Wall Street regained momentum, reversing early-session losses and pushing major indexes into positive territory by midday trading in New York, as investors welcomed upbeat bank earnings and cooler-than-expected inflation data, while largely shrugging off trade war concerns after China raised tariffs on <a href="https://www.benzinga.com/markets/25/04/44756353/xi-jinping-says-there-are-no-winners-in-tariff-war-as-china-slaps-125-tariffs-on-us-goods-urges-trump-to-immediately-correct-wrongdoings">U.S. goods to 125%.</a>



Producer prices cooled to 2.7% year-over-year in March, well below the 3.3% consensus, while the monthly figure declined by 0.4% — the steepest drop since 2023. 



A day earlier, consumer prices also eased more than expected. However, both inflation reports predate the implementation of new trade tariffs. The University of Michigan's latest consumer sentiment index fell sharply to 50.4, its lowest since June 2022 and below expectations. 



Meanwhile, inflation expectations surged: short-term projections hit their highest since 1990, and long-term views reached levels last seen in 1981, underscoring growing concerns over persistent price pressures. In the bond market, the 30-year Treasury yield retreated to 4.90% after briefly touching 4.99% during intraday trading. 



The dollar pared some losses, though it remained near its lowest level since April 2022, based on a trade-weighted index. 



JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) topped first-quarter earnings estimates and issued upbeat guidance, lifting its shares nearly 3% and outpacing peers. 



Gold prices extended their rally, jumping 1.9% to a record $3,230 per ounce — poised for their strongest weekly gain since March 2020. The surge in bullion and silver — with the latter rising over 3% on Friday — sparked strong gains in mining stocks. 



The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) soared 5.5% on Friday and nearly 20% for the week, heading for its highest level since December 2012. 



Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), the world's largest gold miner, jumped 9% on the day and 25% on the week, marking its best weekly performance since 1998.



<h3 class="wp-block-heading">Friday&#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 %</td></tr><tr><td>Nasdaq 100</td><td>18,623.30</td><td>1.5%</td></tr><tr><td>S&amp;P 500</td><td>5,333.87</td><td>1.2%</td></tr><tr><td>Dow Jones</td><td>40,056.72</td><td>1.2%</td></tr><tr><td>Russell 2000</td><td>1,838.01</td><td>0.4%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:40 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>) rallied 1.3% to $531.82.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 1.2% to $400.45.</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;soared 1.5% to $452.67.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.4% to $182.36.</li>



<li>The&nbsp;Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) outperformed, up 2.3%; the&nbsp;Consumer Discretionary&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) lagged, down 0.1%.</li>
</ul>



<h3 class="wp-block-heading">S&amp;P 500&#8217;s Top 5 Performers On Friday</h3>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Company Name </th><th>% Change</th></tr></thead><tbody><tr><td>Newmont Corp. </td><td>+8.73%</td></tr><tr><td>Monolithic Power Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPWR#NASDAQ">MPWR</a>)</td><td>+7.55%</td></tr><tr><td>Huntington Ingalls Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HII#NYSE">HII</a>)</td><td>+6.87%</td></tr><tr><td>Fastenal Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>)</td><td>+6.83%</td></tr><tr><td>The Mosaic Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOS#NYSE">MOS</a>)</td><td>+6.12%</td></tr></tbody></table></figure>



<h3 class="wp-block-heading">S&amp;P 500&#8217;s Worst 5 Losers On Friday</h3>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Company Name </th><th>% Change</th></tr></thead><tbody><tr><td>Charles River Laboratories International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRL#NYSE">CRL</a>)</td><td>-6.25%</td></tr><tr><td>Texas Instruments Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>)</td><td>-6.19%</td></tr><tr><td>SanDisk Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDK#NASDAQ">SNDK</a>)</td><td>-3.93%</td></tr><tr><td>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>)</td><td>-3.30%</td></tr><tr><td>Warner Bros. Discovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>)</td><td>-3.23%</td></tr></tbody></table></figure>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44762609/producer-inflation-sharply-drops-yet-treasury-yields-rise-heres-why-a-fed-rate-cut-in-may-could-be-back-on-the-table">Inflation Cools, Yields Continue To Climb: Why Markets Aren&#8217;t Ruling Out A May Rate Cut</a></li>
</ul>



Photo: emin kuliyev/Shutterstock

Equities

Government

Large Cap

Macro Economic Events

Regulations

Bonds

Broad U.S. Equity ETFs

Commodities

Treasuries

Econ #s

Economics

Tech

ETFs

FAST

MPWR

NCLH

SNDK

Wall Street Rebounds, JPMorgan Jumps On Strong Q1 Earnings: What's Driving Markets Friday?

After a week of massive market losses tied to Team <a href="https://www.benzinga.com/25/04/44698325/trump-tariff-strategy-self-inflicted-market-debacle-says-wedbush-analyst">Trump's polarizing tariff</a> policy, U.S. consumers are understandably worried.



As of April 10, the S&amp;P 500 Index was down 2.20% over the past five trading days, including a big pop of over 1,400 points on April 9 and a 9.52% gain for SPX—the index&#8217;s 10th biggest day ever.&nbsp;



That hasn't pacified investors or consumers, even as other economic markers are trending positive. Exhibit "A" is inflation, with the US consumer price index falling by 0.1% in March, the lowest monthly rating since the COVID-19 pandemic.



Yet the widely-used University of Michigan consumer sentiment February survey showed consumer confidence falling to a 29-month low, a signal that US households are struggling right now.



However, some U.S. consumer sectors have proved immune to the worst of tariff hikes.



These three US consumer brands, in particular, are well-positioned to prosper during these trade wars.



<h2 class="wp-block-heading">Looking For Stabilizing Consumer Stocks</h2>



"The March inflation number was nice, but don't get used to it," said Greg McBride, chief financial analyst at Bankrate. "The headline Consumer Price Index for March decreased – aided by lower gasoline prices &#8211; and the annual increase in the core rate posted a 4-year low of 2.8 percent, which shows how tough it has been for household budgets during that time. But consumers, businesses, and even the Federal Reserve are bracing for higher prices in the months ahead."



With everything from Buicks to Barbie Dolls rising in price during the trade wars, and even with President Trump's April 9 call to pause the tariff hikes, consumers are scrambling for cover and spending less on goods. That's bad news for consumer stocks, as the S&amp;P 500 Consumer Staples index is only up 2.21% for the year to date and down 3.27 % over the past five days.



&#8220;New loan and bond issuance has come to a halt (as have M&amp;A and IPOs), as nobody wants to go to market right now given all the uncertainty," said John Bringardner, executive editor at Debtwire. "Air freight companies, airlines, retailers importing goods from China, and Indian pharmaceutical companies are among those we&#8217;ve written recently that are trading down following the latest tariff activity."



The tariff hikes haven&#8217;t affected some US consumer sectors much, though.



"Retailers, warehouses, and consumer staples companies are good examples of some sectors that are actually holding up fine, despite the issues," said Fabio Ruggeri, founder &amp; CEO of MenthorQ, a TradeTech company that specializes in developing advanced quantitative models for active investors. "They sell essential items and are less exposed to tariff-driven price swings. That makes them more resilient in these kinds of markets."



It&#8217;s all about geography right now when tracking consumer stocks.



"While global consumer brands are navigating these increased costs, U.S.-focused sectors that have already localized their sourcing are feeling less pain and, in some cases, gaining ground as competitors are still trying to figure out what to do next," Ruggeri said.



<h2 class="wp-block-heading">Three Stocks to Stabilize A Portfolio</h2>



In particular, these three consumer brands seem well-positioned during the trade wars.



TJX Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>), a major retailer, is a "safe place" for investors in turbulent economic cycles. "TJX Companies is built for this kind of environment," said  Joseph Camberato, CEO at the private lending firm National Business Capital. "They source goods from other retailers typically inside the U.S., so they don't have to pay tariffs. And when prices rise everywhere else, more shoppers start hunting for deals. Stores like these tend to do very well in these times.&#8221;



TJX shares are up 5.51% for the year.



Or consider Coca-Cola (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>). Even if Trump is on the money and tariff deals with over 50 nations can be negotiated, that process will still take a while and may lead to supply chain disruptions, a weaker dollar and potentially big layoffs, especially at China-exposed companies.



Consumer staples can carry investors through periods of massive volatility, and there are few larger consumer companies than Coca-Cola and its $304 billion market cap. The stock has been up over 13% year to date and up 1.5% over the past trading week when many stocks lost significant ground. In a recent research note, Morgan Stanley issued an overweight call on KO, citing Coke "as increasingly in a league of their own."



Coca-Cola's big advantage over consumer goods giants like PepsiCo is that it doesn't produce snack foods and thus doesn't have to worry as much over supply chain woes or consumer demand. In turbulent times, when it pays to be lean and mean, having a Coke and a smile is a tempting proposition for stranded investors, especially with KO's robust 2.88% dividend yield.



Finally, Monster Beverage (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>) is on a tear right now, with the share price up 15.6% over the past three months and up 4.9% over the past month.



The company recently reacted swiftly to an allegation from a short-selling firm of trading improprieties. Monster issued a letter aggressively denying the charges, saying the document was "released by a self-interested activist short seller is filled with and based on inaccuracies and aspersions that appear to be designed to distort the Company's record and share price for its own gain." The response seemed to calm shareholder anxieties and signaled that the company management would quickly tamp down any potential negative news.



Analysts are bullish on the stock, with Citi's Filipo Falorni reaffirming a buy rating on MNST with a one-year price target of $64.00 (the stock is currently trading at $57 per share.



Morgan Stanley followed suit, with an overweight call on the stock, "driven by a resurgence in US sales behind rebounding category growth (gas/convenience recovery), the positive impact of price increases, sequential MNST US market share improvement with building innovation, and easier comparisons," the firm noted in a recent research note.



<h2 class="wp-block-heading">Be Prepared</h2>



Choosing any stock in harsh market climates is a tall task, and that's where reasonable due diligence can save the day.



&#8220;If you're eyeing consumer stocks, do your homework," Camberato advised. "Figure out where the company sources its products. If the company is sourcing from China, that's a red flag. Even if the company is big enough to dictate terms, it&#8217;s most likely still going to have a tough time."



High-yield bonds are a decent place to park money if you&#8217;re more conservative. "Just don't assume cash is safe," Camberato added. "Cash is more dangerous than anything due to inflation. Volatility spooks people, but knee-jerk reactions kill long-term gains.&#8221;



<h2 class="wp-block-heading">Survive Market Chaos—60% Off Benzinga Pro</h2>



Trade with confidence through market turbulence. Exclusive news, volatility scanners and instant alerts give you the edge when seconds count. Flash sale pricing—60% off—disappearing soon! Click <a href="https://www.benzinga.com/pro/register-spring-sale">HERE</a> to redeem your offer.



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Trading Ideas

MNST

3 Big Brand Stocks To Lean On During Tariff Troubles

A potential dovish shift by the Federal Reserve, driven by disinflationary pressures stemming from President Donald Trump's tariff policies, could markedly reshape <a href="https://www.benzinga.com/25/04/44763111/rising-tariff-tensions-deepen-global-fragmentation-experts-say-bitcoin-and-stablecoins-gaining-strategic-importance">institutional investor sentiment</a> toward cryptocurrencies in the coming quarters.



What Happened: As global trade tensions escalate and economic indicators signal a complex interplay of inflationary and disinflationary forces, the crypto market stands at a pivotal juncture, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and stablecoins poised to benefit from evolving monetary policies and shifting investor priorities.



The U.S. economic landscape has been under strain since Trump's administration introduced tariffs, including a recent 125% tariff retaliation from China, which has disrupted global supply chains and heightened market uncertainty. 



Despite this, the crypto market has shown resilience, with Bitcoin maintaining relative stability. 



What Experts Are Saying: Ruslan Lienkha, chief of markets at YouHodler, explains that a dovish Fed, characterized by lower interest rates and a more accommodative monetary policy, could catalyze a surge in crypto investments.



"A dovish Federal Reserve… would likely lead to increased capital inflows into risk assets, including cryptocurrencies," Lienkha states, emphasizing that such a policy shift creates a risk-on environment where institutional investors seek higher returns in a low-yield landscape. 



Eneko Knorr, CEO of Stabolut, reinforces this view, noting, "A dovish Fed stance amid disinflation could spark renewed institutional interest in cryptocurrencies," as traditional assets like bonds become less appealing, driving investors toward digital assets for growth and diversification. 



Tim Delhaes, CEO of Grindery, adds that this shift "could shift institutional sentiment toward crypto, especially as an alternative to low-yield assets," highlighting the appeal of cryptocurrencies in a looser monetary environment.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44759645/trump-signs-landmark-crypto-law-repeals-biden-era-irs-rule-targeting-defi-platforms">Trump Signs Landmark Crypto Law, Repeals Biden-Era IRS Rule Targeting DeFi Platforms</a>



The potential for disinflation arises from the broader economic fallout of Trump's tariffs, which have sparked debates over their inflationary versus disinflationary impacts. 



Knorr challenges the market's assumption that tariffs are inherently disinflationary, arguing that they initially drive up costs for imported goods, thereby increasing consumer prices. 



"Tariffs are, by nature, inflationary—they increase the cost of imported goods, which feeds into consumer prices," he explains. 



However, he acknowledges that a prolonged trade war could lead to a recession, which would suppress demand and ultimately lower inflation. 



Lienkha aligns with this perspective, noting that "tariffs could indeed have a disinflationary effect if they increase the likelihood of an economic recession," but he cautions that recent inflation data does not yet reflect the tariffs' impact, as it represents prior periods. 



He anticipates a moderate inflation increase in the coming months, which could prompt the Fed to maintain elevated rates, keeping pressure on risk assets like Bitcoin in the short term.



Delhaes points to current market conditions like a softening global demand, a strong U.S. dollar, and diversifying supply chains, as factors that could amplify the disinflationary effects of tariffs. 



He predicts that if breakeven inflation rates continue to decline, the Fed might pivot to rate cuts as early as the third quarter of 2025, a move that would likely boost appetite for risk assets like Bitcoin. 



Knorr elaborates on the long-term mechanics, explaining that in advanced economies like the U.S., tariffs can lead to deflation by creating uncertainty, disrupting supply chains, and undermining both business and consumer confidence. 



This, in turn, reduces aggregate demand, particularly if a recession takes hold, leading to price declines over time.



Aurelie Barthere, Principal Research Analyst at Nansen, provides a more granular view of the inflationary dynamics at play, noting that "tariffs are likely to add 15pts to existing tariffs," resulting in supply-side inflation even as demand weakens. 



She highlights the Fed's cautious approach, waiting for rising jobless claims before considering rate cuts, amid a significant repricing of economic growth from over 3% at the start of the year to under 1% currently. 



Barthere also points to a deflation in equity price-to-earnings ratios, reflecting broader market adjustments to these economic shifts.



Why It Matters: Bitcoin's recent 20% price drop since February has raised questions about the underlying drivers of market sentiment.



Knorr views this as a "healthy correction" rather than a structural shift, attributing the decline to broader market uncertainty and growth fears rather than inflation concerns. 



He notes that Bitcoin remains significantly up compared to one or two years ago, suggesting long-term resilience. 



Lienkha, however, warns of continued pressure, stating, "Bitcoin is likely to remain under pressure in the medium term," given the prevailing macroeconomic uncertainty and a bearish trend that has persisted since February. 



Delhaes ties the correction to growth concerns, emphasizing Bitcoin's sensitivity to broader macro signals, while Barthere attributes it to a repricing of growth expectations, underscoring the market's adjustment to a slowing economy.



The trade war's ripple effects extend beyond token prices, impacting Bitcoin mining operations due to China's dominant role in hardware manufacturing. 



Dillon Liang, co-founder of Concrete, highlights the potential challenges, noting that "China remains a dominant player in manufacturing mining hardware," and tariffs or further supply chain disruptions could lead to increased hardware costs, slower deployment cycles, and greater consolidation among mining firms, favoring well-capitalized players.



This underscores the vulnerability of the crypto ecosystem to geopolitical tensions, even as Bitcoin earns its status as "digital gold" and a hedge against macro uncertainty, as Liang points out.



What&#8217;s Next: Amid this fragmentation, neutral settlement assets are gaining traction as viable alternatives for cross-border transactions.



Ermin Sharich, co-founder of Aegis, observes that "as global trade becomes more fragmented… neutral settlement assets like Bitcoin and stablecoins are gaining appeal," particularly in regions seeking to hedge against geopolitical risk.



He cites examples like Russia and China exploring digital asset settlement outside the SWIFT system, and emerging markets using Tether for trade, illustrating the growing role of cryptocurrencies in bypassing traditional financial chokepoints. 



Sharich notes that stablecoins, with their price stability and easier integration into traditional systems, hold greater appeal than Bitcoin for such purposes, though both assets benefit from the trend toward trade fragmentation.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/top-stories/25/04/44758705/ripple-sec-move-to-end-legal-dispute-as-both-sides-withdraw-appeals">Ripple, SEC Move To End Legal Dispute As Both Sides Withdraw Appeals</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

News

$BTC

Will A Fed Pivot Rekindle The Bitcoin Bull Run? If Yes, Expect A 'Shift In Institutional Sentiment,' Experts Say

<h2 class="wp-block-heading">New On The Block</h2>



Harley-Davidson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOG#NYSE">HOG</a>) is <a href="https://www.benzinga.com/topic/auction">selling its financing arm</a>. 



Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-04-10/harley-davidson-said-to-mull-1-billion-plus-sale-of-finance-arm?srnd=phx-deals&amp;sref=TBDibEcD">estimates</a> a price tag of $1 billion. The Milwaukee-based motorcycle brand could market the segment to various buyers, including regional banks and private equity firms. 



Separately, there&#8217;s drama brewing on the board level. Director Jared Dourdeville, who joined in 2022, resigned, but not before sending a damning letter to fellow board members on April 1. And it was not an April Fool&#8217;s Day prank. 



Dourdeville called for several of his colleagues to resign and expressed &#8220;grave concerns about the current state of the company.&#8221;



For more coverage, Benzinga&#8217;s Kaustubh Bagalkote <a href="https://www.benzinga.com/markets/equities/25/04/44727511/harley-davidson-boardroom-turmoil-director-resigns-demands-ceo-jochen-zeitz-step-down-over-cultural-depletion-and-brand-decline">has the latest</a>.



Harley-Davidson shares, at last check, were up over 2.6% at $22.05. 



Other auctions to note:



<ul>
<li>Clessidra Private Equity is mulling a potential sale of Milan-based software firm Impresoft, which could fetch around 800 million euros ($885 million), according <a href="https://www.bloomberg.com/news/articles/2025-04-10/italy-s-clessidra-weighs-sale-of-software-firm-impresoft?sref=TBDibEcD">to</a> Bloomberg. The Italian PE firm reportedly received unsolicited interest from industry players and fellow buyout shops, sparking early talks of a formal auction process. Impresoft, led by CEO Alessandro Geraldi, offers software for manufacturing and cybersecurity.</li>
</ul>



<ul>
<li>Keros Therapeutics, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KROS#NASDAQ">KROS</a>) board of directors initiated a formal review process on Thursday to evaluate strategic alternatives, <a href="https://www.benzinga.com/general/biotech/25/04/44746372/keros-therapeutics-goes-up-for-sale-on-heels-of-stockholder-rights-plan">including a sale</a>.</li>
</ul>



<ul>
<li>Rivalry Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/RVLCF#OTCQX">RVLCF</a>), a sportsbook and iGaming operator, launched a review of strategic alternatives, including a sale, to maximize long-term stakeholder value. XST Capital Group LLC, a boutique investment bank focused on the digital gaming sector, is advising the process.</li>
</ul>



See Also: <a href="https://www.benzinga.com/general/entertainment/25/04/44725503/princess-dianas-iconic-style-heads-to-auction-block">Princess Diana&#8217;s Iconic Style Heads To Auction Block</a>



<h2 class="wp-block-heading">Updates From The Block</h2>



<ul>
<li>Capri Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPRI#NYSE">CPRI</a>) confirmed it's selling Versace to Prada for a high-end price of <a href="https://www.benzinga.com/25/04/44738776/versace-goes-prada-capris-big-exit-sparks-fashion-power-shift">$1.375 billion in cash</a>. The deal marks a luxe exit for the iconic brand founded by Gianni. It was last helmed by Donatella, who recently handed creative control to Miu Miu alum Dario Vitale. CEO John Idol said the move will help Capri tighten its belt and focus on brands like Michael Kors and Jimmy Choo. But the sale feels less glamorous considering Capri's stock has lost over 62% in the past year. With net debt at $1.12 billion and shares already bruised by tariff turmoil, this windfall might finally help the company strut into better financial shape. If Trump&#8217;s <a href="https://www.benzinga.com/25/04/44720006/markets-take-off-as-trump-announces-90-day-tariff-pause-for-non-retaliating-nations-slaps-china-with-125-duty">tariff plans remain on pause</a>, Capri may benefit. </li>
</ul>



<ul>
<li>Woodside Energy Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WDS#NYSE">WDS</a>) <a href="https://www.benzinga.com/news/asset-sales/25/04/44668895/woodside-energy-sells-40-stake-in-louisiana-lng-project-for-5-7-billion">inked a binding deal</a> to sell a 40% stake in Louisiana LNG Infrastructure LLC to Stonepeak.</li>
</ul>



<ul>
<li>Cloudflare Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>) shares <a href="https://www.benzinga.com/movers" target="_blank" rel="noopener">traded</a><a href="https://www.benzinga.com/movers"> higher on Friday</a> after it acquired Outerbase, a database tool designed with developers in mind. The deal is expected to boost the overall experience for developers, especially those using Cloudflare Workers, by making it easier to manage and connect to databases during the app-building process. Financial terms of the deal <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44671105/cloudflare-acquires-outerbase-to-streamline-ai-app-development-our-goal-is-to-make-it-easy-and-accessible-for-any-developer">were not disclosed</a>.</li>
</ul>



<ul>
<li>International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) disclosed on Monday that it had acquired Hakkoda Inc. for an undisclosed amount. The acquisition is expected to strengthen IBM's capacity to meet the <a href="https://www.benzinga.com/news/large-cap/25/04/44669800/ibm-enhances-ai-consulting-muscle-with-hakkoda-deal">rising demand for data services</a>.</li>
</ul>



<h2 class="wp-block-heading">Off The Block</h2>



<ul>
<li>Niox Group&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CSSPF#OTC">CSSPF</a>) auction ended without a deal. Reuters reported that the medical device company, based in Oxford, U.K., received an offer of 345.8 million pounds ($452.4 million). However, due to macroeconomic conditions, private equity firm Keensight Capital canceled its buyout offer. </li>
</ul>



<h2 class="wp-block-heading">Bankruptcy Block</h2>



<ul>
<li>Lucid Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) continues its slow climb as a Tesla rival by striking a deal to acquire now-bankrupt Nikola Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NKLAQ#OTC">NKLAQ</a>) <a href="https://www.benzinga.com/news/25/04/44757588/lucid-wins-nikola-bankruptcy-auction-buys-nikola-facilities-for-30-million-to-boost-us-ev-production">for roughly $30 million</a>. The deal, pending court approval, includes Nikola's former Coolidge manufacturing plant and its Phoenix HQ—adding 884,000 square feet of industrial real estate to Lucid's footprint. The company also plans to offer jobs to 300-plus former Nikola staffers. This all comes after Nikola's fall from grace, which started in 2020 with fraud allegations and ended with a bankruptcy auction <a href="https://www.benzinga.com/markets/equities/25/02/43552668/nikola-once-a-30-billion-ev-sensation-struggles-to-survive-after-hindenburg-fallout-and-mounting-losses">and a convicted ex-CEO</a>. </li>
</ul>



For last week&#8217;s edition of <a href="https://www.benzinga.com/news/25/04/44651650/deal-dispatch-us-ma-is-quiet-but-abroad-volume-is-spiking">Deal Dispatch, click here</a>.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44764554/consumer-sentiment-crashes-to-3-year-lows-as-inflation-expectations-spike-to-1981-highs">Consumer Sentiment Crashes To 3-Year Lows As Inflation Expectations Spike To 1981 Highs</a></li>
</ul>

Asset Sales

CPRI

CSSPF

KROS

LCID

NKLAQ

RVLCF

Deal Dispatch: Harley-Davidson To Wipe Out? Plus, Prada's Versace Purchase Garners A Fashionable Price

A sharp collapse in consumer confidence is setting off alarms from Main Street, with fresh inflation fears and growing recession risk fanning concerns that the U.S. economy is heading toward a painful stagflationary mix not seen <a href="https://www.benzinga.com/news/econ-s">since the early 1980s.</a>



In preliminary April data released Friday, the University of Michigan's Consumer Sentiment Index plunged to 50.4, its lowest reading since June 2022 and a steep drop from March's 57 print. 



The figure missed economists' forecasts of 54.5 by a wide margin, highlighting deepening unease among American households about the economic outlook.



See Also: <a href="https://www.benzinga.com/news/global/25/04/44762211/10-companies-with-exposure-to-trumps-china-tariff-war-ford-tesla-apple-disney-and-more">10 Companies With Exposure To Trump&#8217;s China Tariff War: Ford, Tesla, Apple, Disney And More</a>



<h3 class="wp-block-heading">Tariffs Spark Broad-Based Fear Among US Consumers</h3>



The subindex measuring current economic conditions dropped 11.4% month-over-month to 56.5, while the gauge for consumer expectations fell even more sharply to 47.2, down from 52.6 in March. On a year-over-year basis, that's nearly 30 points below April 2024 levels.



"Consumer sentiment fell for the fourth straight month, plunging 11% from March," said Joanne Hsu, director of the Survey of Consumers at the University of Michigan. "This decline was, like last month's, pervasive and unanimous across age, income, education, geographic region and political affiliation."



Speaking on Bloomberg TV, Hsu added, "We have Americans from across the political spectrum telling us that the outlook for the economy has deteriorated over the last two months. Inflation expectations are increasing for the short run and, for the long run. 



Hsu warned that Americans are increasingly bracing for the worst. "Consumers report multiple warning signs that raise the risk of recession," she said, noting declines in sentiment around labor markets, personal incomes and overall business conditions.



"Consumers feel less confident about their own incomes, about their stock portfolios, about their wealth. These are all warning signs for their ability or willingness to continue spending at a robust level," she added.



<h3 class="wp-block-heading">Inflation Expectations Surge to Multi-Decade Highs</h3>



Perhaps the most jarring development in the survey was the spike in inflation expectations. 



Year-ahead inflation expectations shot up from 5% to 6.7%, the highest reading since 1981—a period known for double-digit inflation and interest rates nearing 20%.



Longer-term expectations are also moving higher. The 5-year inflation outlook rose from 4.1% to 4.4%, the highest level since 1990. These figures complicate the Federal Reserve's already uncertain path on interest rates.



<h3 class="wp-block-heading">Markets React To A Double Dose Of Stress</h3>



Despite earlier signs of easing producer price pressures, Friday's sentiment shock triggered a return of risk aversion on Wall Street. 



Treasury yields surged, the dollar dropped, and gold extended its run to new record highs as investors sought safety amid uncertainty.



Equities flipped to losses. The S&amp;P 500 — 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>) — traded at 5,230, down 0.6% on the day by 10:24 a.m. ET, the Dow Jones Industrial Average fell 0.7% and the Nasdaq 100 tumbled 0.9%.



The 10-year Treasury yield hit 4.50%, its highest level in over three months. The U.S. dollar index tumbled 1.4% to 99.64 by mid-morning, the weakest level since September 2024, reflecting concerns over the Fed's policy credibility and mounting fiscal imbalances.



Gold, often seen as a hedge against inflation and currency risk, jumped 1.4% to $3,232 per ounce, extending record gains.



Now Read: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44762609/producer-inflation-sharply-drops-yet-treasury-yields-rise-heres-why-a-fed-rate-cut-in-may-could-be-back-on-the-table">Inflation Cools, Yields Continue To Climb: Why Markets Aren&#8217;t Ruling Out A May Rate Cut</a></li>
</ul>



Image: Shutterstock

Consumer Sentiment Crashes To 3-Year Lows As Inflation Expectations Spike To 1981 Highs

Back-to-back weaker-than-expected inflation reports are failing to calm the U.S. Treasury market, with bond yields climbing again on Friday and fueling speculation that a policy misalignment may soon <a href="https://www.benzinga.com/topic/federal-reserve">force the Fed's hand.</a>



In a Friday report, the Bureau of Labor Statistics showed that the Producer Price Index, or PPI—a key gauge of wholesale prices—fell 0.4% month-over-month in March, marking the largest decline since 2023. On an annual basis, producer inflation slowed to 2.7%, well below economists' estimates of 3.3% and down from 3.2% in February.



Stripping out volatile food and energy components, core producer prices fell 0.1% in the month and increased 3.3% on an annual basis, again undercutting forecasts.



Some of the sharpest PPI price declines in March included:



<ul>
<li>Eggs for fresh use: -21.3%</li>



<li>Fresh and dry vegetables: -13.0%</li>



<li>Fruits and melons: -12.2%</li>



<li>Gasoline: -11.7%</li>



<li>Diesel fuel: -6.5%</li>
</ul>



The data followed Thursday's cooler-than-expected Consumer Price Index (CPI) report, which showed slowing price <a href="https://www.benzinga.com/news/econ-s/25/04/44733390/march-inflation-rate-cools-far-more-than-expected-raises-hopes-for-near-term-fed-rate-cuts">pressures at the consumer level. </a>



Despite this cooling inflation backdrop, Treasury yields are rising. The 10-year yield climbed 7 basis points to 4.50%, while the 30-year yield rose to 4.92%, up 5 bps. Both have jumped around 50 basis points this week alone.



The popular 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) has fallen 7% since President Donald Trump&#8216;s tariff announcement on April 2. 



"These are numbers you only see in recession," posted the account @FrogNews on X. "With this kind of print, your Fed should be WAY more worried about deflation than inflation."



"Producer price pressures are easing faster than expected — a welcome sign for the Fed and markets hunting for disinflation proof," said Neem Aslam, chief investment officer at Zaye Capital Markets.



Some analysts see recent tariff-related behaviors distorting the data. Charles V Payne noted that &#8220;tariff talk influenced the tick higher in February CPI and PPI data because demand was pulled forward. So it&#8217;s very curious that such demand faded in March.&#8221;



<h3 class="wp-block-heading">Bond Vigilantes Aren&#8217;t Buying The Disinflation Story</h3>



Despite back-to-back disinflationary prints, Treasury yields have surged roughly 50 basis points over the week. That's counterintuitive. Typically, falling inflation would pull yields lower as traders anticipate looser monetary policy.



But the bond market isn't buying it—not yet. 



Kathy Jones, chief fixed income strategist at Schwab Center for Financial Research, said the bond market reaction "is not overly impressed by the PPI report" and noted that while inflation is easing, market attention has shifted toward policy uncertainty and broader macro risks.



That theory gained traction as PPI components related to goods, especially airfares, posted stark declines. 



Kevin Gordon, senior investment strategist at Charles Schwab, noted that components that matter most for the Personal Consumption Expenditures (PCE) price index – the Federal Reserve's preferred inflation gauge – saw a softness, indicating another upcoming benign inflation reading.



PPI Elements That Feed Into PCE:



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Airline passenger services</td><td>-4.0%</td></tr><tr><td>Portfolio management</td><td>0.2%</td></tr><tr><td>Physician care</td><td>0.0%</td></tr><tr><td>Home health, hospice care</td><td>0.0%</td></tr><tr><td>Hospital outpatient care</td><td>0.3%</td></tr><tr><td>Hospital inpatient care</td><td>0.1%</td></tr><tr><td>Nursing home care</td><td>0.2%</td></tr></tbody></table></figure>



The odds of a rate cut at the Federal Open Market Committee's May 7 meeting remain low, with markets assigning just a 25% chance of a 25-basis-point cut, according to CME FedWatch data.



However, the recent turbulence in Treasury markets and growing concerns over the dollar's stability may be early signals pushing the Federal Reserve to step in and ensure market liquidity.



The key question now is whether policymakers will respond to lagging inflation data or turn their attention to looming economic risks and uncertainties tied to trade policy and tariffs.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44760533/jpmorgan-kicks-off-earnings-season-strong-investment-banking-wealth-management-lead-revenue-surge">&#8216;Economy Is Facing Considerable Turbulence:&#8217; JPMorgan Chase CEO Jamie Dimon Cautions About &#8216;Negatives Of Tariffs And Trade Wars&#8217;</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Specialty ETFs

Federal Reserve

Inflation Cools, Yields Continue To Climb: Why Markets Aren't Ruling Out A May Rate Cut

Stocks staged a ferocious <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44720903/nasdaq-100-eyes-strongest-day-since-2008-as-magnificent-seven-add-15-trillion-in-historic-market-rally">rally</a> on Wednesday after President Donald Trump <a href="https://www.benzinga.com/25/04/44729384/trump-pauses-tariffs-after-yields-surge-bond-vigilantes-hit-another-homerun-experts-point-to-bond-market-panic-for-reversal">reversed his ‘reciprocal' tariff policy</a> in response to plummeting markets and alarming bond market activity. 



While most countries are now exempt from the steepest import taxes, a 10% flat tariff remains in effect, and the tariffs on China have increased to 145%.



However, bond yields remain high, and stocks remain significantly below the all-time highs set in February, then fell again on Wednesday. Uncertainty continues to dominate the markets, and the risk of recession remains elevated.



It&#8217;s a great time to invest in dividends rather than capital gains. You can do that while still investing in tech stocks.



Here are five great tech stocks paying huge dividends.



Now, tech stocks aren't usually considered dividend payers, but there are a few with relatively sturdy payouts that investors can use to ride out this storm of uncertainty.



Today, we've compiled a list of four tech companies that have been raising their dividend payouts for at least 10 years. Each company has a dividend yield of at least 2%, a manageable payout rate, fair valuation, and a path to avoiding the most stringent tariffs currently being levied on China.



<h2 class="wp-block-heading">Avnet Inc.&nbsp;</h2>



Avnet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVT#NASDAQ">AVT</a>) is a distributor of electronic components, including semiconductors, active and passive components, and other electromechanical parts, as well as design solutions and technical training. The company operates on every continent except Antarctica and is the largest chip distributor in Europe. Avnet's vast market reach should help it avoid the worst of the tariffs, and its valuation looks appealing following a rough showing in 2024.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcmcfLl3ZsWWHoGtw6seHhwWx95e7BOQptusKU6TvTEPpdOGv-20E1IHbachpysrHEXFOZ-p49dyxIX1H8kAmlmUaMxLnRWNPylAaClRBflOb2ddtsMzixfSGXQB60-0pBxMRyz?key=2e8fRf9pKK3lM-HifJLKLjPq" alt=""/></figure>



AVT shares are still underwater for 2025, but the stock trades at just 8.3 times forward earnings with a 0.18 Price-to-Sales (P/S) ratio. The dividend yield is currently 3.17%, and the payout rate is just 37%. Avnet has raised its annual dividend payout for 12 consecutive years and the 12% annualized growth rate over the last three years. The stock also has a 91.81 Value score from Benzinga Edge ratings, indicating a potentially undervalued company with a steady dividend.



<h2 class="wp-block-heading">Cisco Systems</h2>



Cisco Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) was the poster child of the dot-com bubble excess as its market cap rose above $500 billion by the turn of the millennium &#8211; a number it's never come close to reaching in the two-plus decades since. It's also been 25 years since the stock made a new all-time high over $77 per share (split-adjusted), although it came close in January this year when shares topped $66. Cisco will never dominate the tech landscape like it did during the dot-com years, but that doesn't mean it&#8217;s still an uninvestable company.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe5fyzjG6ZB1JA5EMH2BVYHKTjMKC4q4JXlzZ3QaOcIdU6E-qoe_28yCwg-P_QCmTOtPBSwPtFXGwUhEgSqtP_SwP43WBoa5sUMgEQbFuuLowQNwHAyiQ_PRzm95261khbqW2tIXA?key=2e8fRf9pKK3lM-HifJLKLjPq" alt=""/></figure>



Cisco currently yields 3.08% with a 12-year history of raising annual payouts. The dividend payout rate (DPR) is relatively high at 71%, but it&#8217;s still sustainable for a company that sells as much high-margin software as Cisco. The company posted more than $54 billion in sales in the last 12 months but still trades at just 14.6 times forward earnings.



With a focus on cybersecurity software over hardware, the company should be minimally impacted by the China tariffs. Analysts have a consensus Buy rating on the stock with an average price target of $63.43, including an $80 price target from Rosenblatt issued on February 13.



<h2 class="wp-block-heading">Qualcomm Inc.&nbsp;</h2>



Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) is an example of a remarkable turnaround story in the market. Like Cisco, Qualcomm was a dot-com darling that rose to unsustainable heights during the bubble. Once the bubble popped in late 2000, Qualcomm shares plummeted and continued making new lows until the great financial crisis in November 2008. However, the stock rallied in the decade following the GFC and finally topped its dot-com bubble high in early 2019.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc8M0O3izmpY0oKP52vW_Zmz8ljLYJGnyPblxrxL1wCSPo-UmEhwolQsyR5FlAdJehJ9CtZ7sYl7wEhwv_aha7Z66xu_7XO7ioj7rRMJejhIhXA_223nVSvzV5Jz4NyCJCRd6Kp?key=2e8fRf9pKK3lM-HifJLKLjPq" alt=""/></figure>



Qualcomm's focus is on the development and licensing of wireless tech and chips for smartphones. Qualcomm products can be found in nearly every wireless device, and it does more than $40 billion in annual sales. QCOM shares also have a strong and steady dividend, yielding 2.73% with a manageable 36% payout rate. The company has a 22-year history of dividend increases, including a 7% annualized growth rate over the last three years. An affordable valuation backs the dividend; the stock trades at just 11.7 times forward earnings with impressive margins (26% profit margin in the most recent quarter).



Analysts are also bullish, with a $195 average price target indicating an upside potential of 35%. Benzinga Edge also gives Qualcomm a 91.82 Value score, the highest of today's selections.



<h2 class="wp-block-heading">CSG Systems International Inc.&nbsp;</h2>



Our smallest and least known company of the day might hold the most promise. CSG Systems International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGS#NASDAQ">CSGS</a>) runs a software-as-a-service (SaaS) platform specializing in financial management and customer experience solutions. The company aims to help firms in the communications sector optimize their digital footprint while effectively managing revenue, licensing, and infrastructure. CSG Systems has been publicly traded for nearly 30 years but has just a $1.73 billion market cap and does $1.2 billion in annual sales. The company has solid margins (47% gross margin last quarter) and trades at just 12 times forward earnings.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfO3fvRSZ0Hspa09BnDdqv3XMwLZ__tfsZtMRv6E7cFzlwqla3nOJqjUrmNjceyHCfBqEhPmcDw2OWeps75UEMUXpE9neBnEOgRE-rwnrElVSw2TmcZhBezalvDUEZLlz3NJE8Axg?key=2e8fRf9pKK3lM-HifJLKLjPq" alt=""/></figure>



Small and mid-cap companies are usually known for substantial dividends, but CSG Systems is an exception. The stock currently yields 2.13% and has a healthy 42% dividend payout rate. Despite its relatively small stature, CSGS has raised its annual payout for 12 consecutive years with a 6.3% annualized growth rate over the last three.



Unlike the rest of the market, CSGS shares are still positive year-to-date, including an impressive 17% gain over the last three months. Even during the worst of the tariff tantrum, the stock only dropped from $61 to $56 before rebounding back above $60 when the tariffs were withdrawn. This stability during the madness is likely why CSGS scored a 90.51 Momentum ranking from Benzinga Edge &#8211; shareholders barely noticed the disturbance!



<h2 class="wp-block-heading">3 New Trade Ideas For Monday</h2>



You can get special access to a deep-dive analysis into the upcoming week and events that could drive the markets and three trade ideas you can take advantage of as early as opening bell. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2">HERE</a> now to ensure you don't miss another round of trades.



Photo: Shutterstock

CSCO

CSGS

QCOM

4 Tech Stocks With Surprisingly Strong Dividends

President Donald Trump raised tariffs on Thursday, increasing the price of Chinese imports to a minimum of 145%. The move combines a 125% reciprocal tariff increase with <a href="https://www.benzinga.com/25/04/44757476/asia-mixed-europe-slides-as-china-tariff-hike-escalates-tensions-gold-soars-dollar-hits-two-year-low-global-markets-today-while-us-slept">pre-existing 20% duties</a>. 



The trade war shows no signs of slowing down as China responded on Friday morning with a retaliatory tariff now standing at 125% <a href="https://www.benzinga.com/markets/25/04/44756353/xi-jinping-says-there-are-no-winners-in-tariff-war-as-china-slaps-125-tariffs-on-us-goods-urges-trump-to-immediately-correct-wrongdoings">on U.S. imports. </a>



Here's a look at which companies are most exposed to China and could be impacted by the ongoing trade war. 



A recent <a href="https://strategyrisks.com/data-products/">report</a> from Strategy Risks ranks the largest publicly traded American companies with overexposure to China based on the following criteria: Business Fundamentals, Partnerships and politics, Regional Issues, Supply Chain, and Capacity. 



Read Next: <a href="https://www.benzinga.com/25/04/44695907/elon-musk-calls-trump-trade-advisor-peter-navarro-dumber-than-sack-of-bricks-defends-tesla-as-the-most-american-made-cars">Elon Musk Calls Trump Trade Advisor Peter Navarro &#8216;Dumber Than Sack Of Bricks,&#8217; Defends Tesla As &#8216;Most American-Made Cars&#8217;&nbsp;</a>



<ul>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) ranked in the top position as most overexposed to China with high scores in all criteria, especially Regional Issues (linked to human rights abuses and forced labor practices) and Supply Chain.&nbsp;</li>
</ul>



<ul start="2">
<li>Carrier Global Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARR#NYSE">CARR</a>) dominates China's commercial HVAC sector and operates 11 manufacturing sites, 5 R&amp;D centers and over 300 sales/service branches in the country.&nbsp;</li>
</ul>



<ul start="3">
<li>Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) produces 90% of iPhones, 70% to 80% of iPads and 50% of Mac products in China, according to Wedbush. Tech analyst Dan Ives<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44670176/nvidia-apple-top-names-to-own-cybersecurity-stocks-to-outperform-tech-analyst-dan-ives-says"> recently said</a> Apple &#8220;is in the eye of this storm," referring to the trade war with China. </li>
</ul>



<ul start="4">
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) U.S. energy business faces existential risks due to tariffs on Chinese battery cells which could double production costs for Powerwalls and Megapacks, <a href="https://electrek.co/2025/04/09/tesla-tsla-surges-trump-bigger-tariffs-on-china-destroy-energy-business/">according</a> to Electrek.&nbsp;</li>
</ul>



<ul start="5">
<li>Coca-Cola Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) faces rising costs due to tariffs on critical raw materials like sucralose, sourced from U.S. and Chinese suppliers. The company noted in its 2024 annual report that tariffs could reduce profitability if price hikes fail to offset higher costs.&nbsp;</li>
</ul>



<ul start="6">
<li>Cummins, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMI#NYSE">CMI</a>) has a significant presence in China through strategic investments, joint ventures and innovation initiatives, particularly in clean energy and engine manufacturing.&nbsp;</li>
</ul>



<ul start="7">
<li>RTX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) said in 2023 that decoupling its supply chains from China was unrealistic. Former CEO Gregory Hayes said RTX had "several thousand" Chinese suppliers, and told the Financial Times that, "we are not in a position to pull out of China the way we did out of Russia."&nbsp;</li>
</ul>



<ul start="8">
<li>Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>) faces significant supply chain disruptions due to its large presence in China and heavy reliance on imported components. In March, following the initial tariff increases, Honeywell implemented a 6.4% tariff surcharge on Building Management System (BMS) products, and more surcharges are likely to follow as the trade war escalates. </li>
</ul>



<ul start="9">
<li>Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) CEO Bob Iger has expressed significant concerns about the impact of U.S. tariffs on Chinese imports, warning of broader economic consequences and specific challenges for Disney's operations. </li>
</ul>



<ul start="10">
<li>Caterpillar, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) faces significant challenges due to the escalating trade tensions, which have eroded the company's competitiveness in China. This is prompting buyers to seek alternative suppliers and forcing Caterpillar to reassess export strategies. </li>
</ul>



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/25/04/44667862/oil-crashes-to-60-per-barrel-as-recession-fears-grow">Oil Crashes To $60 Per Barrel As Global Recession Fears Grow&nbsp;</a></li>
</ul>



Image: Shutterstock

Global

Movers

AAPL

CARR

TSLA

10 Companies With Exposure To Trump's China Tariff War: Ford, Tesla, Apple, Disney And More

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares traded higher premarket after the company reported its <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/b44757876/jpmorganchase-reports-first-quarter-2025-financial-results" rel="noreferrer noopener">first-quarter&nbsp;FY24 results</a>, but they eventually gave up all the gains and traded in the red.



Reported revenue&nbsp;rose&nbsp;8%&nbsp;year-on-year (Y/Y) to&nbsp;$45.3&nbsp;billion. Net revenue (<a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2025/1st-quarter/d88c408a-bbc9-4b06-b263-373f5b10b145.pdf" rel="noreferrer noopener">managed</a>) was&nbsp;$46.0 billion (+8% Y/Y), beating the&nbsp;consensus of&nbsp;$44.1 billion.



Consumer &amp; Community Banking (CCB) revenue rose&nbsp;4% Y/Y to&nbsp;$18.3&nbsp;billion, and Commercial &amp; Investment Bank (CIB) revenue was&nbsp;$19.7 billion (+12%&nbsp;Y/Y) in the quarter.



Investment Banking revenue was&nbsp;$2.3&nbsp;billion, up&nbsp;2%&nbsp;Y/Y, in the quarter. Investment Banking fees rose&nbsp;12%&nbsp;Y/Y to $2.2 billion, led by higher debt underwriting and advisory fees.



Asset and Wealth Management revenue was&nbsp;$5.73&nbsp;billion (+12% Y/Y), and Corporate revenue stood at&nbsp;$2.30&nbsp;billion (+5% Y/Y) in the quarter.



In AWM,&nbsp;Assets under management stood at&nbsp;$4.1&nbsp;trillion, and client assets stood at&nbsp;$6.0&nbsp;trillion (up&nbsp;15%), driven by higher market levels and continued net inflows.



Net interest income rose 1%&nbsp;year over year to&nbsp;$23.4 billion&nbsp;in the quarter. Net interest income excluding Markets&nbsp;stood at&nbsp;$22.6 billion, down&nbsp;2%&nbsp;year over year due to lower rates and deposit margin compression, along with lower deposit balances in CCB.&nbsp;



Noninterest revenue was&nbsp;$22.6 billion, up&nbsp;17% Y/Y, in the quarter. Noninterest revenue, excluding Markets,&nbsp;increased&nbsp;20%&nbsp;Y/Y to&nbsp;$13.8 billion.



Excluding the $588 million First Republic-related gain, noninterest revenue excluding Markets was up 14%, led by higher asset management fees in AWM and CCB, increased investment banking fees and lower net investment securities losses. Noninterest expense upped 4% Y/Y to&nbsp;$23.6&nbsp;billion&nbsp;in the quarter.



Markets revenue was $9.7 billion, up 21% Y/Y, primarily driven by higher Equity Markets revenue.



Average loans rose&nbsp;1% Y/Y and down 1%&nbsp;quarter-over-quarter (Q/Q); average deposits were down 2% Y/Y and&nbsp;flat&nbsp;Q/Q.



In CCB, Debit and credit card sales volume increased by&nbsp;7%&nbsp;year over year, and active mobile customers were up&nbsp;8% year over year. In CIB, Market revenue rose&nbsp;21%&nbsp;year over year, with Fixed-Income Markets increasing&nbsp;8%&nbsp;year over year and Equity Markets up&nbsp;48% year over year&nbsp;in the quarter.



JPM's provision for credit losses was&nbsp;$3.3 billion (+75% Y/Y), including net charge-offs of&nbsp;$2.3&nbsp;billion and a net reserve build of&nbsp;$973 million.&nbsp;



Net income rose&nbsp;9%&nbsp;Y/Y to&nbsp;$14.6&nbsp;billion in the quarter. EPS of&nbsp;$5.07 exceeded&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of&nbsp;$4.62</a>. The company witnessed a First Republic-related gain of $588 million in Corporate ($0.16 increase in EPS).



The CET1 capital ratio stood at&nbsp;15.4%, and the advanced CET1 capital ratio was&nbsp;15.5%. The bank's capital distributions included a dividend per share of&nbsp;$1.40 and&nbsp;$71 billion&nbsp;of common stock net repurchases.



<a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2024/4th-quarter/9aff0e71-2b8c-4f41-ac93-8da74c263894.pdf" rel="noreferrer noopener">Outlook</a>: JPMorgan expects FY25 net interest income,&nbsp;excluding Markets, of ~$94.5 billion&nbsp;and project card&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">services NCO rate of ~3.60%.</a>



Jamie Dimon, Chairman and CEO, said, "In CCB, the franchise continued to acquire new customers at a robust pace, opening 500,000 net new checking accounts and adding record first-time investors in wealth management. Finally, AWM had healthy AUM net inflows of $90 billion, and investment performance remained strong."



"The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and "trade wars," ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility," he added.



Price Action: JPM shares are down 0.84%&nbsp;at&nbsp;$225.20 premarket at the last check Friday.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/04/44756747/us-stocks-likely-to-open-lower-as-volatility-persists-before-bank-earnings-fed-is-likely-to-cut-rates-again-on-june-18th-says-expert" target="_blank" rel="noreferrer noopener">US Stock Futures Recover After Early Dip, Poised To Open Higher Amid Volatility: ‘Fed Is Likely To Cut Rates Again On June 18th,' Says Expert</a></li>
</ul>



Image via Shutterstock

Earnings

Guidance

'Economy Is Facing Considerable Turbulence:' JPMorgan Chase CEO Jamie Dimon Cautions About 'Negatives Of Tariffs And Trade Wars'

Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) reported a net income of $4.89 billion on Friday, up 6% year over year in the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/b44758055/wells-fargo-reports-first-quarter-2025-financial-results" rel="noreferrer noopener">first quarter of 2025</a>. The bank reported GAAP EPS of $1.39, beating the <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44614042/jpmorgan-wells-fargo-morgan-stanley-bny-mellon-will-strike-a-cautious-tone-analysts" rel="noreferrer noopener">consensus of $1.34</a>.&nbsp;



Revenue fell 3% year over year to $20.15 billion. Analysts <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">expected $20.75 billion</a>.



The U.S. banking giant&nbsp;<a target="_blank" href="https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/first-quarter-2025-earnings.pdf" rel="noreferrer noopener">reported</a> a 6% year-over-year drop in net interest income to $11.49 billion, driven by the impact of lower interest rates on floating rate assets, deposit mix, and pricing changes, lower loan balances, partially offset by lower market funding.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/25/04/44720460/bank-of-america-and-wells-fargo-surge-as-bank-stocks-soar-on-tariff-pause-news" rel="noreferrer noopener">Bank Of America And Wells Fargo Surge As Bank Stocks Soar On Tariff Pause News</a>



Noninterest income remained flat at $8.65 billion, including a gain on the sale of commercial non-agency third-party servicing business, an increase in asset-based fees in Wealth and Investment Management on higher market valuations, and higher investment banking fees, partially offset by lower results from venture capital investments, higher net losses on debt securities, and lower net gains from trading in Markets business.



Corporate and Investment Banking revenues increased 2% to $5.06 billion. Banking was down 4% to $1.77 billion, driven by the impact of lower interest rates, partially offset by lower deposit pricing and higher investment banking revenue on increased activity in debt capital markets.



Investment advisory fees and brokerage commissions are up 7%, <a target="_blank" href="https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/first-quarter-2025-financial-results.pdf" rel="noreferrer noopener">driven</a> by higher asset-based fees reflecting higher market valuations.



Investment banking fees increased by 24% due to higher activity in debt capital markets.



Average loans were down 2% year-over-year to $908.2 billion, driven by declines in commercial real estate and residential mortgage loans, up $1.8 billion sequentially driven by commercial &amp; industrial loans.



Average deposits were up $12.9 billion, or 1%, year over year, as growth in customer deposits was partially offset by a reduction in higher-cost CDs issued by Corporate Treasury.



Average deposits are down $2.3 billion to 1,339.3 billion year over year, down 1% sequentially due to a reduction in higher-cost CDs issued by Corporate Treasury and declines in wholesale deposits, partially offset by higher consumer deposits.



Chief Executive Officer Charlie Scharf commented, "We produced solid results with diluted earnings per share increasing 16% from a year ago reflecting fee-based revenue growth across many of our core businesses, continued expense discipline, improved credit results&#8230;"



"We expect continued volatility and uncertainty and are prepared for a slower economic environment in 2025, but the actual outcome will be dependent on the results and timing of the policy changes,&#8221; Scharf said.



Guidance: For fiscal year 2025, Wells Fargo&nbsp;<a target="_blank" href="https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/first-quarter-2025-financial-results.pdf" rel="noreferrer noopener">expects</a> net interest income to be ~1 to 3% higher than 2024 net interest income of $47.7 billion, unchanged from prior guidance.



Wells Fargo expects 2025 noninterest expense to be ~$54.2 billion, unchanged from prior guidance.



Price Action:&nbsp;WFC stock is up 0.67% at $63.53 during the premarket session at the last check Friday.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/04/44752453/bofa-turns-bullish-on-levi-strauss-with-strong-sales-and-low-china-exposure" target="_blank" rel="noreferrer noopener">Beyoncé Partnership, Strong Sales And Low China Exposure &#8211; Analyst Upgrades Levi Strauss To Buy</a></li>
</ul>



Image via Shutterstock

General

Wells Fargo Braces For Economic Slowdown In 2025, CEO Expects 'Volatility And Uncertainty'

Producer input prices fell far more than expected in March, aligning with a broader slowdown in consumer inflation seen the previous day, as the early effects of tariffs fail to materialize <a href="https://www.benzinga.com/news/econ-s">at the wholesale level.</a>



The Producer Price Index (PPI) increased by 2.7% year-over-year last month, well below the previous 3.2%, according to data released Friday by the Bureau of Labor Statistics. The figure was sharply below economists' forecast of 3.3%.



On a monthly basis, wholesale prices fell by 0.4% in March, following an upwardly revised 0.1% increase in February and missing expectations for a 0.2% gain. The decline was driven largely by goods prices, which accounted for over 70% of the drop in the index for final demand. 



Prices for final demand goods slipped 0.9%—the steepest monthly decline since October 2023, when they fell 1.4%. More than three-quarters of March's pullback in goods prices was due to a 4.0% drop in the index for final demand energy. Notably, gasoline prices plunged 11.1%, contributing to two-thirds of the overall decline in goods. 



Other categories that saw price drops included chicken eggs, beef and veal, fresh and dry vegetables, diesel fuel, and jet fuel. 



Core producer prices—excluding food and energy—rose 3.3% year-over-year, down from an upwardly revised 3.5% in February and below expectations of a rise to 3.6%. 



On a monthly basis, core inflation declined by 0.1%, reversing the 0.1% increase seen in February and falling short of the 0.3% gain economists had forecast.



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



Futures on major U.S. indexes advanced by 8:37 a.m. ET, with S&amp;P 500 contracts up 0.6%, despite China raising U.S. tariffs to 125% overnight. 



Dow Jones futures led the gains, up 0.8%, lifted by stronger-than-expected earnings from major banks, including JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), and Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>). 



Meanwhile, the U.S. dollar index pared earlier losses slightly, while Treasury yields climbed, with the 10-year yield rising 7 basis points to 4.43%.



Gold futures were 1.5% higher to $3,225 per ounce. 



Premarket moves in major U.S. ETFs: 



<ul>
<li>SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) up 0.8%.</li>



<li>SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) up 0.9%. </li>



<li>Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) up 0.9%. </li>



<li>iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) up 0.7%. </li>
</ul>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/markets/25/04/44756353/xi-jinping-says-there-are-no-winners-in-tariff-war-as-china-slaps-125-tariffs-on-us-goods-urges-trump-to-immediately-correct-wrongdoings">Xi Jinping Says &#8216;There Are No Winners In Tariff War&#8217; As China Slaps 125% Tariffs On US Goods, Urges Trump To Immediately Correct &#8216;Wrongdoings&#8217;</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Producer Inflation Cools Sharply In March, Yet Investors Show Muted Reaction

China has significantly increased tariffs on U.S. goods from 84% to an unprecedented 125% on Friday. This move comes as a countermeasure to the Trump administration&#8217;s similar actions.



What Happened: China&#8217;s&nbsp;Customs Tariff Commission of the&nbsp;State Council has declared that any additional tariffs imposed by the U.S. will be disregarded. "Given that U.S. exports to China already have no market acceptability under the current tariff rates, if the U.S. further imposes additional tariffs on Chinese goods, China will simply ignore them,"



The commission maintains that U.S. exports to China are already struggling to find market acceptability under the current tariff rates, <a href="https://www.scmp.com/economy/china-economy/article/3306151/china-raises-tariffs-us-goods-125?module=breaking&amp;pgtype=homepage">reported</a> the South China Morning Post.



A spokesperson for the Ministry of Commerce emphasized China&#8217;s commitment to safeguarding its legitimate rights and interests, supporting the multilateral trading system, and maintaining the stability of the international economic order. 



The ministry criticized the U.S. tariff measures as &#8220;a typical act of unilateral&nbsp;bullying and coercion,&#8221; which violate&nbsp;World Trade Organization rules and&nbsp;undermine the rules-based&nbsp;multilateral trading system and international&nbsp;economic order.



The spokesperson also called on the U.S. to &#8220;immediately correct its wrongdoings and&nbsp;revoke all unilateral tariffs imposed&nbsp;on China.&#8221;



In his first reaction to President Donald Trump&#8216;s tariffs on China, Xi Jinping told visiting Spanish Prime Minister Pedro Sanchez, "There are no winners in the tariff war and standing against the world ultimately results in self-isolation," as per state news agency Xinhua.



No matter how the external environment shifts, China will maintain its resolve and focus, dedicating itself to managing its own affairs efficiently,&#8221; added Xi.



SEE ALSO:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/04/44749653/bitcoin-ethereum-xrp-dogecoin-lose-steam-trader-warns-of-new-lows-under-one-condition" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, XRP, Dogecoin Lose Steam, Trader Warns Of &#8216;New Lows&#8217; Under One Condition &#8211; Benzinga</a>



Why It Matters: The decision to increase tariffs comes as President Donald Trump awaits negotiation talks with his &#8216;friend&#8217; Xi Jinping. 



According to China expert and political commentator Gordon Chang, the Chinese President&nbsp;is avoiding direct negotiations with President Trump to prevent <a href="https://www.benzinga.com/markets/25/04/44755977/xi-jinping-steering-clear-of-trump-negotiations-to-avoid-political-backlash-at-home-says-expert-china-doesnt-have-any-cards-in-this-game">potential political backlash</a> at home. Xi is in a difficult position where initiating a conversation with Trump about the trade war could lead to backlash from his fellow Communist Party leaders. 



Notably, China is not immune to the adverse impact from Trump&#8217;s tariffs. Goldman Sachs downgraded China&#8217;s growth forecast and warned of risk to 20 million export-linked jobs in the nation. However, the investment bank cited overall global economic gloom as a reason besides Trump&#8217;s tariffs. 



<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/25/04/44728777/pence-calls-trumps-tariff-moves-misstep-cites-potential-economic-harm-to-working-families" target="_blank" rel="noreferrer noopener">Former Vice President Mike Pence Calls Trump&#8217;s Tariff Moves &#8216;Misstep,&#8217; Cites Potential Economic Harm To Working Families</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.

Markets

Xi Jinping Says 'There Are No Winners In Tariff War' As China Slaps 125% Tariffs On US Goods, Urges Trump To Immediately Correct 'Wrongdoings'

Editor&#8217;s Note: This story has been updated to include the latest U.S. stock futures data.



U.S. stock futures edged higher Friday morning, rebounding after a weak Thursday session that saw markets lose momentum. Major benchmark index futures traded in positive territory during premarket hours after initially opening in the red.



Data from the Bureau of Labor Statistics on Thursday showed the<a href="https://www.benzinga.com/news/econ-s/25/04/44733390/march-inflation-rate-cools-far-more-than-expected-raises-hopes-for-near-term-fed-rate-cuts"> annual inflation rate falling</a> to a six-month low of 2.4% in March, down from 2.8% in February and below the expected 2.6%.



Monthly, the Consumer Price Index contracted by 0.1%, a decrease from the previous month&#8217;s 0.2% increase and below the anticipated 0.1% rise, marking the lowest monthly reading since May 2020.



Investors will keep an eye on the headline and core producer price index data for March and April&#8217;s consumer sentiment data, slated to be released later today. Major banks will kick off the earnings season as they report earnings before the market opens on Friday.



The 10-year Treasury bond yielded 4.40% and the two-year bond was at 3.80%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 61.6% likelihood of the Federal Reserve keeping the current interest rates unchanged in its May meeting. 



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>0.61%</td></tr><tr><td>S&amp;P 500</td><td>0.49%</td></tr><tr><td>Nasdaq 100</td><td>1.05%</td></tr><tr><td>Russell 2000</td><td>0.67%</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 trading higher in premarket on Friday. The SPY was up 0.62% to $524.58, while the QQQ declined 0.71% to $446.18, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Energy, information technology, and communication services sectors led Thursday&#8217;s U.S. stock market decline, overshadowing a rise in consumer staples.



The broader market saw the Dow Jones briefly plunge over 1,000 points as investors considered economic risks despite a newly announced 90-day tariff pause.



Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) was down 4%, Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) declined 6%, and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) slipped 7% as these were the significant individual stock decliners.



On the economic front, the Consumer Price Index fell to 2.4% in March, below expectations, with monthly inflation turning negative for the first time since May 2020.



After Thursday&#8217;s fall, the Nasdaq 100 index was 17.46% lower than its previous high of 22,222.61 points. The S&amp;P 500 index was down 14.31% from its record of 6,147.43 points, and the Dow Jones declined 12.16% from its 52-week high of 45,073.63 points.



The Dow Jones index dropped 1,015 points or 2.50% to 39,593.66, whereas the S&amp;P 500 index declined 3.46% to 5,268.05. Nasdaq Composite tumbled to end 4.31% lower at 16,387.31, and the small-cap gauge, Russell 2000, slipped 4.27% to 1,831.39.



<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>-4.31%</td><td>16,387.31</td></tr><tr><td>S&amp;P 500</td><td>-3.46%</td><td>5,268.05</td></tr><tr><td>Dow Jones</td><td>-2.50%</td><td>39,593.66</td></tr><tr><td>Russell 2000</td><td>-4.27%</td><td>1,831.39</td></tr></tbody></table></figure>



Insights From Analysts:



As the U.S. Core consumer price inflation excluding food and energy moved down to 2.81%, the lowest level since March 2021. And the overall U.S. CPI moved down to 2.39% in March, the lowest level since February 2021.



&#8220;Fed is likely to cut rates again on June 18th,&#8221; said Charlie Bilello from Creative Planning in an X post.



<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">Overall US CPI moved down to 2.39% in March, the lowest level since February 2021. US Core CPI (ex-Food/Energy) moved down to 2.81%, the lowest level since March 2021. Based on this data the Fed is likely to cut rates again on June 18th (25 bps cut down to 4.00-4.25%). <a href="https://t.co/2qI8nO4nDz">pic.twitter.com/2qI8nO4nDz</a>&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1910313873929892200?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



He added that this data &#8220;should be enough for the Fed to resume cutting rates in June.&#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">US Core CPI Inflation is back below 3% for the first time in 4 years. This should be enough for the Fed to resume cutting rats in June.<a href="https://t.co/l5IYmkeySJ">https://t.co/l5IYmkeySJ</a> <a href="https://t.co/pvOHrTLqaL">pic.twitter.com/pvOHrTLqaL</a>&mdash; Charlie Bilello (@charliebilello) <a href="https://twitter.com/charliebilello/status/1910315991218659582?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



As tech stocks experienced significant volatility following President Donald Trump‘s tariff announcements, Alexander Morris, CEO of F/m Investments, viewed the pullback as a buying opportunity for select Magnificent 7 companies.



"We have long been investors in the Mag 7 — not all of them, but a handful of them — and you'll see us more into some Apple, which seems to be at a discount," Morris told Reuters. "We picked up some Meta, which seemed to have done well."



Morris recommends investors maintain a disciplined portfolio allocation, like a 60-40 mix, through market volatility, noting the repeated resurgence of such strategies.



He advises choosing an allocation and sticking with it through market cycles until life events necessitate a change, emphasizing its self-balancing nature. Morris also cautions against market timing, as significant returns often occur within a few key days throughout the year.



&#8220;The concern going forward is that prices will rise and the economy will slow,&#8221; said Cooper Howard, director, fixed income strategy at the Schwab Center for Financial Research. &#8220;This will put the Fed in a difficult place.&#8221;



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>The headline and core producer price index data for March will be released by 8:30 a.m. ET.</li>
</ul>



<ul>
<li>April&#8217;s preliminary consumer sentiment data will be announced, while St. Louis Fed President Alberto Musalem speaks at 10:00 a.m. ET.</li>
</ul>



<ul>
<li>New York Fed President John Williams will speak at 11:00 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) was up 0.019% in premarket on Friday as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of $2.20 per share on revenue of $16.57 billion.</li>
</ul>



<ul>
<li>Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) was 1.13% lower as Wall Street expects it to report earnings of $1.24 per share on revenue of $20.75 billion before the opening bell.</li>
</ul>



<ul>
<li>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) rose 0.7% as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of $4.61 per share on revenue of $44.11 billion.</li>
</ul>



<ul>
<li>Bank of New York Mellon Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BK#NYSE">BK</a>) dropped 1.16% as Wall Street expects it to report earnings of $1.51 per share on revenue of $4.77 billion before the opening bell.</li>
</ul>



<ul>
<li>BlackRock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) was 0.14% higher as it is expected to report earnings before the opening bell. Analysts expect a quarterly earnings of $11.19 per share on revenue of $5.53 billion.</li>
</ul>



<ul>
<li>Fastenal Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FAST#NASDAQ">FAST</a>) was 0.32% lower as Wall Street expects it to report earnings of 52 cents per share on revenue of $1.95 billion before the opening bell.</li>
</ul>



<ul>
<li>Stellantis NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) declined 1.68% after reporting estimated consolidated shipments for the three months ending March 31 at 1.2 million units, representing a 9% year-on-year decline.</li>
</ul>



<ul>
<li>MSP Recovery Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSPR#NASDAQ">MSPR</a>) surged 171.88% after securing massive $1.2 billion debt relief via strategic partnerships and creation of an independent servicer.</li>
</ul>



<ul>
<li>Calamos Global Dynamic Income Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHW#NASDAQ">CHW</a>) jumped 43.10% after strategically choosing Pretoria&#8217;s LightDeepEarth as its preferred assay lab to boost assay result turnaround for its Heavy Mineral Sands program and improve operational efficiency.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.15% to hover around $60.22 per barrel.



Gold Spot US Dollar advanced 1.30% to hover around $3,216.91 per ounce. Its fresh record high stood at $3,227.23 per ounce. The U.S. Dollar Index spot was lower by 1.69% at the 99.163 level.



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



Read Next:



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44728276/spy-qqq-call-volumes-spiked-minutes-before-tariff-pause-announcement-alexandria-ocasio-cortez-demands-disclosure-from-congress-members">SPY, QQQ Call Volumes Spiked Minutes Before Tariff Pause Announcement: Alexandria Ocasio-Cortez Demands Disclosure From Congress Members</a></li>
</ul>



Photo courtesy: Shutterstock

Market Summary

Futures

Pre-Market Outlook

Analyst Ratings

MSPR

NVDA

STLA

US Stock Futures Recover After Early Dip, Poised To Open Higher Amid Volatility: 'Fed Is Likely To Cut Rates Again On June 18th,' Says Expert (UPDATED)

Investor Gary Black, the managing partner at the Future Fund LLC, has cautioned about impending &#8220;lasting damage to the economy&#8221; as consumers and businesses are expected to curtail spending ahead of the upcoming earnings season.



What Happened: Black&#8217;s comments, made in response to CNBC&#8217;s Scott Wapner, highlight concerns stemming from recent bond market volatility and the proposed tariff increases, despite a temporary 90-day pause announced by the Trump administration.



Black drew parallels between the current bond market chaos and the initial stages of the 2020 pandemic, emphasizing the significant tightening of financial conditions resulting from the tariff proposals.



While acknowledging the administration&#8217;s temporary reversal and setting a 10% tariff cap for most trading partners, excluding China, Black believes the uncertainty has already triggered a pullback in economic activity.



&#8220;CEOs are about to tell us as earnings begin there is now likely lasting damage to the economy (C+I+G+X-M) as consumers and businesses cut back on spending,&#8221; Black said in a X post.



He argued that the market&#8217;s current signals clearly indicate this anticipated reduction in consumption, investment, government spending, and net exports. This will likely affect the capital expenditure capabilities of the businesses and spending cuts by consumers, according to him



<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 bond market chaos we've seen this week is reminiscent of the 2020 pandemic. Financial conditions have tightened significantly as a result of the proposed unprecedented increase in tariffs. While Trump reversed course before driving off the cliff and paused tariff… <a href="https://t.co/5sX3fUND3G">https://t.co/5sX3fUND3G</a>&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1910609074795769871?ref_src=twsrc%5Etfw">April 11, 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/25/04/44728276/spy-qqq-call-volumes-spiked-minutes-before-tariff-pause-announcement-alexandria-ocasio-cortez-demands-disclosure-from-congress-members">SPY, QQQ Call Volumes Spiked Minutes Before Tariff Pause Announcement: Alexandria Ocasio-Cortez Demands Disclosure From Congress Members</a>



Why It Matters: Black&#8217;s analysis contrasts with the administration&#8217;s stated goal of lower 10-year Treasury yields, a point raised by Wapner. Wapner noted the irony of the administration&#8217;s own policy decisions roiling the bond market and driving rates higher.



This comes despite Treasury Secretary Scott Bessent&#8216;s focus on lower yields and Commerce Secretary Howard Lutnick&#8217;s extensive background in the bond market.



Black&#8217;s warning suggests that the initial shock of the proposed tariffs, despite a pause, may have already set in motion changes that will manifest in upcoming earnings reports, leading to a slowdown in economic growth.



Price Action: After Thursday&#8217;s fall, the Nasdaq 100 index was 17.46% lower than its previous high of 22,222.61 points. The S&amp;P 500 index was down 14.31% from its record of 6,147.43 points and the Dow Jones declined 12.16% from its 52-week high of 45,073.63 points.



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 higher in premarket on Friday. The SPY was up 0.94% to $529.51, while the QQQ advanced 1.04% to $450.84, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/04/44755181/pentagon-slashes-5-1-billion-in-accenture-deloitte-booz-allen-contracts-thats-a-lot-of-consulting">Pentagon Slashes $5.1 Billion In Accenture, Deloitte, Booz Allen Contracts: &#8216;That&#8217;s A Lot Of Consulting&#8217;</a></li>
</ul>



Photo: Shutterstock

Analyst Color

Macro Notification

Gary Black Expects Consumers And Businesses To Cut Spending Ahead Of Earnings Season, Warns Of A 'Lasting Damage To The Economy'

On Thursday, April 10, U.S. markets closed lower as renewed fears over President Trump&#8217;s escalating trade war with China erased much of the previous day&#8217;s historic rally.



The S&amp;P 500 and Nasdaq had surged following a 90-day tariff reprieve, but investor uncertainty quickly returned. Meanwhile, inflation eased in March, nearing the Fed&#8217;s 2% target, though the central bank&#8217;s path forward remains uncertain amid ongoing trade tensions with both China and Europe.



In economic data, Consumer inflation slowed to 2.4% year-over-year, down from 2.8% in February and below expectations of 2.6%—marking the lowest reading since September 2024. On a monthly basis, the Consumer Price Index fell 0.1%, the first decline since May 2020.



Most S&amp;P 500 sectors ended lower, led by sharp losses in energy, technology, and communication services. However, consumer staples outperformed, closing in positive territory.



The Dow Jones Industrial Average dropped 2.50% to 39,593.66, the S&amp;P 500 fell 3.46% to 5,268.05, and the Nasdaq Composite declined 4.31% to close at 16,387.31.



Related: <a target="_blank" href="https://www.benzinga.com/markets/25/04/44756353/xi-jinping-says-there-are-no-winners-in-tariff-war-as-china-slaps-125-tariffs-on-us-goods-urges-trump-to-immediately-correct-wrongdoings" rel="noreferrer noopener">Xi Jinping Says &#8216;There Are No Winners In Tariff War&#8217; As China Slaps 125% Tariffs On US Goods, Urges Trump To Immediately Correct &#8216;Wrongdoings&#8217;</a>



Asia Markets Today



<ul>
<li>On Friday, Japan&#8217;s Nikkei 225 fell 2.96% to close at 33,584.50, led by losses in the Paper &amp; Pulp, Transport and Communication sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 was down 0.82% and closed at 7,646.50, led by losses in the Healthcare, Utilities and Energy sectors.</li>



<li>India&#8217;s Nifty 50 was up 1.89% at 22,822.35, and Nifty 500 rose 1.94% at 20,749.50.</li>



<li>China&#8217;s Shanghai Composite rose 0.45% to 3,238.23, and Shanghai Shenzhen CSI 300 increased 0.41% to 3,750.52.</li>



<li>Hong Kong&#8217;s Hang Seng Index gained 1.26% to 20,943.00.</li>



<li>China raised tariffs on U.S. goods to 125%, escalating its trade war with Washington after Trump&#8217;s 145% hike. Beijing condemned the move as unilateral bullying.</li>
</ul>



Eurozone at 05:45 AM ET



<ul>
<li>The European STOXX 50 was down 1.23%.</li>



<li>Germany&#8217;s DAX declined 1.68%.</li>



<li>France&#8217;s CAC 40 fell 0.96%.</li>



<li>U.K.&#8217;s FTSE 100 index traded lower by 0.16%.</li>
</ul>



Commodities at 05:45 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 0.27% at $60.23/bbl, and Brent was up 0.19% at $63.46/bbl.</li>



<li>Natural Gas fell 0.65% to $3.691.</li>



<li>Gold was trading higher by 2.00% at $3,241.60, Silver was up 2.01% to $31.380, and Copper rose 2.62% to $4.4500.</li>



<li>Gold <a href="https://www.benzinga.com/markets/commodities/25/04/44754594/gold-miners-rally-as-bullion-hits-3212-record-trump-tariffs-fuel-over-20-year-to-date-surge-across-sector" target="_blank" rel="noreferrer noopener">recorded </a>a new high as mining stocks continued their post-inauguration rally amid escalating U.S.-China trade tensions.</li>
</ul>



U.S. Futures at 05:45 AM ET



<ul>
<li>Dow futures were down 0.17%, S&amp;P 500 futures declined 0.06%, and Nasdaq 100 futures rose 0.39%.</li>



<li>U.S. stock futures fell as China hiked tariffs to 125%, escalating trade tensions. Markets fear global recession, with investors rattled by supply chain risks and economic fallout from the intensifying conflict.</li>
</ul>



Forex at 05:45 AM ET



<ul>
<li>The U.S. Dollar Index declined 1.60% to 99.23, USD/JPY was down 1.51% to 142.32, and USD/AUD slid 1.20% to 1.6050.</li>



<li>The U.S. dollar sank to a near two-year low as trade tensions escalated and confidence in U.S. assets eroded. Investors flocked to the euro, Swiss franc, and British pound instead.</li>
</ul>



Photo via Shutterstock

Asia

Emerging Markets

Eurozone

Forex

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

China's Retaliatory Tariff Hike Escalates Trade War, Gold Soars, Dollar Hits Two-Year Low - Global Markets Today While US Slept

Intel Corp's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) <a href="https://www.benzinga.com/tech/25/03/44298588/lip-bu-tan-got-high-praise-from-tsmc-founder-morris-chang-for-saving-cadence-from-pretty-big-trouble-will-the-magic-work-at-the-new-intel">newly appointed CEO</a>, Lip-Bu Tan, has deep financial ties to China's tech sector, including investments in companies reportedly linked to the Chinese military.



What Happened: Tan has control over more than 40 Chinese companies and investment funds and holds minority stakes in over 600 others through firms he owns or manages — including at least eight with reported ties to China's People's Liberation Army (PLA), reported Reuters.



The report, based on U.S. and Chinese corporate filings, found that Tan retains control or minority stakes in hundreds of Chinese tech firms via Walden International and Hong Kong-based holding companies Sakarya Limited and Seine Limited. In many cases, he co-invested alongside Chinese government entities or state-owned enterprises.



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's $138 Billion Push — Warn America Will Lose The Race Without It</a>



Among the companies identified are suppliers and contractors for the PLA, including partnerships with China Electronics Corporation, a key PLA supplier sanctioned by the first Donald Trump administration in 2020.



Tan was also an early investor in Semiconductor Manufacturing International Corp (SMIC), China's largest chip foundry, which is under U.S. sanctions due to military links.



Why It Matters: While it&#8217;s not illegal for U.S. citizens to invest in Chinese companies unless they are specifically blacklisted, Tan's ties have raised questions given Intel's central role in producing advanced chips for the U.S. Department of Defense.



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.



The company <a href="https://www.benzinga.com/news/24/09/40897994/whats-going-on-with-intel-stock-on-tuesday">holds a $3 billion defense contract</a> and is involved in multiple national security-focused semiconductor initiatives.



In response to the publication, Intel said that Tan had completed a required director and officer questionnaire disclosing any potential conflicts. "We handle any potential conflicts appropriately and provide disclosures as required by SEC rules," a spokesperson said.



Intel did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.



Tan's appointment comes at a <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">critical time for Intel</a> as it seeks to reclaim leadership in advanced chip manufacturing.



Critics argue that Tan's extensive financial involvement in China's tech and military-linked sectors may present a conflict of interest or at least warrant heightened scrutiny, the report noted.



"The simple fact is that Mr. Tan is unqualified to serve as the head of any company competing against China, let alone one with actual intelligence and national security ramifications like Intel," said Andrew King of Bastille Ventures.



Others, however, defend Tan's deep experience in global tech investing. "He was at the top of … most investors' lists," said Bernstein analyst Stacey Rasgon. "He's a legend."



While Tan has reportedly divested some Chinese holdings, the publication found no full accounting of those exits. Chinese corporate databases continue to list many of his investments as active.



Price Action: Intel's stock has dropped 1.68% year-to-date and is down 47.17% over the past 12 months, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Despite the decline, Intel holds a respectable growth score of 3.48% based on Benzinga Edge Stock Rankings. You can see how it <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">compares to other companies by clicking here</a>.



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



Read Next:



<ul>
<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&#8217;s DeepSeek For Driving Efficiency, Stresses Apple&#8217;s ‘Prudent And Deliberate&#8217; Approach Toward Capital Expenditure</a></li>
</ul>



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



Photo courtesy: Shutterstock

Media

INTC

New Intel CEO Lip-Bu Tan Linked To Hundreds Of Chinese Tech Firms, Including Companies Tied To China's Military: Report

The cryptocurrency market cap dropped 2.80% in 24 hours to $2.54 trillion following President Donald Trump&#8216;s sweeping tariff announcement, imposing a 145% duty on Chinese imports and a 10% universal tariff on most other goods.



<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 9.47 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-3.34%</td><td>$79,672.33</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>-6,13%</td><td>$1,532.89</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>-1.35%</td><td>$0.1552</td></tr></tbody></table></figure>



On Thursday, Trump signed legislation nullifying a revised Internal Revenue Service rule that had expanded the definition of &#8220;broker&#8221; to include decentralized cryptocurrency exchanges.



The rule, finalized during former President Joe Biden&#8216;s administration, was criticized by the crypto industry as unworkable for DeFi platforms that lack visibility into user identities. This action fulfills part of Trump&#8217;s campaign promise to be a &#8220;crypto president.&#8221;



The Crypto Fear and Greed Index registered at 21, remaining in &#8220;Fear&#8221; territory for the second consecutive day, significantly down from November&#8217;s yearly high of 88.



Over $297.81 million in crypto positions were liquidated in the past 24 hours, affecting 101,191 traders. The largest single liquidation occurred on Binance&#8217;s ETH-USDT pair, worth $11.85 million, according to CoinGlass.



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 9.47 p.m. ET)</td></tr><tr><td>Onyxcoin (XCN)</td><td>+45.76%</td><td>$0.01741</td></tr><tr><td>Curve DAO Token (CRV)</td><td>+13.16%</td><td>$0.5761</td></tr><tr><td>Render (RENDER)</td><td>+6.42%</td><td>$3.54</td></tr></tbody></table></figure>



Traditional markets reeled from Trump&#8217;s announcement of a temporary 10% universal tariff on most imports and a 145% duty on Chinese goods.



In Thursday's session, the S&amp;P 500, tracked by SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), closed at 5,268, down 3.46% after plunging over 4% earlier in the day. The Nasdaq-100, tracked by Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), dropped 4.19% to 18,343. 



Futures <a href="https://www.benzinga.com/markets/equities/25/04/44753780/us-futures-slide-nikkei-crashes-over-5-as-markets-reel-from-trumps-tariff-shock-and-await-key-inflation-data-bank-earnings">extended the slide Thursday night</a>, with Nasdaq-100 futures falling 1.26% to 18,251.75, S&amp;P 500 futures down 1.04% to 5,247.00, and Dow futures slipping 0.88% to 39,448.00. 



See Also: <a href="https://www.benzinga.com/news/25/04/44752456/obama-era-economist-jason-furman-says-trump-tariffs-now-higher-more-inflationary-than-announced-rais">Obama-Era Economist Jason Furman Says Trump Tariffs &#8216;Now Higher &amp; More Inflationary&#8217; Than Announced: Raising China Levies Outweighs 90-Day Delay On Others</a>



Analyst Notes:



Analyst Michaël van de Poppe noted the correlation between Yuan strength and Ethereum performance, suggesting a Yuan bounce could improve conditions for altcoins. He added that a decline in Treasury yields and gold prices, alongside dollar weakness, would create favorable conditions for the crypto market.



<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">Presumably I&#39;d want to see Yields to tumble down, alongside the Dollar and Gold to go down. The correlation between strength on the Yuan and <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> is massive and that&#39;s why I think that we should see a bounce up in the Yuan to improve the conditions for <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a>. <a href="https://t.co/HT9Q6tZUhX">pic.twitter.com/HT9Q6tZUhX</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1910356346731458570?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Popular on-chain analytics firm, Santiment, reported 132 new wallets holding 10+ BTC in the past day, indicating &#8220;a higher level of confidence from crypto&#8217;s key stakeholders&#8221; following Trump&#8217;s tariff announcement.



<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;&#x1f988; Bitcoin&#39;s whales and sharks are growing in number, indicating a sudden shift after Trump implemented his 90-day tariff pause yesterday. Over the past day, +132 more 10+ <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> wallets exist, indicating a higher level of confidence from crypto&#39;s key stakeholders. <a href="https://t.co/5Q1MUxWBeP">pic.twitter.com/5Q1MUxWBeP</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1910421739940851945?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Technical analyst Ali Martinez warned of several bearish signals on Bitcoin&#8217;s chart, including a recent death cross formation and the SuperTrend indicator showing a &#8220;Sell&#8221; signal. Martinez identified key resistance levels at $82,500 (monthly open), the descending trendline from all-time high around $84,000, and moving averages at $85,800 (50-day) and $87,000 (200-day), suggesting significant technical barriers to overcome.



<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">While the recent <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> bounce has been strong, the higher time frames suggest caution: &#8211; Death cross recently formed on the daily chart &#8211; SuperTrend indicator still shows &quot;Sell&quot; &#8211; Monthly open at $82,500 acting as resistance &#8211; Descending trendline from ATH sits around… <a href="https://t.co/ugF6fawUeE">pic.twitter.com/ugF6fawUeE</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1910398935367115082?ref_src=twsrc%5Etfw">April 10, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Traders now await Friday&#8217;s March producer price inflation data and earnings reports from JPMorgan Chase &amp; Co. and Wells Fargo &amp; Co., which could further <a href="https://www.benzinga.com/25/04/44751312/wall-street-on-edge-bank-earnings-inflation-data-consumer-sentiment-set-stage-for-friday-fireworks">influence market sentiment</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/25/04/44747573/adam-schiff-and-elizabeth-warren-call-for-investigation-into-possible-insider-trading-by-trump-allie">Adam Schiff And Elizabeth Warren Call For Investigation Into Possible Insider Trading By Trump Allies As Markets Surge After 90-Day Tariff Pause: &#8216;It Sure Looks Like Corruption&#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.

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Tumble As Trump Ups China Tariffs, Scraps IRS Rule In Nod To Crypto Voters: Rising Yuan Could Boost Altcoins, Says Analyst

U.S. stock futures fell on Thursday night as investors prepared to close a volatile trading week marked by dramatic market swings. 



Nasdaq-100 futures led declines, dropping 1.26% to 18,251.75, while S&amp;P 500 futures fell 1.04% to 5,247.00 and Dow futures slipped 0.88% to 39,448.00.



Japan's Nikkei 225 tumbled 5.39% to 32,744.89 in early Friday trading, shedding 1,864 points amid global market volatility. U.S. Treasury yields rose, with the 10-year up 8.4 basis points to 4.47% and the 30-year up 9.6 basis points to 4.94%.



Gold prices surged, with June COMEX contracts rising 1.61% to $3,228.60 as demand for safe-haven assets increased.



Markets remain on edge after President Donald Trump rolled out a temporary 10% universal tariff on most imports, while slapping China with a steep 145% duty, the White House <a href="https://www.cnbc.com/2025/04/10/trumps-triple-digit-tariff-essentially-cuts-off-most-trade-with-china-says-economist.html">told</a> CNBC. Still, Trump struck a hopeful tone, expressing confidence in eventually <a href="https://in.benzinga.com/government/regulations/25/04/44740040/chinas-growth-outlook-dims-as-trumps-125-tariffs-put-millions-of-jobs-at-risk-goldman-warns">reaching a deal with Beijing</a>.



&#8220;Would love to be able to work a deal with China,&#8221; Trump <a href="https://www.benzinga.com/government/regulations/25/04/44748635/stocks-bounce-off-session-lows-after-trump-says-china-deal-is-going-to-work-out">told reporters at the White House</a>. &#8220;I think we will end up working out something good for both nations.&#8221;



The comments helped major indexes trim earlier losses, with the S&amp;P 500 tracked by SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed at 5,268, down 3.46% after falling more than 4% midday. The Nasdaq-100, tracked by Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), lost 4.19%, dropping to the 18,343 level.



Traders will face additional catalysts on Friday, including major bank earnings from JPMorgan Chase &amp; Co. and Wells Fargo &amp; Co., along with crucial March <a href="https://www.benzinga.com/25/04/44751312/wall-street-on-edge-bank-earnings-inflation-data-consumer-sentiment-set-stage-for-friday-fireworks">producer price inflation data</a> that could influence Federal Reserve policy decisions.



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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.

US Stock Futures Fall, Nikkei Crashes Over 5% As Markets Reel From Trump's Tariff Shock

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



U.S. stocks settled lower on Thursday, with the Dow Jones index dipping more than 1,000 points during the session as investors digested the 90-day tariff pause and weighed lingering economic risks to the outlook.



Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares fell over 4%, while Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) declined around 6% on Thursday. Shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) also tumbled more than 7% during the session.



On the economic data front, the Consumer Price Index fell from 2.8% year-over-year in February to 2.4% in March, below expectations of 2.6% and marking the lowest reading since September 2024. On a monthly basis, inflation was negative by 0.1% — the first decline since May 2020.



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



The Dow Jones closed lower by around 1,015 points to 39,593.66 on Thursday. The S&amp;P 500 fell 3.46% to 5,268.05, while the Nasdaq Composite dipped 4.31% to 16,387.31 during Thursday's session.



Investors are awaiting earnings results from Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), and JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 8.4, the index remained in the &#8220;Extreme Fear&#8221; zone on Thursday, versus a prior reading of 12.3.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



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

On Thursday, Cathie Wood-led Ark Invest made notable trades, prominently featuring Tempus AI Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>) and Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>). The trades came as Wall Street <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44744139/wall-street-tumbles-dollar-crashes-gold-hits-record-highs-as-inflation-cools-more-than-predicted-whats-driving-markets-thursday">reversed Wednesday's rally</a> with a sharp selloff, as cooling inflation and hopes for Fed cuts were overshadowed by economic uncertainty and a 145% China tariff announcement by the Trump administration.



The Tempus AI Trade



Ark Invest&#8217;s flagship fund, the ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), acquired 48,909 shares of Tempus AI Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>), valued at approximately $1.97 million based on the closing price of $40.29.



Tempus AI has been gaining attention for its advancements in AI-driven healthcare solutions. Ark has been trading shares of the company actively. Last week, it <a href="https://www.benzinga.com/25/04/44704064/cathie-wood-loads-up-on-18-2-million-worth-of-nvidia-stock-adds-5-8-million-worth-of-amazon-shares-to-her-shopping-cart-amid-trump-tariff-upheaval">scooped up</a> stock worth $1.74 million.



The Coinbase Trade



In another significant move, ARKK purchased 11,849 shares of Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), amounting to approximately $2.01 million based on the closing price of $169.62. This acquisition comes at a time when the regulatory landscape for cryptocurrency trading in the U.S. is evolving, potentially making crypto leverage trading <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44739006/crypto-leverage-trading-in-the-us-may-become-more-accessible-heres-why">more accessible</a> to retail investors.



Coinbase, a leading cryptocurrency exchange, has announced plans to introduce a first-of-its-kind perpetual-style product in the U.S. and is also reportedly in talks to acquire crypto derivatives exchange Deribit



Other Key Trades:



<ul>
<li>ARKK bought 135,247 shares of Beam Therapeutics Inc. (BEAM).</li>



<li>ARKG sold 33,500 shares of Repare Therapeutics Inc. (RPTX).</li>



<li>ARKK acquired 191,500 shares of 10X Genomics Inc. (TXG).</li>
</ul>



How does Coinbase rank against other crypto picks? <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Find out</a> with Benzinga Edge Stock Rankings.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="794" height="109" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/10215544/Screenshot-2025-04-11-at-10.55.27.png" alt="" class="wp-image-867031" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/10215544/Screenshot-2025-04-11-at-10.55.27.png 794w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/10215544/Screenshot-2025-04-11-at-10.55.27-300x41.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/10215544/Screenshot-2025-04-11-at-10.55.27-768x105.png 768w" sizes="(max-width: 794px) 100vw, 794px" /></a></figure>



Image via Shutterstock



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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ARKK

COIN

Cathie Wood's Thursday Plays: Healthcare AI And Crypto — Ark Scoops Up Tempus AI and Coinbase Stock Amid Trump Tariff Crash

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