With what President Donald Trump is calling "Liberation Day" set for tomorrow, Goldman Sachs is warning that proposed reciprocal tariffs from the Trump administration could significantly inflate U.S. refined product prices, while offering only modest support to <a href="https://www.benzinga.com/markets/commodities">light crude oil prices.</a>



In a research note published Tuesday, Goldman Sachs commodities analyst Callum Bruce outlined two tariff scenarios and their potential effects on U.S. oil markets.



<h3 class="wp-block-heading">Tariffs In Focus: Oil Exemptions Unclear</h3>



Goldman's economists anticipate a 15% reciprocal tariff across U.S. trading partners, though exclusions could reduce the effective rate to around 9 percentage points. 



At present, the firm does not include oil tariffs in its base-case forecasts, but acknowledges the historical precedent of partial exemptions, such as those applied during the Canadian tariff episode.



Still, the lack of clarity on whether crude oil and refined products will be exempt has prompted Goldman to sketch out potential outcomes—ranging from mild market shifts to significant price disruptions.



<h3 class="wp-block-heading">Scenario 1: 10% Universal Tariff On Oil Imports</h3>



In this case, Goldman expects that "heavy crude barrels from Canada and Latin America would largely discount and continue to flow," due to both export constraints on Canadian oil and the fact that U.S. refiners are tailored to process heavier grades.



Yet, refined products would see an immediate price impact. 



Bruce estimates that U.S. benchmark margins for gasoline – as tracked by the United States Gasoline Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UGA#NYSE">UGA</a>) – and diesel in New York Harbor could rise by $6 per barrel, particularly on the coasts, where the lack of domestic refining capacity and limited access to discounted imports amplify price pressure.



On crude prices, the impact would be marginal. "No clear boost to domestic U.S. crude oil prices and U.S. production" is expected, Bruce said, given the mismatch between the light oil the U.S. produces and the heavy crude most U.S. refineries require.



Despite the policy shock, light U.S. crude prices like WTI would see limited gains, as the U.S. produces more light sweet crude than its refineries can efficiently process. This structural mismatch reduces the demand pull on domestic producers, capping any significant upside.



<h3 class="wp-block-heading">Scenario 2: Tariffs Above 10% Drive Global Market Disruptions</h3>



A more aggressive tariff rate could catalyze deeper changes. 



"A larger tariff than 10% on oil U.S. imports may increasingly incentivize heavy oil barrels&#8230;to find new homes outside of the U.S.," the analyst said.



This shift would lead to "significantly higher refined product prices, especially in the U.S.," as the refining system globally becomes constrained by less-than-optimal crude slates.



Goldman estimates a $2-per-barrel widening of light-to-medium crude spreads for each 1 million barrels per day of medium crude replaced by light crude in U.S. refineries. However, most of that adjustment would likely occur via heavy crude discounts, not light sweet premiums.



The firm identifies 1.2 million barrels per day of seaborne heavy crude at risk of redirection, and an additional 1 million barrels per day of Canadian pipeline crude that could be re-exported through the U.S. Gulf Coast—if infrastructure allows.



Despite the looming tariff announcement, Goldman sees little evidence that markets are pricing in oil tariff risks. 



"Current market prices of New York Harbour refined products and Canadian locational crude oil differentials both suggest minimal current risk premia for potential U.S. import tariffs without widespread oil exemptions or oil tariff rate reductions," Bruce said.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44589523/trumps-liberation-day-tariff-plan-could-ignite-global-trade-shakeup-betting-markets-price-in-the-pain">Trump Tariffs Could Ignite Global Trade Shakeup: Betting Markets Price In Pain</a></li>
</ul>



Photo: Shutterstock

Goldman Warns Trump's 'Liberation Day' Tariffs Could Spike US Fuel Prices

First-quarter delivery figures from Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) could be more anticipated than usual, given intense concerns for demand amid boycotts and lower sales reported in <a href="https://www.benzinga.com/news/global/25/03/44128646/tesla-sales-drop-in-europe-in-february-some-countries-down-over-40-is-musks-political-push-hurting-ev-company">regions in Europe.</a>



Here's a look at key estimates before Tesla reports first-quarter deliveries this week.



What Happened: President Donald Trump <a href="https://www.benzinga.com/general/education/25/03/44289061/why-trumps-new-tesla-wont-be-hitting-the-open-road">purchased a Tesla vehicle</a> in the first quarter of 2025. Now, investors and analysts are closely watching for official delivery figures to see how many thousands of customers worldwide also received their Teslas during the quarter.



Consensus estimates from analysts compiled by Tesla are for first-quarter deliveries of 377,592 units, as reported by Teslarati. This figure comprises 351,893 Model 3/Model Y and 21,241 deliveries of other Tesla models.



Tesla influencer Sawyer Merritt recently conducted a <a href="https://x.com/SawyerMerritt/status/1906740457050181944">poll </a>of followers on X for their predictions on how many vehicles Tesla will deliver in the first quarter. Here are the results from over 10,000 X users:



<ul>
<li>Under 350,000: 37.3%</li>



<li>350,000 to 360,000: 31.4%</li>



<li>360,000 to 370,000: 11.9%</li>



<li>More than 370,000: 19.4%</li>
</ul>



The under 350,000 option was the leading vote getter at 37.3% followed by the 350,000 to 360,000 range at 31.4%. In total, 68.7% of respondents see Tesla reporting 360,000 or less deliveries in the first quarter.



Troy Teslike, who predicts Tesla deliveries and production figures, <a href="https://x.com/TroyTeslike/status/1906829878592524446">shared </a>his final prediction for the quarter on X. Teslike predicts Tesla will have deliveries of 355,000 units in the first quarter.



On the prediction platform Kalshi, users can wager on Tesla's delivery totals by trading in binary markets—each representing a specific delivery range. Traders buy "Yes" or "No" contracts, with each correct prediction paying out $1.



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXTESLA-25-Q1?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;ids=KXTESLA-25-Q1-270000&#038;ids=KXTESLA-25-Q1-310000&#038;ids=KXTESLA-25-Q1-330000" width="488px" height="196px" style="border:0"></iframe>



On Kalshi, the odds of 310,000 deliveries or more and 330,000 deliveries or more have odds of 95% and 94%, respectively. After that,t the odds slide significantly. For 340,000 deliveries, 86% of bettors see this figure as likely to happen, or the equivalent of an 86 cent bet on yes, which would pay out $1 if it is right. For 350,000 deliveries or more, the odds are 56%, paying out a profit of 44 cents on a yes bet of $1 if the company can pass that figure.



Read Also: <a href="https://www.benzinga.com/interview/25/03/44539183/exclusive-tesla-protest-organizer-says-elon-musk-seems-to-have-purchased-the-american-government">EXCLUSIVE: Tesla Protest Organizer Says &#8216;Elon Musk Seems To Have Purchased The American Government&#8217;</a>



Why It's Important: Tesla reported first-quarter deliveries of 386,810 last year. The electric vehicle company is likely to come under that figure to start 2025 and below analyst estimates, which could be in part due to the political push by Tesla CEO Elon Musk. 



The company said it expects its vehicle business to return to growth in 2025, but it could start off on the wrong foot and be counting on a strong second half of the year with catalysts ahead.



Reports of lower-than-expected sales of Tesla vehicles in regions in Europe have likely led to lower estimates. In China, Tesla registrations could be picking up, according to a report from <a href="https://www.teslarati.com/tesla-china-registrations-highest-q1-final-week/">Teslarati</a>.



The week of March 24 through March 30 had 20,700 Tesla vehicles registered in China, the highest reported figure for the quarter, according to reports. The strong delivery figures come after January and February, which had low deliveries before a rebound in late February and early March, helped by the introduction of the new Model Y in the country.



Musk's push into politics has hurt the brand value of Tesla and led to polls showing people are less likely to buy Tesla vehicles in the future. While this could mean weak first-quarter sales, it could become an even bigger storyline into the rest of 2025.



Benzinga <a href="https://www.benzinga.com/25/03/44360899/exclusive-trumps-tesla-purchase-unlikely-to-boost-sales-as-53-say-never">recently polled readers </a>on if they would buy a Tesla vehicle.



"Donald Trump recently bought a Tesla. How does this affect your view of Tesla?" Benzinga asked.



Here were the results:



<ul>
<li>I will never own a Tesla: 53%</li>



<li>I'm more likely to buy a Tesla:&nbsp;23%</li>



<li>I'm less likely to buy a Tesla: 14%</li>



<li>I already own a Tesla: 10%</li>
</ul>



The poll may have some bad news for Tesla fans and investors with the majority saying they will never own a Tesla vehicle.



The good news is that of undecided non-Tesla owners, 23% said they are more likely to buy a Tesla, while 14% said they are less likely to buy a Tesla on account of Trump's purchase and sales pitch for the EV company.



A low delivery figure reported this week could amplify concerns about the demand for Tesla vehicles and lead to lower shares and analysts cutting their price targets.



TSLA Price Action: Tesla is up 3.7% to $268.82 on Tuesday versus a 52-week trading range of $138.80 to $488.54. Tesla stock is down 27.5% year-to-date in 2025 and up 56.9% over the last year.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/earnings/25/01/43321103/tesla-q4-earnings-highlights-revenue-miss-eps-miss-ev-updates-automaker-says-2025-will-be-a-seminal-year">Tesla Q4 Earnings Highlights: Revenue Miss, EPS Miss, EV Updates, Automaker Says &#8216;2025 Will Be A Seminal Year&#8217;</a></li>
</ul>



Photo: Shutterstock

Previews

Trading Ideas

TSLA

Tesla Q1 Deliveries Preview: Analysts Forecast 377K, But Kalshi Traders Predict A Miss

At first glance, the narrative for financial technology platform PayPal Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) appears rather suspect. Consumer sentiment <a href="https://www.benzinga.com/25/03/44537936/consumer-inflation-expectations-skyrocket-in-march-hit-highest-levels-in-32-years">sank to its lowest reading</a> since November 2022 while inflation expectations skyrocketed, reflecting the dour environment for discretionary spending. Throw in the <a href="https://www.benzinga.com/markets/equities/25/03/44101132/tech-sector-hammered-as-trumps-tariff-plans-spark-market-selloff-nvidia-arm-super-micro-lead-tech-bloodbath">tariffs</a> President Donald Trump announced last month and the pessimism only exacerbates.



Nevertheless, it's also fair to point out that because of the subsequent volatility in PayPal stock — which is down almost 23% on a year-to-date basis — the <a href="https://finance.yahoo.com/quote/pypl/key-statistics">valuation</a> looks more attractive. Currently, PayPal shares trade at 2.13-times trailing-12-month (TTM) sales. However, based on analysts' <a href="https://finance.yahoo.com/quote/pypl/analysis">projected</a> fiscal 2025 revenue of $33.06 billion, the security is trading at a multiple of 1.98.



It's worth pointing out that currently, the analysts' <a href="https://www.benzinga.com/quote/PYPL/analyst-ratings">rating score</a> for PayPal stock is only 3.1, which is the equivalent of a Hold. However, the latest individual changes were both upgrades issued in December last year. This may indicate a gradual shift in tone.



See Also: <a href="https://www.benzinga.com/markets/cannabis/25/04/44593274/trump-gets-fawning-praise-from-pro-cannabis-pac-but-hes-not-returning-the-sentiment">Trump Gets Fawning Praise From Pro-Cannabis PAC But He&#8217;s Not Returning The Sentiment</a>



Fundamentally, the upgrades reflect <a href="https://www.benzinga.com/markets/equities/24/01/36697045/the-rise-of-buy-now-pay-later-in-2024">booming demand</a> for Buy Now, Pay Later (BNPL) services. According to the Journal of Theoretical and Applied Information Technology, younger consumers — particularly Millennials and Gen Z — have embraced BNPL for their holiday spending.



Put another way, while financial pressures certainly cloud the broader economy, modern consumers are finding ways to adapt. PayPal represents one of the leading brands facilitating this adaptation, making the company&#8217;s stock a counterintuitive prospect.



<h2 class="wp-block-heading">The Smart Money Sweeps Into Stock Options</h2>



Effectively a market within a market, the options arena provides valuable intelligence to retail investors — even if they're not interested in trading these derivative contracts. Since mostly sophisticated market participants utilize options, unusual activity is always worth monitoring. And within this category, sweeps are especially significant.



By definition, sweeps are <a href="https://www.benzinga.com/money/what-options-sweeps">large orders designed to be executed immediately</a>. Further, these orders are split across multiple exchanges simultaneously to access the best available prices. The takeaway with sweeps is that they are market orders, not limit orders. In other words, the emphasis is on urgency and getting into position quickly rather than negotiating for the best entry point.



Notably, the whales appear to be sensing an opportunity with PayPal. For example, on March 27, Benzinga's <a href="https://www.benzinga.com/insights/options/25/03/44520821/10-financials-stocks-whale-activity-in-todays-session">options scanner</a> identified net neutral sentiment sweeps for the $78 call. On Monday, the stock saw <a href="https://www.benzinga.com/insights/options/25/03/44569323/spotlight-on-paypal-holdings-analyzing-the-surge-in-options-activity">unusual options activity</a>, particularly for bought $65 calls and sold $64 puts, both for the April 11 expiration date.



Stated simply, institutional players appear to be betting that PayPal&#8217;s stock will rise materially above $65. At the same time, they're also collecting income — through the proceeds of the sold puts — assuming that share prices will not materially fall below $64.



Now, one area of concern is in the statistical realm. Using pricing data from January 2019 onward, PayPal only carries a neutral bias. A long position held for any given eight-week period only has a 49.53% chance of being profitable.



<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/2025/04/01150442/PYPL-stock-probability-gambit-1024x576.jpg" alt="" class="wp-image-851942" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/01150442/PYPL-stock-probability-gambit-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/01150442/PYPL-stock-probability-gambit-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/01150442/PYPL-stock-probability-gambit-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/01150442/PYPL-stock-probability-gambit.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image by author</figcaption></figure>



Investors typically shy away from the dips. That's significant because PayPal is currently losing roughly 8% over the trailing five sessions. Still, with the smart money moving in, it's possible that a recovery could materialize.



<h2 class="wp-block-heading">A Tempting Trade On Tap</h2>



In the aforementioned call sweep, the trader (or traders) bought the $65 calls expiring April 11 at a premium (ask) of $1.26. By logical deduction, PYPL stock must reach $66.26 at expiration for this transaction to break even. Of course, nobody trades with the intention of walking away with a draw. Therefore, it's reasonable to assume that speculators anticipate that shares will end up higher than the intrinsic breakeven point.



As such, aggressive followers of the smart money may consider the 66/67 bull call spread for the options chain expiring April 11. This transaction involves buying the $66 call (at a time-of-writing ask of $158) and simultaneously selling the $67 call (at a bid of $109). The proceeds from the short call partially offset the debit paid for the long call, resulting in a net cash outlay of $49.



Should the stock hit or exceed the short strike price of $67 at expiration, the maximum reward is the difference between the strike prices (multiplied by 100 shares) minus the cash outlay or $51. This translates to a handsome payout of just over 104%.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/previews/25/04/44593138/tesla-q1-deliveries-preview-analysts-forecast-377k-but-kalshi-traders-predict-a-miss">Tesla Q1 Deliveries Preview: Analysts Forecast 377K, But Kalshi Traders Predict A Miss</a></li>
</ul>



Image: Shutterstock

Equities

Long Ideas

Options

PYPL

Options Corner: PayPal Bulls Are Aiming To Buy Now, Pop Later

Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) shares are down 9% over the last month, but WestPark Capital analyst Curtis Shauger sees a buying opportunity in the<a href="https://www.benzinga.com/analyst-ratings/initiation/25/04/44582231/this-amazon-com-analyst-begins-coverage-on-a-bullish-note-here-are-top-5-initiations-for-tuesday"> stock's recent pullback.&nbsp;</a>



Expert Ideas: Shauger initiated coverage on Amazon stock with a Buy rating and $280 price target based on the company's dominance in e-commerce and Amazon Web Services' top position in the "infrastructure as a service" market.&nbsp;



The firm estimates Amazon's general merchandise value to be nearly $1.3 trillion in 2024, nearly four times the size of Shopify's and 13 times the size of Walmart's GMV.&nbsp;



Read Next:<a href="https://www.benzinga.com/government/regulations/25/03/44517885/trump-slaps-25-tariffs-on-autos-what-it-means-for-your-next-car-purchase"> Trump Slaps 25% Tariffs On Autos: What It Means For Your Next Car Purchase</a>&nbsp;



Shauger also pointed to AWS revenue growth of 20% in 2024 and 36% EBIT margins as top of the class in the IAAS market. WestPark estimates AWS is nearly double the size of Microsoft's Azure and nearly triple the size of Alphabet's Google Cloud Platform.&nbsp;



Amazon's recent pullback offers a "unique opportunity" as the stock now trades at valuation multiples near all-time lows, approximately 12 times EBITDA basis, the analyst said. 



Shauger sees the multiple improving with continued improvement in e-commerce margins, moderation in capital expenditures or an improvement in growth.&nbsp;



The firm's $280 price target is based on a 15 times multiple and an EBITDA estimate of $205 billion.&nbsp;



"We believe AMZN will trade up to the mid point of its recent historical range as the inherent profitability of its model continues to show through," Shauger said.&nbsp;



Read More:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/03/44575292/trump-to-target-dirty-15-countries-with-tariffs-which-countries-could-be-included">Trump To Target &#8216;Dirty 15&#8217; Countries With Tariffs: Which Countries Could Be Included?</a>&nbsp;</li>
</ul>



Image: Shutterstock

Large Cap

News

Initiation

Analyst Ratings

Movers

Tech

AMZN

Amazon Stock's Recent Pullback Offers 'Unique Opportunity': Analyst

The brief revival in U.S. factory activity vanished in March as input prices shot up at the fastest pace since mid-2022, raising red flags about eroding profit margins, cost pass-through risks and strained supply chains as the U.S. economy braces for the impact <a href="https://www.benzinga.com/news/global/25/04/44585626/trump-aides-draft-sweeping-20-tariffs-on-at-least-most-imports-report">of &#8220;reciprocal trade tariffs.&#8221;</a>



On Tuesday, the Institute for Supply Management revealed its closely watched Manufacturing Purchasing Managers' Index dropped back into contraction territory after two months of marginal expansions, slipping from 50.3% in February to 49% in March. 



<h3 class="wp-block-heading">Demand Drops, Costs Spike</h3>



The ISM's March data showed a troubling divergence, further bolstering the risk of entering a stagflation environment: while demand indicators weakened, input costs surged.



The Prices Index rose sharply to 69.4% from 62.4% in February, its highest level since June 2022. The acceleration was primarily attributed to increased tariffs, which companies are rushing to circumvent.



"Prices growth accelerated due to tariffs, causing new order placement backlogs, supplier delivery slowdowns and manufacturing inventory growth," said Timothy Fiore, chair of ISM's Manufacturing Business Survey Committee.



Meanwhile, new orders—a proxy for demand—sank to 45.2% from 48.6%, the lowest reading since August 2024. 



The employment index dropped to 44.7%, the weakest since September 2024, and production fell to 48.3% from 50.7%.



<h3 class="wp-block-heading">Why Are Input Prices Rising This Fast?</h3>



The spike in input costs is largely driven by firms stockpiling inventories to avoid future tariffs. All four components of ISM's inputs measure—prices, supplier deliveries, inventories and imports—registered expansion in March, a rare occurrence when demand is simultaneously falling.



Fiore said inventories are rising not from optimism, but from a "temporary move to avoid tariffs" and are expected to decline once the trade environment stabilizes.



The Backlog of Orders Index fell to 44.5% from 46.8%, indicating companies are burning through old orders without replenishment. Meanwhile, the Imports Index barely stayed in growth territory at 50.1%, down from 52.6%, reflecting reduced sourcing activity.



<h3 class="wp-block-heading">Are Businesses Losing Confidence?</h3>



The contraction in ISM's March data contrasts with the slightly more upbeat tone of S&amp;P Global's manufacturing PMI, which was revised up to 50.2 from 49.8, signaling tepid expansion. Yet, beneath the surface, the cracks are also evident in that survey.



"The strong start to the year for U.S. manufacturers has faltered in March," said Chris Williamson, chief business economist at S&amp;P Global Market Intelligence. He said the early-year boost from improved optimism and tariff-front-running is fading, as production and order books deteriorate.



Williamson noted that "tariffs were the most cited cause of factory input costs rising in March," and the current pace of cost inflation is the highest since August 2022. 



He flagged a sharp deterioration in supply chains, with delivery delays now the worst since October 2022.



"A key concern among manufacturers is the degree to which heightened uncertainty resulting from government policy changes, notably in relation to tariffs, causes customers to cancel or delay spending, and the extent to which costs are rising and supply chains deteriorating in this environment,&#8221; he said.



"Data in the coming months will provide important insights into how the inflationary aspects of policies such as tariffs balance out against any benefits to U.S. producers,&#8221; he added.



<h3 class="wp-block-heading">Market Reactions</h3>



The S&amp;P 500 index – as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) flipped to losses on Tuesday, down 0.8% by 10:20 a.m. ET. 



The tech-focused Nasdaq 100 – tracked by the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) – slipped 0.5%, while the Dow Jones Industrial Average lost 1%, weighed down by declines in blue-chip names across healthcare, financials and industrials.



Among mega-cap stocks, Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) plunged more than 4% after a judge blocked its proposed $10 billion settlement tied to talc-related lawsuits, prompting the company to unwind $7 billion in previously set aside reserves.



In fixed income markets, bond yields fell as demand for Treasuries picked up, reflecting a risk-off shift. The yield on the 10-year Treasury dropped 8 basis points to 4.1%.



Gold prices inched 0.2% higher, further extending record highs. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was up by 0.5%. 



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/03/44572838/treasury-bonds-have-lost-50-in-5-years-yet-reversal-signals-emerge-in-q1-could-tariffs-actually-push-tlt-higher">Treasury Bonds Have Lost 50% In 5 Years, Yet Reversal Signals Emerge In Q1: Could Tariffs Actually Push TLT Higher?</a></li>
</ul>



Photo: Shutterstock

Macro Economic Events

Broad U.S. Equity ETFs

Econ #s

Economics

ETFs

$BTC

US Manufacturing Slips Into Contraction As Tariff-Driven Costs Hit Near 3-Year High

Following the worst quarterly performance for U.S. stocks in over two years, caution dominated Wall Street as investors awaited details on the tariff plans expected from the <a href="https://www.benzinga.com/topic/tariffs">Trump administration on Wednesday.</a>



On Tuesday, a Washington Post report suggested the administration is considering a sweeping 20% tariff on most of the $3 trillion in annual imports.



Survey data showed that goods-producing businesses had been front-loading purchases ahead of the expected tariffs by the end of first quarter, with inventory levels rising and input cost pressures<a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44588076/us-manufacturing-slips-into-contraction-as-tariff-driven-costs-hit-near-3-year-high"> hitting a three-year high.</a>



Major indexes showed little movement by midday in New York, with the S&amp;P 500 and Nasdaq 100 posting modest gains.



Notably, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), and Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) each jumped around 6% as investors viewed them as potential winners from auto-related tariffs. 



Reports last week highlighted that all three manufacture vehicles entirely in the U.S., giving them a competitive edge over peers like Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>).



Treasuries climbed as yields fell, and gold took a breather after hitting a record $3,122 per ounce. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose more than 3% to over $85,000, marking its strongest session in three weeks.



<h3 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Nasdaq 100</td><td>19,398.82</td><td>0.6%</td></tr><tr><td>S&amp;P 500</td><td>5,625.05</td><td>0.2%</td></tr><tr><td>Russell 2000</td><td>2,015.97</td><td>0.2%</td></tr><tr><td>Dow Jones</td><td>42,051.95</td><td>0.1 %</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>



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



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched 0.3% up to $560.83.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) eased 0.1% to $419.37.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;rose 0.5% to $471.29.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) inched 0.1% higher to 199.82.</li>



<li>The&nbsp;Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, up 1.3%; the&nbsp;Health Care&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 1.2%.</li>
</ul>



<h3 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h3>



<ul>
<li>Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) fell over 5%, on track for the worst day since late March 2020. The decline followed a ruling from the U.S. Bankruptcy Court for the Southern District of Texas, which rejected the proposed prepackaged bankruptcy plan of its subsidiary, Red River Talc.</li>



<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) fell to the lowest level since late August, after Jefferies downgraded the stock from &#8216;Buy&#8217; to &#8216;Hold&#8217; and reduced its price target from $20.00 to $12.00.</li>



<li>IAC Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IAC#NASDAQ">IAC</a>) rallied 26.5% after completing the spin-off of Angi Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANGI#NASDAQ">ANGI</a>). </li>
</ul>



Read Next: 



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<li><a href="https://www.benzinga.com/25/04/44589523/trumps-liberation-day-tariff-plan-could-ignite-global-trade-shakeup-betting-markets-price-in-the-pain">Trump Tariffs Could Ignite Global Trade Shakeup: Betting Markets Price In Pain</a></li>
</ul>



Photo: Shutterstock

Analyst Color

Government

Regulations

Sector ETFs

Markets

ANGI

LCID

RIVN

Wall Street Inches Up Ahead Of Tariff Day: What's Driving Markets Tuesday?

Ed Yardeni, the veteran Wall Street strategist known for his bullish &#8216;Roaring 2020s&#8217; thesis, is dialing back optimism and raising stagflation alarms as a new wave of U.S. tariffs threatens to throttle corporate margins <a href="https://www.benzinga.com/topic/inflation">and push inflation higher.</a>



In his latest Yardeni&#8217;s quicktake, the analyst reduced the odds of his Roaring 2020s scenario for the decade from 65% to 55%, while raising the probability of a stagflationary outcome—defined as slowing growth coupled with elevated inflation—to 45%.



That shift, Yardeni said, stems from President Donald Trump's newly announced 25% tariff on imported autos and parts, effective April 3, adding to the burden of earlier tariffs on steel and aluminum. 



The latest tariff salvo—soon to be followed by a likely 20% blanket duty on all imported goods—is expected to raise input costs for businesses across sectors, with consumers likely to face rising prices. 



Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/03/44458099/us-economy-faces-fork-in-the-road-is-yardenis-roaring-2020s-still-possible">US Economy Faces &#8216;Fork In The Road&#8217;: Is Yardeni&#8217;s &#8216;Roaring 2020s&#8217; Still Possible?</a>



<h3 class="wp-block-heading">How Tariffs Are Fueling Inflation Fears</h3>



Yardeni now sees the 2025 inflation rate, measured by the Personal Consumption Expenditures Deflator – the Federal Reserve's preferred inflation gauge – rising to 3.0%-4.0%, up from the prior 2.0%-3.0% estimate.



While supercore inflation—which strips out volatile components like housing—has been trending lower, that progress may stall, according to the expert. 



Durable goods prices, which had been in deflation, are now expected to rise again in the second quarter, while nondurable goods inflation could top 1.5% year-over-year.



"The end of goods deflation combined with sticky and too-high services inflation risk sending inflation expectations—and therefore actual inflation—climbing out of control," Yardeni said.



&#8220;A happy outcome would be that the U.S. would negotiate tariff reductions, but that won&#8217;t happen if the U.S. slaps a 20% tariff on all imports across-the-board just because Peter Navarro has convinced the President that tariffs will bring $6 trillion in revenue over the next 10 years,&#8221; he added.



<h3 class="wp-block-heading">Profit Margins Under Pressure</h3>



While revenue expectations remain unchanged for now, Yardeni said he's trimming his 2025 and 2026 earnings forecasts for the S&amp;P 500 index. 



This year's earnings per share estimate was cut from $275 to $260, and the 2026 projection was lowered from $320 to $300, reflecting &#8220;squeezed profit margins&#8221; from rising costs.



Yardeni's S&amp;P 500 price targets have adjusted accordingly. He now expects the index to land between 5100 and 6000 by year-end, with a modest move higher to 5950–7000 in 2026. 



The S&amp;P 500 index – as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – ended the first quarter of the year with a contraction of 4.6%, notching the worst quarterly performance since mid-2022. 



<h3 class="wp-block-heading">Will The Fed Move? Yardeni Says No</h3>



The Federal Reserve's next steps remain a wild card. Tariffs add complexity to an already delicate balancing act: fighting inflation without crippling growth. 



Some observers fear that unanchored inflation expectations—when households and firms begin acting as if inflation will stay high—could create a self-fulfilling feedback loop.



Yardeni, however, doesn't see the Fed reacting aggressively. He's sticking with a "none-and-done" view for 2025—meaning no further rate cuts. That contrasts with growing market chatter about a potential pivot in response to slowing growth.



Currently, market-based interest rate forecasts – as tracked by the CME FedWatch Tool – are fully pricing in three rate cuts by year end.



&#8220;Inflation expectations is likely to be one of the Federal Reserve's phrases of the year,&#8221; Yardeni said, noting that people's expectations about future inflation are critical to how high inflation actually climbs.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/03/44572838/treasury-bonds-have-lost-50-in-5-years-yet-reversal-signals-emerge-in-q1-could-tariffs-actually-push-tlt-higher">Treasury Bonds Have Lost 50% In 5 Years, Yet Reversal Signals Emerge In Q1: Could Tariffs Actually Push TLT Higher?</a></li>
</ul>



Photo: Shutterstock

Federal Reserve

Veteran Investor Warns Of Rising Stagflation Risk As Tariffs Loom, Anticipates 'Squeezed Profit Margins' For US Businesses

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has been spinning its wheels in 2024, with the stock down 31.67% year to date and 8.95% in the past month. The technicals paint a rough picture &#8211; Tesla stock is trading below its five, 20, and 50-day exponential moving averages, signaling a <a href="https://www.benzinga.com/quote/TSLA/news">strongly bearish trend</a>. 



However, buying pressure suggests a potential setup for future bullish movement.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0401"><img loading="lazy" decoding="async" width="631" height="489" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/01091211/Screenshot-2025-04-01-at-6.41.56-PM.png" alt="" class="wp-image-851202" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/01091211/Screenshot-2025-04-01-at-6.41.56-PM.png 631w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/01091211/Screenshot-2025-04-01-at-6.41.56-PM-300x232.png 300w" sizes="(max-width: 631px) 100vw, 631px" /></a></figure>



<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0401">Chart created using Benzinga Pro</a>



<h2 class="wp-block-heading">Tesla Stock Technical Indicators: A Rocky Road Ahead</h2>



Tesla stock, at $263.46, sits below its eight-day simple moving average of $268.33, a bearish signal. It remains below the 50-day simple moving average of $316.12 and the 200-day simple moving average of $287.52, reinforcing the broader downtrend. 



The Moving Average Convergence Divergence indicator at a negative 12.09 also suggests continued bearish momentum, while the Relative Strength Index of 45.53 indicates Tesla stock is approaching oversold levels but hasn't hit a rebound zone yet.



Read Also: <a href="https://www.benzinga.com/markets/equities/25/04/44578839/trumps-25-tariff-on-imported-vehicles-could-shatter-detroits-auto-economy-warns-business-leaders-it-will-hurt-hardworking-americans">Trump&#8217;s 25% Tariff On Imported Vehicles Could Shatter Detroit&#8217;s Auto Economy, Warns Business Leaders: &#8216;It Will Hurt Hardworking Americans&#8217;</a>



<h2 class="wp-block-heading">Europe Sales Skid, Wells Fargo Hits The Brakes</h2>



Tesla's sales in key European markets continue to slide, with registrations in France, Sweden, Denmark, and the Netherlands falling for the third straight month, Reuters <a href="https://www.reuters.com/business/autos-transportation/france-car-registrations-down-1454-march-tesla-sales-fall-3683-2025-04-01/">reported</a>. Denmark saw a staggering 65.6% year-over-year drop in March, while first-quarter figures for France and Sweden hit their lowest since 2021. The numbers reinforce the narrative that Tesla is struggling to fend off intensifying Chinese competition and growing consumer backlash over CEO Elon Musk's political stances.



At the same time, Wells Fargo isn't convinced a turnaround is coming anytime soon. Investing <a href="https://in.investing.com/news/stock-market-news/tesla-short-is-a-new-q2-conviction-call-at-wells-fargo-4751572">reports</a> that the bank added Tesla to its Tactical Underweight list, making it a conviction short for the second quarter. Analysts cited declining delivery growth, price-cut challenges, and execution risks in Tesla's autonomous vehicle plans as key concerns. The firm slashed its price target to $130, implying nearly 50% downside.



<h2 class="wp-block-heading">Model Y Refresh: A Lifeline Or Too Little, Too Late?</h2>



Amid the stock's turmoil, Tesla is gearing up to launch a refreshed Model Y, its best-selling SUV. While the update could help reignite demand, Wells Fargo remains skeptical, arguing Tesla's ability to drive volume growth is limited without aggressive price cuts. The bank also warns that Tesla's upcoming "Model 2.5" could cannibalize demand for its other models rather than meaningfully expand its customer base.



With first quarter sales data set for release this week, investors will be watching closely for any signs of stabilization. But for now, Tesla stock remains stuck in reverse, and Wall Street isn't ready to hit the gas on a bullish call just yet.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/25/04/44584934/elon-musks-father-defends-tesla-says-son-is-doing-the-right-thing-and-the-stock-would-recover-to-600-by-2025-end-heres-what-analysts-think-about-tsla">Elon Musk&#8217;s Father Defends Tesla, Says Son Is &#8216;Doing The Right Thing&#8217; And The Stock Would Recover To $600 By 2025 End: Here&#8217;s What Analysts Think About TSLA</a></li>
</ul>



Photo: Shutterstock/iv-olga

Technicals

Tesla Stock Is Stuck In Reverse - Can Model Y Refresh Shift Gears?

White House aides have reportedly drafted a proposal to impose sweeping tariffs of about 20% on "at least most imports" as part of President Donald Trump's transformative <a href="https://www.benzinga.com/25/04/44579542/us-stock-likely-to-open-mixed-after-a-disappointing-q1-performance-april-does-better-after-a-weak-q1-says-expert">trade strategy.&nbsp;</a>



The Details: According to <a href="https://www.washingtonpost.com/business/2025/04/01/trump-tariffs-draft-recession-projection/">Washington Post</a>, three people familiar with the matter said White House aides drafted the 20% tariff proposal ahead of Trump's planned announcement on Wednesday, which he is calling "Liberation Day." 



Moody&#8217;s chief economist Mark Zandi warned that this "worst-case scenario" of sweeping 20% tariffs risks triggering a potential recession and unemployment exceeding 7% if trading partners retaliate aggressively, per the Post. Stocks would drop by 25% and more than 5 million jobs would be lost by early 2027, said Zandi. 



"I'd brace for impact," he said.



Read Next:<a href="https://www.benzinga.com/government/regulations/25/03/44517885/trump-slaps-25-tariffs-on-autos-what-it-means-for-your-next-car-purchase"> Trump Slaps 25% Tariffs On Autos: What It Means For Your Next Car Purchase</a>&nbsp;



White House officials caution that multiple tariff strategies remain under consideration, with no definitive plan finalized. Trump reemphasized his intention to implement &#8220;reciprocal&#8221; tariffs while speaking with reporters on Monday evening and suggested some countries could be excluded from the new import taxes.&nbsp;



A selective, reciprocal approach would likely prove less economically disruptive than a blanket tariff system.&nbsp;



Treasury Secretary Scott Bessent has hinted at targeting a <a href="https://www.benzinga.com/government/regulations/25/03/44575292/trump-to-target-dirty-15-countries-with-tariffs-which-countries-could-be-included">subset of nations</a> he referred to as the &#8220;Dirty 15,&#8221; referring to the 15% of nations that account for the bulk of U.S. trading volume and impose hefty tariffs and other barriers on U.S. goods.&nbsp;



National Economic Council Director Kevin Hassett similarly cited 10 to 15 countries that are responsible for America's $1 trillion trade deficit, but did not name specific nations.



It remains unclear if tariffs will be reciprocal or sweeping or which countries could be targeted in Wednesday's announcements. The Post said that a White House spokesperson declined to comment on Tuesday. 



Markets React: Futures on major U.S. indices fell as Wall Street waits for an official tariff announcement.&nbsp;&nbsp;



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), tracking the S&amp;P 500, was down 0.43% at $557.00 and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), tracking the Nasdaq 100 index, was down 0.33% at $467.35 in Tuesday's premarket trading.&nbsp;



Gold, which is tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), climbed to a record high of around $3,130 per ounce on Tuesday.&nbsp;



Read More:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/03/44575292/trump-to-target-dirty-15-countries-with-tariffs-which-countries-could-be-included">Trump To Target &#8216;Dirty 15&#8217; Countries With Tariffs: Which Countries Could Be Included?</a>&nbsp;</li>
</ul>



Image: Shutterstock

Futures

Politics

Global

Trump Aides Draft Sweeping 20% Tariffs On 'At Least Most' Imports: Report

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) appears to be locked in <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44476199/would-a-recession-be-bullish-or-bearish-for-bitcoin">a mini bear market</a>, with weak technical signals, fading momentum, and a lack of fresh catalysts weighing heavily on price action, according to a Tuesday market note from 10x Research.



What Happened: In the report, the firm said Bitcoin is currently trading below its key trend model level of $88,000—an indicator they consider crucial for gauging bull versus bear cycles.



"There's little doubt from on-chain data that Bitcoin is in at least a mini-bear market," 10x Research wrote, adding that without a turnaround in momentum, "that remains the base case."



While some short-term technical indicators briefly hinted at a relief rally, the bounce stalled at $88,500 and has since reversed. 



Bitcoin also remains below its 21-week moving average, a widely-used long-term trend signal. 



One of the firm's most reliable metrics—the short-term holder realized price, now near $93,000—has acted as stiff resistance. 



The rejection at this level suggests traders are exiting breakeven positions, further reinforcing bearish pressure.



On-chain data also supports this cautious outlook. 



Funding rates remain depressed, signaling reduced risk appetite, while retail investor activity has plummeted—particularly after losses in <a href="https://www.benzinga.com/25/03/44555553/will-the-greatest-of-them-all-trump-memecoin-make-its-way-to-trump-media-etfs-polymarket-bettors-think-its-unlike">meme tokens like</a> Trump (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>).



"Confidence took a major hit when retail lost billions," the report noted, with exchange listings near peak prices providing exit liquidity for insiders.



ETF outflows have now continued for a second consecutive month. Hedge funds that previously executed arbitrage trades using <a href="https://www.benzinga.com/money/best-spot-bitcoin-etfs">Bitcoin ETFs</a> are pulling back due to low funding rates.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44569369/trump-family-tightens-grip-on-defi-platform-world-liberty-financial">Trump Family Tightens Grip On DeFi Platform World Liberty Financial</a>



"Without a meaningful rise in funding rates, it's unlikely ETF inflows return to their former strength," 10x explained.



The broader macro environment offers little comfort either. While market hopes are pinned on a potential Fed rate cut <a href="https://www.benzinga.com/25/01/43319060/first-rate-cut-in-june-if-at-all-in-2025-economist-says-as-federal-reserve-holds-rates-steady">by June</a>, 10x believes it's more likely to be delayed until September due to sticky inflation and resilient labor data.



"Bitcoin is looking for real action—not just dovish talk," the note emphasized.



Political developments have also failed to ignite momentum. Despite Trump's efforts to boost sentiment—such as announcing a <a href="https://www.benzinga.com/25/04/44580634/bitcoin-is-digital-risk-not-digital-gold-asserts-peter-schiff">strategic Bitcoin reserve</a>—these moves lack legislative backing.



"Holding confiscated Bitcoins doesn't create buying pressure," the report said, suggesting that much of the recent crypto optimism has been narrative-driven rather than supported by fundamentals.



Why It Matters: Despite the bearish tone, the firm sees relative strength in Bitcoin compared to altcoins, many of which are underperforming sharply.



Their proprietary model combining total crypto market cap and Bitcoin dominance confirms this trend. 



Notably, Tron (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/trx/usd">TRX</a>) and Toncoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TON</a>) have stood out for showing resilience in a weak market, potentially due to favorable geopolitical positioning.



In the near term, 10x expects Bitcoin to remain range-bound between $73,000 and $94,000. 



"Volatility is likely," they said, recommending selling options strategies—such as puts or calls—depending on whether price moves toward the lower or upper end of that range.



Unless a clear macro shift or bullish catalyst emerges, the outlook remains muted. 



"The current market structure is fragile," the analysts said, suggesting that their view that Bitcoin is now in a confirmed mini bear market.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44567164/circle-eyes-5-billion-valuation-for-upcoming-initial-public-offering">Circle Eyes $5 Billion Valuation For Upcoming Initial Public Offering</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

$TON

$TRUMP

$TRX

Bitcoin Is In A Mini Bear Market, Says 10x Research

On Monday, Chinese electric vehicle company XPeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) announced its vehicle delivery results for March and the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/03/g44575805/xpeng-announces-vehicle-delivery-results-for-march-and-first-quarter-2025" rel="noreferrer noopener">first quarter of 2025</a>.



In March, XPeng delivered 33,205 Smart EVs, implying a 268% growth, surpassing 30,000 units for the fifth consecutive month.



For the first quarter of 2025, XPeng delivered 94,008 Smart EVs, a 331% increase over last year.



Also Read: <a target="_blank" href="https://www.benzinga.com/25/03/44492590/alibaba-and-bmw-team-up-to-bring-ai-powered-smart-assistant-to-next-gen-cars-in-china" rel="noreferrer noopener">Alibaba, BMW Team Up To Bring AI-Powered Smart Assistant In Next-Gen China Cars</a>



On March 13, 2025, at its Spring 2025 Launch conference, XPeng launched 2025 versions of the XPeng G6 and XPeng G9.



Both upgraded versions come standard with 5C AI batteries and Turing AI-powered smart driving features across all trims.



In March 2025, XNGP&#8217;s monthly active user penetration rate in urban driving reached 86%. At the same time, XPeng expanded its global presence by entering the Indonesian market.



Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/g44579335/li-auto-inc-march-2025-delivery-update" rel="noreferrer noopener">announced on Tuesday it delivered</a> 36,674 vehicles in March 2025, marking a 26.5% growth. This brought its first-quarter deliveries to 92,864, up by 15.5%. As of March 31, 2025, Li Auto&#8217;s cumulative deliveries reached&nbsp;1.226 million.



As of March 31, 2025, the company had 500 retail stores in 150 cities, 502 servicing centers, and Li Auto-authorized body and paint shops in 225 cities. It also had 2,045 supercharging stations in China equipped with 11,038 charging stalls.



NIO Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) announced it delivered 15,039 vehicles in March 2025, representing a <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/g44579887/nio-inc-provides-march-and-first-quarter-2025-delivery-update" rel="noreferrer noopener">growth of 26.7%</a>. The deliveries comprised 10,219 vehicles from its premium smart electric vehicle brand NIO and 4,820 from the company&#8217;s family-oriented smart electric vehicle brand ONVO. The company delivered 42,094 vehicles in the first quarter of 2025, marking a growth of 40.1%. Cumulative deliveries reached 713,658 as of March 31, 2025.



XPeng stock surged 167% in the last 12 months. The EV company reported <a target="_blank" href="https://www.benzinga.com/news/earnings/25/03/44373548/teslas-china-rival-xpeng-delivers-over-91500-evs-in-q4-eyes-massive-growth-in-q1" rel="noreferrer noopener">fourth-quarter revenue</a> growth of 23.4% to 16.11 billion Chinese Yuan ($2.21 billion), topping the&nbsp;consensus estimate&nbsp;of&nbsp;16.02 billion Chinese Yuan. Quarterly vehicle deliveries&nbsp;rose 52.1% to 91,507, backed by its sales network of 690 stores and 1,920 charging stations.



The company expects revenue of 15 billion Chinese Yuan-15.7 billion Chinese Yuan, compared to the consensus of 14.684 billion Chinese Yuan. XPeng and long-term partner German automaker&nbsp;Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) plans to build a <a target="_blank" href="https://www.benzinga.com/25/01/42807958/xpeng-volkswagen-to-jointly-build-super-fast-ev-charging-network-in-china" rel="noreferrer noopener">super-fast charging network</a> in China.



Meanwhile, Li Auto and Nio stocks lost 18% in the last 12 months. Nio <a target="_blank" href="https://www.benzinga.com/markets/equities/25/03/44452057/teslas-chinese-rival-nio-warns-of-disappointing-q1-results-deliveries-revenue-set-to-miss-estimates" rel="noreferrer noopener">continues to face</a> challenges in achieving full-year profitability, primarily due to high research and development expenses and significant operational costs.



Price Action: XPEV stock is up 3.09% at $21.36 premarket at the last check Tuesday.



Also Read:



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<li><a href="https://www.benzinga.com/25/03/44568964/amd-powers-oracle-cloud-with-new-epyc-chips-promising-major-boost-in-performance" target="_blank" rel="noreferrer noopener">AMD Powers Oracle Cloud With New Epyc Chips Promising Major Boost In Performance</a></li>
</ul>



Photo via Shutterstock.

VWAGY

XPEV

China's XPeng Clocks Record Q1 EV Sales, Deliveries Surge 3.6X

U.S. stock futures were swinging between gains and losses on Tuesday after a mixed session on Monday. Futures of major benchmark indices were mixed in premarket trading.



President Donald Trump&#8216;s &#8220;Liberation Day&#8221;, the term he&#8217;s used for April 2nd, the day of incoming reciprocal tariffs, preceded a drop in stock prices.



S&amp;P 500 declined by 4.59% for the first quarter of 2025, whereas the Nasdaq 100 was down over 10%.



With the 10-year Treasury yield at 4.18% and the two-year at 3.87%, the CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool </a>shows markets pricing in an 86.8% likelihood of the Federal Reserve maintaining current interest rates through 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>Nasdaq 100</td><td>0.03%</td></tr><tr><td>S&amp;P 500</td><td>-0.11%</td></tr><tr><td>Dow Jones</td><td>-0.21%</td></tr><tr><td>Russell 2000</td><td>-0.15%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were mixed in premarket on Tuesday. The SPY was down 0.17% to $558.43, while the QQQ advanced 0.071% to $469.00, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Consumer staples, financials, and utilities led the S&amp;P 500 gains on Monday, while consumer discretionary stocks declined.



Overall, U.S. stocks were mixed; the Dow rose over 400 points amidst Trump&#8217;s tariff concerns, but the Nasdaq fell due to drops in Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).



March saw significant declines for major indices, with the S&amp;P 500 down 5.8%, the Nasdaq 8.2%, and the Dow 4.2%. Quarterly, the Nasdaq fell 10.4%, and the Dow lost 1.3%.



Economic data showed a rise in the Chicago PMI but a decline in the Dallas Fed&#8217;s manufacturing index.



<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>-0.14%</td><td>17,299.29</td></tr><tr><td>S&amp;P 500</td><td>0.55%</td><td>5,611.85</td></tr><tr><td>Dow Jones</td><td>1.00%</td><td>42,001.76</td></tr><tr><td>Russell 2000</td><td>-0.56%</td><td>2,011.91</td></tr></tbody></table></figure>



Insights From Analysts:



After the S&amp;P 500 index declined 4.59% in the first quarter, marking its largest quarterly underperformance against global markets in 37 years, Ryan Detrick, the chief market strategist at Carson Research, cited historical data in his latest X post and stated that &#8220;April does better after a weak Q1.&#8221;



The average return in April stood at 3.1% after a poor first quarter, however, the average return for the full year after a bad first quarter stood at just 6.6%.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The good news? April does better after a weak Q1. The bad news? The rest of the year is weaker across the board after a weak Q1. <a href="https://t.co/HB069IYWiM">pic.twitter.com/HB069IYWiM</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1906932587127615987?ref_src=twsrc%5Etfw">April 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



On the other hand, Stephanie Link, the chief investment strategist and head of investment solutions at Hightower Advisors, said, &#8220;I'm buying.&#8221;



According to her U.S. was not in a recession, the consumer sentiment was in a better shape, and the jobs, wages, and savings were higher.



&#8220;Not all is perfect, but corporate EPS will be better than the long-term average of 5%,&#8221; she said, making a case to buy more. Her top picks were Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), NextEra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>), Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>), and Greystone Housing Impact Investors LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GHI#NYSE">GHI</a>).



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24SPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPX</a> ended Q -4.6% w worst performance in 3 yrs w tech down double that. I'm buying &#8211; we are not in a recession, the consumer is in better shape vs prior slowdowns w solid jobs, wages and savings. Not all is perfect but corporate EPS will be better than the long term average…&mdash; Stephanie Link (@Stephanie_Link) <a href="https://twitter.com/Stephanie_Link/status/1906860917519704402?ref_src=twsrc%5Etfw">April 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Despite investor fears surrounding potential tariffs from Trump&#8217;s upcoming announcement, Fundstrat&#8217;s Tom Lee predicts a <a href="https://www.benzinga.com/25/03/44577203/tom-lee-says-markets-are-deeply-oversold-expects-bitcoin-to-lead-rebound-as-investors-fear-trumps-tariff-impact">market rebound</a>, arguing that markets are oversold and pricing in only worst-case scenarios. He believes the high anxiety among fund managers is excessive and that post-announcement, increased market visibility will alleviate selling pressure, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) potentially leading the recovery. 



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>Richmond Federal Reserve President Thomas Barkin will speak at 9:00 a.m. ET.</li>
</ul>



<ul>
<li>March&#8217;s S&amp;P final U.S. manufacturing PMI will be out by 9:45 a.m. ET.</li>
</ul>



<ul>
<li>February&#8217;s construction spending, job openings, and March&#8217;s ISM manufacturing data will be released by 10:00 a.m. ET and the time for auto sales data is yet to be determined.</li>
</ul>



Stocks In Focus:



<ul>
<li>Ultralife Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULBI#NASDAQ">ULBI</a>) jumped 3.72% in premarket on Tuesday ahead of its earnings after the closing bell. Analysts expect a quarterly earnings of $3.22 per share on revenue of $2.34 million.</li>
</ul>



<ul>
<li>nCino Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCNO#NASDAQ">NCNO</a>) was up 2.37% as Wall Street expects it to report a quarterly earnings of 19 cents per share on revenue of $140.84 million after the closing bell.</li>
</ul>



<ul>
<li>Sportsman&#8217;s Warehouse Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPWH#NASDAQ">SPWH</a>) was 2.61% higher ahead of its earnings after the closing bell. Analysts expect a quarterly earnings of 6 cents per share on revenue of $329.61 million.</li>
</ul>



<ul>
<li>Allarity Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALLR#NASDAQ">ALLR</a>) climbed 7.80% after reporting FY24 financial results and beating its earnings expectations.</li>
</ul>



<ul>
<li>Xpeng Inc. ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) advanced 2.80% after achieving 33,205 Smart EV deliveries, representing a 268% surge year-over-year, and topping 30,000 units for the fifth month in a row. For the first quarter, the company delivered 94,008 Smart EVs, representing a 331% year-over-year surge.</li>
</ul>



<ul>
<li>PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) surged 15.87% after reporting quarterly earnings of $3.27 per share, which beat the analyst consensus estimate of $3.21. Quarterly revenue came in at $2.37 billion, which beat the analyst consensus estimate of $2.33 billion.</li>
</ul>



<ul>
<li>bioAffinity Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIAF#NASDAQ">BIAF</a>) skyrocketed 136.31% after its revenue soared 270% to $9.4 million in 2024, driven by a 1,400% increase in CyPath Lung orders due to wider physician adoption and Medicare coverage.</li>
</ul>



<ul>
<li>Microvast Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MVST#NASDAQ">MVST</a>) gained 29.91% after it hit a record $379.8 million in FY24 revenue, a 23.9% year-over-year increase, with fourth quarter revenue also reaching a record $113.4 million.</li>
</ul>



<ul>
<li>Cloudastructure Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSAI#NASDAQ">CSAI</a>) rose 36.26% after reporting strong financial results for 2024, with revenue surging 125% year-over-year to $1.4 million. The company achieved broad-based growth across all segments.</li>
</ul>



<ul>
<li>Sonim Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SONM#NASDAQ">SONM</a>) zoomed 17.29% as it saw fourth quarter revenue up 12% to $15 million, but FY24 revenue dropped 38% to $58.3 million due to a strategic shift. Key 2024 wins include new product launches and significant enterprise deals.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 0.39% to hover around $71.20 per barrel.



Gold Spot US Dollar advanced 0.27% to hover around $3,132.53 per ounce. Its fresh record high stood at $3,149.03 per ounce. The U.S. Dollar Index spot was lower by 0.02% at the 104.188 level.



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



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/04/44579361/charlie-mungers-top-pick-costcos-golden-touch-gold-prices-soar-58-outpacing-spy-since-it-s">Charlie Munger&#8217;s Top Pick Costco&#8217;s Golden Touch: Gold Prices Soar 58%, Outpacing SPY Since It Started Selling Gold 33 Months Ago</a></li>
</ul>



Photo courtesy: Shutterstock

Earnings

Market Summary

Guidance

Treasuries

Pre-Market Outlook

ALLR

BIAF

CSAI

MVST

NCNO

NVDA

SONM

SPWH

ULBI

US Stocks Likely To Open Mixed After Disappointing Q1 Performance: 'April Does Better After A Weak Q1,' Says Expert

Two major Michigan business organizations have warned that President Donald Trump&#8216;s planned 25% tariffs on imported vehicles and parts would severely damage the state&#8217;s auto-dependent <a href="https://www.benzinga.com/25/03/44577203/tom-lee-says-markets-are-deeply-oversold-expects-bitcoin-to-lead-rebound-as-investors-fear-trumps-tariff-impact">economy and harm the working class</a>.



What Happened: The Detroit Regional Chamber and MichAuto urged the administration on Monday in a letter to halt the tariffs set to take effect on Thursday, cautioning they would cause &#8220;significant price increases&#8221; for American consumers and &#8220;profound&#8221; pain in Michigan, where one in five jobs is automotive-related.



&#8220;The tariff policies proposed will increase prices, drive down consumer demand, and therefore, lower the profitability of our companies, directly impacting the hardworking Americans who assemble the iconic vehicles,&#8221; the letter stated. 



The groups noted that Michigan houses over 1,000 automotive suppliers, many being small and medium-sized businesses with fragile balance sheets that depend on predictable supply chains. Price increases would &#8220;disproportionately&#8221; affect working-class and middle-class families, potentially causing consumers to keep older vehicles longer.



See Also:&nbsp;<a href="https://www.benzinga.com/25/03/44576728/bitcoin-ethereum-dogecoin-rise-as-trumps-foray-into-btc-mining-analyst-highlights-spike-in-one-of-the-most-important-key-stakeholder-tiers-in-crypto" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Rise As Trump Family Foray Into BTC Mining: Whale Wallet Spike ‘Slight Sign Of Confidence,' Says Analyst</a>



Why It Matters: Republican opposition to the tariffs is growing. Sen. Susan Collins (R-Maine) plans to support a resolution to terminate the national emergency declaration used to justify the tariffs, calling them &#8220;a huge mistake.&#8221; Sen.&nbsp;Rand Paul&nbsp;(R-Ky.) and Sen.&nbsp;Thom Tillis&nbsp;(R-N.C.) have <a href="https://www.benzinga.com/news/global/25/04/44578477/gop-senators-call-trumps-25-canada-tariff-a-huge-mistake-as-republican-opposition-grows-markets-fear-economic-disruption">expressed similar concerns</a>.



The Alliance for Automotive Innovation, representing General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), Toyota Motor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>), Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>), and others, has warned that the tariffs will increase vehicle costs for consumers.



Markets have shown volatility amid tariff uncertainty, with technology stocks like Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) driving much of the recent quarterly decline in major indexes.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/media/25/03/44577045/intels-new-ceo-lip-bu-tan-says-trump-administration-ready-to-help-beleagured-chipmaker-warns-bureaucracy-kills-innovation" target="_blank" rel="noreferrer noopener">Intel's New CEO Lip-Bu Tan Says Trump Administration Ready To Help Beleaguered Chipmaker, Warns ‘Bureaucracy Kills Innovation'</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.

HYMTF

STLA

Trump's 25% Tariff On Imported Vehicles Could Shatter Detroit's Auto Economy, Warns Business Leaders: 'It Will Hurt Hardworking Americans'

Leading cryptocurrencies moved up Monday after the Trump family stepped deeper into the space with a Bitcoin mining venture.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+1.34%</td><td>$82,667.94</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+2.03%</td><td>$1,826.46</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+1.71%</td><td>$0.1669</td></tr></tbody></table></figure>



What Happened: The apex cryptocurrency rose to an intraday high of $83,870.12 in the early trading hours before losing steam and falling to the $82,000 range.



Ethereum hit $1,850 before reversing course and stabilizing in the early $1,800 zone.



The spike followed the launch of American Bitcoin, a new firm led in part by President Donald Trump's sons, Eric Trump and Donald Trump Jr., aiming to become the world's biggest Bitcoin mining company.



Bitcoin plunged 11.82% during the quarter, marking its worst performance since 2018. Ethereum recorded a much steeper decline at 45%.



About $224 million was liquidated from the market in the last 24 hours, with upside bets accounting for more than 50%.&nbsp;



That said, over $350 million in short positions for the BTC/USDT perpetual futures pair on Binance would be liquidated if the digital asset climbed to $85,000.



Moreover, about 51% of Binance traders were positioned short on Bitcoin, according to the Long/Short Ratio, suggesting a potential pullback.



"Fear" sentiment pervaded the market, according to the Crypto Fear and Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Curve DAO Token (CRV)</td><td>+8.30%</td><td>$0.5057</td></tr><tr><td>Zcash (ZEC)</td><td>+6.38%</td><td>$39.70</td></tr><tr><td>Jito (JTO)</td><td>+6.03%</td><td>$2.33</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.67 trillion, following an increase of 0.85% over the previous day.



Major stock indexes ended Monday's session in the green. The Dow Jones Industrial Average jumped 417.86 points, or 1%, to close at 42,001.76. The S&amp;P 500 rose 0.55% to end at 5,611.85. The tech-heavy Nasdaq Composite closed 0.14% lower at 17,299.29.



The market continued to trade against the backdrop of tariff uncertainty ahead of Trump's "Liberation Day," on which <a href="https://in.benzinga.com/government/regulations/25/03/44575292/trump-to-target-dirty-15-countries-with-tariffs-which-countries-could-be-included">"reciprocal" levies would be imposed</a> on partners deemed to have unfair trade barriers against U.S. goods.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Popular blockchain analytics firm Santiment noticed a sharp spike in whale wallets, i.e., those holding between 1,000 and 10,000 BTC, amid the ongoing correction.



"There are now 1,993 Bitcoin wallets of this size, which is the highest level since December 2024," Santiment stated.&nbsp;



The firm added that a 2.6% spike in "one of the most important" key stakeholder tiers in cryptocurrency in five weeks could be taken as a "slight sign of confidence."



<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">&#x1f433; Bitcoin&#39;s market value has fluctuated between $81K to $84K Monday. And while prices continue ranging as March draws to a close, whale wallets (specifically 1K-10K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> holders) continue growing in number. There are now 1,993 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> wallets of this size, which is the highest… <a href="https://t.co/iVYj9XdxAj">pic.twitter.com/iVYj9XdxAj</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1906790953534521689?ref_src=twsrc%5Etfw">March 31, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Meanwhile, influential cryptocurrency analyst Ali Martinez highlighted that Bitcoin traders were sitting on average unrealized losses of over 14%, which may dissuade them from selling.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> traders are sitting on an average unrealized loss of 14.57%, which may discourage them from selling! <a href="https://t.co/zUPf0t3YiV">pic.twitter.com/zUPf0t3YiV</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1906700003722330581?ref_src=twsrc%5Etfw">March 31, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Martinez said Ethereum needed to retake $2,100, followed by $2,300, to confirm a bullish trend reversal.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> needs to reclaim $2,100, and more decisively, $2,300, to confirm a bullish trend reversal. These are the levels to watch! <a href="https://t.co/ldK5HROHvd">pic.twitter.com/ldK5HROHvd</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1906721394718859533?ref_src=twsrc%5Etfw">March 31, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by SvetlanaParnikova on Shutterstock



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44569369/trump-family-tightens-grip-on-defi-platform-world-liberty-financial">Trump Family Tightens Grip On DeFi Platform World Liberty Financial</a></li>
</ul>

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Rise As Trump Family Foray Into BTC Mining: Whale Wallet Spike 'Slight Sign Of Confidence,' Says Analyst

The CNN Money Fear and Greed index showed a slight decline in the overall market sentiment, while the index remained in the &#8220;Extreme Fear&#8221; zone on Monday.



U.S. stocks settled mixed on Monday, with the Dow Jones index gaining more than 400 points during the session as investors assessed President Donald Trump&#8217;s tariff plans. However, the Nasdaq settled lower on Monday as shares of Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell 1.2% and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) lost 1.7%.



The S&amp;P 500 declined 5.8% in March, recording its biggest monthly decline since December 2022. The Nasdaq dipped 8.2%, while the Dow tumbled 4.2% last month.



For the quarter, the S&amp;P 500 dropped, while the Nasdaq dipped 10.4%. The Dow lost 1.3% during the first three months of the year.



On the economic data front, the Chicago PMI climbed to 47.6 in March from 45.5 in the previous month and topping market estimates of 45.2. The Dallas Fed's general business activity index for Texas manufacturing fell 8 points to a reading of -16.3 in March, declining to its weakest level since July 2024.



Most sectors on the S&amp;P 500 closed on a positive note, with consumer staples, financial and utilities stocks recording the biggest gains on Monday. However, consumer discretionary stocks bucked the overall market trend, closing the session lower.



The Dow Jones closed higher by around 418 points to 42,001.76 on Monday. The S&amp;P 500 rose 0.55% to 5,611.85, while the Nasdaq Composite fell 0.14% to 17,299.29 during Monday's session.



Investors are awaiting earnings results from Ultralife Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULBI#NASDAQ">ULBI</a>), nCino Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCNO#NASDAQ">NCNO</a>), and Sportsman&#8217;s Warehouse Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPWH#NASDAQ">SPWH</a>) today.



At a current reading of 21.3, the index remained in the &#8220;Extreme Fear&#8221; zone on Monday, versus a prior reading of 21.7.



What is CNN Business Fear &amp; Greed Index?



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.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/earnings/25/03/44561974/how-to-earn-500-a-month-from-apple-stock">How To Earn $500 A Month From Apple Stock</a></li>
</ul>



Photo courtesy: Shutterstock

Dow Surges Over 400 Points But Records Losses For March: Greed Index Remains In 'Extreme Fear' Zone

Fundstrat&#8216;s Tom Lee believes markets are poised for a rebound despite widespread investor anxiety ahead of President Donald Trump&#8216;s anticipated tariff <a href="https://in.benzinga.com/trading-ideas/long-ideas/25/03/44569453/tom-lee-sees-right-pieces-for-a-market-bottom-investors-are-a-little-too-scared-heading-into-wednesday">announcement on Wednesday</a>.



What Happened: &#8220;Markets are deeply oversold,&#8221; Lee wrote on Monday on X, adding that &#8220;too many are only pricing in &#8216;worst case'&#8221; scenarios. He said that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) &#8220;likely leads bounce when recovery starts.&#8221;



Lee, Fundstrat&#8217;s Head of Research and Chief Investment Officer, noted high anxiety among fund managers who fear economic downturn following Trump&#8217;s Apr. 2 &#8220;Liberation Day&#8221; announcements. These concerns stem from uncertainty around tariff impacts and the Trump administration&#8217;s policies.



<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">Sunday evening, many fund managers were calling for a deep decline into 4/2, but markets are deeply oversold &#8211; and too many are only pricing in &quot;worst case&quot; &#8211; <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> likely leads bounce when recovery starts Great speaking to <a href="https://twitter.com/JoeSquawk?ref_src=twsrc%5Etfw">@JoeSquawk</a> <a href="https://twitter.com/BeckyQuick?ref_src=twsrc%5Etfw">@BeckyQuick</a> <a href="https://twitter.com/andrewrsorkin?ref_src=twsrc%5Etfw">@andrewrsorkin</a> on… <a href="https://t.co/DSOgaZ78uY">https://t.co/DSOgaZ78uY</a>&mdash; Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) <a href="https://twitter.com/fundstrat/status/1906772612367499589?ref_src=twsrc%5Etfw">March 31, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Over weekend, fund managers convos: common view "economy will tank" post-4/2 liberation day anxiety high due to: &#8211; need clarity &#8211; how much tariffs hurt &#8211; fears Trump policies Fear getting priced in. US proven itself resilient. Great talking to <a href="https://twitter.com/JoeSquawk?ref_src=twsrc%5Etfw">@JoeSquawk</a> <a href="https://twitter.com/BeckyQuick?ref_src=twsrc%5Etfw">@BeckyQuick</a>…&mdash; Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) <a href="https://twitter.com/fundstrat/status/1906658866756239677?ref_src=twsrc%5Etfw">March 31, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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&#8220;I think investors are a little too scared <a href="https://in.benzinga.com/trading-ideas/long-ideas/25/03/44569453/tom-lee-sees-right-pieces-for-a-market-bottom-investors-are-a-little-too-scared-heading-into-wednesday">heading into Wednesday</a>,&#8221; Lee told CNBC&#8217;s &#8220;Squawk Box&#8221; on Monday. &#8220;Post-Wednesday, markets are going to have some visibility. That allows us to take some of the selling pressure off.&#8221;



See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/03/44571608/april-is-oils-best-month-may-second-will-prices-hit-80-before-summer" target="_blank" rel="noreferrer noopener">April Is Oil's Best Month, May Second: Will Prices Hit $80 Before Summer?</a>



Why It Matters: The market pessimism comes as the S&amp;P 500, tracked by SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), officially entered correction territory earlier this month. The index has recorded its <a href="https://www.benzinga.com/25/03/44576937/sp-500-suffers-worst-quarterly-lag-against-global-markets-since-1988-as-tech-rout-hits-hard">largest quarterly underperformance</a> against global markets since 1988, according to Bloomberg data.



Lee countered stagflation fears, suggesting <a href="https://in.benzinga.com/trading-ideas/long-ideas/25/03/44569453/tom-lee-sees-right-pieces-for-a-market-bottom-investors-are-a-little-too-scared-heading-into-wednesday">economists may be overlooking positive factors</a>. &#8220;We might end up having better growth, so less stag, and maybe the inflation stuff is more distorting so it&#8217;s not as stagflationary,&#8221; he said.



The strategist also pointed to the Federal Reserve&#8217;s relatively dovish stance as a potential positive catalyst. Fed Chair Jerome Powell is scheduled to speak Friday following the nonfarm payrolls report.



A Benzinga poll found 48% of respondents believe markets will crash following Trump&#8217;s reciprocal tariff announcement, while 29% expect little impact and 23% <a href="https://in.benzinga.com/trading-ideas/25/03/44566164/exclusive-could-trumps-liberation-day-reciprocal-tariffs-crash-the-stock-market-48-say-this">anticipate a market rise</a>.



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<li><a href="https://www.benzinga.com/news/25/03/44568282/blackrock-ceo-larry-finks-2025-investor-letter-how-the-company-will-navigate-ai-inflation-global-markets" target="_blank" rel="noreferrer noopener">BlackRock CEO Larry Fink's 2025 Investor Letter: How The Company Will Navigate AI, Inflation, Global Markets</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tom Lee Says Markets Are 'Deeply Oversold,' Expects Bitcoin To Lead Rebound As Investors Fear Trump's Tariff Impact

Intel Corp's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) Lip-Bu Tan made bold promises about the company's future during his first public speech as CEO on Monday, highlighting a <a href="https://www.benzinga.com/tech/25/03/44532562/intel-board-shake-up-continues-as-three-directors-exit-amid-leadership-overhaul-under-ceo-lip-bu-tan">major cultural overhaul</a> and signaling potential support from the Donald Trump administration.



What Happened: Tan, who took over as CEO earlier in March, focused on a cultural transformation at Intel, stressing the need to cut down on bureaucracy, which he believes stifles innovation, <a href="https://www.ft.com/content/bb433b2e-c236-46e7-8342-c92562c3431f">reported</a> the Financial Times.



&nbsp;&#8220;Bureaucracy kills innovation,&#8221; Tan said during the speech at a conference in Las Vegas.



He made it clear that one of his top priorities would be to recruit top talent and build stronger relationships with key customers, while simplifying Intel's operations.



See Also:&nbsp;<a href="https://www.benzinga.com/media/25/03/44508019/tesla-and-other-us-robotics-giants-demand-federal-strategy-to-compete-with-chinas-138-billion-push-warn-america-will-lose-the-race-without-it" target="_blank" rel="noreferrer noopener">Tesla And Other US Robotics Giants Demand Federal Strategy To Compete With China&#8217;s $138 Billion Push — Warn America Will Lose The Race Without It</a>



Tan also highlighted that the Trump administration is prepared to assist Intel, as the government intends to maintain U.S. semiconductor leadership.



&#8220;They are asking me: what can we help with? And definitely, I will come to get their help to do what we need to do,&#8221; Tan said, signaling a collaborative effort to strengthen the company's position in the competitive chip market.



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It Matters: Intel's leadership has <a href="https://in.benzinga.com/tech/25/02/43680696/bill-gates-has-a-soft-spot-for-intel-but-says-the-chip-giant-has-lost-its-way-questions-whether-the-company-can-recover-after-ceo-exit-and-falling-behind-in-ai">struggled in the past few years</a>, falling behind competitors like Taiwan Semiconductor Manufacturing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) in chip production and Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) in AI chip development.



In his inaugural letter to shareholders, Tan spoke about aligning spending with market demand, a strategy that includes maintaining Intel&#8217;s product business and contract chip manufacturing unit, a vision initially set by former CEO Pat Gelsinger. This approach also involves cost-cutting measures, including a <a href="https://www.benzinga.com/25/03/44555938/intels-new-ceo-refuses-to-sugarcoat-the-companys-2024-performance-vows-to-align-spending-with-market-demand">15% workforce reduction</a>.



Tan&#8217;s strategy also extends to <a href="https://in.benzinga.com/25/03/44469986/intel-targets-major-foundry-clients-in-new-strategy-to-revitalize-chip-design-says-ubs">rejuvenating Intel&#8217;s chip design</a> and expanding its foundry business, with potential commitments from major clients like Nvidia and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>).



Price Action: Intel's stock has climbed 12.31% since January, but the stock has declined almost 49% over a 12-month period, as per <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



According to Benzinga Edge Stock Rankings, Intel (INTC) holds a 3.54% growth rating. Want to see how it compares to other companies? <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here</a> for the full analysis.



Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



Image via Shutterstock



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<li><a href="https://www.benzinga.com/markets/25/01/43373775/tim-cook-praises-chinas-deepseek-for-driving-efficiency-stresses-apples-prudent-and-deliberate-approach-toward-capital-expenditure" target="_blank" rel="noreferrer noopener">Tim Cook Praises China's DeepSeek For Driving Efficiency, Stresses Apple's ‘Prudent And Deliberate' Approach Toward Capital Expenditure</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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