China imposed export restrictions on certain rare earth elements on Friday as part of its response to President Donald Trump&#8216;s <a href="https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-in-market-value">tariff measures</a>. The move could disrupt U.S. access to critical minerals essential for technologies ranging from smartphones to<a href="https://www.benzinga.com/news/25/04/44645172/china-retaliates-with-34-tariff-on-all-us-imports-urges-trump-to-immediately-cancel-the-tariffs-calls-for-negotiation"> electric vehicle batteries.</a>



What To Know: China restricted exports of seven rare earth elements to all countries, including the U.S. The newly restricted rare earths are: samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium.&nbsp;



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44648338/strong-jobs-report-on-a-day-when-good-news-doesnt-matter-economist-says">Strong Jobs Report &#8216;On A Day When Good News Doesn&#8217;t Matter,&#8217; Economist Says </a>



According to the U.S. Geological Survey, China produces about 90% of the world&#8217;s refined rare earths. Approximately three-quarters of the rare earths imported into the U.S. come from China. The export restrictions are not a full-blown ban but rather allow China to restrict access through the issuance or denial of export permits. 



If China restricts access to rare earth elements, the U.S. could face shortages in key industries, including national defense, clean energy, EVs and electronics. 



Mark A. Smith, CEO of the rare earth mining company NioCorp Developments Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NB#NASDAQ">NB</a>), called the<a href="https://www.benzinga.com/pressreleases/25/04/ac44645865/china-launches-new-precision-strike-against-pengaton-rare-earth-supply-chains"> export restrictions</a> a&nbsp; "precision strike by China against Pentagon supply chains" and warned that "these aren&#8217;t just metals &#8211; they&#8217;re bottleneck elements."&nbsp;



&#8220;This is not a mere supply chain hiccup, it&#8217;s a geopolitical earthquake in slow motion …&nbsp; And with Russia and China tightening coordination, this may mark the start of a material cold war fought not with tanks, but with export licenses and embargoes,&#8221; Smith added.



Stocks To Watch: Shares of USA Rare Earth, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USAR#NASDAQ">USAR</a>) are soaring Friday as investors speculate that China's latest restrictions could accelerate subsidies for domestic mining. USA Rare Earth describes itself as establishing domestic rare earth and critical minerals supply, extraction and processing capabilities in the U.S.&nbsp;



MP Materials Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>) ,which owns and operates the only rare earth mining and processing site of scale in North America, should also be monitored.&nbsp;



Investors can also monitor the rare earth elements industry through the VanEck Rare Earth and Strategic Metals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REMX#NYSE">REMX</a>), which focuses on global firms from&nbsp; China, the U.S. and Australia.&nbsp;



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/news/global/25/04/44628368/trumps-tariffs-prompt-china-to-vow-countermeasures-experts-see-retaliation-likely">Trump&#8217;s Tariffs Prompt China To Vow &#8216;Countermeasures&#8217;: Experts See Retaliation Likely&nbsp;</a></li>
</ul>



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China Restricts Rare Earth Exports To US As Part Of Tariff Retaliation: 'Geopolitical Earthquake In Slow Motion,' CEO Says

Federal Reserve Chair Jerome Powell signaled a cautious policy stance on Friday, hinting that slowing economic momentum is not yet enough to ease the Federal Reserve's inflation concerns, as higher tariffs threaten to complicate the <a href="https://www.benzinga.com/news/econ-s">path toward price stability.</a>



Speaking at the Society for Advancing Business Editing and Writing conference, Powell said the economy is still "in a good place," but acknowledged that growing uncertainty tied to trade and regulatory changes has raised the risk of both slower growth and rising inflation.



Just minutes before Powell took the stage, President Donald Trump took to Truth Social, urging the Fed chair to act swiftly: "This would be a perfect time for Fed Chairman Jerome Powell to cut Interest Rates. He is always ‘late,' but he could now change his image, and quickly.&#8221;



Trump claimed that energy prices, interest rates, and inflation have all declined—highlighting that even egg prices have dropped 69%—while job growth has surged in just two months, calling it "a big win for America."



<h3 class="wp-block-heading">Fed Faces New Trade-Induced Inflation Pressures</h3>



While Powell reaffirmed the Fed's commitment to its dual mandate—maximum employment and stable prices—he didn't shy away from addressing the challenge posed by rising tariffs. 



He said the increases will likely be "significantly larger than expected" and warned that "higher tariffs will be working their way through our economy and are likely to raise inflation in coming quarters."



After falling from the pandemic highs of 2022, price pressures are proving stickier. Data from February show that total Personal Consumption Expenditures (PCE) inflation rose 2.5% year-over-year, while the core measure, which excludes volatile food and energy categories, climbed 2.8%. These levels remain above the Fed's 2% target.



Though long-term inflation expectations remain "well anchored," Powell said both survey-based and market-based measures of near-term inflation expectations have "moved up." 



The Fed, he added, is closely watching this development.



<h3 class="wp-block-heading">Job Market Still Strong, But Growth Slows</h3>



The U.S. labor market continues to show resilience. March's jobs report showed the unemployment rate at 4.2%, in line with its average since early 2024. 



Over the first quarter, payrolls increased by an average of 150,000 jobs per month. The Fed views this as a sign of a labor market that is "broadly in balance" and "not a significant source of inflationary pressure."



Powell acknowledged that "many forecasters have anticipated somewhat slower growth this year," and that both hard and soft data reflect that shift.



While the initial estimate for first-quarter GDP is still pending, early indicators align with expectations for a deceleration. At the same time, business and household surveys show a notable uptick in pessimism, driven largely by policy uncertainty.



<h3 class="wp-block-heading">Fed Signals Patience Amid Uncertainty</h3>



"It is too soon to say what will be the appropriate path for monetary policy," Powell said. 



&#8220;We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation.&#8221; he added.



The outlook is complicated by uncertainty over tariff details, including which goods will be taxed, at what rates, for how long, and the potential response from trading partners. 



Powell said the size and duration of tariff-related inflation "remain uncertain," and warned of the possibility that temporary price increases could become more persistent.



The Fed's challenge, he noted, is to ensure "a one-time increase in the price level does not become an ongoing inflation problem."



"We are well positioned to wait for greater clarity before considering any adjustments to our policy stance."



Rate Cuts? Not So Fast



The message for markets was clear: The Fed is in wait-and-see mode. While investors began 2025 pricing in as many as four rate cuts, recent data and Powell's comments suggest that dovish pivot may be postponed.



&#8220;It&#8217;s too soon to say what the appropriate monetary policy response would be to these policies,&#8221; Powell said. 



Stocks fell in response to Powell&#8217;s remarks. 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>) – was 4.2% lower by 11:35 a.m. ET. 



The Nasdaq 100 – as tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) – tumbled 4.3%. 



Read now: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44647678/nasdaq-100-enters-bear-market-dow-in-correction-territory-traders-await-fed-chair-powells-remarks">Nasdaq 100 Enters Bear Market, Dow In Correction Territory, Traders Await Fed Chair Powell&#8217;s Remarks</a></li>
</ul>



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Powell Says It's 'Too Soon To Say' On Rates As Tariffs 'Likely To Raise Inflation'

Wall Street's sell-off shows no signs of easing into the week's close, in what's shaping up to be the worst week for U.S. <a href="https://www.benzinga.com/markets">equities since March 2020</a>.



The market's bleeding is now visible across the board: the Dow Jones has slipped into correction territory, while the tech-heavy Nasdaq 100 has entered a bear market after falling more than 20% from its highs.



Tech and semiconductor stocks have taken the brunt of the damage, following China's announcement of retaliatory tariffs of 34% on U.S. goods — a tit-for-tat move matching the rate once imposed by President Donald Trump.



The VIX index — also known as the &#8220;market fear gauge&#8221;&nbsp;— spiked 35% to 40 levels, heading for the highest daily close since October 2020.



Other countries are threatening retaliation, fueling fears of a broader global trade war that could disrupt supply chains and weigh heavily on the global economy.



The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) — a key proxy for the U.S. chipmaking industry — has plunged 16% this week, on track for its worst performance since September 2001 at the height of the dot-com crash.



Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) extended its losses by another 4.7% on Friday, heading toward its steepest two-day decline since 2013, as investors brace for potential revenue hits from the new Chinese tariffs.



Even <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44645518/strong-jobs-report-offers-hope-but-will-it-be-enough-to-counter-tariff-turmoil">a strong U.S. jobs report</a> — with 228,000 payrolls added in March, far above the expected 135,000 — did little to soothe nerves.



Hopes that Fed Chair Jerome Powell might strike a more dovish tone were dashed. He <a href="https://www.benzinga.com/government/regulations/25/04/44648681/powell-cites-tariff-driven-inflation-risks-shrugs-off-trumps-call-for-perfect-time-to-cut-rates">offered no signs of urgency to cut </a>rates, reiterating that the Fed is in no rush, and flagged inflation risks tied to tariffs. Powell stressed the importance of monitoring inflation expectations closely. 



Meanwhile, President Donald Trump continued posting on Truth Social, touting the &#8220;great jobs numbers&#8221; and warning China against behavior it &#8220;cannot afford to do.&#8221; He again pressed Powell to cut rates, saying it's the "perfect time," but his words seem to be losing sway on Wall Street.



As stocks slumped, bonds notched their best day of the year thus far. The popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) fell 2.1%. Yields on the 10-year Treasury note were down by 10 basis points to 3.94%. 



<h1 class="wp-block-heading">Friday&#8217;s Performance On Major U.S. Indices, ETFs</h1>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg (%)</td></tr><tr><td>Dow Jones</td><td>38,924.16</td><td>-4.0%</td></tr><tr><td>Nasdaq 100</td><td>17,616.59</td><td>-4.9%</td></tr><tr><td>S&amp;P 500</td><td>5,130.61</td><td>-4.9%</td></tr><tr><td>Russell 2000</td><td>1,809.22</td><td colspan="2">-5.3%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:55 p.m. </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>) sunk 4.6% to $512.41.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) fell 3.9% to $389.56.</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;plummeted 4.8% to $428.85.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) nosedived 5.4% to 179.40.</li>



<li>The&nbsp;Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and the Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) recorded the heaviest losses, down 7.3% and 6.1%, respectively. </li>
</ul>



<h1 class="wp-block-heading">Friday&#8217;s Biggest Declines Within Large-Cap Stocks</h1>



<ul>
<li>SanDisk Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDK#NASDAQ">SNDK</a>) plunged 24.66%.</li>



<li>AppLovin Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) fell 18.14%.</li>



<li>New Fortress Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFE#NASDAQ">NFE</a>) dropped 18.01%.</li>



<li>Civitas Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIVI#NYSE">CIVI</a>) sank 15.11%.</li>



<li>Weatherford International plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WFRD#NASDAQ">WFRD</a>) declined 14.76%.</li>



<li>TechnipFMC plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTI#NYSE">FTI</a>) fell 14.34%.</li>



<li>Ovintiv Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OVV#NYSE">OVV</a>) lost 13.62%. </li>
</ul>



<h1 class="wp-block-heading">Friday&#8217;s Top Gains</h1>



<ul>
<li>Rocket Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RKT#NYSE">RKT</a>) surged 7.57%.</li>



<li>Gap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) rose 7.00%.</li>



<li>TopBuild Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLD#NYSE">BLD</a>) jumped 6.49%.</li>



<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) climbed 6.08%.</li>



<li>NVR, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVR#NYSE">NVR</a>) advanced 5.86%.</li>



<li>D.R. Horton, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>) gained 6.09%.</li>
</ul>



Read Now: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44645681/jpmorgan-raises-recession-risk-to-60-as-largest-us-tax-hike-in-60-years-hits-global-economy">JPMorgan Raises Recession Risk To 60% As &#8216;Largest US Tax Hike&#8217; In 60 Years Hits Global Economy</a></li>
</ul>



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Wall Street Massacre Rages On, Chipmakers Eye Worst Week Since Dot-Com Burst, Bonds Rally: What's Driving Markets Friday?

Wall Street just got a wake-up call. According to JPMorgan analyst Maia G. Crook, the probability of <a href="https://www.benzinga.com/topic/recession">a U.S. recession</a> has surged to 60%, up from 40% last month, thanks to the latest round of tariff hikes.



The "largest U.S. tax hike in nearly 60 years" is expected to hit household and business spending, drag down sentiment and disrupt global supply chains.



<h2 class="wp-block-heading">Tariffs &amp; Tumbling Sentiment</h2>



The tariff war escalated with a fresh 22% hike, pushing fears of retaliation and economic slowdowns to new highs. Crook warns of ripple effects, noting that the uncertainty around trade policies could further dampen business confidence. 



While there's still a 40% chance of avoiding a recession, she cautions that it hinges on "negotiations&#8221; that &#8220;will bring these announced rates down in the coming weeks."



Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44456554/trade-wars-fed-moves-and-a-40-recession-risk-is-your-portfolio-ready">Trade Wars, Fed Moves And A 40% Recession Risk &#8211; Is Your Portfolio Ready?</a>



<h2 class="wp-block-heading">Markets On Edge: Where To Look Next?</h2>



With recession risk on the rise, broad market exchange-traded funds (ETFs) like SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), the iShares Core S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>) and the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>) are under scrutiny.



Investors may look to defensive plays like utilities and consumer staples ETFs, such as the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) or Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) as <a href="https://www.benzinga.com/25/04/44626085/biopharma-a-safe-haven-as-tariff-turmoil-rages-on">safe havens</a>.



<h2 class="wp-block-heading">Will The Fed Step In?</h2>



Despite the ominous outlook, Crook sees a path to resilience if global negotiations ease tensions. However, she warns that the administration's approach to tariff calculations "raises questions around the basis for negotiations going forward."



With economic uncertainty mounting, investors may need to brace for volatility ahead.



For now, markets are on edge and recession risk is no longer a distant possibility &#8211; it's a very real threat.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/03/44309742/recession-watch-small-caps-sound-the-alarm-but-credit-markets-shrug">Recession Watch: Small Caps Sound The Alarm, But Credit Markets Shrug</a></li>
</ul>



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JPMorgan Raises Recession Risk To 60% As 'Largest US Tax Hike' In 60 Years Hits Global Economy

As Wall Street crumbles from the impact of tariffs, cracks are still not visible in the U.S. labor market, which continues to show resilience and defies investor <a href="https://www.benzinga.com/news/econ-s">fears of economic weakness.</a> 



In March, nonfarm payrolls surged by 228,000, the Bureau of Labor Statistics reported Friday. The outcome is well above the three-month average of 195,000 and topped economists' forecasts of 135,000. February&#8217;s employment growth was downwardly revised to 117,000. 



Private sector payrolls surged by 209,000, the highest since December 2024. Employment rose in health care, social assistance, and transportation and warehousing. Retail trade also saw job gains, partly due to the return of workers following a strike.



Public sector payrolls surprisingly rose by 19,000, slightly quelling fears of DOGE-related layoffs filtering into the data. 



Meanwhile, the unemployment rate unexpectedly inched higher from 4.1% to 4.2%, defying expectations for no change.



Wage growth broadly matched expectations. Average hourly earnings increased 0.3% from February's pace, as predicted, and rose 3.8% year-over-year, marginally lower than the 3.9% predicted.



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



Markets were already in a state of extreme volatility ahead of Friday's jobs report, as tensions escalated between the U.S. and China.



Beijing unveiled a retaliatory 34% tariff on U.S. goods—mirroring the rate announced by President Donald Trump on Wednesday—deepening fears of a full-blown trade war.



Futures tied to the S&amp;P 500—tracked via the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)—slid 2.5% by 8:35 a.m. ET, following a 4.9% rout the previous day.



Nasdaq 100 futures dropped 2.6%, putting the tech-heavy index on course for its sixth consecutive weekly loss. The VIX – also known as &#8220;market fear gauge&#8221; – was up 34%. 



U.S. Treasury yields tumbled as investors fled to safe-haven assets. The yield on the 10-year note fell 15 basis points to 3.88%, marking its lowest level since late September 2024.



Rate cut bets gained traction. Traders now assign a 40% probability to the Federal Reserve lowering interest rates as soon as May, according to the CME FedWatch Tool. Yet, they see June as the most likely month for the next rate cut, applying a 100% likelihood.



Investors now await remarks from Fed Chair Jerome Powell, who will hit the wires at 11:25 a.m. on Friday. 



Read now: 



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/04/44643100/us-stocks-likely-to-open-lower-after-the-worst-selloff-since-2020-tariff-announcement-was-100-smoot-hawley-disguised-as-thoughtful-policy-says-expert">Stocks Set To Continue Crashing After Worst Selloff Since 2020: Tariff Announcement Was &#8216;100% Smoot Hawley Disguised As Thoughtful Policy,&#8217; Says Expert</a></li>
</ul>



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Strong Jobs Report Offers Hope — But Will It Be Enough To Counter Tariff Turmoil?

Dip-buying remained absent in early Friday trading in New York, with Wall Street deep in the red as global trade war fears continued to escalate, despite the March jobs report showed continued signs of <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44645518/strong-jobs-report-offers-hope-but-will-it-be-enough-to-counter-tariff-turmoil">U.S. labor market resilience. </a>



The U.S. economy added 228,000 jobs in March—the strongest gain since December 2024—sharply beating expectations of 135,000, according to figures released by the Bureau of Labor Statistics.



Still, the report did little to calm nerves. Investors fear it may be the last strong print for a while, with the economic impact of rising tariffs expected to seep into the data in the coming months.



The unemployment rate ticked up just 0.1 percentage points to 4.2%, remaining low by historical standards, while wage growth broadly aligned with forecasts. Average hourly earnings rose 0.3% month-over-month and 3.8% year-over-year.



Wall Street remained deep in the red after China announced a retaliatory 34% tariff on U.S. goods—matching the rate imposed by President Donald Trump on Wednesday—intensifying fears of a full-blown trade war.



Trump took to Truth Social on Friday. "Great job numbers, far better than expected. It's already working. Hang tough, we can't lose!"



He added. "China played it wrong, they panicked," and reassured investors: "This is a great time to get rich—richer than ever before!"



Investors are now on edge, awaiting remarks from Fed Chair Jerome Powell at 11:25 a.m. ET on Friday, hoping for any hint of a dovish shift in policy tone.



<h3 class="wp-block-heading">Wall Street In Bloodbath: Could Powell Halt The Bleeding? </h3>



Here's how the key benchmarks moved at the open:



<ul>
<li>S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), was down 2.9% by 9:55 a.m. in New York.</li>



<li>Dow Jones Industrial Average, tracked by the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), fell 2.6%, officially entering correction territory after falling more than 10% from its late-2024 peak.</li>



<li>Nasdaq-100, tracked by the Invesco QQQ Trust Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), fell 2.9%, hitting a 20% decline from all-time highs, entering a bear market. </li>



<li>Russell 2000, represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), fell 4.1%. </li>
</ul>



Every sector traded in the red, with heaviest losses concentrated in Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), down 5%, and Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>), down 4%. 



While stocks continued to slump, bonds attracted haven flows. Yields on 10-year Treasury notes fell by 10 basis points to 3.94%. The popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rose 1.5%. 



<h3 class="wp-block-heading">Top Performers Among Mega-Caps</h3>



<ul>
<li>American Tower Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMT#NYSE">AMT</a>) rose 1.80% to $232.30.</li>



<li>Duke Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>) gained 1.25%, trading at $125.59.</li>



<li>Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) advanced 1.18% to $313.50.</li>
</ul>



The biggest underperformers included:



<ul>
<li>Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) dropped 7.63% to $58.24.</li>



<li>Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>) fell 6.75% to $152.97.</li>



<li>The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) declined 6.67%, closing at $140.84.</li>



<li>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) slid 6.47% to $20.98.</li>
</ul>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44645681/jpmorgan-raises-recession-risk-to-60-as-largest-us-tax-hike-in-60-years-hits-global-economy">JPMorgan Raises Recession Risk To 60% As &#8216;Largest US Tax Hike&#8217; In 60 Years Hits Global Economy</a></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Fed Chair Jerome Powell &#x7C; Economic Outlook &#x7C; Apr 4, 2025" width="500" height="281" src="https://www.youtube.com/embed/wuhf8mg4C6k?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Photo: Shuttertock

AMGN

INTC

SBUX

Nasdaq 100 Enters Bear Market, Dow In Correction Territory, Traders Await Fed Chair Powell's Remarks

China&#8217;s finance ministry has announced a 34% tariff on all goods imported from the U.S., effective from April 10. This decision comes as a response to the U.S. administration&#8217;s <a href="https://www.benzinga.com/25/04/44644765/tom-lee-predicts-a-market-rebound-after-april-9-as-absurd-tariffs-could-spur-potential-negotiations">earlier imposed duties.</a>



What Happened: China&#8217;s finance ministry has declared&nbsp;a 34% tariff on all&nbsp;U.S. imports, starting April 10. This action is a retaliation to the duties imposed by the U.S. administration earlier in the week.



&#8220;China urges the United States to immediately cancel its unilateral tariff measures and resolve trade differences through consultation in an equal, respectful and mutually beneficial manner,&#8221; stated the Chinese finance ministry. 



The ministry criticized the U.S. approach, stating that it violates international trade rules, harms China&#8217;s legitimate rights and interests, and represents unilateral bullying. Beijing called the 54% U.S. tariffs on China "inconsistent with international trade rules". This not only damages the U.S. economy but also threatens global economic growth and the stability of production and supply chains, the ministry further stated.



SEE ALSO:&nbsp;<a href="https://benzinga.com/general/market-summary/25/04/44643368/donald-trump-says-market-is-going-to-boom-claiming-6-7-trillion-worth-of-inflows-will-come" target="_blank" rel="noreferrer noopener">Donald Trump Says &#8216;Market Is Going To Boom,&#8217; Claiming &#8216;$6-7 Trillion&#8217; Worth Of Inflows Will Come After The Worst Selloff Since 2020</a>



As <a href="https://www.scmp.com/economy/china-economy/article/3305260/china-hits-back-us-34-tariff-american-imports-retaliation-trumps-move?module=top_story&amp;pgtype=homepage">reported </a>by the South China Morning Post, as part of its retaliatory actions, Beijing has imposed restrictions on certain Chinese exports to 16 American companies and revoked the export eligibility of six U.S.-affiliated firms.



China added 11 more U.S. companies, including drone maker Skydio, to its unreliable entities list and announced further restrictions on rare earth mineral exports.



Why It Matters: This move by China comes in the wake of President Donald Trump&#8216;s announcement that the U.S. was nearing a deal to spare TikTok from a potential ban, with ongoing discussions involving multiple investors and a possible tariff agreement with China. 



During remarks aboard Air Force One, as reported by Associated Press, Trump said, &#8220;Tariffs give you great power to negotiate&#8221;. Trump stated that he expects China to call him and say,  &#8220;Well we&#8217;re upset with the tariffs and maybe they want to get something a little bit in order to get TikTok approved.&#8221; 



Sources told Senior Correspondent of Fox Business, Charles Gasparino, that trade negotiations with China will involve TikTok and BlackRock&#8217;s deal to acquire ports from CK Hutchison. Trump may adjust China tariffs to secure Chinese President Xi Jinping&#8216;s cooperation on these issues.



<ul>
<li>READ NEXT:&nbsp;<a href="https://benzinga.com/markets/25/04/44622724/blackrock-ceo-larry-fink-urges-investors-to-move-over-60-40-model-to-50-30-20-strategy-may-no-longer-full" target="_blank" rel="noreferrer noopener">BlackRock CEO Larry Fink Urges Investors To Move Over 60/40 Model To 50/30/20 Strategy: &#8216;&#8230;May No Longer Fully Represent True Diversification&#8217;</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.

General

China Retaliates With 34% Tariff On All US Imports, Urges Trump To Immediately Cancel The Tariffs, Calls For Negotiation

U.S. stock futures declined on Friday after a bloodbath on Thursday following the introduction of President Donald Trump&#8216;s tariffs. Futures of major benchmark indices were lower in premarket trading.



Fueled by a broad market downturn, the Dow Jones plummeted by a staggering 1,679 points, its fifth-largest drop ever, while the S&amp;P 500 and Nasdaq suffered their biggest single-day losses since June and March 2020, respectively.



Trump, however, dismissed the tariff-induced selloff and said, &#8220;The market is going to boom, the stock is going to boom, the country is going to boom.&#8221;



The 10-year Treasury bond yielded 3.94% and the two-year bond was at 3.61%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a> shows markets pricing in a 69.4% 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>Dow Jones</td><td>-1.00%</td></tr><tr><td>S&amp;P 500</td><td>-0.78%</td></tr><tr><td>Nasdaq 100</td><td>-0.54%</td></tr><tr><td>Russell 2000</td><td>-1.42%</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, declined in premarket on Friday. The SPY was down 0.71% to $532.87, while the QQQ declined 0.62% to $447.85, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Technology sectors bore the brunt of Thursday&#8217;s U.S. stock market downturn. Specifically, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares plummeted approximately 9.3%, marking their steepest single-day decline since March 2020. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) also saw a significant drop, tumbling 7.8%, while Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) shares fell by 8.98%. Across the broader market, consumer discretionary, energy, and information technology stocks registered the most substantial losses within the S&amp;P 500.



In contrast, consumer staples stocks stood out, bucking the prevailing negative trend and closing the session higher. This sector&#8217;s resilience was highlighted by Lamb Weston Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LW#NYSE">LW</a>), whose shares surged 10% after the company released third-quarter financial results that exceeded expectations and provided FY25 sales guidance above analyst estimates.



Economic data released Thursday presented a mixed picture. U.S. initial jobless claims decreased by 6,000 to 219,000 for the week ending March 29, falling below the anticipated 225,000. Additionally, the U.S. trade deficit narrowed to $122.7 billion in February, improving from $130.7 billion in January and slightly better than the forecasted $123.5 billion. However, the ISM services PMI declined to 50.8 in March, down from 53.5 in February and below market expectations of 53.



<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>-5.97%</td><td>16,550.60</td></tr><tr><td>S&amp;P 500</td><td>-4.84%</td><td>5,396.52</td></tr><tr><td>Dow Jones</td><td>-3.98%</td><td>40,545.93</td></tr><tr><td>Russell 2000</td><td>-6.59%</td><td>1,910.55</td></tr></tbody></table></figure>



Insights From Analysts:



CNBC&#8217;s Jim Cramer compared Trump&#8217;s tariffs to historical tariff regimes in the U.S., in an X post. he said, &#8220;It is not pro-tariff v. anti-tariff. It&#8217;s about accomplishing what&#8217;s good for our country while not having a Smoot-Hawley situation.&#8221;



The Smoot-Hawley Tariff Act, enacted in 1930, was a US law that significantly increased tariffs on imported goods, intended to protect American businesses and farmers, but ultimately worsened the Great Depression by triggering a global trade war.



However, he added that tariff-induced selloff on Thursday was &#8220;100% Smoot Hawley disguised as thoughtful policy. The market was RIGHT to go down.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It is not pro-tariff v. anti-tariff. It&#39;s about accomplishing what&#39;s good for our country while not having a Smoot Hawley situation. Yesterday was 100% Smoot Hawley disguised as thoughtful policy. The market was RIGHT to go down&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1908066366805991875?ref_src=twsrc%5Etfw">April 4, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



AQR Capital Management&#8217;s Chief Investment Officer, Cliff Asness, took to X on Thursday to voice his criticism of tariff proponents, specifically disputing the assertion that tariffs result in deflation instead of inflation.



His remarks were a direct response to Anthony Pompliano, the Founder &amp; CEO of Professional Capital Management and a well-known Bitcoin advocate, who had previously claimed, &#8220;Tariffs don't create inflation. The exact opposite happens."



<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">Idiots say this and bray like they've scored a great point. What they mean is giant arbitrary tariffs are so bad they eventually cause recessions which then cause deflation. They then present this as a feature. And if they don't mean that they are even more wrong in some… <a href="https://t.co/ZihK0rbRU0">https://t.co/ZihK0rbRU0</a>&mdash; Clifford Asness (@CliffordAsness) <a href="https://twitter.com/CliffordAsness/status/1907915579324760564?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Creative Planning&#8217;s chief market strategist, Charlie Bilello, noted that the VIX index reached its highest closing level since Aug. 5, 2024.



He suggested this increase in fear, coupled with lower stock prices, presents enhanced opportunities for investors with a long-term perspective. Bilello also pointed to historical trends, indicating that the S&amp;P 500 has historically delivered &#8220;higher than average&#8221; returns following significant surges in volatility.



He shared data showing that after a comparable spike on Aug. 5, 2024, the S&amp;P 500 returned 6% in one month, 11% in three months, and 18% over six months. On average, Bilello highlighted, the S&amp;P 500 has gained 12% six months after such volatility spikes and 21% after a year.



In an X post, Bilello summarized, &#8220;More Fear = More Opportunity.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The <a href="https://twitter.com/search?q=%24VIX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$VIX</a> spiked nearly 40% higher today and closed above 30 for the first time since last August. What has happened in the past following the biggest volatility spikes? Higher than average forward S&amp;P 500 returns. More Fear = More Opportunity<a href="https://t.co/wMMGtwYloS">https://t.co/wMMGtwYloS</a> <a href="https://t.co/vVEN5vUBD1">pic.twitter.com/vVEN5vUBD1</a>&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1907910013743722855?ref_src=twsrc%5Etfw">April 3, 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 Friday:



<ul>
<li>March&#8217;s U.S. employment report, unemployment rate, and hourly wages data will be out by 8:30 a.m. ET.</li>
</ul>



<ul>
<li>Fed Chairman Jerome Powell will speak at 11:25 a.m. ET.</li>
</ul>



<ul>
<li>Fed Governor Michael Barr will speak at 12:00 p.m. and Fed Governor Christopher Waller will speak at 12:45 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>American Shared Hospital Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMS#NYSE">AMS</a>) was up 0.34% in premarket on Friday ahead of its earnings before the opening bell. Analysts expect a quarterly earnings of 1 cent per share on revenue of $7.70 million.</li>
</ul>



<ul>
<li>Neuroone Medical Technologies Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NMTC#NASDAQ">NMTC</a>) slumped 36.05% after the company disclosed a common stock public offering.</li>
</ul>



<ul>
<li>Simulations Plus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SLP#NASDAQ">SLP</a>) was up 2.50% after posting stronger-than-expected results for its second quarter and issuing an upbeat FY25 earnings forecast.</li>
</ul>



<ul>
<li>Sangamo Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGMO#NASDAQ">SGMO</a>) surged 32.41% after announcing a new agreement with pharmaceutical giant Eli Lilly And Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), granting the company a worldwide exclusive license to leverage the company&#8217;s novel proprietary neurotropic adeno-associated virus (AAV) capsid, STAC-BBB.</li>
</ul>



<ul>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) jumped 3.98% after its CEO, Ryan Cohen, acquired 500,000 shares of the company.</li>
</ul>



<ul>
<li>BioNexus Gene Lab Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGLC#NASDAQ">BGLC</a>) dropped 26.96% after the company said that it will enact a 1-for-10 reverse stock split effective Monday to meet Nasdaq&#8217;s bid price requirements.</li>
</ul>



<ul>
<li>Mullen Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MULN#NASDAQ">MULN</a>) zoomed 83.64% after it stated that its U.S.-assembled Mullen and Bollinger commercial EV inventory is tariff-exempt.</li>
</ul>



<ul>
<li>CXApp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CXAI#NASDAQ">CXAI</a>) gained 40.06% after the company reported business performance results for 2024 and announced a net revenue retention rate of 101%.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 3.57% to hover around $64.56 per barrel.



Gold Spot US Dollar declined 0.97% to hover around $3,083.92 per ounce. Its fresh record high stood at $3,168.04 per ounce. The U.S. Dollar Index spot was higher by 0.48% at the 102.564 level.



Asian markets closed on a lower note on Friday. India's S&amp;P BSE Sensex, Japan's Nikkei 225, Australia's ASX 200, China&#8217;s CSI 300, Hong Kong's Hang Seng, and South Korea's Kospi index fell. European markets were also lower in early trade.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/04/44642317/sp-500-plummets-108-nasdaq-100-corrects-141-since-trumps-inauguration-heres-how-it-compares-to-obama-and-biden-eras">S&amp;P 500 Plummets 10.8%, Nasdaq 100 Corrects 14.1% Since Trump&#8217;s Inauguration: Here&#8217;s How It Compares To Obama And Biden Eras</a></li>
</ul>



Photo courtesy: Shutterstock

Earnings

Market Summary

Futures

Commodities

Pre-Market Outlook

AMZN

BGLC

CXAI

MULN

NMTC

NVDA

SGMO

Stocks Set To Continue Crashing After Worst Selloff Since 2020: Tariff Announcement Was '100% Smoot Hawley Disguised As Thoughtful Policy,' Says Expert

Ross Gerber, the president and CEO of Gerber Kawasaki Wealth &amp; Investment Management and chess champion, Gary Kasparov, have publicly criticized Bill Ackman for his defense of President Donald Trump&#8216;s trade war strategies.



What Happened: On Thursday, Gerber responded to a post on X by Ackman, in which the latter defended Trump&#8217;s trade war tactics. Gerber&#8217;s tweet read, &#8220;Bill please. Enough excuses. You're a smart man. This is garbage policy.&#8221; This was in direct response to Ackman&#8217;s suggestion that appearing &#8220;crazy&#8221; in negotiations could be a strategic move.



<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">Bill please. Enough excuses. You're a smart man. This is garbage policy.&mdash; Ross Gerber (@GerberKawasaki) <a href="https://twitter.com/GerberKawasaki/status/1907783165885952398?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div><figcaption class="wp-element-caption">At the same time, legendary chess champion and a prominent critic of authoritarianism, Gary Kasparov, responded to Ackman and said, &#8220;That only works if you&#8217;re not actually crazy, I&#8217;m afraid,&#8221; indirectly referencing Trump&#8217;s leadership style.</figcaption></figure>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="598" height="224" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/04060403/image-44.png" alt="" class="wp-image-857265" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/04060403/image-44.png 598w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/04060403/image-44-300x112.png 300w" sizes="(max-width: 598px) 100vw, 598px" /></figure>



See Also:&nbsp;<a href="https://benzinga.com/markets/equities/25/04/44640220/peter-schiff-says-nike-wont-build-factories-in-us-they-will-sell-to-countries-like-china-a-much-" target="_blank" rel="noreferrer noopener">Peter Schiff Says Nike &#8216;Won&#8217;t Build Factories&#8217; In US, They Will Sell To Countries Like China: A Much Better Strategy Amid Trump Tariffs</a>



The post came amid Trump&#8217;s&nbsp;announcement of new tariffs on&nbsp;nearly all U.S. trading partners, a move that has been widely criticized.



Why It Matters: Ackman, CEO of Pershing Square Capital Management, in another post, advised <a href="https://www.benzinga.com/markets/equities/25/04/44640503/bill-ackman-just-pick-up-the-phonesays-trump-will-reward-early-dealmakers-punish-tariff-retaliation">foreign leaders</a> to reach out to President Trump, describing him as a dealmaker who views the world as a series of transactions. His comments were made following the global markets losing $2 trillion in value due to Trump&#8217;s reciprocal tariffs. 



Gerber and Kasparov&#8217;s criticism of Ackman&#8217;s defense of Trump&#8217;s trade tactics underlines the ongoing debate about the effectiveness and impact of these policies on global trade and the economy. Gerber also commented on Senior Correspondent of Fox Business, Charles Gasparino&#8217;s post stating that the goal of the new tariff policy is to negotiate reciprocal agreements to reduce tariffs with trading partners. Gerber stated, &#8220;This is a bad way to do business.&#8221;



Meanwhile, Kasparov, in the past, has openly criticized Trump and Russian President Vladimir Putin&#8216;s style of leadership. He has been consistently supporting Ukraine in the Russia-Ukraine war.



<ul>
<li>Read Next:&nbsp;<a href="https://benzinga.com/25/04/44639682/trump-gets-sued-over-china-tariffs-congress-did-not-grant-presidents-blank-check-to-write-domestic-policy" target="_blank" rel="noreferrer noopener">Trump Gets Sued Over China Tariffs: Congress Did Not Grant Presidents &#8216;Blank Check To Write Domestic Policy&#8217;</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.

Ross Gerber And Gary Kasparov Slam Bill Ackman's Defense Of Trump's Trade War Tactics: 'This Is Garbage Policy'

AppLovin Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) shares were trading lower in premarket hours on Friday after the company confirmed it had submitted a preliminary expression of interest to the U.S. President regarding a potential acquisition of <a target="_blank" href="https://www.benzinga.com/news/24/03/37688964/tiktok-ban-could-take-out-billions-of-dollars-out-of-creators-pockets-and-put-over-300k-american-job" rel="noreferrer noopener">TikTok&#8217;s operations outside of China</a>.



&#8220;This indication of interest is preliminary and there can be no assurance that a transaction involving the Company will proceed,&#8221; AppLovin said in an exchange <a target="_blank" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001751008/91d42e86-44aa-4c1a-a9a9-40366c6f1f1b.pdf" rel="noreferrer noopener">filing</a>.



The mobile technology firm joins a growing list of companies looking to secure TikTok&#8217;s international business as the platform faces a fast-approaching deadline to find a new owner.



Also Read: <a target="_blank" href="https://www.benzinga.com/general/social-media/25/04/44599624/tiktok-clock-ticks-louder-as-deadline-approaches-trump-to-consider-final-proposal-as-private-equity-firms-bid-for-platform" rel="noreferrer noopener">TikTok Clock Ticks Louder As Deadline Approaches, Trump To Consider Final Proposal As Private Equity Firms Bid For Platform</a>



AppLovin clarified that its interest is still in the early stages and that there is no certainty a deal will materialize, Reuters reports.



Reuters adds that Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) has also reportedly shown interest in the short-form video platform.



Meanwhile, a separate group led by OnlyFans founder Tim Stokely is also said to be exploring a bid, underscoring the <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/25/04/44620779/onlyfans-founders-startup-and-hbar-foundation-enter-the-race-to-acquire-tiktok-us-to-maintain-american-ownership-and-governance" rel="noreferrer noopener">fierce competition to take over TikTok&#8217;s global business.</a>



AppLovin&#8217;s announcement comes during a turbulent time for the company. According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, APP stock has lost over 19% in the past year.



It recently came under fire from short-seller Muddy Waters, which issued <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/25/03/44541294/applovin-shares-were-up-today-whats-going-on" rel="noreferrer noopener">a report criticizing its e-commerce practices.</a>



The report claims that more than half of AppLovin&#8217;s customer conversions come from retargeting users, suggesting that only a small portion of its sales—between 25% and 35%—are actually incremental.



Muddy Waters also accused the company of gathering user data from major platforms such as Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), and TikTok to construct artificial user profiles. According to the report, this practice may violate platform policies. It further alleges that AppLovin uses persistent identity graphs to covertly retarget high-value users, making it difficult for platforms to detect or prevent the activity.



As the race to acquire TikTok intensifies, AppLovin faces a dual challenge: navigating regulatory hurdles while defending its own reputation against mounting criticism.



Investors can gain exposure to the stock via&nbsp;AdvisorShares Focused Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWS#NYSE">CWS</a>) and&nbsp;Gabelli ETFs Trust Gabelli Financial Services Opportunities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GABF#NYSE">GABF</a>).



Price Action: APP shares are trading lower by 6.31% to $245.46 at last check Friday.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/04/44643409/ross-gerber-and-gary-kasparov-slam-bill-ackmans-defense-of-trumps-trade-war-tactics-this-is-garbage-policy" target="_blank" rel="noreferrer noopener">Ross Gerber And Gary Kasparov Slam Bill Ackman&#8217;s Defense Of Trump&#8217;s Trade War Tactics: &#8216;This Is Garbage Policy&#8217;</a></li>
</ul>



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Short Sellers

GABF

GOOGL

AppLovin Wants TikTok But Can It Beat Amazon And OnlyFans To The Punch?

On Thursday, April 3, U.S. markets experienced their steepest one-day losses in years, driven by President Trump&#8217;s tariff on U.S. imports, which sparked concerns of a global trade war and potential recession.



Investors fled to safer assets as countries like China and the EU threatened retaliation. Amid the market chaos, traders now expect multiple Federal Reserve rate cuts, with June seen as the likely starting point.



In economic data, U.S. initial jobless claims dropped by 6,000 to 219,000 for the week ending March 29, beating estimates of 225,000. The trade deficit narrowed to $122.7 billion in February, lower than the previous month&#8217;s $130.7 billion and the forecasted $123.5 billion. The ISM services PMI fell to 50.8 in March, down from 53.5 in February and below the expected 53.



Most S&amp;P 500 sectors closed lower on Thursday, led by losses in consumer discretionary, energy, and tech stocks, while consumer staples bucked the trend and finished higher.



The Dow Jones Industrial Average slipped 3.98% to 40,545.93, the S&amp;P 500 declined 4.84% to 5,396.52, and the Nasdaq Composite fell 5.97% to close at 16,550.61.



Asia Markets Today



<ul>
<li>On Friday, Japan&#8217;s Nikkei 225 closed the session lower by 2.80% at 33,762.00, led by losses in the Paper and pulp, Transport, and Communication sectors.</li>



<li>Japanese stocks plunged to their lowest since August as concerns over U.S. tariffs and a potential global recession triggered a selloff, particularly in banking stocks.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 was down 2.44% and closed at 7,667.80,</li>



<li>India&#8217;s Nifty 50 was down 1.48% to 22,905.15, and Nifty 500 declined 2.07% to 22,905.15.</li>



<li>China Market is closed for the Ching Ming Festival holiday.</li>
</ul>



Eurozone at 05:45 AM ET



<ul>
<li>The European STOXX 50 was down 2.36%.</li>



<li>Germany&#8217;s DAX declined 2.30%.</li>



<li>France&#8217;s CAC 40 fell 1.96%.</li>



<li>U.K.&#8217;s FTSE 100 index traded lower by 1.83%.</li>
</ul>



Commodities at 05:45 AM ET



<ul>
<li>Crude Oil WTI was trading lower by 3.72% at $64.50/bbl, and Brent was down 3.42% at $67.79/bbl. Oil prices fell toward their lowest since 2021, hit by Trump&#8217;s tariffs and OPEC+ output increases.</li>



<li>Natural Gas slid 1.28% to $4.085.</li>



<li>Gold was trading lower by 0.26% at $3,113.20, Silver was down 1.45% to $31.515, and Copper fell 2.30% to $4.7178.</li>



<li>Gold prices slightly dipped on Friday but were set for their fifth consecutive weekly gain, driven by strong safe-haven demand amid Trump&#8217;s new trade tariffs. Despite profit-taking, gold remains close to record highs, with market focus on the U.S. nonfarm payrolls report.</li>
</ul>



U.S. Futures at 05:45 AM ET



Dow futures were down 0.93%, S&amp;P 500 futures declined 0.70%, and Nasdaq 100 futures slid 0.48%.



Forex at 05:45 AM ET



<ul>
<li>The U.S. dollar index rose 0.55% to 102.52, the USD/JPY rose 0.23% to 146.40, and the USD/AUD gained 1.97% to 1.6112.</li>



<li>The U.S. dollar rose on Friday, recovering slightly ahead of the jobs report after a steep drop caused by President Trump&#8217;s tariffs.</li>
</ul>



Photo via Shutterstock

Asia

Emerging Markets

Eurozone

Forex

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

Global Selloff Deepens, Oil Prices Tumble Amid Trump's Tariff Fallout - Global Markets Today While US Slept

French President Emmanuel Macron has called on European companies to halt their planned investments in the United States. This comes after U.S. President Donald Trump announced&nbsp;global tariffs on American imports.



What Happened: Macron made this appeal&nbsp;during a meeting with French&nbsp;industry representatives. He advised that any forthcoming or recently announced investments should be paused until there is clarity with the United States, reported Reuters.



Macron did not dismiss any reaction to Trump&#8217;s tariffs and proposed employing&nbsp;the anti-coercion mechanism, an EU&nbsp;tool designed to protect the bloc&#8217;s trade. He also proposed countermeasures focusing on the U.S. economy&#8217;s digital services and financial systems.



See Also:&nbsp;<a href="https://benzinga.com/trading-ideas/movers/25/04/44640359/bitcoin-ethereum-steady-dogecoin-falls-as-trump-trade-moves-crash-stocks-why-arthur-hayes-believes-tariffs-will-be-good-for-btc" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum Steady, Dogecoin Falls As Trump Trade Moves Crash Stocks: Why Arthur Hayes Believes Tariffs Will Be Good For BTC &#8211; Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undiv</a>



The French President asserted that the reaction to Trump&#8217;s &#8216;Liberation Day&#8217; tariffs would be &#8220;more powerful&#8221; than their previous retaliation to U.S. steel and aluminum tariffs. Macron characterized the tariffs as &#8220;brutal and unfounded&#8221;, a jolt to international trade, and stressed that Europe must respond &#8220;industry by industry&#8221;.



Why It Matters: This development comes on the heels of a&nbsp;significant <a href="https://www.benzinga.com/25/03/44188912/trump-unveils-20-billion-investment-in-us-shipping-infrastructure-by-french-shipping-giant-cma-cgm">$20 billion investment</a>&nbsp;in U.S. shipping logistics and terminals by French shipping giant CMA CGM, announced by Trump earlier in March. 



On March 27, top French automation manufacturer Schneider Electric announced its plans to invest $700 million in the U.S. for facility upgrades, expansions, and new openings across eight locations in Texas, Tennessee, Ohio, North Carolina, Massachusetts, and Missouri.



Moreover, the European Union had previously decided to <a href="https://www.benzinga.com/markets/25/03/44431414/eu-hits-pause-on-the-retaliatory-tariffs-on-us-goods-until-mid-april-does-not-diminish-the-impact-of-our-response">delay the imposition </a>of retaliatory tariffs on U.S. goods until mid-April, a move seen as a strategic attempt to de-escalate the trade dispute. Macron&#8217;s stance indicates a shift in the EU&#8217;s approach to the ongoing trade tensions with the U.S.



<ul>
<li>Read Next:&nbsp;<a href="https://benzinga.com/news/25/04/44630762/mark-cuban-says-black-women-entrepreneurs-should-stop-looking-for-funding-heres-the-surprising-reason-why" target="_blank" rel="noreferrer noopener">Mark Cuban Says Black Women Entrepreneurs Should &#8216;Stop Looking For Funding&#8217;—Here&#8217;s The Surprising Reason Why</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

French President Macron Suggests Suspension Of EU Investments In US Amid Tariff Turmoil, Vows 'More Powerful' Response

President Donald Trump&#8216;s 25% tariffs on auto imports have sent shockwaves through the integrated North American automotive supply chain, prompting <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44630499/trump-auto-tariffs-could-up-car-prices-by-15k-analyst-calls-it-pure-chaos">divergent responses from major manufacturers</a> as United Auto Workers leadership criticizes job cuts.



What Happened: Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) announced Thursday it will temporarily lay off 900 workers at five U.S. facilities and pause production at assembly plants in Mexico and Canada. The affected U.S. sites include Warren Stamping, Sterling Stamping, Indiana Transmission Plant, Kokomo Transmission Plant, and Kokomo Casting Plant.



&#8220;We&#8217;re continuing to assess the medium- and long-term effects of these tariffs on our operations, but also have decided to take some immediate actions,&#8221; Antonio Filosa, Stellantis&#8217; chief operating officer for the Americas, wrote in a letter to employees.



In contrast, General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) plans to increase light-duty truck production at its Fort Wayne, Indiana, assembly plant, according to a company webcast viewed by Reuters. The expansion will add 225-250 jobs at the facility, which manufactures Chevrolet Silverado and GMC Sierra trucks.



UAW President Shawn Fain criticized Stellantis&#8217; decision, calling the layoffs &#8220;completely unnecessary&#8221; and arguing the company has &#8220;the money, the capacity, the product, and the workforce to employ thousands more UAW members.&#8221;



See Also: <a href="https://www.benzinga.com/news/25/04/44642148/cliff-asness-slams-tariff-logic-idiots-bray-like-theyve-scored-a-pointwarns-recession-driven-deflation-isnt-a-feature">Cliff Asness Slams Tariff Logic: &#8216;Idiots Bray Like They&#8217;ve Scored A Point:&#8217; Warns Recession-Driven Deflation Isn&#8217;t A Feature</a>



Why It Matters: Trump&#8217;s tariffs, which also include a 10% baseline on all imports, have sent automaker stocks tumbling. Stellantis shares fell 9.41% in New York trading on Thursday, while GM lost 4.34%.



Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) responded to the tariffs by <a href="https://www.benzinga.com/25/04/44641009/ford-launches-from-america-for-america-discount-program-as-tariffs-threaten-vehicle-price-surge">extending employee pricing to all customers</a> through Jun. 2, a promotion the company described as helping Americans navigate &#8220;uncertain times.&#8221;



Wedbush Securities analyst Dan Ives called the situation a &#8220;tariff torpedo&#8221; and &#8220;pure chaos&#8221; for the industry, estimating potential price increases of $5,000-$10,000 per vehicle, with luxury models <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44630499/trump-auto-tariffs-could-up-car-prices-by-15k-analyst-calls-it-pure-chaos">seeing hikes up to $15,000</a>.



White House spokeswoman Karoline Leavitt defended the tariffs <a href="https://www.newsnationnow.com/politics/karoline-leavitt-trump-tariffs-deportations/">on</a> NewsNation, saying, &#8220;They can expect their wages to go up&#8230; There&#8217;s not going to be any pain for American-owned companies and American workers because their jobs are going to come back home.&#8221;



Read Next:



<ul>
<li><a href="https://www.benzinga.com/personal-finance/25/04/44632423/kevin-o-leary-says-by-33-you-should-have-100000-saved-somewhere-thats-the-age-when-its-really-time-to-start-getting-focused" target="_blank" rel="noreferrer noopener">Kevin O' Leary Says By 33, You Should Have $100,000 Saved ‘Somewhere' — ‘That's the Age When it's Really Time to Start Getting Focused</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.

STLA

Trump's 25% Auto Tariffs Spark Stellantis Layoffs, GM Expansion: UAW's Shawn Fain Calls Job Cuts 'Completely Unnecessary'

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



U.S. stocks settled lower on Thursday, with the Nasdaq Composite dipping around 6% during the session following the announcement of new trade tariffs by President Donald Trump.



Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares dipped around 9.3%, recording their worst day since March 2020. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) tumbled 7.8%, while Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) dropped 9% on Thursday.



Lamb Weston Holdings Inc. (NYS E: LW) shares, however, gained 10% after the company reported better-than-expected third-quarter financial results and issued FY25 sales guidance above estimates.



On the economic data front, U.S. initial jobless claims fell by 6,000 to 219,000 in the week ending March 29, compared to market estimates of 225,000. The U.S. trade deficit shrank to $122.7 billion in February compared to $130.7 billion in the previous month and versus market estimates of a $123.5 billion gap. The ISM services PMI dipped to 50.8 in March versus a reading of 53.5 in February, and down from market estimates of 53.



Most sectors on the S&amp;P 500 closed on a negative note, with consumer discretionary, energy, and information technology stocks recording the biggest losses on Thursday. However, consumer staples stocks bucked the overall market trend, closing the session higher.



The Dow Jones closed lower by around 1,679 points to 40,545.93 on Thursday. The S&amp;P 500 dipped 4.84% to 5,396.52, while the Nasdaq Composite tumbled 5.97% to 16,550.61 during Thursday's session.



Investors are awaiting earnings results from American Shared Hospital Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMS#NYSE">AMS</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 7.7, the index remained in the &#8220;Extreme Fear&#8221; zone on Thursday, versus a prior reading of 18.6.



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: 



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<li><a href="https://www.benzinga.com/25/04/44626468/top-3-risk-off-stocks-that-are-ticking-portfolio-bombs">Top 3 Risk Off Stocks That Are Ticking Portfolio Bombs</a> </li>
</ul>



Photo via Shutterstock

Trading Ideas

Nasdaq Dips 6% Following Trump's Tariffs As Nvidia, Apple Decline: Investor Sentiment Plunges, Greed Index Remains In 'Extreme Fear' Zone

Leading cryptocurrencies held steady Thursday, even as President Donald Trump's tariff moves battered stock markets.



<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>+0.02%</td><td>$83,269.84</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>-0.46%</td><td>$1,816.44</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>-1.73%</td><td>$0.1629</td></tr></tbody></table></figure>



What Happened: Bitcoin dipped below $82,000 in the early trading hours but recovered to $83,000 by evening. Ethereum followed a similar U-shaped trajectory, falling to a low of $1,750 before regaining $1,800 later in the day.



Bitcoin continued to witness capital rotation away from altcoins, with its market dominance rising to 62%. In fact, CoinMarketCap's Altsoin Season Index flashed a "Bitsoin Season" as of this writing.



Nearly $247 million was liquidated from the market in the last 24 hours, with more than $170 million in upside bets wiped out.



Bitcoin's Open Interest mirrored spot price moves, marginally gaining 0.63% in the last 24 hours.



The Long/Short Ratio fell sharply, suggesting an increase in traders betting against Bitcoin's price increase.



The market sentiment improved from "Extreme Fear" to "Fear," 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>Cosmos (ATOM)</td><td>+8.01%</td><td>$4.64</td></tr><tr><td>Curve DAO Token (CRV)</td><td>+5.18%</td><td>$0.5256</td></tr><tr><td>Pendle (PENDLE)</td><td>+3.86%</td><td>$3.17</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.67 trillion, following a decrease of 0.12% in the last 24 hours.



Stocks suffered their worst rout in more than five years. The Dow Jones Industrial Average crashed 1,679.39 points, or 3.98%, to close at 40,545.93. The S&amp;P 500 tumbled 4.84%, ending at 5,396.52. The two blue-chip averages recorded their worst single-day declines since June 2020. The tech-heavy Nasdaq Composite plummeted 5.97% to end at 16,550.61.



Thursday's sell-off came in reaction to Trump's <a href="https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-">worse-than-expected reciprocal tariff rollout</a>, heightening fears of a full-blown trade war and economic slowdown. Spot gold eased after hitting an all-time high of $3,167.57 earlier in the day.



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



Analyst Notes: Popular blockchain analytics firm Santiment said Bitcoin was "relatively insulated" from tariff-fueled volatility due to its "intangible and borderless nature."



"Unlike traditional stocks, cryptocurrencies aren&#8217;t typically impacted by trade disruptions or international supply chain concerns triggered by political decisions," Santiment stated, while acknowledging some volatility owing to linkages to global economic health.



<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">&#x1f4c9; Following Trump&#39;s tariff announcements yesterday, the S&amp;P 500 is currently down -4.02% in Thursday trading. In the 2020&#39;s, there have only been 5 worse performing days: &#x1f5d3;&#xFE0F; March 16, 2020: -11.98%​ &#x1f5d3;&#xFE0F; March 12, 2020: -9.51%​ &#x1f5d3;&#xFE0F; March 9, 2020: -7.60%​ &#x1f5d3;&#xFE0F; June 11, 2020: -5.89%… <a href="https://t.co/TpTbYMDFZF">pic.twitter.com/TpTbYMDFZF</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1907855488014004707?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, predicted that the tariffs would be good for Bitcoin.



"Global imbalances will be corrected, and the pain papered over with printed money, which is good for BTC," Hayes said, expecting higher fiat liquidity growth in the future.



<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">Some of y&#39;all are running scurred, but I LOVE TARIFFS, some chart porn to understand why. Global imbalances will be corrected, and the pain papered over with printed money, which is good for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>. <a href="https://t.co/jc5eZ2VIEa">pic.twitter.com/jc5eZ2VIEa</a>&mdash; Arthur Hayes (@CryptoHayes) <a href="https://twitter.com/CryptoHayes/status/1907961898777391323?ref_src=twsrc%5Etfw">April 4, 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/etfs/new-etfs/25/04/44633519/vaneck-moves-closer-to-us-binance-coin-etf-but-will-the-sec-play-ball">VanEck Moves Closer To US Binance Coin ETF — But Will The SEC Play Ball?</a></li>
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Cryptocurrency

$BTC

$DOGE

$ETH

Bitcoin, Ethereum Steady, Dogecoin Falls As Trump Trade Moves Crash Stocks: Why Arthur Hayes Believes Tariffs Will Be Good For BTC

As global <a href="https://in.benzinga.com/government/regulations/25/04/44631916/wall-street-wipes-out-2-trillion-apple-eyes-worst-day-since-covid-19-pandemic-oil-plummets-whats-driving-markets-thursday">markets shed $2 trillion in value</a> following President Donald Trump&#8216;s sweeping reciprocal tariffs, billionaire investor Bill Ackman offered pointed advice to foreign leaders.



What Happened: &#8220;My advice to foreign leaders is that if you have not already reached out to President Donald Trump, you need to do so immediately,&#8221; the Pershing Square Capital Management CEO wrote Thursday on X. &#8220;Trump is, at his core, a dealmaker who sees the world as a series of transactions.&#8221;



Ackman&#8217;s comments come as <a href="https://in.benzinga.com/government/regulations/25/04/44631916/wall-street-wipes-out-2-trillion-apple-eyes-worst-day-since-covid-19-pandemic-oil-plummets-whats-driving-markets-thursday">financial markets experience their worst sell-off</a>, which echoes the COVID-19 pandemic-era routs. Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) plunged 9.25%, while NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) tumbled 7.81% and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) dropped 8.98%.



The investor emphasized Trump&#8217;s negotiation approach: &#8220;Based on his track record to date with foreign governments, law firms, and universities, he is a tough, but fair negotiator. He loves to make deals and he loves to get things done promptly.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My advice to foreign leaders is that if you have not already reached out to President <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>, you need to do so immediately. Trump is, at his core, a dealmaker who sees the world as a series of transactions. Based on his track record to date with foreign…&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1907821384048275964?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/government/regulations/25/04/44635144/fridays-jobs-report-could-be-make-or-break-moment-after-trumps-tariff-shock">Friday&#8217;s Jobs Report Could Be Make-Or-Break Moment After Trump&#8217;s Tariff Shock</a>



Why It Matters: Ackman&#8217;s perspective aligns with Commerce Secretary Howard Lutnick, who said that <a href="https://www.benzinga.com/news/25/04/44630931/commerce-secretary-lutnick-says-us-markets-will-perform-extremely-well-long-term-despite-trump-tariff-selloff">the market reaction would be short-lived</a>. &#8220;I expect most countries to start to really examine their trade policy towards the United States of America,&#8221; Lutnick said, suggesting America&#8217;s trading partners would ultimately adjust their policies.



Meanwhile, billionaire Ray Dalio warned of &#8220;abrupt, unconventional changes&#8221; in markets as tariffs generate revenue for the imposing country while decreasing global efficiency and <a href="https://www.benzinga.com/general/market-summary/25/04/44623855/ray-dalio-warns-of-abrupt-unconventional-changes-in-markets-heres-how-the-tariff-machine-affects-currency-monetary-and-fiscal-policies">creating stagflationary pressures</a>.



China has <a href="https://in.benzinga.com/news/global/25/04/44620889/trumps-liberation-day-tariffs-roil-markets-as-china-slams-typical-unilateral-bullying-asian-markets-plunge">already threatened countermeasures</a>, calling Trump&#8217;s actions &#8220;typical unilateral bullying.&#8221; 



Ackman concluded his message with stark advice: &#8220;Countries that respond with additional tariffs on our goods will be severely punished. The carrot and the stick writ large, Big Boy style&#8230; Just pick up the phone. Call the President, and make a deal.&#8221;



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<li><a href="https://www.benzinga.com/personal-finance/25/04/44632423/kevin-o-leary-says-by-33-you-should-have-100000-saved-somewhere-thats-the-age-when-its-really-time-to-start-getting-focused">Kevin O&#8217; Leary Says By 33, You Should Have $100,000 Saved &#8216;Somewhere&#8217; — &#8216;That&#8217;s the Age When it&#8217;s Really Time to Start Getting Focused</a>&#8216;</li>
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Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Bill Ackman: 'Just Pick Up The Phone'—Says Trump Will Reward Early Dealmakers, Punish Foreign Tariff Retaliation

Economist Peter Schiff warned on Thursday that Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) won&#8217;t shift production to the United States despite newly imposed tariffs, predicting higher prices and <a href="https://www.benzinga.com/25/04/44629275/nike-stock-is-tumbling-thursday-heres-why">reduced domestic sales for the footwear giant</a>.



What Happened: &#8220;Nike won&#8217;t build factories in the U.S. to make sneakers. That would add more cost than the 40% tariffs,&#8221; Schiff wrote on X. &#8220;The result will be fewer sneakers sold in the U.S. at much higher prices.&#8221;



When questioned whether Nike might absorb tariff costs while building domestic factories, Schiff dismissed the idea, suggesting the company would instead redirect products: &#8220;They will eventually sell more sneakers to consumers in other countries instead, as they buy what Americans can no longer afford.&#8221;



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The comments come as Nike shares plummeted 14.44% on Thursday after President Donald Trump announced sweeping reciprocal tariffs affecting the company&#8217;s supply chain. Vietnam, where <a href="https://www.benzinga.com/25/04/44629275/nike-stock-is-tumbling-thursday-heres-why">Nike produces nearly 50% of its footwear</a>, faces a 46% tariff increase.



<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">Nike won&#39;t build factories in the U.S. to make sneakers. That would add more cost than the 40% tariffs. Plus, they need to stay competitive selling to customers in other countries that don&#39;t impose tariffs. The result will be fewer sneakers sold in the U.S. at much higher prices.&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1907812445260800264?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<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">Why, they will still sell sneakers at higher prices in the U.S. The sneakers they don&#39;t sell in the U.S. they will sell to consumers in other countries instead, like China. That&#39;s a much better strategy.&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1907815526027448587?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<figure class="wp-block-image aligncenter size-large is-resized"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/03220426/Screenshot-2025-04-04-at-7.33.26%E2%80%AFAM-1024x657.png" alt="" class="wp-image-856620" style="width:912px;height:auto"/><figcaption class="wp-element-caption">Nike&#8217;s revenue worldwide in million U.S. dollars from the fiscal years of 2017 to 2024, by region— Source: Statista</figcaption></figure>



Why It Matters: Goldman Sachs identified Nike among <a href="https://www.benzinga.com/25/04/44634737/retailers-brace-for-higher-costs-as-us-tariff-rates-soar-says-goldman-sachs">several retailers with high exposure to the new tariffs</a>, which include a 34% rate for China and 32% for Indonesia, both key manufacturing locations for the company.



The broader market experienced significant turmoil following the tariff announcement, with Wall Street losing <a href="https://www.benzinga.com/government/regulations/25/04/44631916/wall-street-wipes-out-2-trillion-apple-eyes-worst-day-since-covid-19-pandemic-oil-plummets-whats-driving-markets-thursday">approximately $2 trillion in market value</a>. 



Consumer discretionary <a href="https://www.benzinga.com/25/04/44634737/retailers-brace-for-higher-costs-as-us-tariff-rates-soar-says-goldman-sachs">stocks were particularly hard hit</a>, with Nike&#8217;s competitors also suffering substantial losses—Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) fell 9.28%, and Adidas shares declined on its 39% Vietnamese manufacturing exposure.



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Analysts warn that brands will need to adjust pricing, negotiate with vendors, and optimize costs to protect margins. Wedbush Securities analyst Dan Ives called the tariffs &#8220;worse than the worst case scenario,&#8221; with particular concern about the China and Taiwan tariffs&#8217; <a href="https://www.benzinga.com/25/04/44629275/nike-stock-is-tumbling-thursday-heres-why">impact on supply chains and demand</a>.



Nike lags behind Lululemon, Columbia Sportswear (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COLM#NASDAQ">COLM</a>), Under Armour (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UAA#NYSE">UAA</a>), Skechers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKX#NYSE">SKX</a>), VF Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>), and On Holding AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONON#NYSE">ONON</a>), struggling with negative growth and momentum. Benzinga Edge Stock Ranking also indicates a bearish price trend for Nike across short- and long-term periods. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Sign up to learn more</a>.



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Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

COLM

LULU

ONON

Peter Schiff Says Nike 'Won't Build Factories' In US, They Will Sell To Countries Like China: A Much Better Strategy Amid Trump Tariffs

As newly announced trade tariffs rattle markets, the U.S. labor market stands as the last major pillar of strength in an economy increasingly defined by President <a href="https://www.benzinga.com/topic/tariffs">Donald Trump&#8216;s policy decisions.</a>



The Bureau of Labor Statistics will release the March Employment Situation at 8:30 a.m. ET on Friday, offering a critical read on whether hiring momentum is holding up—or if mounting government layoffs are beginning to weigh on the broader labor market.



<h3 class="wp-block-heading">March Nonfarm Payrolls: What Are Economists Expecting?</h3>



Consensus forecasts tracked by TradingEconomics anticipate a slowdown in hiring, with total nonfarm payrolls expected to rise by 135,000, down from the 151,000 jobs added in February.



Job gains over the past 6 and 12 months have averaged 175,000 per month, suggesting a cooling trend is underway. The latest ADP employment report—which covers a subset of more than 25 million private-sector employees—showed a gain of 155,000 jobs in March.



Government hiring remains a key risk factor. Public-sector payrolls rose by just 11,000 in February, and economists warn the figure could turn negative for the first time since April 2024. Government hiring has averaged 33,000 jobs per month over the past year, and—with the exception of April 2024—has not recorded a monthly decline since December 2022.



The unemployment rate is expected to remain steady at 4.1%.



Wage growth is seen as relatively flat. Average hourly earnings are projected to increase 0.3% month-over-month, matching February's pace, and rise 3.9% year-over-year—a slight deceleration from the previous month's 4%.



<h3 class="wp-block-heading">What Are The Experts Saying?</h3>



"Although they may feel somewhat irrelevant in the context of the tariff announcements made on ‘Liberation Day,' March nonfarm payrolls are incredibly important," said Julien Lafargue, chief market strategist at Barclays Private Bank. 



"With recession fears mounting, a weaker-than-expected print could be a nail in the coffin for the U.S. economy."



Lafargue cautioned that even a strong report might be dismissed as outdated, given the potential impact of fresh tariffs. "It feels like a lose-lose situation for markets. Yet, that may be the silver lining—expectations are so low that a decent print could still trigger a short-term rebound."



ADP Chief Economist Nela Richardson noted that despite policy uncertainty and weak consumer sentiment, "the March topline number was a good one for the economy and employers of all sizes—even if not all sectors."



Comerica forecasts a modest 110,000 increase in payrolls, with the unemployment rate ticking up to 4.2%. Bank of America is more bullish, predicting a 185,000 gain, viewing a hiring rebound in the leisure and hospitality sector after cold weather disruptions earlier this year.



Bank of America doesn't see government job cuts as a drag on the overall figure, noting that jobless claims have remained stable in recent weeks. "



Given the muted claims data in the survey week, we do not expect DOGE-driven job cuts to be a sizable drag," said economist Shruti Mishra.



Goldman Sachs' Ronnie Walker estimates a 150,000 gain in nonfarm payrolls, slightly above consensus but below the recent three-month average of 200,000. Walker highlights the end of worker strikes and a rebound in weather-sensitive industries as tailwinds, while anticipating a 25,000 drag from federal job cuts and slower state and local hiring.



Yet, a cold dose of reality came from the ISM Services PMI for March, which revealed a sharp slowdown in hiring activity, with the employment subindex dropping <a href="https://www.benzinga.com/government/regulations/25/04/44629640/us-services-sector-slows-sharply-as-hiring-drops-tariff-pressures-mount">to a 9-month low.</a>



<h3 class="wp-block-heading">Pessimism Reigns Supreme Ahead Of Jobs Data</h3>



Markets are in open revolt over President Trump's decision to impose country-specific trade tariffs—measures that exceeded even the bleakest forecasts from economists.



The S&amp;P 500 Index – tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – fell by 4.2% on Thursday, reaching a 7-month low.



Against this backdrop, a solid March payrolls report—showing firms are still hiring and retaining workers—could serve as an anchor, giving traders a reason to cling to hopes that the U.S. labor market remains resilient amid growing tariff headwinds.



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Image created using artificial intelligence via Midjourney.

Friday's Jobs Report Could Be Make-Or-Break Moment After Trump's Tariff Shock

Commerce Secretary Howard Lutnick believes the Trump Administration&#8217;s reciprocal tariffs will cause some short-term pain, but ultimately result in <a href="https://www.benzinga.com/top-stories/25/04/44627817/retaliation-odds-spike-after-trumps-heavy-tariffs-sending-country-etfs-tumbling">medium- and longer-term gain</a>.



What To Know: President Donald Trump announced sweeping reciprocal tariffs on numerous countries across the world Wednesday in what he called &#8220;Liberation Day&#8221; for America.



The tariff announcement sent markets into a tailspin with the SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) last down about 3.85%, per <a href="http://pro.benzinga.com">Benzinga Pro</a>. Economists fear the tariffs will spark a U.S. recession and global trade war.



Thursday on CNBC&#8217;s &#8220;Squawk Box,&#8221; Lutnick suggested that the stock market reaction will be short-lived as the tariff adjustments will spur other countries to reconsider trade policies.



&#8220;I think the long term or even the medium term, you&#8217;ve got to expect the United States of America markets are going to do extremely, extremely well,&#8221; the Commerce Secretary said.



See Also: <a href="https://www.benzinga.com/markets/25/04/44627820/trumps-reciprocal-tariffs-on-india-exempt-pharma-easing-mark-cubans-price-hike-concerns">Trump&#8217;s Reciprocal Tariffs On India Exempt Pharma, Easing Mark Cuban&#8217;s Price Hike Concerns</a>



Lutnick told CNBC he expects the tariffs to result in a &#8220;reordering of fair trade.&#8221; The move from the Trump Administration is not just in response to tariffs, it&#8217;s also in response to &#8220;non-tariff trade barriers.&#8221;



&#8220;I expect most countries to start to really examine their trade policy towards the United States of America and stop picking on us,&#8221; he said.



The Trump administration believes it has leverage to push other countries to reconsider trade policies with the U.S. Global investors fear potential retaliatory tactics that could significantly impact global economies.



&#8220;We&#8217;re talking to all the major countries of the world and we&#8217;ve been talking to them for more than a month,&#8221; Lutnick said.



&#8220;Will they treat us fairly? Can they treat us fairly? And the answer is, over time, that is going to be yes.&#8221;



The Commerce Secretary said America is going to become the producer of a lot more goods it consumes, interest rates will be much lower and the American economy will be much stronger over the longer term.



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

Commerce Secretary Lutnick Says US Markets Will Perform 'Extremely Well' Long Term Despite Trump Tariff Selloff

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