recent-pric">Chipotle Stock Faces Bearish Charts Despite Upbeat Q1 Estimates And Price Target Revisions</a></li>
</ul>
Image Via Shutterstock

Earnings

Earnings Beats

Earnings Misses

Guidance

Futures

Technicals

Analyst Ratings

GOOG

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'Google Normally Beats,' Says Analyst Expecting Sundar Pichai-Led Company's Ad Revenue To 'Pick Up' In Q1: Here's What Alphabet's Chart Shows Ahead Of Earnings

In the wake of global market turbulence, Goldman Sachs CEO David Solomon has pointed to the uncertainty surrounding U.S. trade policy as the primary cause.
What Happened: Solomon, in an interview with CNBC on Tuesday, highlighted a shift from the optimism that characterized the start of the year, particularly around the U.S. presidential inauguration, to the current prevailing uncertainty. This uncertainty, particularly in relation to trade policy and reciprocal tariffs, has triggered significant market repricing.
&#8220;Markets are looking to reprice the value of things based on the uncertainty they have around,&#8221; stated the Goldman Sachs CEO. 
Asset classes across the spectrum are feeling the pinch. Equities are under pressure, bond yields are up, the U.S. dollar is weakening, and gold prices have reached record highs. Solomon viewed these shifts as part of a wider adjustment in investor expectations, as markets attempt to anticipate the possible impacts of changing trade policies.
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<iframe loading="lazy" title="Goldman Sachs CEO David Solomon: Trump&#039;s tariffs delay did not decrease the level of uncertainty" width="500" height="281" src="https://www.youtube.com/embed/FPOsWCMIQWw?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>
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Interestingly, Solomon noted a deviation from traditional investor behavior. Usually, investors would seek the safety of U.S. Treasuries when equities decline due to uncertainty. However, a minor shift&nbsp;driven by global investors de-risking&nbsp;their portfolios&nbsp;has put downward pressure on&nbsp;the dollar and, consequently, on Treasuries.
Businesses and investors are holding off on major decisions amid trade policy uncertainty. Solomon remains cautiously optimistic that negotiated trade deals could guide markets forward.
The Goldman Sachs CEO opines that the 90-day pause did give some breathing room for the market as things were progressing very quickly, however, it did not decrease the uncertainty. &#8220;In fact, in some ways the delay increased the level of uncertainty,&#8221; stated Solomon.
SEE ALSO:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/04/44930938/dogecoin-jumps-7-shiba-inu-up-4-is-a-major-meme-rally-brewing" target="_blank" rel="noreferrer noopener">Dogecoin Jumps 7%, Shiba Inu Up 4%: Is A Major Meme Rally Brewing? &#8211; Benzinga</a>
Why It Matters:&nbsp;&nbsp;This isn&#8217;t the first time Solomon has expressed concern over trade policy. In April 2025, he&nbsp;<a href="https://www.benzinga.com/news/management/25/04/44802094/tariff-fears-pose-material-risks-to-us-and-global-economies-goldman-sachs-ceo-warns">warned</a>&nbsp;of &#8220;material risks&#8221; to U.S. and global economies due to tariff fears. 
His warning came as the International Monetary Fund&nbsp;<a href="https://www.benzinga.com/government/regulations/25/04/44926902/imf-slashes-us-growth-outlook-as-trump-tariffs-bite-raises-recession-odds-to-40">downgraded</a>&nbsp;its 2025 growth forecast for the United States, citing President Donald Trump&#8216;s sweeping tariffs and a surge in economic uncertainty as major headwinds. The current market volatility underscores the significant impact of trade policy uncertainty on investor sentiment and market dynamics.
That being said, Solomon remains confident in the U.S.&#8217;s&nbsp;longstanding preeminence as an investment&nbsp;destination, built&nbsp;on decades of strong economic&nbsp;performance, innovation, and robust capital&nbsp;markets. &#8220;Relative performance of the U.S,, is something that&#8217;s happened over very long period of time, and you can&#8217;t reverse it 100% in five minutes,&#8221; stated the CEO. 
The S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) has dropped 8.32% over the past month, while the NASDAQ 100 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) has fallen more than 9% during the same timeframe.
<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/25/04/44915713/charlie-munger-once-said-he-could-go-on-and-on-listing-why-he-wont-want-donald-trump-in-the-oval-office" target="_blank" rel="noreferrer noopener">Charlie Munger Once Predicted That Trump Could Be &#8216;Quite Decisive&#8217; But Still Didn&#8217;t Want Him To Be President: Here&#8217;s Why</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.

Trump's 90-Day Tariff Pause 'Increased The Level Of Uncertainty,' Triggered Market Repricing: Goldman Sachs CEO

Major indexes are higher after President Trump said he has no intention of firing Fed Chair Powell.

Wedbush Securities' Global Head of Technology Research, Daniel Ives, has raised Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) price target to $350 after Elon Musk announced &#8220;significantly&#8221; reducing his time allocation to the Department of Government Efficiency in its earnings call on Tuesday.
What Happened: Musk, during its first-quarter earnings call, said, &#8220;Starting probably next month, in May, my time allocation to DOGE will drop significantly.&#8221;
&#8220;The large slug of work necessary to get the DOGE team in place is mostly done; I&#8217;ll continue to spend 1-2 days per week as long as the President wants me to,&#8221; he added.
According to Ives, "Musk made a huge move forward as his time in DOGE/White House now winds down and he will be laser focused on Tesla again."
This "remove the black cloud over Tesla," said Ives, and raised Tesla's target from $315 to $350 per share.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Musk made a huge move forward as his time in DOGE/White House now winds down and he will be laser focused on Tesla again. Musk finally read the room and made a pivot which helps remove the black cloud over Tesla. New chapter begins. Raising PT to $350 with autonomous the focus
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1914986929776447586?ref_src=twsrc%5Etfw">April 23, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/25/04/44942759/gamestop-short-seller-andrew-left-goes-long-on-china-and-these-two-us-stocks-amid-the-market-correction-heres-mor">GameStop Short Seller Andrew Left Goes Long On China And These 2 US Stocks Amid Market Correction</a>
Why It Matters: Not all analysts found the silver lining in Tesla's earnings, as Ross Gerber <a href="https://www.benzinga.com/markets/25/04/44941889/teslas-sweet-little-lies-hide-worst-performance-ever-elon-musks-robot-takeover-talk-is-just-a-smokescreen-says-ross-gerber">appeared increasingly skeptical</a> of Musk&#8217;s ambitious projections following the electric vehicle maker&#8217;s rough first-quarter results, which saw profits plunge 71% year over year. 
Gerber stated this is the worst performance he&#8217;s witnessed in his 11 years covering the company.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I've done Tesla calls for 11 years. This is the worst performance I've seen in Tesla's history. I get Elon will tell everyone about trillions of TAM and robots taking over the world… anything to get you not to look at the facts. As Elon darts off to xAI after he announces he is…
&mdash; Ross Gerber (@GerberKawasaki) <a href="https://twitter.com/GerberKawasaki/status/1914692869073592478?ref_src=twsrc%5Etfw">April 22, 2025</a></blockquote>
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Gary Black saw the positives in Tesla&#8217;s latest results. The Future Fund&#8217;s Black noted on X that &#8220;earnings quality was fairly high&#8221; this quarter because profits weren&#8217;t significantly boosted by ZEV credit sales, unlike in the past. Black also pointed to substantially higher operating and non-operating expenses as further evidence of this stronger earnings quality.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">2/ <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> earnings quality was fairly high: Unlike prior quarters, TSLA's P&amp;L did not get much of a boost from sale of ZEV credits ($595M), SG&amp;A (6.5% of Rev), and Other expense lines (Other operating expense -$94M, Other non-operating expense -$119M), which came in worse than…
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1914787926262546711?ref_src=twsrc%5Etfw">April 22, 2025</a></blockquote>
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Tesla <a href="https://www.benzinga.com/25/04/44937440/tesla-q1-earnings-highlights-revenue-miss-eps-miss-tariff-landscape-and-changing-political-sentiment-cloud-guidance">reported first-quarter revenue</a> of $19.34 billion, down 9% year-over-year. The revenue total missed a Street consensus estimate of $21.35 billion according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Its earnings were 27 cents per share, down 40% year-over-year and missing a Street consensus estimate of 31 cents per share.
Price Action: Tesla shares jumped 6.56% in premarket on Wednesday after ending 4.6% higher on Tuesday.
Benzinga Edge Stock Rankings shows that TSLA has a weaker price trend over the short, medium, and long term. Its momentum ranking was strong at the 92.94th percentile, whereas its value ranking was very weak; the details for which, along with other metrics, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>. 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="149" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23064418/TSLA-Edge-1024x149.png" alt="" class="wp-image-883800" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23064418/TSLA-Edge-1024x149.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23064418/TSLA-Edge-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23064418/TSLA-Edge-768x112.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23064418/TSLA-Edge.png 1203w" sizes="(max-width: 1024px) 100vw, 1024px" /></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, rose in premarket on Wednesday. The SPY was up 2.27% to $539.22, while the QQQ advanced 2.73% to $456.63, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/04/44943319/craig-shapiro-takes-a-dig-at-donald-trump-trump-2-0-same-as-1-0-after-administration-hints-at-a-">Craig Shapiro Takes A Dig At Donald Trump: &#8216;Trump 2.0 Same As 1.0&#8217; After Administration Hints At A Deal With China</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Wedbush's Dan Ives Raises Tesla's Price Target To $350 As Elon Musk Promises To 'Significantly' Reduce DOGE Time

Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) will report its first-quarter earnings after market close on Wednesday. Here&#8217;s what its charts and recent price revisions by analysts indicate.
What Happened: Chipotle is expected to report earnings of $0.28 per share, representing a 12% increase from the fourth quarter EPS of $0.25 per share, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Also, Wall Street expects the fast-food chain to deliver a revenue of $2.97 billion, 4.21% higher than its fourth quarter revenue of $2.85 billion.
The company announced its <a href="https://www.benzinga.com/news/25/04/44897010/chipotle-to-open-first-mexico-restaurant-by-2026">entry into the Mexican market</a> through a newly signed partnership with Latin American restaurant operator Alsea on Monday. The Chief Business Development Officer at Chipotle, Nate Lawton, said, "We are confident that our responsibly sourced, classically-cooked real food will resonate with guests in Mexico," said. 
The company&#8217;s technical analysis shows that its stock price of $47.10, as of Tuesday&#8217;s close, was below its short and long-term simple daily moving averages.
Its relative strength index of 40.96 was in the neutral zone, whereas its momentum indicator, the MACD line, of negative 0.96, suggested that its 12-day exponential moving average was below its 26-day EMA, with a negative histogram value of 0.10.
These indicators hinted at an overall bearish trend in Chipotle&#8217;s stock.
<figure class="wp-block-image size-large"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23040132/Chipotle-technical-chart-1024x576.png" alt="" class="wp-image-883534" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23040132/Chipotle-technical-chart-1024x576.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23040132/Chipotle-technical-chart-300x169.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23040132/Chipotle-technical-chart-768x432.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23040132/Chipotle-technical-chart-1536x864.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23040132/Chipotle-technical-chart.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
See Also: <a href="https://www.benzinga.com/25/04/44942759/gamestop-short-seller-andrew-left-goes-long-on-china-and-these-two-us-stocks-amid-the-market-correction-heres-more-on-it">GameStop Short Seller Andrew Left Goes Long On China And These 2 US Stocks Amid Market Correction</a>
Why It Matters: According to the 26 analysts tracking the company and the data <a href="https://www.benzinga.com/quote/CMG/analyst-ratings">compiled by Benzinga</a>, the stock received four price downgrades as of April 22nd.
Barclays reduced its price target from $60 to $56, maintaining an &#8220;equal-weight&#8221; rating. Truist Securities adjusted the price from $74 to $61, with a &#8220;buy&#8221; Guggenheim recorded the target from $56 to $48 with a &#8220;neutral&#8221; rating, whereas Wells Fargo adjusted the price by $10 from $70 to $60, still maintaining its &#8220;overweight&#8221; rating.
According to a report <a href="https://www.investing.com/news/analyst-ratings/truist-cuts-chipotle-stock-price-target-to-64-maintains-buy-rating-93CH-3995926">by</a> Investing.com, Truist Card data analysis prompted the adjustment, projecting flat same-store sales (SSS) for the first quarter of 2025, below the 1.9% consensus forecast. 
Guggenheim, on the other hand, issued a reduction in the target price, citing the soft trends in the early first quarter impacted by adverse weather conditions and calendar shifts, as per <a href="https://www.investing.com/news/analyst-ratings/guggenheim-cuts-chipotle-stock-target-to-48-maintains-neutral-93CH-3995595">an</a> Investing.com report. 
Price Action: Chipotle has declined by 21.36% on a year-to-date basis, whereas it was down 19.21% over a year. The stock was up 2.12% in premarket on Wednesday. 
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose in premarket on Wednesday. The SPY was up 2.20% to $538.84, while the QQQ advanced 2.67% to $456.34, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Benzinga Edge Stock Rankings shows that CMG has a weaker price trend over the short, medium, and long term. Its momentum ranking was weak at the 28.15th percentile, whereas its value ranking was also sluggish at 17.26th percentile; the details for which, along with other metrics, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>. 
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/report/CMG"><img loading="lazy" decoding="async" width="1024" height="163" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23040319/Chipotle-edge-1024x163.png" alt="" class="wp-image-883537" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23040319/Chipotle-edge-1024x163.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23040319/Chipotle-edge-300x48.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23040319/Chipotle-edge-768x122.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23040319/Chipotle-edge.png 1215w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Read Next:
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<li><a href="https://www.benzinga.com/25/04/44920880/expert-flags-never-before-observed-trio-falling-stocks-and-short-yields-bucking-rising-long-yields-nothing-is-normal-about-this">Wall Street Veteran Sounds Alarm On &#8216;Never Before&#8217; Seen Market Trio: Falling Stocks, Surging Long Yields, Sinking Short Rates</a></li>
</ul>
Image Via Shutterstock

Chipotle Stock Faces Bearish Charts Despite Upbeat Q1 Estimates And Price Target Revisions

U.S. stock futures continued rising on Wednesday after a day of strong recovery on Tuesday. Futures of major benchmark indices were higher in premarket.
President Donald Trump <a href="https://www.benzinga.com/markets/equities/25/04/44943319/craig-shapiro-takes-a-dig-at-donald-trump-trump-2-0-same-as-1-0-after-administration-hints-at-a-">hinted at a deal with China</a>. While speaking to the reporters at the White House, he said, "I think we will make a deal with China. If we don't make a deal, we will set it. I think they will want to be a part of the United States. We're doing great. This is the Golden Age.&#8221;
Meanwhile, Treasury Secretary Scott Bessent, <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44935649/alibaba-nio-pdd-shares-rise-amid-potential-de-escalation-of-china-trade-tensions-whats-going-on">during a private meeting</a> hosted by JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), hinted at de-escalation with China. 
He said that a deal is achievable even as the formal negotiations have not begun yet. Bessent acknowledged that current duties were untenable, but did not provide the specifics or the timeline of the deal.
The 10-year Treasury bond yielded 4.34% and the two-year bond was at 3.83%. 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 94.2% likelihood of the Federal Reserve keeping the current interest rates unchanged in its May meeting. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Change (+/-)</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>1.72%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>2.17%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>2.49%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2.21%</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, rose in premarket on Wednesday. The SPY was up 2.08% to $538.21, while the QQQ advanced 2.50% to $455.59, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Cues From Last Session:
Fueled by strong earnings reports from 3M Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) and Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), alongside a more than 5% after-hours surge for Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), U.S. stocks closed higher Tuesday.
On the economic front, the U.S. Redbook Index increased 7.4% year-over-year in the week ending April 19.
All S&amp;P 500 sectors advanced, led by financial, consumer discretionary, and communication services stocks.
As of Tuesday, the Nasdaq 100 index was down 17.76% from its previous high of 22,222.61 points. The S&amp;P 500 index was 13.98% lower, as compared to the last record high of 6,147.43 points. On the other hand, Dow Jones was 13.06% down from its 52-week high of 45,073.63 points.

<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>2.71%</td>
<td>16,300.42</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>2.51%</td>
<td>5,287.76</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>2.66%</td>
<td>39,186.98</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2.71%</td>
<td>1,890.28</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Senior economist Mohamed El-Erian underscored in an X post that volatility was the dominant theme for U.S. financial assets as the stocks recovered sharply on Tuesday after Monday&#8217;s heavy selloff.
According to him, Tuesday&#8217;s session followed the &#8220;exact opposite session on Monday,&#8221; which had seen a decline in equities, a fall in the dollar, and a rise in gold prices. 
He was of the opinion that &#8220;Given all the uncertainties in play, it is prudent to expect continued volatility in the weeks ahead.&#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">Volatility continues to be the dominant theme for US financial assets: In both the regular session and after-hour trading on Tuesday, stocks bounced strongly, the dollar strengthened and yields edged lower — this as the US authorities signaled a greater probability of… <a href="https://t.co/quJb8UnWRt">pic.twitter.com/quJb8UnWRt</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1914830729902743918?ref_src=twsrc%5Etfw">April 22, 2025</a></blockquote>
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</figure>
Ryan Detrick from Carson Research highlighted a trend in the market, the occurrence of which has marked the bottom within the NYSE in 1987, 2009, 2011 and 2020.
According to the data, over 89% of stocks advanced, with 89% of trading volume on Tuesday. This has happened on two days within nine trading days on April 9 and April 22.
This market signal's reliability stems from extreme market breadth, indicating oversold conditions, often preceding rebounds as investor sentiment shifts.
However, the past performance isn't a guaranteed predictor, especially with current pressures like Trump's tariff policies and potential Federal Reserve rate changes.
Detrick said that after such a market signal, the market was &#8220;Up nearly 25% on avg 6 months later.&#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">&gt;89% advancers and 89% of volume advancing on the NYSE has happened twice over the past 9 trading days. The first big day is a clue, the second is the signal. Rare stuff and has always marked lows. 1/5/87, 3/12/09, 8/11/11, and 4/8/20 Up nearly 25% on avg 6 months later. <a href="https://t.co/xPuEboktAA">pic.twitter.com/xPuEboktAA</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1914879487419830550?ref_src=twsrc%5Etfw">April 23, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
According to Louis Navellier of Navellier &amp; Associates, investors, including Fed Chairman Jerome Powell, have been &#8220;needlessly worried&#8221; about inflation and stagflation that has not materialized. &#8220;The reality is that deflation has arrived in the wake of the lowest crude oil prices in the past four years, so investors, the Fed, and our allies have been unnecessarily worried over nothing,&#8221; he said.
&#8220;The stock market is a manic crowd that likes to react first and think second. It is now time to think and prosper during another spectacular earnings announcement season. Spring has arrived, and consumers are increasingly getting out and about, which is why the strongest retail sales in two years just occurred,&#8221; he added.
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 Wednesday:
<ul>
<li>Chicago Fed President Austan Goolsbee will speak at 9:00 a.m., whereas St. Louis Fed President Alberton Musalem and Fed Governor Christopher Waller speak after that at 9:30 a.m. ET.</li>
</ul>
<ul>
<li>April&#8217;s S&amp;P flash U.S. services and manufacturing PMI will be announced by 9:45 a.m., and new home sales data for March will be out by 10:00 a.m. ET.</li>
</ul>
<ul>
<li>Fed Beige Book will be out by 2:00 p.m., and Cleveland Fed President Beth Hammack will speak at 6:30 p.m. ET.</li>
</ul>
<ul>
<li>Atlanta Fed President Raphael Bostic will speak at 7:40 p.m. ET.</li>
</ul>
Stocks In Focus:
<ul>
<li>AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) rose 1.00% in premarket on Wednesday as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of 49 cents per share on revenue of $30.35 billion.</li>
</ul>
<ul>
<li>Philip Morris International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PM#NYSE">PM</a>) was up 0.54% as Wall Street expects it to report earnings of $1.61 per share on revenue of $9.12 billion before the opening bell.</li>
</ul>
<ul>
<li>GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) advanced 1.80% as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of 42 cents per share on revenue of $7.54 billion.</li>
</ul>
<ul>
<li>Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) gained 2.02% as Wall Street expects it to report earnings of 28 cents per share on revenue of $2.97 billion after the closing bell.</li>
</ul>
<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) jumped 6.86% despite posting weaker-than-expected earnings and sales results for its first quarter on Tuesday. However, Elon Musk said that his time at the Department of Government Efficiency was likely to drop &#8220;significantly.&#8221;</li>
</ul>
<ul>
<li>Steel Dynamics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) was 1.63% higher after reporting stronger-than-expected first-quarter. The company shipped 3.5 million tons of steel during the first quarter and generated $230 million of operating income from its steel operations.</li>
</ul>
<ul>
<li>EQT Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>) traded higher by 1.81% after projecting increased sales volume and adjusting 2025 expenditure plans for the year.</li>
</ul>
<ul>
<li>Sonoma Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNOA#NASDAQ">SNOA</a>) surged 77.25% after receiving U.K. MHRA registration for its hypochlorous acid acne products, set for launch in over 1,200 stores via a major pharmacy chain.</li>
</ul>
<ul>
<li>AgriFORCE Growing Systems Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGRI#NASDAQ">AGRI</a>) climbed 44.13% after it expanded Ohio Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) mining with 500 more S19j Pro Antminers for its second site, boosting the total Ohio hash rate to 130 PH/s.</li>
</ul>
<ul>
<li>MYT Netherlands Parent BV ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MYTE#NYSE">MYTE</a>) shares plunged by 30.72% after it decided to rebrand as LuxExperience B.V. with a change in its ticker from MYTE to LUXE on NYSE from May 1, 2025.</li>
</ul>
Commodities, Gold, And Global Equity Markets:
Crude oil futures were trading higher in the early New York session by 1.81% to hover around $64.82 per barrel.
Gold Spot US Dollar declined 1.83% to hover around $3,319.46 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.17% at the 99.0890 level.
Asian markets were higher on Wednesday, Hong Kong's Hang Seng, India's S&amp;P BSE Sensex, Japan's Nikkei 225, China&#8217;s CSI 300, Australia's ASX 200, and South Korea's Kospi index all advanced. European markets were also higher in early trade.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/44942759/gamestop-short-seller-andrew-left-goes-long-on-china-and-these-two-us-stocks-amid-the-market-correction-heres-more-on-it">GameStop Short Seller Andrew Left Goes Long On China And These 2 US Stocks Amid Market Correction</a></li>
</ul>
Photo courtesy: Frontpage / Shutterstock.com

Pre-Market Outlook

AGRI

MYTE

SNOA

US Stocks Likely To Open Higher After Trump Administration Hints At A Deal With China: 'It Is Prudent To Expect Continued Volatility In The Weeks Ahead,' Says Expert

Economist Craig Shapiro has taken a jibe at President Donald Trump after the administration hinted at a deal with China amid the ongoing market turmoil. He suggested that Trump was caving on all his promises and proposed policies.
What Happened: Shapiro, a macro strategist at the Bears Trap Reports, said in a recent X post that Trump&#8217;s new book should be called &#8220;Art of the Cave.&#8221;
This was also a jibe at the Billionaire Investor Bill Ackman&#8216;s April 9th post, which praised Trump for &#8220;brilliantly executing&#8221; the 90-day tariff pause, calling it the &#8220;Textbook, Art of the Deal.&#8221;
Shapiro, in his post, went on to add that &#8220;Trump 2.0 same as 1.0,&#8221; pointing out that the President has caved to China, Federal Reserve Chairman Jerome Powell, markets, and on cutting the deficit.
<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">Trump&#39;s New Book: Art of the Cave Cave to China Cave to Powell Cave to the Markets Cave on cutting the deficit Trump 2.0 same as 1.0
&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1914802768977494024?ref_src=twsrc%5Etfw">April 22, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
This comes after Trump spoke to the reporters at the White House on Tuesday and said that his relationship with President Xi Jinping was great and &#8220;it&#8217;s been great for a long time.&#8221;
"I think we will make a deal with China. If we don&#8217;t make a deal, we will set it. I think they will want to be a part of the United States. We&#8217;re doing great. This is the Golden Age,&#8221; he added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"I think we will make a deal with China. If we don&#39;t make a deal, we will set it. I think they will want to be a part of the United States. We&#39;re doing great. Golden Age." I don't think this guy could get a $100,000 job in finance. <a href="https://t.co/P1PGPEsO2J">pic.twitter.com/P1PGPEsO2J</a>
&mdash; Spencer Hakimian (@SpencerHakimian) <a href="https://twitter.com/SpencerHakimian/status/1914817988038971605?ref_src=twsrc%5Etfw">April 22, 2025</a></blockquote>
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See Also: <a href="https://www.benzinga.com/government/regulations/25/04/44918830/jim-cramer-takes-a-dig-at-trumps-criticism-of-powell-you-would-actually-buy-this-rally-if-trump-hadnt-criticized-the-fed-chair">Jim Cramer Takes A Dig At Trump&#8217;s Criticism Of Powell: &#8216;You Would Actually Buy This Rally&#8217; If Trump Hadn&#8217;t Criticized The Fed Chair</a>
Why It Matters: Trump was accused of caving by Shapiro following the <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44910907/top-fed-voices-defend-powell-slam-trumps-attack-on-central-bank-independence">criticism of Powell</a> in a Truth Social post on Monday, issuing a <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">90-day tariff pause</a> following bond market turmoil on April 9th, and finally hinting at making a deal with China.
Treasury Secretary Scott Bessent <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44935649/alibaba-nio-pdd-shares-rise-amid-potential-de-escalation-of-china-trade-tensions-whats-going-on">hinted at de-escalation with China</a> during a private session at an event hosted by JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) in Washington, held alongside the IMF and World Bank spring meetings. 
Bessent, during this private meeting, said that a deal is achievable even as the formal negotiations have not begun yet. He said that the current duties were untenable, but did not provide the specifics and the timeline of the deal.
Price Action: Stock markets bounced on the possible de-escalation news on Tuesday.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose on Tuesday. The SPY was up 2.60% to $527.25, while the QQQ advanced 2.63% to $444.48, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
As of Tuesday, the Nasdaq 100 index was down 17.76% from its previous high of 22,222.61 points. The S&amp;P 500 index was 13.98% lower, as compared to the last record high of 6,147.43 points. On the other hand, Dow Jones was 13.06% down from its 52-week high of 45,073.63 points.
On Wednesday, the futures of Dow Jones were up 1.29%, the S&amp;P 500 index futures rose 1.77%. The Nasdaq 100 futures, on the other hand, were higher by 2.10% 
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/44920880/expert-flags-never-before-observed-trio-falling-stocks-and-short-yields-bucking-rising-long-yields-nothing-is-normal-about-this">Wall Street Veteran Sounds Alarm On &#8216;Never Before&#8217; Seen Market Trio: Falling Stocks, Surging Long Yields, Sinking Short Rates</a></li>
</ul>
Photo courtesy: Rawpixel.com / Shutterstock.com

Craig Shapiro Takes A Dig At Donald Trump: 'Trump 2.0 Same As 1.0' After Administration Hints At A Deal With China

Despite President Donald Trump&#8216;s persistent criticism, Federal Reserve Chairman Jerome Powell is not rushing to cut interest rates.
What Happened: Trump has been outspoken on social media, referring to Powell as <a href="https://benzinga.com/25/04/44941184/roubini-trump-wants-a-rate-cutbut-powells-restraint-is-the-only-thing-saving-him-from-a-market-meltdown">&#8220;Mr Too Late&#8221;</a> and &#8220;a major loser&#8221; for what he sees as a reluctance to ease policy. However, the Fed Chair doesn&#8217;t seem to be in a hurry to cut rates despite the President&#8217;s bashing primarily due to three reasons.
Firstly, the president&#8217;s demands stand in sharp contrast to the Fed&#8217;s &#8220;data-driven&#8221; approach. Powell and other Fed officials believe that the current inflation rate — above their preferred 2% target — along with a strong job market, does not justify a rate cut. They emphasized the need to be &#8220;patient&#8221; before making that decision. San Francisco Fed President Mary Daly echoed Powell&#8217;s sentiments, noting that the risks to inflation are &#8220;higher than they were a year ago,&#8221; potentially requiring policy to remain tighter for a longer period, reported Reuters.
Secondly, the Fed is an independent body. Powell recently emphasized that the Fed&#8217;s independence is safeguarded by law, citing a 1930s court decision and Congress&#8217;s constitutional power to &#8220;coin money,&#8221; a responsibility that has been delegated to the Fed. &#8220;Our independence is a matter of law,&#8221; stated the Fed Chair at the Economic Club of Chicago.
Thirdly, the Federal Reserve Act of 1913 states that Fed Board members can only be removed for &#8220;cause,&#8221; which is generally understood to mean misconduct, not policy disagreements, according to Reuters.
SEE ALSO:&nbsp;<a href="https://benzinga.com/25/04/44920880/expert-flags-never-before-observed-trio-falling-stocks-and-short-yields-bucking-rising-long-yields-nothing-is-nor" target="_blank" rel="noreferrer noopener">Wall Street Veteran Sounds Alarm On &#8216;Never Before&#8217; Seen Market Trio: Falling Stocks, Surging Long Yields, Sinking Short Rates</a>
Why It Matters: Trump&#8217;s pressure on the Fed has been a recurring theme. Although on Tuesday, he told reporters that he had &#8220;<a href="https://www.benzinga.com/25/04/44940900/us-futures-dollar-jump-amid-trumps-latest-comments-on-fed-nikkei-rebounds-to-three-week-high">no intention</a>&#8221; of firing Powell, despite his criticisms, Trump continues his calls for a rate cut. His comments have sparked concerns among market watchers. Sen. Elizabeth Warren (D-Mass.) warned that if Trump illegally fires Powell, it could &#8220;<a href="https://www.benzinga.com/news/25/04/44935195/elizabeth-warren-says-if-trump-illegally-fires-fed-chair-powell-hell-crash-our-markets-cause-more-economic-pain-to-american-families">crash our markets</a>.&#8221;
Moreover, CNBC commentator Jim Cramer opined that investors &#8220;<a href="https://www.benzinga.com/government/regulations/25/04/44918830/jim-cramer-takes-a-dig-at-trumps-criticism-of-powell-you-would-actually-buy-this-rally-if-trump-hadnt-criticized-the-fed-chair">would actually buy this rally</a>&#8221; if Trump did not criticize Powell for "being prudent about rates." The ongoing tension between the President and the Fed Chair continues to influence market sentiment and the future of monetary policy remains uncertain.
SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) declined 6.5% over the past month, while Invesco QQQ Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NYSE">QQQ</a>) slumped over 9% during the same period. 
<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/25/04/44915713/charlie-munger-once-said-he-could-go-on-and-on-listing-why-he-wont-want-donald-trump-in-the-oval-office" target="_blank" rel="noreferrer noopener">Charlie Munger Once Predicted That Trump Could Be &#8216;Quite Decisive&#8217; But Still Didn&#8217;t Want Him To Be President: Here&#8217;s Why</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.

Fed's Jerome Powell Isn't Budging On Rate Cut Despite Trump's Bashing And Pressure — Here's Why

Famed GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) short seller, Andrew Left from Citron Research, revealed that he was long China as he discussed his three long positions on Tuesday.
What Happened: Left disclosed that he was long First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and he was also exposed to the Chinese economy and market via his investment in the iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>), according to a report <a href="https://www.foxbusiness.com/video/6371800731112">by</a> Fox Business.
He discussed how these stocks interested him:
<h4 class="wp-block-heading">First Solar</h4>
The U.S. recently <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44925565/first-solar-stock-jumps-as-u-s-finalizes-tariffs-on-southeast-asian-solar-panels">unveiled tariffs on solar imports</a> on Monday. This comes after a petitioner group, the American Alliance for Solar Manufacturing Trade Committee, accused Southeast Asian companies of shipping panels priced below their cost of production.
&#8220;I thought of the position when the tariff news came, I thought they are going to be the direct beneficiary of it. It&#8217;s weird that there was a kind of delayed reaction that Wall Street had today. First Solar makes their solar products in the U.S., and services the U.S.,&#8221; said Left
&#8220;They have been in constant price wars with Asian manufacturers who are dropping prices. Now, it&#8217;s true that they have sold out the capacity right now, but this will get them better pricing power in the future. This was the industry that was needed, especially for data centers,&#8221; added Left.
<h4 class="wp-block-heading">Amazon</h4>
Highlighting his rationale for being <a href="https://www.benzinga.com/wiim/25/04/44930397/amazon-com-shares-are-trading-higher-goldman-sachs-maintained-a-buy-rating-on-the-stock">long Amazon</a>, Left said, &#8220;It&#8217;s funny when Amazon was $235-$240, just five months ago. I kept saying &#8216;Oh my god, I can&#8217;t believe that I don&#8217;t own Amazon, I wish it goes lower.&#8217; Then it goes lower, and you start questioning, Should I buy it?&#8221;
&#8220;It is Amazon! If the consumer gets stretched, they will still go to Amazon for cheaper prices. If you want to look at dynamic prices, they will be able to navigate their way through tariffs the best, unlike the other competitors,&#8221; he said.
Left explained that &#8220;When you have market turbulence, and I go to sleep at night knowing that I own Amazon at $172, at one of the lowest PEs, I like the stock right here.&#8221;
<h3 class="wp-block-heading">iShares China Large-Cap ETF</h3>
When asked about being long China amid the ongoing tariff battle, he said that the Chinese markets have &#8220;held in&#8221; despite the turbulence.
&#8220;It&#8217;s been oversold for a while, China. There&#8217;s a lot of catch-up in that market, and the government has finally made a commitment in China to support their own market. They never made that kind of commitment three or four years ago,&#8221; he explained.
&#8220;Multiples in China are very low, it is a large economy. And hopefully, think of the catalyst of the potential trade deal with the U.S. Think of the impact on this market that hasn&#8217;t had repressed pricing for so long,&#8221; Left said.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44894251/sp-500-approaching-bubble-territory-us-stocks-remain-historically-overvalued-despite-recent-correction-says-market-researcher">S&amp;P 500 &#8216;Approaching Bubble Territory:&#8217; US Stocks Remain Historically Overvalued Despite Recent Correction, Says Market Researcher</a>
Why It Matters: Left is long Amazon despite a negative year-to-date performance of 21.36% and lower by 3.54% over a year.
Meanwhile, First Solar was down 27.41% YTD and 24.85% over one year. On the other hand, iShares China Large-Cap ETF was higher by 11.94% YTD and 34.92% over a year.
Benzinga Edge Stock Rankings indicate that AMZN has a weaker price trend over the short, medium, and long term. Its momentum ranking was moderate at the 43.90th percentile, whereas its value rankings, growth, and quality rankings were stronger; more details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>. 
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/report/AMZN"><img loading="lazy" decoding="async" width="1024" height="152" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23021348/Amazon-Edge-1024x152.png" alt="" class="wp-image-883337" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23021348/Amazon-Edge-1024x152.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23021348/Amazon-Edge-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23021348/Amazon-Edge-768x114.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23021348/Amazon-Edge.png 1218w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Benzinga Edge Stock Rankings shows that FSLR also has a weaker price trend over the short, medium, and long term. Its momentum ranking was very weak at the 18.27th percentile, whereas its value ranking was strong at 72.40th percentile, the details for which, along with other metrics, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>. 
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/report/FSLA"><img loading="lazy" decoding="async" width="1024" height="146" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23021313/FSLR-Edge-1024x146.png" alt="" class="wp-image-883336" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23021313/FSLR-Edge-1024x146.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23021313/FSLR-Edge-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23021313/FSLR-Edge-768x109.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/23021313/FSLR-Edge.png 1210w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></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, rose on Thursday. The SPY was up 2.60% to $527.25, while the QQQ advanced 2.63% to $444.48, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
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<li><a href="https://www.benzinga.com/25/04/44920880/expert-flags-never-before-observed-trio-falling-stocks-and-short-yields-bucking-rising-long-yields-nothing-is-normal-about-this">Wall Street Veteran Sounds Alarm On &#8216;Never Before&#8217; Seen Market Trio: Falling Stocks, Surging Long Yields, Sinking Short Rates</a></li>
</ul>
Photo courtesy: Markus Mainka / Shutterstock.com

Global

AMZN

FSLR

GameStop Short Seller Andrew Left Goes Long On China And These 2 US Stocks Amid Market Correction

Billionaire investor Bill Ackman, CEO of Pershing Square Capital Management, commended Treasury Secretary Scott Bessent on Tuesday as markets struggle with trade policy uncertainty.
What Happened: Bessent, &#8220;is a steady hand on the wheel guiding us on a windy road that will get our country where we need to go. Thank you Scott,&#8221; Ackman wrote on X, responding to Bessent&#8217;s announcement about participating in the 2025 World Bank Group-IMF Spring Meetings taking place April 21-26 in Washington, D.C.
Ackman&#8217;s &#8220;windy road&#8221; metaphor likely references the volatile financial landscape shaped by trade tensions. His support follows his earlier praise for the President Donald Trump <a href="https://www.benzinga.com/news/global/25/04/44723751/billionaire-investor-bill-ackman-praises-trumps-tariff-pause-thank-you-on-behalf-of-all-americans">administration&#8217;s 90-day tariff pause</a>.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a> is a steady hand on the wheel guiding us on a windy road that will get our country where we need to go. Thank you Scott. <a href="https://t.co/B5jT8rP2ay">https://t.co/B5jT8rP2ay</a>
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1914862616721174613?ref_src=twsrc%5Etfw">April 23, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The endorsement comes as markets face significant pressure. Fundstrat&#8217;s Tom Lee urged Bessent and Commerce Secretary Howard Lutnick to expedite trade agreements for a positive &#8220;policy shock&#8221; to markets after <a href="https://www.benzinga.com/25/04/44915795/tom-lee-urges-bessent-and-lutnick-to-put-points-on-the-board-for-a-positive-policy-shock-to-the-stock-market">U.S. equities shed $1.4 trillion in value on Monday</a>.
&#8220;White House needs to put points on the board,&#8221; Lee stated, emphasizing the urgency for concrete trade deals. Markets have declined substantially, with the Nasdaq 100, S&amp;P 500, and Dow Jones indexes dropping over 10% from recent peaks.
See Also: <a href="https://www.benzinga.com/25/04/44941025/tesla-optimus-robot-hit-by-chinas-rare-earth-magnet-crackdown-elon-musk-says-thousands-may-be-ready-by-year-end-but-no-guarantees-when-you-have-a-complex-manufactured-product">Tesla Optimus Robot Hit By China&#8217;s Rare Earths Crackdown — Elon Musk Says Thousands May Be Ready By Year-End, But No Guarantees</a>
Why It Matters: Complicating matters, Trump recently criticized Federal Reserve Chairman Jerome Powell, calling him &#8220;Mr. Too Late&#8221; and raising concerns about Fed independence. White House economic adviser Kevin Hassett acknowledged the administration was &#8220;continuing to study&#8221; <a href="https://www.benzinga.com/news/25/04/44935195/elizabeth-warren-says-if-trump-illegally-fires-fed-chair-powell-hell-crash-our-markets-cause-more-economic-pain-to-american-families">whether Powell could be removed</a>.
Ackman previously attributed recent market volatility to &#8220;forced selling&#8221; by highly leveraged traders rather than economic fundamentals, cautioning against <a href="https://www.benzinga.com/government/regulations/25/04/44759639/bill-ackman-blames-forced-selling-by-leveraged-traders-for-market-chaos-investors-are-reading-too-much-into-short-term-market-movements">over-interpreting short-term market movements</a>.
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 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) showed modest rebounds on Tuesday.
Read Next:
<ul>
<li><a href="https://benzinga.com/25/04/44855242/charlie-munger-once-highlighted-how-warren-buffetts-lifelong-learning-made-berkshire-hathaways-success-possible-and-the-crucial-lesson-you-can-take-from-it?tblci=GiAShVRBa42nCBtWlx7IMC67Vo2BcWpr85L5I7snseW6sCCN1VcolqTZ7-yIiJzNATDviEo" target="_blank" rel="noreferrer noopener">Charlie Munger Once Said Warren Buffett Is A ‘Learning Machine' And That's What Lies Beneath Berkshire Hathaway's Success From One Decade To Another</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Maxim Elramsisy / Shutterstock.com

Politics

Bill Ackman Praises Treasury Secretary Scott Bessent As 'Steady Hand' Ahead Of World Bank-IMF Spring Meetings

Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), considered a proxy for large-cap growth and tech-dense innovation, faltered considerably in 2025.
What Happened: The ETF has had year-to-date losses of 13.44%. While alarming on its own, this number conceals more profound undercurrents within its<a href="https://www.benzinga.com/etfs"> underlying makeup</a>, most notably the fortunes of &#8220;Magnificent Seven&#8221; stocks, which collectively comprise more than 40% of the QQQ.
The decline among these mega-cap growth stars has been swift and, by some accounts, historic. Roundhill Magnificent Seven ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#BATS">MAGS</a>) mirrors this group of stocks and is down over 12% for the past six months.
As investment advisory company Bespoke Investment Group recently<a href="https://www.benzinga.com/25/04/44916598/tariff-pause-fizzles-mag-7-stocks-slide-back-to-pre-pause-lows"> noted, there is more downside risk</a>.
Also Read: <a href="https://www.benzinga.com/etfs/specialty-etfs/25/04/44895562/3-high-risk-etfs-aggressive-retail-investors-cant-stop-buying">3 High-Risk ETFs Aggressive Retail Investors Can&#8217;t Stop Buying</a>
A convergence of global macroeconomic headwinds has helped to bring about this weakness. J.P. Morgan Asset Management <a href="https://www.advisorpedia.com/markets/can-mega-cap-tech-stocks-withstand-the-tariff-pressure/">underscores </a>that around 75% of the suppliers to these companies are overseas, many in jurisdictions that are newly subject to fresh tariffs under new U.S. trade policy. 
Adding to the squeeze, corporate behemoths and Mag7 members such as Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), and Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) get more than half of their revenues abroad. Consequently, rising trade tensions and supply chain risks continue to be primary risk considerations for investors assessing exposure to QQQ or its underlying tech giants.
Why It Matters: A wider view presents a more complex picture. According <a href="https://www.advisorpedia.com/markets/can-mega-cap-tech-stocks-withstand-the-tariff-pressure/">to </a>J.P. Morgan&#8217;s Stephanie Aliaga, the recent decline has not been caused by a deterioration in underlying fundamentals. 
Instead, it is a repricing of risk in the face of heightened uncertainty regarding margins, capital spending, and earnings expectations. This has resulted in significant compression in valuation. 
Importantly, the forward price-to-earnings (P/E) multiple for the Magnificent Seven has fallen from around 31x early in the year to about 22x—its lowest price since January 2023, before the then-ongoing artificial intelligence (AI) cycle of investment.
This relative discount may attract long-term investors looking for quality at a better entry point. These companies are at the core of the QQQ portfolio and leading in innovation, especially in AI and cloud computing. Their impact on the overall market, and the QQQ, is still unbroken.
However, near-term prudence is likely to be justified. Trade headwinds are not likely to subside quickly, and more volatility in mega-cap growth can be expected. But for those with the stomach for short-term dislocations, the combination of cheap valuations and continued innovation leadership presents an attractive argument for revisiting QQQ and its Mag 7 exposure.
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/new-etfs/25/04/44933272/rnty-yieldmaxs-bold-new-real-estate-etf-that-builds-income-one-option-at-a-time">RNTY: YieldMax&#8217;s Bold New Real Estate ETF That Builds Income, One Option At A Time</a></li>
</ul>
Image: Shutterstock

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