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Surf Air Mobility

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Surf Air Mobility Inc provides a regional air mobility platform to connect communities sustainably. The company is an electric aviation and air travel company expanding the category of regional air travel and reinventing flying through electrification. The company is building a regional air mobility ecosystem to sustainably connect the world's communities. It generates revenue through air mobility services.

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Palantir expande su tecnología en banca y aviación, pero sus acciones caen. ¿Qué impacto tendrá esto en el mercado?

¿Qué está pasando con las acciones de Palantir (PLTR) el martes?

Surf Air Mobility Inc

Amid the escalating trade war between the United States and China, Chinese President&nbsp;Xi Jinping&nbsp;is reportedly facing a political dilemma, says China expert and political commentator Gordon Chang.
What Happened: Chang stated that Xi is in a difficult position where initiating a conversation with President Donald Trump about the trade war could lead to backlash from his fellow Communist Party leaders. &#8220;Xi Jinping has configured the&nbsp;Chinese political system so that&nbsp;only the most hostile answers&nbsp;are considered to be acceptable,&nbsp;which means he&#8217;s boxed himself in,&#8221; Chang explained at an interview with <a href="https://www.foxbusiness.com/media/china-expert-reveals-why-xi-wont-budge-tariffs-with-trump">Fox Business</a>&nbsp;on Thursday.
&#8220;China&#8217;s in a position where it can&#8217;t do what it absolutely needs to do,&#8221; the expert added. 
Chang, who penned &#8220;Plan Red: China&#8217;s Project to Destroy America,&#8221; concurred with Treasury Secretary Scott Bessent&#8217;s opinion that China&#8217;s recent escalation in the trade war was a &#8220;loser&#8221; move. 
On Wednesday, Bessent stated, &#8220;They are the surplus country&#8230;.Their exports to the U.S. are five times our exports to China. They can raise their tariffs, but so what?&#8221;
China &#8220;doesn&#8217;t have any cards in this&#8221; game, Chang stated, implying that while China is &#8220;holding a pair of twos,&#8221; Trump has a &#8220;royal straight flush.&#8221;
SEE ALSO:&nbsp;<a href="https://benzinga.com/25/04/44754349/bitcoins-final-crash-peter-schiff-predicts-2025-crisis-will-end-what-2008-created" target="_blank" rel="noreferrer noopener">Bitcoin&#8217;s Final Crash? Peter Schiff Predicts 2025 Crisis Will End What 2008 Created &#8211; Benzinga</a>
Why It Matters: Following Trump&#8217;s decision to raise tariffs against China to 104%, China retaliated by raising tariffs on U.S. <a href="https://www.benzinga.com/25/04/44708618/china-retaliates-with-massive-84-tariff-hike-on-us-goods-amid-escalating-trade-war">imports from&nbsp;34% to 84%</a>. Trump responded&nbsp;with another tariff increase on Chinese&nbsp;imports the same day, taking the percentage to 125%. China&#8217;s 84% tariff came into effect on Thursday.
This move was followed by Trump&#8217;s sudden tariff spike, which&nbsp;<a href="https://www.benzinga.com/government/regulations/25/04/44740040/chinas-growth-outlook-dims-as-trumps-125-tariffs-put-millions-of-jobs-at-risk-goldman-warns">triggered a sharp downgrade</a>&nbsp;in China&#8217;s growth forecasts by Goldman Sachs, putting up to 20 million export-linked jobs at risk. The escalating trade war and its potential impact on China&#8217;s economy put President Xi Jinping in a precarious position.
Despite hiking the tariffs, President Trump is hopeful of negotiations with the Chinese President. &#8220;I think that we&#8217;ll end up working out something that&#8217;s very good for both countries&#8221;, Trump said in the cabinet meeting on Thursday.
Chang highlighted how China believes it can pressure or intimidate Trump into backing down. However, Trump responded firmly by announcing 125% tariffs, signaling that he won&#8217;t be intimidated and that it&#8217;s China who needs to back down.
However, some experts think otherwise. Neil Thomas, a fellow for Chinese politics at the Asia Society Policy Institute&#8217;s Center for China Analysis <a href="https://abcnews.go.com/Politics/chinas-xi-jinping-playing-hardball-trump-tariffs-analysis/story?id=120692929">told </a>ABC News, &#8220;At the moment, Xi seems to be calculating that China can withstand the damage and that ultimately it&#8217;s the United States who will blink first.&#8221; 
<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/equities/25/04/44655841/if-youre-going-to-do-dumb-things-because-your-stock-goes-down-warren-buffetts-old-warning-gains-steam-as-us-stocks-wipe-out-5-trillion-after-trump-tariffs" target="_blank" rel="noreferrer noopener">&#8216;If You&#8217;re Going To Do Dumb Things Because Your Stock Goes Down…:&#8217; Warren Buffett&#8217;s Old Warning Gains Steam As US Stocks Wipe Out $5 Trillion After Trump Tariffs &#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.

Xi Jinping Steering Clear Of Trump Negotiations To Avoid Political Backlash At Home, Says Expert: China 'Doesn't Have Any Cards In This' Game

The Bank of New York Mellon Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) will release its first-quarter financial results before the <a href="https://www.benzinga.com/quote/bk/earnings">opening bell on Friday, April 11.</a>
Analysts expect the bank to report quarterly earnings at $1.51 per share, up from $1.29 per share in the year-ago period. Bank of New York Mellon projects quarterly revenue of $4.77 billion, compared to $4.53 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On March 3, BNY priced $500 million public offering of depositary shares linked to 6.300% Series J Preferred Stock.
Bank of New York Mellon shares fell 3.5% to close at $76.61 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/bk/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Morgan Stanley analyst Betsy Graseck maintained an Overweight rating and cut the price target from $98 to $94 on April 7, 2025. This analyst has an accuracy rate of 61%.</li>
<li>Citigroup analyst Keith Horowitz maintained a Neutral rating and raised the price target from $82 to $85 on March 24, 2025. This analyst has an accuracy rate of 74%.</li>
<li>RBC Capital analyst Gerard Cassidy reiterated a Sector Perform rating with a price target of $90 on March 17, 2025. This analyst has an accuracy rate of 69%.</li>
<li>Wells Fargo analyst Whit Mayo maintained an Equal-Weight rating and raised the price target from $86 to $96 on March 3, 2025. This analyst has an accuracy rate of 68%.</li>
<li>UBS analyst Brennan Hawken maintained a Buy rating and increased the price target from $88 to $94 on Jan. 21, 2025. This analyst has an accuracy rate of 70%.</li>
</ul>
Considering buying BK stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="579" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11040202/image-72-1024x579.png" alt="" class="wp-image-867347" style="width:559px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11040202/image-72-1024x579.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11040202/image-72-300x170.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11040202/image-72-768x434.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11040202/image-72.png 1091w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read This Next:<a href="https://www.benzinga.com/25/04/44734419/top-2-real-estate-stocks-that-may-keep-you-up-at-night-this-month"> </a>
<ul>
<li><a href="https://www.benzinga.com/25/04/44734419/top-2-real-estate-stocks-that-may-keep-you-up-at-night-this-month">Top 2 Real Estate Stocks That May Keep You Up At Night This Month</a> </li>
</ul>
Photo via Shutterstock

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Bank of New York Mellon Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

The sales figures for Q1 2025 for EVs showcase a growth in U.S. EV sales for several manufacturers and paint a strong picture for the domestic EV sector.
What happened: Cox Automotive has published <a href="https://www.coxautoinc.com/market-insights/q1-2025-ev-sales/">a</a> report outlining how the EV sector is performing in the US. The report showcases how EV sales in the US have grown by over 10% year-on-year, with over 294,250 EVs sold in Q1 2025.
The report also says that roughly 7.5% of new vehicles sold in the US in Q1 2025 were EVs, a 7% year-on-year increase.
Despite experiencing an 8.6% decline in sales when compared to the same time last year, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) still dominates the segment, boasting a 43.5% share in sales.
Elon Musk&#8216;s company was followed by General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) with an 8.9% sales share, including Chevrolet, Cadillac, and GMC. Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) recorded a 7.7% sales share according to the report.
As far as individual models go, Tesla dominated the sales figures, selling over 64,051 units of the Model Y and 52,520 units of the Model 3.
Tesla was followed by the Ford Mustang Mach-E with 11,607 units sold and Chevrolet's Equinox EV with 10,329 units. Honda Motor Co Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) sold 9,561 units of the Prologue. The Honda Prologue is based on the same platform as Chevrolet's Equinox EV.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">NEWS: 294,250 battery electric vehicles were sold in Q1 in the U.S., Up 10.6% YoY, according to Cox automotive. EVs ranked by total Q1 2025 unit sales (with segment share %): • Tesla Model Y: 64,051 (21.8%) • Tesla Model 3: 52,520 (17.8%) • Ford Mustang Mach-E: 11,607 (3.9%)… <a href="https://t.co/iF2QqNtEct">pic.twitter.com/iF2QqNtEct</a>
&mdash; Sawyer Merritt (@SawyerMerritt) <a href="https://twitter.com/SawyerMerritt/status/1910490136217112599?ref_src=twsrc%5Etfw">April 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why it matters: The report illustrates that despite Tesla suffering a decline, other companies like GM, Ford, etc. are adding to the domestic EV sales.
The report highlights increased adoption of EVs among drivers in the U.S. and the growth of legacy brands in the segment when compared with the new-age brands like Tesla.
Price action: GM is currently trading at $43.78, experiencing a 14.8% YTD decline, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/04/44729157/michigan-auto-groups-criticize-trump-for-not-halting-auto-tariffs">Michigan Auto Groups Criticize Donald Trump For Not Halting Auto Tariffs, Say Employees And Supply Chain Will Continue To Endure Uncertainty</a></li>
</ul>
Photo courtesy: Shutterstock

Retail Sales

Tech

FORD

TSLA

EV Sales Rise 10.6% Year-Over-Year In Q1 2025: Tesla Declines But Remains US Market Leader

As tech stocks experienced significant volatility following President Donald Trump&#8216;s tariff announcements, some investment firms view the pullback as a buying opportunity for select Magnificent 7 companies.
What Happened: Alexander Morris, CEO of F/m Investments, told Reuters his firm capitalized on recent price dislocations by adding shares of Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>).
&#8220;We have long been investors in the Mag 7 — not all of them, but a handful of them — and you&#8217;ll see us more into some Apple, which seems to be at a discount,&#8221; Morris said. &#8220;We picked up some Meta, which seemed to have done well.&#8221;
The tech sector has faced substantial pressure recently. Apple shares have plunged 21.91% year-to-date, while Meta has fallen 8.84%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>, with both experiencing sharp declines following Trump&#8217;s initial tariff announcements.
Markets staged a historic rally Wednesday after Trump paused tariffs for 90 days on non-retaliating countries while <a href="https://www.benzinga.com/markets/equities/25/04/44753780/us-stock-futures-fall-nikkei-crashes-over-5-as-markets-reel-from-trumps-tariff-shock">maintaining 145% duties on China</a>.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44754189/bitcoin-ethereum-dogecoin-tumble-as-trump-ups-china-tariffs-scraps-irs-rule-in-nod-to-crypto-voters-rising-yuan-could-boost-altcoins-says-analyst">Bitcoin, Ethereum, Dogecoin Tumble As Trump Ups China Tariffs, Scraps IRS Rule In Nod To Crypto Voters: Rising Yuan Could Boost Altcoins, Says Analyst</a>
Why It Matters: Treasury Secretary Scott Bessent had <a href="https://www.benzinga.com/25/04/44652055/its-more-a-mag-seven-problem-than-a-maga-one-treasury-secretary-says-as-wall-street-meltdowns">attributed the market downturn to overvalued technology stocks</a> rather than trade policy, telling the Tucker Carlson Podcast it was &#8220;more a MAG Seven problem than a MAGA one.&#8221;
Despite recent volatility, Morris advocates for maintaining disciplined portfolio allocations through market fluctuations.
&#8220;Every time someone declares the death of the 60-40 portfolio, it comes roaring back,&#8221; Morris noted. &#8220;Whether 60-40 or 70-30, investors need to choose that level and stick with it until some life events change, understanding that they will balance out.&#8221;
Morris emphasized timing challenges: &#8220;Most of the annual return only happens in a handful of days a year, but you have to be around the entire year to get those days.&#8221;
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/25/04/44752456/obama-era-economist-jason-furman-says-trump-tariffs-now-higher-more-inflationary-than-announced-rais" target="_blank" rel="noreferrer noopener">Obama-Era Economist Jason Furman Says Trump Tariffs ‘Now Higher &amp; More Inflationary' Than Announced: Raising China Levies Outweighs 90-Day Delay On Others</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AAPL

Not All Of Mag 7, But A 'Handful:' F/m Investments Selectively Adds Apple, Meta After Trump's Tariff Announcement

As tensions persist in the tariff dispute, President Donald Trump brushed off China's decision to limit the screening of American films.
What Happened: The China Film Administration confirmed on April 10 that it would be reducing U.S. film imports, as reported by <a href="https://variety.com/2025/film/news/donald-trump-laughs-china-hollywood-movies-1236366364/">Variety</a> on Thursday. This decision is a response to Trump&#8217;s recent tariff increases on Chinese goods to 125%.
Trump, when questioned about China&#8217;s decision, responded with a laugh, saying, &#8220;I think I&#8217;ve heard of worse things.&#8221;
The China Film Administration stated that the U.S. government&#8217;s &#8220;wrong action&#8221; to impose high tariffs on China would &#8220;inevitably further reduce the domestic&nbsp;audience's favorability towards American films.&#8221; The administration plans to &#8220;follow the market rules, respect&nbsp;the audience's choice, and moderately&nbsp;reduce the number of American&nbsp;films imported.&#8221;
See Also:&nbsp;<a href="https://benzinga.com/news/global/25/04/44754763/obama-era-treasury-secretary-larry-summers-rejects-china-cheating-at-trade-narrative-we-get-ev-batter" target="_blank" rel="noreferrer noopener">Obama-Era Treasury Secretary Larry Summers Rejects China &#8216;Cheating&#8217; At Trade Narrative: We Get EV Batteries For &#8216;Pieces Of Paper&#8217; — It&#8217;s A Good Deal</a>
Why It Matters: The U.S. and China have been embroiled in a trade war, with Trump recently increasing tariffs on Chinese goods to 125%. In retaliation, <a href="https://benzinga.com/25/04/44708618/china-retaliates-with-massive-84-tariff-hike-on-us-goods-amid-escalating-trade-war">China has raised its tariffs</a> on U.S. goods to 84%. 
Hollywood films earned just under $600 million in China's $17.7 billion box office in 2024, a sharp contrast to the $8.6 billion generated across U.S. and Canadian theaters during the same period. 
Stocks like Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) are expected to draw attention due to their globally recognized intellectual property and a history of multi-million dollar blockbusters. Disney also operates a substantial merchandising and theme park business in China, which may face significant headwinds. Warner Bros. Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) is also exposed, with numerous international licensing agreements in China that could be at risk. However, IMAX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>) may feel the biggest impact, as it generates 23% of its revenue from China — home to 45% of all IMAX screens.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/04/44745800/millionaire-trader-rakes-in-1-million-on-the-meme-coin-thats-outpacing-dogecoin-shiba-inu" target="_blank" rel="noreferrer noopener">Millionaire Trader Rakes In $1 Million On The Meme Coin That&#8217;s Outpacing Dogecoin, Shiba Inu &#8211; Benzinga</a>
Image via Shutterstock

IMAX

Trump Shrugs Off China's Cutback On US Films Amid Ongoing Tariff Tensions: 'I've Heard Of Worse Things'

Commerce Secretary Howard Lutnick offered a forceful defense of the Donald Trump administration's tariff policies, emphasizing the United States' role as a key consumer of global goods.
What Happened: "We are the world's customer. The customer is always right," Lutnick said during a recent appearance on the All-In podcast. "When we say we're going to charge a tariff, and other countries who lean on us, who rely on us, who can't live without the oxygen that is our economy… we buy everybody's stuff."
Lutnick cited a U.S. gross domestic product of $29 trillion, with Americans purportedly spending $20 trillion. "So who is more important? Let's say they have an economy that produces stuff. And we have an economy that buys stuff. The customer is always right," he asserted.
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He singled out China, contending it "consumes less than $10T and primarily tries to figure out how to sell it to itself," meaning it "doesn't buy anybody else's stuff." From Lutnick's perspective, this reliance on selling goods to the United States grants Washington leverage in trade negotiations: "We want them to come here. And if they can't come here, what if you pay us?"
See also: <a href="https://www.benzinga.com/25/04/44641631/trumps-reciprocal-tariffs-threaten-to-derail-big-techs-billion-dollar-ai-infrastructure-plans-analysts-warn-stargate-was-already-unlikely-to-get-to-that-scale" target="_blank" rel="noreferrer noopener">Trump's Reciprocal Tariffs Threaten To Derail Big Tech's Billion-Dollar AI Infrastructure Plans, Analyst Singles Out This OpenAI-Linked Project As Likely To Get Hit</a>
The Counter-Argument: Critics argue that Trump&#8217;s aggressive tariffs on imported goods expose America's <a href="https://www.benzinga.com/news/global/25/04/44705879/trump-tariffs-push-eu-to-hit-23-billion-in-us-exports-including-orange-juice-poulty-and-steel-from-red-states">vulnerability to retaliation</a> targeting its thriving services exports. While the U.S. maintains a significant $295 billion surplus in services — selling $1.1 trillion worth of financial products, cloud computing, and digital platforms abroad — other nations could respond by imposing hefty reciprocal tariffs or regulatory hurdles to counteract Trump&#8217;s tariffs on goods.
Foreign governments have multiple non-tariff tools, including antitrust probes, restrictive licensing, and digital-service taxes, that can seriously impede American tech giants. European Commission president Ursula von der Leyen, in fact, said on Thursday that the EU is preparing a <a href="https://www.benzinga.com/markets/25/04/44754753/meta-google-and-other-big-us-tech-firms-could-end-up-paying-up-if-trump-tariff-talks-collapse-warns-european-commission-president-no-winners-in-this-only-losers">slate of retaliatory measures</a> that could include levies on digital advertising revenues from U.S. tech companies like Facebook-parent Meta and Alphabet&#8217;s Google.
Meanwhile, Economist and Obama-era Treasury Secretary Larry Summers strongly <a href="https://www.benzinga.com/news/global/25/04/44754763/obama-era-treasury-secretary-larry-summers-rejects-china-cheating-at-trade-narrative-we-get-ev-batteries-for-pieces-of-paper-its-a-good-deal">rejected claims</a> that China has been &#8220;cheating&#8221; on trade since joining the World Trade Organization in 2001, arguing instead that the U.S. has benefited from a &#8220;good deal.&#8221;
Featured image via Shutterstock
Read next: <a href="https://www.benzinga.com/government/regulations/25/04/44660696/trumps-tariff-worries-ross-gerber-points-out-ordering-eu-goods-under-800-still-keeps-you-tax-free" target="_blank" rel="noreferrer noopener">Trump's Tariff Worries? Ross Gerber Points Out Ordering EU Goods Under $800 Still Keeps You Tax-Free</a>

Government

Global

Howard Lutnick Defends Trump Tariffs Saying 'Everybody Needs Our Economy' — Especially China

President Donald Trump has warned of &#8220;transition problems&#8221; as the global tariff war rages on, causing markets to falter.
What Happened: Trump admitted the possibility of difficulties during a cabinet meeting. Despite the upheaval, he remained positive about the eventual outcome, saying, &#8220;There'll be a transition cost and transition problems, but in the end, it's going to be a beautiful thing,&#8221; <a href="https://www.youtube.com/shorts/qj_m4yIWkyE">reported </a>CNBC.
"We're doing again, what we should have done many years ago," stated the President.
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The President&#8217;s remarks followed the White House&#8217;s announcement that tariffs on certain Chinese goods would skyrocket to 145%. This is on top of an existing 20% tariff on fentanyl producers. Despite the escalating trade war, Trump is still hopeful for a deal with China.
Meanwhile, the stock market had another volatile day on Thursday, with substantial losses across the S&amp;P 500, Dow Jones, and Nasdaq. 
Despite the market chaos, U.S. Treasury Secretary Scott Bessent tried to calm fears, stating that over 75 countries were keen to start trade negotiations. Commerce Secretary Howard Lutnick echoed this sentiment, asserting, &#8220;We&#8217;re&nbsp;getting the respect we deserve&nbsp;now.&#8221; When asked about the stock market turmoil on Thursday, Bessent spoke about the good inflation number and oil prices going down and stated, &#8220;I don&#8217;t think I see anything unusual today.&#8221; 
Why It Matters: Trump&#8217;s warning of &#8220;transition problems&#8221; <a href="https://www.benzinga.com/25/03/44222440/financial-crime-weekly">echoes his comments</a> in March about a potential &#8220;period of transition&#8221; for the economy. This comes amid fears of a possible recession and significant changes to the economy, including tariffs and federal workforce reductions. For investors, the immediate concern is whether the market's recent volatility is a precursor to further declines or a sign of a potential reset.
The President&#8217;s <a href="https://www.benzinga.com/25/04/44728207/trump-says-this-is-a-great-time-to-buy-but-portfolio-managers-give-a-reality-check-permanent-damage-has-been-done">recent announcement</a> of a 90-day pause and a reduced Reciprocal Tariff of 10% marked a significant shift from his previous stance. However, the escalating trade war and its impact on the stock market have raised concerns among investors and analysts.
Jake Schurmeier, portfolio manager at&nbsp;Harbor Capital, stated that even though the pause is encouraging, it doesn't resolve the ongoing uncertainty. "We likely go higher for a few days, but I think permanent damage has been done.&#8221; In the Investment Committee debate on CNBC, analysts argue that without a defined plan, corporate guidance and investor confidence will remain weak. &nbsp;
Tech stocks slumped after a sharp rally, as markets reassessed the impact of Trump's new China tariffs. Tech stocks, Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), dropped 6.74%, while Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) fell 5.9% and 4.24%, respectively. Meanwhile, chip stocks, Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) tumbled 8.4% and 7.6%, respectively.
<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/news/global/25/04/44754763/obama-era-treasury-secretary-larry-summers-rejects-china-cheating-at-trade-narrative-we-get-ev-batteries-for-pieces-of-paper-its-a-good-deal" target="_blank" rel="noreferrer noopener">Obama-Era Treasury Secretary Larry Summers Rejects China &#8216;Cheating&#8217; At Trade Narrative: We Get EV Batteries For &#8216;Pieces Of Paper&#8217; — It&#8217;s A Good Deal &#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.

Economics

INTC

NVDA

'There'll Be A Transition Cost,' Trump Says Amid Tariff Woes As Bessent Hints At Behind-The-Scenes Negotiations

The CNN Money Fear and Greed index showed an increase in the overall fear level, while the index remained in the &#8220;Extreme Fear&#8221; zone on Thursday.
U.S. stocks settled lower on Thursday, with the Dow Jones index dipping more than 1,000 points during the session as investors digested the 90-day tariff pause and weighed lingering economic risks to the outlook.
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares fell over 4%, while Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) declined around 6% on Thursday. Shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) also tumbled more than 7% during the session.
On the economic data front, the Consumer Price Index fell from 2.8% year-over-year in February to 2.4% in March, below expectations of 2.6% and marking the lowest reading since September 2024. On a monthly basis, inflation was negative by 0.1% — the first decline since May 2020.
Most sectors on the S&amp;P 500 closed on a negative note, with energy, information technology, and communication services stocks recording the biggest losses on Thursday. However, consumer staples stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 1,015 points to 39,593.66 on Thursday. The S&amp;P 500 fell 3.46% to 5,268.05, while the Nasdaq Composite dipped 4.31% to 16,387.31 during Thursday's session.
Investors are awaiting earnings results from Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), and JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 8.4, the index remained in the &#8220;Extreme Fear&#8221; zone on Thursday, versus a prior reading of 12.3.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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</ul>
Photo via Shutterstock

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

BMGL

Basel Medical Group Acquires Bethesda Medical To Strengthen Diagnostics And Outpatient Services Across Southeast Asia

BlackRock, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) will release its first-quarter financial results before the opening <a href="https://www.benzinga.com/quote/BLK/earnings">bell on Friday, April 11</a>.
Analysts expect the company to report quarterly earnings at $10.21 per share, up from $9.81 per share in the year-ago period. BlackRock projects quarterly revenue of $5.31 billion, compared to $4.73 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
BlackRock recently broadened its fixed-income lineup with two new target maturity ETFs. The iShares iBonds Dec 2035 Term Corporate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBCA#NYSE">IBCA</a>) and the iShares iBonds Oct 2035 Term TIPS ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBIL#NYSE">IBIL</a>) blend the features of conventional bonds with the convenience of stock-like trading.
BlackRock shares fell 4.3% to close at $858.78 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/blk/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Barclays analyst Benjamin Budish maintained an Overweight rating and cut the price target from $1,210 to $950 on April 7, 2025. This analyst has an accuracy rate of 73%.</li>
<li>B of A Securities analyst Craig Siegenthaler maintained a Buy rating and lowered the price target from $1,196 to $1,178 on April 3, 2025. This analyst has an accuracy rate of 74%.</li>
<li>UBS analyst Brennan Hawken maintained a Neutral rating and increased the price target from $1,017 to $1,045 on Jan. 21, 2025. This analyst has an accuracy rate of 70%.</li>
<li>Citigroup analyst William Katz maintained a Buy rating and increased the price target from $1,150 to $1,200 on Dec. 23, 2024. This analyst has an accuracy rate of 69%.</li>
<li>Goldman Sachs analyst Alexander Blostein maintained a Buy rating and raised the price target from $960 to $1,040 on Oct. 3, 2024. This analyst has an accuracy rate of 71%.</li>
</ul>
Considering buying BLK stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="428" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11025909/image-71-1024x428.png" alt="" class="wp-image-867229" style="width:533px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11025909/image-71-1024x428.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11025909/image-71-300x125.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11025909/image-71-768x321.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11025909/image-71.png 1451w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<li><a href="https://www.benzinga.com/25/04/44734419/top-2-real-estate-stocks-that-may-keep-you-up-at-night-this-month">Top 2 Real Estate Stocks That May Keep You Up At Night This Month</a> </li>
</ul>
Photo via Shutterstock

IBCA

iShares Trust iShares iBonds Oct 2035 Term TIPS ETF

IBIL

BlackRock Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

ValueAct Holdings, L.P. initiated a position in Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) in the fourth quarter of 2024, purchasing 536,900 shares worth approximately $122 million, according to a 13F-HR filing with the U.S. Securities and Exchange Commission on Feb. 14.
What Happened: Since then, Amazon&#8217;s stock has dropped 20.81% from $228.86 to $181.22 as of Thursday&#8217;s close, largely due to pressure from President Donald Trump&#8216;s newly implemented tariff policies. 
The decline reduced ValueAct&#8217;s Amazon investment by about $25 million to roughly $97 million.
Meanwhile, the San Francisco-based activist hedge fund reduced its Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) position by 1,015,800 shares, a 26% cut to its largest holding. 
Salesforce stock has fallen 21.63% from $325.54 to $255.12 during the same period. This well-timed reduction helped ValueAct avoid approximately $71 million in potential losses amid market volatility.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44754189/bitcoin-ethereum-dogecoin-tumble-as-trump-ups-china-tariffs-scraps-irs-rule-in-nod-to-crypto-voters-rising-yuan-could-boost-altcoins-says-analyst">Bitcoin, Ethereum, Dogecoin Tumble As Trump Ups China Tariffs, Scraps IRS Rule In Nod To Crypto Voters: Rising Yuan Could Boost Altcoins, Says Analyst</a>
Why It Matters: The strategic moves come during a tumultuous market environment where Trump&#8217;s administration has implemented a temporary 10% universal tariff on most imports and <a href="https://www.benzinga.com/markets/equities/25/04/44753780/us-stock-futures-fall-nikkei-crashes-over-5-as-markets-reel-from-trumps-tariff-shock">a steep 145% duty on Chinese goods</a>, triggering significant market declines. The Nasdaq-100 lost 4.19% and the S&amp;P 500 fell 3.46% in recent trading.
ValueAct&#8217;s investment approach aligns with its history of backing technology and growth sectors. The firm, which manages <a href="https://www.benzinga.com/markets/equities/25/02/43518855/jeff-ubbens-valueact-bet-on-meta-visa-and-exited-spotify-in-q3-was-it-a-clever-move">approximately $9.27 billion in assets</a>, has demonstrated mixed results with recent investments. 
Led by CEO Mason Morfit and co-CEO Rob Hale since founder Jeff Ubben&#8216;s departure in 2020, ValueAct has built a reputation for its collaborative activist investment style that seeks to influence <a href="https://www.benzinga.com/25/02/43875453/valueact-bets-119-million-on-amazon-as-analysts-see-25-upside-whats-driving-jeff-bezos-e-commerce-giant">corporate policy to enhance company value</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/commodities/25/04/44754594/gold-miners-rally-as-bullion-hits-3212-record-trump-tariffs-fuel-over-20-year-to-date-surge-across-sector">Gold Miners Rally As Bullion Hits $3,212: Trump Tariffs Fuel Over 20% Year-To-Date Surge Across Sector</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AMZN

SPOT

Trump Tariff Turmoil Hits ValueAct's Amazon Stake, But Well-Timed Salesforce Sell Pays Off

With U.S. stock futures trading higher this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) to report quarterly earnings at $2.20 per share on revenue of $16.57 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Morgan Stanley shares rose 0.6% to $107.20 in after-hours trading.</li>
<li>Before the opening bell, Fastenal Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) is projected to report quarterly earnings at 52 cents per share on revenue of $1.95 billion. Fastenal shares slipped 1.6% to $74.60 in the after-hours trading session.</li>
<li>Analysts are expecting Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) to post quarterly earnings at $1.24 per share on revenue of $20.75 billion. The company will release earnings before the markets open. Wells Fargo shares fell 0.8% to $62.59 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Before the markets open, The Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) is projected to report quarterly earnings at $1.51 per share on revenue of $4.77 billion. Bank of New York Mellon shares fell 1.5% to $75.50 in the after-hours trading session.</li>
<li>Analysts expect JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) to post quarterly earnings at $4.61 per share on revenue of $44.11 billion before the opening bell. JPMorgan shares gained 0.4% to $228.00 in after-hours trading.</li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/25/04/44734419/top-2-real-estate-stocks-that-may-keep-you-up-at-night-this-month">Top 2 Real Estate Stocks That May Keep You Up At Night This Month</a> </li>
</ul>
Photo via Shutterstock

FAST

JPMorgan Chase, Wells Fargo And 3 Stocks To Watch Heading Into Friday

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) will release its first-quarter financial results before the <a href="https://www.benzinga.com/quote/jpm/earnings">opening bell on Friday, April 11</a>.
Analysts expect the bank to report quarterly earnings at $4.64 per share, up from $4.44 per share in the year-ago period. JPMorgan projects quarterly revenue of $44.14 billion, compared to $41.93 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
JPMorgan Chase CEO Jamie Dimon warned on Wednesday that escalating U.S.-China trade tensions have significantly increased the risk of a recession after President Donald Trump's tariff policies destabilized financial markets.
JPMorgan shares fell 3.1% to close at $227.11 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/JPM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>B of A Securities analyst Ebrahim Poonawala maintained a Buy rating and cut the price target from $285 to $284 on April 2, 2025. This analyst has an accuracy rate of 61%.</li>
<li>Keefe, Bruyette &amp; Woods analyst David Konrad maintained a Market Perform rating and raised the price target from $257 to $264 on Jan. 16, 2025. This analyst has an accuracy rate of 65%.</li>
<li>Piper Sandler analyst Scott Siefers maintained an Overweight rating and increased the price target from $240 to $275 on Dec. 3, 2024. This analyst has an accuracy rate of 70%.</li>
<li>Oppenheimer analyst Chris Kotowski downgraded the stock from Outperform to Perform on Nov. 20, 2024. This analyst has an accuracy rate of 80%.</li>
<li>Citigroup analyst Keith Horowitz maintained a Neutral rating and raised the price target from $215 to $250 on Nov. 19, 2024. This analyst has an accuracy rate of 74%.</li>
</ul>
Considering buying JPM stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="603" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11025030/image-70-1024x603.png" alt="" class="wp-image-867211" style="width:526px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11025030/image-70-1024x603.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11025030/image-70-300x177.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11025030/image-70-768x452.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11025030/image-70.png 1080w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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</ul>
Photo via Shutterstock

Top Wall Street Forecasters Revamp JPMorgan Price Expectations Ahead Of Q1 Earnings

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has unveiled a new trim for its Cybertruck. The new trim is RWD (rear-wheel drive) and offers a range of over 362 miles on a single charge.
What happened: Tesla has officially revealed its price with the Cybertruck Long Range RWD retailing in the U.S. for $69,990 and $62,490 with the federal EV credit.
<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">Cybertruck Long Range now available – $62,490 (incl. Federal Tax Credit) – 362 mi of range (est.) w/ Soft Tonneau – 6&#39; x 4&#39; bed – 7,500 lbs towing capacity <a href="https://t.co/ZP5S5uxHiY">pic.twitter.com/ZP5S5uxHiY</a>
&mdash; Tesla (@Tesla) <a href="https://twitter.com/Tesla/status/1910507285354250739?ref_src=twsrc%5Etfw">April 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The trim level is lighter than the AWD (all-wheel drive) trims and has a reduced ground clearance of 243mm compared to the 406mm on the AWD Cybertrucks. The truck also rides on 18" wheels and misses out on features like a rear screen, ventilated seats, and an air suspension. The towing capacity is also reduced to 7500 lbs.
Why it matters: Elon Musk's Tesla recently <a href="https://www.benzinga.com/25/04/44728787/tesla-to-make-saudi-arabia-debut-amid-infrastructure-challenges">debuted in Saudi Arabia</a> at an event in its capital city, Riyadh.
<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">NEWS: Tesla has officially begun selling its cars in Saudi Arabia today. The country plans to scale from 100 to 5,000 charging stations by 2030. <a href="https://t.co/1h6a1P8eVy">pic.twitter.com/1h6a1P8eVy</a>
&mdash; Sawyer Merritt (@SawyerMerritt) <a href="https://twitter.com/SawyerMerritt/status/1910173967442125191?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Saudi Arabia's sovereign wealth fund — PIF — has outlined an ambitious target of producing over 500,000 battery EVs by the year 2030. Tesla's arrival in Saudi Arabia could prove to be a paradigm shift for the local EV market, and could also help Elon Musk's company cement its position in the region.
The truck's release could also be Tesla's way of appealing to a wider audience as it looks to offset the negativity surrounding the brand.
Tesla properties, superchargers, as well as products like the Cybertruck, have been a target of vandalism in the US due to Elon Musk's involvement with the Donald Trump administration and the Department of Government Efficiency. Tesla sales have been down in almost every major country in the EU, except for the UK.
Price action: TSLA stock has experienced a decline in value, currently trading at $252.40, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. While the stock is up 15.89% over 6 months, it has declined by 37.5% year-to-date.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="963" height="135" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11023311/Tesla.jpg" alt="" class="wp-image-867183" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11023311/Tesla.jpg 963w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11023311/Tesla-300x42.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/11023311/Tesla-768x108.jpg 768w" sizes="(max-width: 963px) 100vw, 963px" /></a></figure>
Tesla holds a momentum rating of 94.23% and a growth rating of 67.68%, according to<a href="https://www.benzinga.com/report/TSLA"> Benzinga's Proprietary Edge Rankings</a>. The Benzinga Growth metric evaluates a stock&#8217;s historical earnings and revenue expansion across multiple timeframes, prioritizing both long-term trends and recent performance. For an in-depth report on more stocks and insights into growth opportunities,<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> sign up for Benzinga Edge.</a>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by <a href="https://www.benzinga.com/topic/mobility">following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/25/04/44729157/michigan-auto-groups-criticize-trump-for-not-halting-auto-tariffs">Michigan Auto Groups Criticize Donald Trump For Not Halting Auto Tariffs, Say Employees And Supply Chain Will Continue To Endure Uncertainty</a></li>
</ul>
Photo courtesy: Shutterstock

Tesla Unveils New Cybertruck Long Range Trim With A 362-Mile Range And Reduced Features

Leading consulting giants Accenture Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>), Deloitte, and Booz Allen Hamilton Holding Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAH#NYSE">BAH</a>) are facing significant contract reductions as the U.S. Department of Defense (DoD) announced a sweeping $5.1 billion cut in IT services and other contracts deemed &#8220;wasteful spending.&#8221;
What Happened: Defense Secretary Pete Hegseth issued these cuts on late Thursday as part of a broader effort to streamline the department&#8217;s budget and redirect funds toward warfighting capabilities and improved healthcare for service members and their families.
&#8220;We need this money to spend on better health care for our warfighters and their families, instead of $500 an hour business process consultant,&#8221; Hegseth said. &#8220;That&#8217;s a lot of consulting.&#8221;
According to the memorandum, Secretary Hegseth detailed the specific areas targeted for cuts, emphasizing a shift away from reliance on external consultants for services that can be performed by the DoD&#8217;s workforce.
&#8220;That&#8217;s with a &#8216;B&#8217;; $5.1 billion in DOD contracts for ancillary things like consulting and other nonessential services,&#8221; Hegseth said while recording a video of the announcement from his office.
He specifically highlighted several major contracts being terminated, including:
<ul>
<li>$1.8 billion in consulting contracts awarded by the Defense Health Agency to various private sector firms, including Accenture, Deloitte, and Booz Allen, for services the DoD believes its civilian workforce can handle.</li>
</ul>
<ul>
<li>A $1.4 billion Air Force contract with Accenture for reselling third-party enterprise cloud IT services, which the department intends to fulfill directly using existing procurement resources.</li>
</ul>
<ul>
<li>A $500 million Navy contract for business process consulting for administrative offices.</li>
</ul>
<ul>
<li>A $500 million contract with the Defense Advanced Research Projects Agency (DARPA) for IT help desk services was deemed &#8220;completely duplicative&#8221; of existing services provided by the Defense Information Systems Agency (DISA).</li>
</ul>
See Also: <a href="https://www.benzinga.com/government/regulations/25/04/44728276/spy-qqq-call-volumes-spiked-minutes-before-tariff-pause-announcement-alexandria-ocasio-cortez-demands-disclosure-from-congress-members">SPY, QQQ Call Volumes Spiked Minutes Before Tariff Pause Announcement: Alexandria Ocasio-Cortez Demands Disclosure From Congress Members</a>
Why It Matters: The announcement builds upon a <a href="https://www.benzinga.com/markets/equities/25/03/44434720/defense-secretary-slashes-580-million-in-wasteful-spending-targets-overdue-overpriced-projects">previous $580 million in cuts</a> announced on March 20, bringing the total savings identified under the Department of Government Efficiency or DOGE initiatives to &#8220;nearly $6 billion in wasteful spending over the first six weeks,&#8221; Hegseth added.
Beyond IT services, the remaining $0.9 billion to reach the $5.1 billion total comes from the termination of 11 additional contracts across the DoD.
These contracts target consulting services related to diversity, equity, and inclusion (DEI), climate change initiatives, the department&#8217;s response to the COVID-19 pandemic, and other &#8220;non-essential activities.&#8221;
To ensure the continued efficiency of the DoD&#8217;s IT operations, Secretary Hegseth has directed the DoD Chief Information Officer (CIO), in coordination with the DOGE team, to develop a 30-day plan for:
<ul>
<li>In-sourcing IT consulting and management services to the department&#8217;s civilian workforce. </li>
<li>Negotiating the most favorable rates for software and cloud services. </li>
<li>Completing an audit of DoD software licensing by April 18, 2025, to eliminate unnecessary expenditures.</li>
</ul>
Price Action: Shares of Accenture were down 18.23% on a year-to-date basis, whereas it declined by 12.29% over a year. Booz Allen Hamilton, on the other hand, was down 15.07% YTD and 24.54% over a year.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended lower on Thursday. The SPY was down 4.38% to $524.58, while the QQQ declined 4.25% to $446.18, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44732982/donald-trump-reduced-himself-to-a-paper-tiger-says-peter-schiff-after-comparing-tariff-rollout-and-pause-to-the-hindenburg-of-trial-balloons">Donald Trump &#8216;Reduced Himself To A Paper Tiger,&#8217; Says Peter Schiff After Comparing Tariff Rollout And Pause To The &#8216;Hindenburg Of Trial Balloons&#8217;</a></li>
</ul>
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