U.S. stock futures rebounded on Tuesday following Monday&#8217;s selloff. Futures of major benchmark indices were higher in premarket.



President Donald Trump <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">attacked</a> Federal Reserve Chairman Jerome Powell on Monday via a Truth Social post. He called him &#8220;Mr. Too Late,&#8221; and urged the Fed Chair to cut rates preemptively.



This <a href="https://www.benzinga.com/25/04/44914873/walgreens-to-pay-up-to-350m-for-illegal-opioid-prescriptions-doj-says">triggered a market selloff</a>, raising concerns about the central bank&#8217;s independence and Trump&#8217;s interference with the monetary policy.



The 10-year Treasury bond yielded 4.40%, and the two-year bond was at 3.79%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool&#8217;</a>s projections show markets pricing an 89.5% likelihood of the Federal Reserve keeping the current interest rates unchanged in its May meeting. 



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>0.81%</td></tr><tr><td>S&amp;P 500</td><td>1.00%</td></tr><tr><td>Nasdaq 100</td><td>1.01%</td></tr><tr><td>Russell 2000</td><td>0.98%</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 Tuesday. The SPY was up 1.06% to $519.32, while the QQQ declined 1.11% to $437.92, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Energy, consumer discretionary, and information technology sectors pulled the U.S. stocks down on Monday.



Shares of&nbsp;Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&nbsp;fell around 5.8%, while&nbsp;Nvidia Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)&nbsp;lost about 4.5% on Monday.&nbsp;Amazon.com Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)&nbsp;shares dipped around 5% during the session.



Comerica Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) fell despite&nbsp;reporting better-than-expected earnings for its first quarter on Monday.



After Monday&#8217;s close, the Nasdaq 100 was down 19.86% from its all-time high of 22,222.61 points. The S&amp;P 500 index was 16.09% lower than its previous record of 6,147.43 points, and the Dow Jones was 18.09% below its 52-week high of 45,073.63 points.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-2.55%</td><td>15,870.90</td></tr><tr><td>S&amp;P 500</td><td>-2.36%</td><td>5,158.20</td></tr><tr><td>Dow Jones</td><td>-2.48%</td><td>38,170.41</td></tr><tr><td>Russell 2000</td><td>-2.14%</td><td>1,840.32</td></tr></tbody></table></figure>



Insights From Analysts:



Senior economist Jeremy Siegel stated in his weekly WisdomTree note that &#8220;Markets show signs of tension.&#8221;



According to him, tariffs may drive a temporary bump in spending as firms and households rush to front-load purchases, but that demand is borrowed from future quarters. That's not sustainable; it's a warning sign. And once the real price increases filter through to consumer goods, public sentiment will shift quickly.



&#8220;Earnings are starting to reflect this uncertainty, though much of Wall Street's consensus remains stale, still anchored in pre-tariff forecasts. CEOs should be updating their models now to reflect multiple trade scenarios, especially those most exposed to China or to consumer imports.&#8221;



Siegel also highlighted that Powell will be blamed for any issues arising from Trump&#8217;s policy decisions.



&#8220;I expect Trump to increasingly blame the ‘too slow Powell' for any downsides that materialize from Trump's policies. Powell may be technically secure in his position, but that doesn't mean he's insulated from blame.&#8221;



Lastly, he advised that &#8220;For income, I continue to favor dividend-paying equities and international exposure over long-duration bonds.&#8221;



Fundstrat&#8217;s Tom Lee urged Scott Bessent and Howard Lutnick to <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">deliver swift trade deals</a>, aiming for a positive market &#8220;policy shock.&#8221;



Echoing Charles Gasparino&#8217;s call for the White House to &#8220;put points on the board,&#8221; which is a sales jargon for quick action during a slump, Lee stated that the market is sending this same message to Bessent, Lutnick, and the Trump&#8217;s trade team.



"They got to cut some deals and let the world know, and they have to do so soon because this could get even uglier," Gasparino's post added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is true &#x1f447; White House needs to put &quot;points on the board&quot; &#8211; this would be a positive &quot;policy shock&quot; <a href="https://t.co/XE4B6oVUi1">https://t.co/XE4B6oVUi1</a>&mdash; Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) <a href="https://twitter.com/fundstrat/status/1914421616471380033?ref_src=twsrc%5Etfw">April 21, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



Upcoming Economic Data



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



<ul>
<li>Philadelphia Fed President Patrick Harker will speak at 9:30 a.m., Minneapolis Fed President Neel Kashkari will speak at 2:00 p.m., and Richmond Fed President Tom Barkin will speak at 2:30 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) rose 0.75% in premarket on Tuesday as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of $1.15 per share on revenue of $33.24 billion.</li>
</ul>



<ul>
<li>3M Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) was 0.06% below the flatline as Wall Street expects it to report earnings of $1.77 per share on revenue of $5.76 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>) was up 0.66% as it is expected to report earnings after the closing bell. Analysts expect a quarterly earnings of 41 cents per share on revenue of $21.35 billion.</li>
</ul>



<ul>
<li>AZZ Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZZ#NYSE">AZZ</a>) declined 4.66% after posting weaker-than-expected sales for its fourth quarter on Monday. The company reiterated its FY26 EPS forecast of $5.50-$6.10 on revenue of $1.625 billion-$1.725 billion.</li>
</ul>



<ul>
<li>Calix Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CALX#NYSE">CALX</a>) jumped 13.14% after reporting better-than-expected first-quarter financial results and issuing strong second-quarter guidance. The company also announced an authorized increase to its stock repurchase program.</li>
</ul>



<ul>
<li>Guidewire Software Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWRE#NYSE">GWRE</a>) advanced 0.97% after committing $60 million to advance cloud-based insurance innovation and compliance in Japan.</li>
</ul>



<ul>
<li>S&amp;P Global Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPGI#NYSE">SPGI</a>) jumped 2%, while Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) was 1.28% higher after the former launched AI-ready commodities data integrated with MSFT&#8217;s 365 Copilot.</li>
</ul>



<ul>
<li>Atkore Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATKR#NYSE">ATKR</a>) climbed 5.08% after reporting preliminary second-quarter results, maintaining its full-year outlook.</li>
</ul>



<ul>
<li>Standard Lithium Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLI#NYSE">SLI</a>) surged 45% after its South West Arkansas Project received special designation as a priority transparency critical mineral project from the Trump Administration.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 1.68% to hover around $63.46 per barrel.



Gold Spot US Dollar advanced 0.92% to hover around $3,455.17 per ounce. Its fresh record high stood at $3,499.92 per ounce. The U.S. Dollar Index spot was higher by 0.07% at the 98.3450 level.



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



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/04/44916388/chicago-fed-chair-goolsbee-agrees-with-bessent-fed-independence-is-a-jewel-box-awaits-tariff-revisit-before-jumping-to-action">Chicago Fed Chair Goolsbee Agrees With Bessent: &#8216;Fed Independence Is A Jewel Box,&#8217; Awaits Tariff Revisit Before &#8216;Jumping To Action&#8217;</a></li>
</ul>



Photo courtesy: Shutterstock

Equities

News

Futures

Treasuries

Economics

Federal Reserve

Pre-Market Outlook

Markets

General

AMZN

ATKR

CALX

GWRE

MSFT

NVDA

SPGI

TSLA

US Stocks Likely To Open Higher Amid Trump's Preemptive Rate Cut Call:  Earnings Are Starting To Reflect This 'Uncertainty,' Says Expert

National Economic Council (NEC) Director Kevin Hassett anticipates the GOP tax bill will be approved by Congress by the start of summer.



What Happened: Hassett informed journalists at the White House of his expectations for the tax bill. He stated, &#8220;The hope is that the tax bill will be passed by the summer, early summer and so things are moving very, very quickly.&#8221; Hassett expects to "finalize the president's thoughts on the tax agenda" by next week, <a href="https://www.politico.com/news/2025/04/18/moving-very-very-quickly-hassett-predicts-tax-bill-passes-by-summer-00298446">reported </a>POLITICO.



Hassett&#8217;s timeline aligns with House Speaker Mike Johnson&#8216;s aspirations to pass President Donald Trump&#8216;s policy agenda by Memorial Day. However, this is an ambitious goal, considering the significant differences between Senate and House Republicans&#8217; proposals to extend trillions of dollars in expiring tax cuts from Trump&#8217;s first term.



The GOP legislation also aims to deliver on Trump&#8217;s campaign promises by eliminating taxes on tips, overtime pay, Social Security benefits, and implementing other new tax cuts. These tax provisions are included in the &#8220;one big beautiful bill&#8221; that Trump envisions, which also covers energy, border, and defense policies — along with potential significant spending cuts that may affect Medicaid.



Last week,&nbsp;House Republicans passed a budget blueprint for the legislation before heading out of Washington for recess. Hassett also mentioned that the &#8220;Big Six&#8221; group, which includes himself,&nbsp;Johnson, Senate Majority Leader John&nbsp;Thune (R-S.D.), Treasury Secretary Scott&nbsp;Bessent, Senate Finance Chair Mike&nbsp;Crapo (R-Idaho),&nbsp;and House Ways and Means&nbsp;Chair Jason Smith (R-Mo.),&nbsp;has been holding regular meetings to discuss the details of Trump&#8217;s tax bill.



Why It Matters: President Trump&#8217;s ambitious <a href="https://www.benzinga.com/personal-finance/25/02/44063509/trumps-5-trillion-to-11-trillion-tax-plan-a-boost-for-growth-or-a-path-to-unprecedented-debt">tax plans</a> could reduce federal revenue by $5 trillion to $11.2 trillion over the next decade, potentially increasing the nation&#8217;s debt, estimated the Committee for a Responsible Federal Budget. This plan includes extending tax cuts from the 2017 Tax Cuts and Jobs Act, expanding deductions, and providing targeted tax relief for specific groups.



In&nbsp;<a href="https://www.benzinga.com/personal-finance/25/03/44197826/big-deficits-big-tax-cuts-but-at-what-cost-how-the-fy2025-budget-impacts-everyday-americans">March</a>, Congress found itself in a standoff over the federal budget, with House and Senate Republicans passing different budget measures to advance parts of Trump&#8217;s economic agenda. The impasse sets the stage for a prolonged battle over government spending, tax cuts, and the deficit.



<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/25/04/44914780/michael-saylor-warns-leveraging-ethereum-and-solana-could-lead-to-ftx-terra-luna-like-situationcalls-them-balsa-wood-and-clay-bricks-to-bitcoins-steel" target="_blank" rel="noreferrer noopener">Bitcoin Is Steel, Ethereum And Solana Are Balsa Wood And Clay, Warns Michael Saylor—Strategy Chair Says Leveraging ETH, SOL Could Lead To &#8216;Catastrophe&#8217; &#8211; Grayscale Ethereum Mini Trust (ETH) Common u</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.

Personal Finance

Congress Could Greenlight Trump's 'Big Beautiful' Tax Bill By Summer: 'Things Are Moving Very, Very Quickly,' Says Hassett

On Monday, April 21, U.S. markets closed lower as President Trump intensified his criticism of Federal Reserve Chair Jerome Powell, raising fresh concerns over the central bank&#8217;s independence. Tech stocks led the sell-off, pulling all major indexes into negative territory. Ongoing trade tensions with China weighed on investor sentiment while anticipation built around upcoming corporate earnings reports.



All 11 sectors in the S&amp;P 500 ended the day in the red, with energy, consumer discretionary, and information technology stocks posting the largest losses.



The Dow Jones Industrial Average dropped 2.48% to 38,170.41, the S&amp;P 500 declined 2.36% to 5,158.20, and the Nasdaq Composite fell 2.55% to 15,870.90.



Related: <a target="_blank" href="https://www.benzinga.com/government/regulations/25/04/44909343/speculators-ramp-up-bets-on-who-will-succeed-fed-chair-powell-as-trumps-pressure-campaign-intensifies" rel="noreferrer noopener">Speculators Ramp Up Bets On Who Will Succeed Fed Chair Powell As Trump&#8217;s Pressure Campaign Intensifies</a>



Asia Markets Today



<ul>
<li>On Tuesday, Japan&#8217;s Nikkei 225 declined 0.14% to close at 34,230.50, led by losses in the Paper &amp; Pulp, Transport and Communication sectors.</li>



<li>Australia&#8217; S&amp;P/ASX 200 closed lower by 0.03% at 7,816.70, led by losses in the IT, Energy and Healthcare sectors.</li>



<li>India&#8217;s Nifty 50 rose 0.18% to 24,170.00 and Nifty 500 rose 0.40% to 22,094.15.</li>



<li>China&#8217;s Shanghai Composite rose 0.25% to 3,299.76, while Shanghai Shenzhen CSI 300 slid 0.02% to 3,783.95.</li>



<li>Hong Kong&#8217;s Hang Seng closed 0.78% higher at 21,562.32.</li>
</ul>



Eurozone at 05:45 AM ET



<ul>
<li>The European STOXX 50 was down 0.25%.</li>



<li>Germany&#8217;s DAX declined 0.19%.</li>



<li>France&#8217;s CAC 40 fell 0.28%.</li>



<li>U.K.&#8217;s FTSE 100 index traded higher by 0.38%.</li>
</ul>



Commodities at 05:45 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 1.07% at $63.48/bbl, and Brent was up 1.57% at $67.30/bbl.</li>



<li>Oil prices rose on Tuesday as traders covered short positions after Monday&#8217;s sharp drop, though concerns lingered over tariffs and U.S. monetary policy dampening fuel demand. Gains were limited by progress in U.S.-Iran nuclear talks, which eased supply fears.</li>



<li>Natural Gas rose 0.70% to $3.037.</li>



<li>Gold was trading higher by 1.24% at $3,46.86, Silver was up 0.13% to $32.563, and Copper rose 0.82% to $4.7670.</li>



<li>Gold prices hit a new record high on Tuesday, driven by safe-haven demand amid U.S.-China trade tensions and concerns over Trump&#8217;s push to overhaul the Federal Reserve.</li>
</ul>



U.S. Futures at 05:45 AM ET



Dow futures were up 0.87%, S&amp;P 500 futures gained 0.98% and Nasdaq 100 futures rose 0.99%.



Forex at 05:45 AM ET



<ul>
<li>The U.S. Dollar Index slipped 0.01% to 98.34, USD/JPY was down 0.35% to 140.35, and USD/AUD gained 0.15% to 1.5608.</li>



<li>The dollar fell to new lows Tuesday as Trump&#8217;s criticism of Fed Chair Powell sparked concerns over central bank independence and weakened confidence in the currency.</li>
</ul>



Image Via Shutterstock

Asia

Emerging Markets

Eurozone

Commodities

Forex

ADIV

AGOV

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BOIL

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EEMA

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SPEM

USDU

Gold Hits Record High, Dollar Weakens As Trump's Policy Stance And Fed Chair Criticism Induces Uncertainty

The Primary School, a tuition-free private institution co-founded by Priscilla Chan, wife of Meta Platforms Inc. founder Mark Zuckerberg, will shut down after the 2025-2026 school year, the organization announced.



What Happened: Founded in 2016, the school aimed to integrate healthcare, education, and family support by bringing together parents, educators, and medical providers to serve underserved communities. The school currently operates two locations in East Palo Alto and East Bay, California.



&#8220;This was a very difficult decision,&#8221; said Jean-Claude Brizard, President of the school&#8217;s board, in a statement. The closure comes despite Chan and Zuckerberg&#8217;s continued investment in education and scientific research through their Chan Zuckerberg Initiative (CZI). The school has not publicly disclosed specific reasons for the closure.



To support the transition, CZI will invest $50 million over the next few years in the affected communities. The investment includes funding for 529 education savings plans for students, transition specialists, and support for families moving to new schools.



See Also: <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">Tom Lee Urges Bessent And Lutnick To &#8216;Put Points On The Board&#8217; For A &#8216;Positive Policy Shock&#8217; To The Stock Market</a>



Why It Matters: Some students will join the Ravenswood City School District, which has collaborated with The Primary School since its inception. 



The school&#8217;s innovative approach was designed to address systemic challenges facing underserved communities by creating a comprehensive support network for children from infancy through early adolescence. It currently serves over 300 families in East Palo Alto.



While The Primary School is closing, <a href="https://www.benzinga.com/general/entertainment/24/08/40411578/meta-ceo-mark-zuckerberg-commissions-statue-of-wife-priscilla-chan-sparks-online-buzz-bring">CZI continues its broader mission</a> through recently announced scientific &#8220;grand challenges&#8221; focused on the artificial intelligence-biology intersection to advance human health, including the development of an AI-based virtual cell model and new inflammation measurement tools.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/commodities/25/04/44915727/gold-tops-3500-as-investors-flee-to-safety-mohamed-el-erian-warns-of-global-system-shift-amid-trump-powell-tensions">Gold Tops $3,500 As Investors Flee To Safety: Mohamed El-Erian Warns Of Global System Shift Amid Trump-Powell Tensions</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

Tech

Mark Zuckerberg's Wife Priscilla Chan's Tuition-Free School To Shutdown, $50 Million Support Pledged For Transition

The CNN Money Fear and Greed index showed some easing in overall fear level, while the index remained in the &#8220;Extreme Fear&#8221; zone on Monday.



U.S. stocks settled lower on Monday, with the Dow Jones index falling more than 950 points during the session. President Donald Trump took to Truth Social, demanding immediate rate cuts and blasting Fed Chair Jerome Powell as &#8220;Mr. Too Late,&#8221; accusing him of past political bias and inflation misjudgment.



Shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) fell around 5.8%, while Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) lost about 4.5% on Monday. Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) shares dipped around 5% during the session.



Comerica Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMA#NYSE">CMA</a>) reported better-than-expected earnings for its first quarter on Monday. Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) reported stronger-than-expected first-quarter financial results after the closing bell on Thursday.



All sectors on the S&amp;P 500 closed on a negative note, with energy, consumer discretionary, and information technology stocks recording the biggest losses on Monday.



The Dow Jones closed lower by around 972 points to 38,170.41 on Monday. The S&amp;P 500 dipped 2.36% to 5,158.20, while the Nasdaq Composite fell 2.55% to 15,870.90 during Monday's session.



Investors are awaiting earnings results from Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), 3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 21.6, the index remained in the &#8220;Extreme Fear&#8221; zone on Monday, versus a prior reading of 19.5.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based



&nbsp;on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44896269/how-to-earn-500-a-month-from-3m-stock-ahead-of-q1-earnings">How To Earn $500 A Month From 3M Stock Ahead Of Q1 Earnings</a> </li>
</ul>



Photo courtesy: Shutterstock

Earnings

Trading Ideas

NFLX

Nasdaq Dips Over 400 Points Amid Plunge In Tesla, Nvidia Shares: Greed Index Remains In 'Extreme Fear' Zone

Two prominent Fed voiced issued strong public defenses of the central bank&#8217;s independence on Monday, calling out President Donald Trump&#8216;s attacks on Chair Jerome Powell as politically <a href="https://www.benzinga.com/topic/jerome-powell">dangerous and economically destabilizing.</a>



Speaking Monday on CNBC, Richard Fisher, former president of the Dallas Fed, warned that Trump's repeated attacks on Powell could inflict serious long-term damage on the credibility of the Federal Reserve and the broader U.S. economy.



"The one thing you don't want to have happen is for the Fed to become politicized," Fisher said.



Fisher added that even if Trump could fire Powell, which remains legally uncertain, it would be a self-defeating move.



"I don't think it's in the president's interest to sack him. The markets would react extremely negatively," he said.



Fisher also highlighted that current uncertainty has already paralyzed corporate decision-making, referencing companies like United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>), which recently offered dual earnings forecasts due to macroeconomic unpredictability.



"I think the president, frankly, is undermining his own case." "No business can make a decision here," Fisher said. "That uncertainty has been generated by the executive branch."



When asked whether Trump could legally demote or remove Powell, Fisher pointed to historical precedent—most notably in 1979, when President Jimmy Carter reassigned then-Fed Chair G. William Miller to Treasury Secretary after a period of poor economic performance and appointed Paul Volcker in his place. 



"I hope it doesn't come to push and shove," he said. "If it does, we're going to see further spread widening, higher interest rates and pressure that damages long-term confidence in the economy."



Fisher also pushed back on the assumption that Fed rate cuts would lower market interest rates, pointing out that recent episodes of easing were followed by yield spikes in longer-term bonds.



"After they cut 50 basis points and then did three more cuts, yields went up—not down. The 10-year rose by 100 basis points," Fisher said. "So even if you force cuts, the market may not respond how you think."



Ultimately, Fisher painted a picture of a market hamstrung by political volatility and a Fed cornered by noise from the White House.



&#8220;Forget about the stock market, the FED will always act if the credit markets become dysfunctional.&#8221;



<h3 class="wp-block-heading">Goolsbee: Interference Means &#8216;Higher Inflation, Worse Growth&#8217;</h3>



Echoing Fisher's concerns, Austan Goolsbee, President of the Federal Reserve Bank of Chicago, said earlier on <a href="https://www.cnbc.com/2025/04/21/chicago-feds-goolsbee-says-fed-independence-is-critically-important-for-its-inflation-fight.html">CNBC's Squawk Box</a> that interfering with the Fed's independence would erode the institution's credibility and lead to long-term economic pain.



"Fed independence is critically important," Goolsbee said. "When there is interference over the long run, it's going to mean higher inflation, worse growth and higher unemployment."



Although Goolsbee declined to comment directly on Trump's statements, his message was clear: monetary credibility depends on political neutrality, especially when inflation-fighting resolve is needed.



"Just look at the countries where they don't have Fed independence. Inflation is higher, unemployment is higher, growth is worse," he added.



U.S. financial markets came under heavy pressure Monday, with stocks, bonds and the dollar falling in unison, a rare and unsettling signal of deepening investor distrust.



The U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), slid to its lowest level since April 2022.



The S&amp;P 500, mirrored by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), sank 3.3% in one of its steepest single-day drops of the year.



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</ul>



Photo: RozenskiP / Shutterstock.com

Macro Economic Events

Broad U.S. Equity ETFs

Econ #s

ETFs

Top Fed Voices Defend Powell, Slam Trump's Attack On Central Bank Independence

Three major U.S. defense contractors — RTX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>), Northrop Grumman Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>) and Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) — are all scheduled to report earnings before the market opens on Tuesday. Here's a look at what to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44810625/top-analyst-sees-unprecedented-traction-for-pltr-stock-after-nato-agreement-another-validation-sign">watch in the reports. </a>



What To Know: The Trump administration has signaled potentially historic defense spending, with reports suggesting a Pentagon budget near $1 trillion, which could benefit all three contractors. However, President Donald Trump has sent mixed messages by advocating for increased allied purchases of U.S. weapons while discussing the possibility of cutting U.S. military spending. 



The administration's push for efficiency, led by Elon Musk at the Department of Government Efficiency, introduces more uncertainty for defense contractors, as many major programs are under review. 



Read Next: <a href="https://www.benzinga.com/25/04/44903087/amazon-stock-downgraded-price-target-slashed-as-tariffs-create-uncertainty">Amazon Stock Downgraded, Price Target Slashed As Tariffs Create Uncertainty&nbsp;</a>



RTX: Investors will be looking for continued growth in RTX's Collins Aerospace and Pratt &amp; Whitney units, which both recently announced a slew of <a href="https://www.benzinga.com/news/contracts/25/04/44686376/rtx-pops-as-pratt-whitney-expands-gtf-capacity-collins-aerospace-enhances-offerings">new deals </a>and led 2024's gains.



The company's backlog will also be monitored for continued growth after reaching a record $218 billion at the end of 2024.&nbsp;



According to estimates from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, analysts expect the company to report earnings of $1.35 per share and revenue of $19.79 billion for the quarter.&nbsp;



NOC: Investors will be watching the performance of Northrop&#8217;s four main business segments: Aeronautics Systems, Defense Systems, Mission Systems and Space Systems, as well as updates on 2025 revenue and free cash flow guidance. 



Current expectations are for revenue between $42 billion and $42.5 billion and free cash flow of between $2.9 billion and $3.3 billion.&nbsp;



Earlier in April, Goldman Sachs analyst Noah Poponak upgraded Northrop Grumman stock from Sell to Neutral and raised the price target from $424 to $521. Analysts expect the company to report earnings of $6.26 per share on revenue of $9.94 billion, according to estimates from <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>. 



LMT: Last week, Evan Scott <a href="https://www.benzinga.com/25/04/44867490/evan-scott-takes-over-as-lockheed-martin-cfo-succeeding-jesus-jay-malave">was named </a>as Lockheed Martin's CFO, succeeding Jesus Malave, effective immediately. In a press release, the company said it will be reaffirming its previously issued 2025 guidance and will provide updates on other key topics and answer questions with its first quarter earnings release. 



Investors will be watching the company's Aeronautics segment, driven by the F-35 program, which is expected to post solid sales. Analysts expect Lockheed Martin to report earnings of $6.34 per share on revenue of $17.8 billion for the first quarter. 



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Photo: <a href="https://www.shutterstock.com/g/MCMEDIASTUDIOPRO">MC MEDIASTUDIO</a> via Shutterstock

Government

Previews

RTX, Lockheed Martin, Northrup Grumman Report Earnings Tuesday: What To Watch

President Donald Trump&#8216;s <a href="https://www.benzinga.com/government/regulations/25/04/44896834/dollar-hits-3-year-lows-us-stocks-tumble-as-trump-threatens-to-fire-powell-contrarians-of-the-world-unite">mounting fierce criticism</a> against Federal Reserve Chair Jerome Powell is unnerving the marker and taking down tech juggernaut Alphabet Inc (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>). 



Still, there may be a chance to extract quick profits for bold and opportunistic traders.



To be clear, no one should dismiss the anxiety surrounding the latest market rumblings. In a Truth Social post, Trump previously signaled discouraging intentions for the Fed chair. 



"Jerome Powell is always too late and wrong. His termination cannot come fast enough,&#8221; Trump said.



Trump initially nominated Powell in 2017. President Joe Biden appointed Powell to another four-year term in 2022. U.S. presidents do not have the legal authority to fire a Fed chairman before the end of a term, which for Powell is May 2026.



At the heart of the matter is the benchmark interest rate, with Trump blasting Powell for not cutting borrowing costs despite falling oil prices and easing inflation concerns. The president further <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44875406/hell-be-out-if-i-ask-him-can-trumps-threat-to-oust-powell-shake-the-fed">stoked the flames of discontent</a>, remarking during a public appearance with Italian Prime Minister Giorgia Meloni that he could remove Powell "real fast" if he so wished.



Of course, the political drama only underscores a far more pressing concern: the White House's economic policies — particularly related to tariffs against key economic partners — threatens to <a href="https://www.benzinga.com/news/global/25/04/44899617/90-chance-of-recession-due-to-trumps-tariffs-sharp-slowdown-is-coming-economist-says">sink the nation into a recession</a>, potentially sometime this year. For a company like Alphabet, which depends heavily on advertising revenue, a downturn would be problematic; hence, the volatility in Alphabet&#8217;s stock.



Despite the wide-ranging concerns, management has a chance to frame the narrative properly with the company's Thursday after-close <a href="https://www.benzinga.com/quote/GOOG/earnings">earnings disclosure</a>. One area that may convince investors to take a stab at Alphabet stock is the broader integration of artificial intelligence. By embedding AI across products to reduce costs and improve engagement, along with generative AI monetization efforts within the Search platform, the tech giant may help right its own ship.



<h2 class="wp-block-heading">Winners Like Alphabet Don't Stay Deflated for Too Long</h2>



Trump perceives tariffs as key to winning trade deals and often discussed the strategy on the campaign trail. And that's the main takeaway for Alphabet from a stock trading perspective: it's a winner and winners don't stay deflated for too long.



However, with headline metrics such as a year-to-date loss of 22%, it's easy for pessimism to cloud the discourse. Part of the reason for this tendency has to do with the way traditional analyses — whether technical or even fundamental — are structured. Specifically, standard methodologies rely on continuous-time signal processing frameworks. That's a complicated way of saying that there's no such thing as a "good" stock price or "bad" revenue.



Instead, metrics like share price or revenue represent scalar realities: they are what they are. The problem, of course, is that many fall into the trap of interpreting a discrete outcome — for example, "it's a good time to buy" — from a continuous signal without defining what exactly is "good."



To get around this dilemma, investors can deploy a process called abstraction, essentially compressing continuous events into discrete events, thus generating a discrete-event analysis for discrete conclusions. Personally, I deployed a quasi-binary compression for the purposes of calculating a modified first-order Markov chain model on Alphabet stock.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/21151826/GOOG-stock-price-projection-1-1024x576.jpg" alt="" class="wp-image-880553" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/21151826/GOOG-stock-price-projection-1-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/21151826/GOOG-stock-price-projection-1-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/21151826/GOOG-stock-price-projection-1-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/21151826/GOOG-stock-price-projection-1.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image by author</figcaption></figure>



What I noted was that in the past two months, the shares have printed in totality (meaning not necessarily in order) a "2-8" sequence: two weeks up, eight weeks down. The 2-8 sequence is rare, flashing only four times in the past decade. What's significant in my opinion is that in three out of the four cases, Alphabet popped sharply higher within the first two weeks of the 2-8 signal flashing.



In any other circumstance, one would consider the above assessment statistically fragile. But price action tends to marshal human emotions, which may lend credibility to this potential upside pivot.



<h2 class="wp-block-heading">Plotting a Bullish Strategy for Alphabet</h2>



With the prospect of a bullish reversal on the horizon — and especially with an earnings report coming — bold traders may be enticed to consider an out-the-money (OTM) wager as opposed to a hedged bet. Every good quarterback knows when it's time to go deep and this might be such a moment.



At this moment, the cheapest vertical spread which in my view touches the boundaries of rationality is the 157.50/160 bull call spread for the options chain expiring May 2. This transaction involves buying the $157.50 call (at an ask of $265) and simultaneously selling the $160 call (at a bid of $193), resulting in a net debit paid of $72, the most that can be lost in the trade.



Should GOOG stock rise through the $160 short strike price at expiration, the maximum reward is $178, or a payout of over 247%.



It's a highly speculative, capped-risk, capped-reward setup. The justification for the trade is that in 75% of the time when the 2-8 sequence flashes, the median return (under the positive pathway) two weeks out is 13.15%. Coincidentally, the timing of the earnings release lends loose support to the speculation that something special could be cooking for Alphabet stock.



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Image: Shutterstock

Long Ideas

Options

Politics

GOOG

GOOGL

Options Corner: Monday Blues Can't Hide Alphabet Stock's Potential Upside Pivot

Netflix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) reported earnings last Thursday and the response has been positive among traders. The stock has bounced up, briefly recovering the $1,000 price target and now hovering just below that level.



The broad market remains volatile amid the trade war with China, but based on Monday&#8217;s price action, we may have a tradable bottom. However, the topside could be limited in the near term.



That&#8217;s the perfect setup for this &#8220;back ratio&#8221; trade.



Netflix&#8217;s relative resistance zone sits right around $1060, while support is well below near $700.



The back ratio call spread involves buying one call option just below that resistance zone. At the same time, selling two calls just above that zone, like so:



<ul>
<li>Buy to open 1 NFLX 960 calls </li>



<li>Sell to open 2 NFLX 1080 calls </li>
</ul>



I&#8217;ve picked September expiration dates to ‘jump' over the volatility we are likely to see in the summer, which remains unknown. The back ratio holds risk but allows us to finance this bullish position into the future.&nbsp;



This trade requires a margin if the stock is not already in your portfolio. For every call we buy, we sell two calls at higher strikes allowing us to finance part of the position. 



As for cost, the back ratio above holds a current credit of $11.55 at the time of this writing and will define the maximum credit if prices fall below $960 into expiration. 



The breakeven price of the stock at expiration on this trade is $948.45 at this writing, so we will be in profit above this price into expiration.&nbsp;



The maximum profit for this position is calculated in the following way: the long strike $960 subtracted from the short strike $1080 is $120. This difference times 100 yields $1,200 plus the credit we collected at the trade outset, $1,155 is $1,355. If we do not breach the $1,080 price, we achieve maximum gains for the position. 



If we do not own the stock, we will have a theoretically unlimited risk exposure, as prices could move dramatically, so we must calculate where our returns diminish. Every penny above the stock price of $1,080 reduces our profit. If the stock rises past $1,080, a trade adjustment is advised. 



As with all option plays, there are many ways to leave the trade, but I will discuss the following:&nbsp;



<ol>
<li>Sell the back ratio when it has accumulated a predefined profit for your trading style. We have time on our side with this kind of trade, so as long as support holds, the trade premise remains valid. Set an alert for $1,080 as there is only risk if the stock rises sharply and stays there. </li>



<li>Sell the back ratio when there are less than 21 days to expiration as volatility expansion will affect these positions significantly. </li>



<li>Sell the back ratio when it hits a predefined stop or risk limit for your trading style. This trade will erode profits the further above $1,080 it climbs. </li>



<li>&#x2A;&#x2A; You could turn this into a butterfly by buying the strike at $1200, but this becomes a debit and the risk will now be the outlay of cash to purchase the position.</li>
</ol>



<h2 class="wp-block-heading">Trading Volatility: New Strategies to Manage Market Uncertainty</h2>



Markets are breaking down—and breaking out. With 35 years on Wall Street, Matt Maley knows how to read between the headlines. Join him live Wednesday at 6 PM ET to see the technical patterns and setups that can lead to surprising gains—even in a sideways market. Click <a href="https://events2.benzinga.com/matt-maley-webinar-wed-apr23-2025-registration">HERE</a> to reserve your spot now.



Editorial content from our Expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies which are neither expressly or impliedly approved or endorsed by Benzinga.



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