• S&P 500 and NASDAQ end higher. The stock market looks packed with a lot of uncertainty as investors sell off stocks in early week trading with slight recovery on Tuesday. US stocks closed mostly higher on Tuesday as investors brace for President Trump's highly anticipated "Liberation Day". The S&P 500 rose about 0.4% while the Dow Jones Industrial Average fell just below the flatline. The tech-heavy Nasdaq Composite closed up nearly 0.9%.
• All eyes on tariff announcements today. Recent reporting from several media outlets points to the possibility the President could slap "blanket" 20% tariffs on trading partners today. Research from Yale Budget Lab shows that if 20% tariffs are enacted Americans could see a loss of buying power of $3,400-$4,200 per household, assuming no countermeasures from the Federal Reserve.
• New economic data. The ISM's manufacturing index contracted for the first time this year while the prices paid index surged to the highest reading since June 2022, reflecting companies' continuing cost increases. The Institute for Supply Management's manufacturing PMI registered a reading of 49.0 in March, down from February's 50.3 reading and below the 49.5 economists polled by Bloomberg had expected. 
• Job openings fell. Labor market data released Tuesday was weaker than expected. Data from the Bureau of Labor Statistics showed 7.57 million jobs open at the end of February, a decrease from the 7.76 million seen in January. Job openings in February remained near a level last seen in early 2021.
• More Jobs data this week: Friday’s March jobs report is key. The March nonfarm payrolls report is anticipated to show 130,000 jobs added, down from 151,000 in February, with unemployment remaining at 4.1%. Another report that sometimes flies under the radar is Challenger job cuts, due Thursday morning. It hit172,000 in February, the highest since July 2020, and analysts expect another rise in March, according to Trading Economics.
• VIX hints at calmer waters ahead: Volatility is low for stocks despite the looming tariff announcement. While the Cboe Volatility Index (VIX) trades near 23, up from below 20 last week, it's not showing signs of disorderly or chaotic action as investors attempt to hedge tariff risk. It also hasn’t gone to levels near 30 seen last December when the Federal Reserve delivered a bearish foresight on rate plans.
• Tesla sales keep tumbling. Tesla registrations in many parts of Europe suffered in March as the quarter came to a close. Registrations are a proxy for official sales data, which Tesla may release as early as today. The stock was up 3% in early trading as investors await first quarter delivery numbers due today. Analysts expect deliveries of around 360,000, down from 387,000 in the same quarter a year ago. The stock fell 36% in the first quarter. 
• Johnson & Johnson shares tumbled. The company's stock falls 5% after judge rejected the company's $10 billion proposal to end tens of thousands of lawsuits alleging that its baby powder and other talc products cause ovarian cancer, Reuters reported.
• Newsmax soars after IPO. Newsmax (NMAX) stock retreated Tuesday after soaring more than 120% earlier in the session. Shares still climbed about 60%, extending the conservative cable news outlet's massive 735% gain on Monday following its IPO.
• Microsoft becomes Top Pick at RBC. RBC Capital Markets analyst Rishi Jaluria added Microsoft to his "Top Picks" list on Tuesday. Jaluria has an Outperform rating and $500 price target on the stock.
• Bitcoin (BTC) dove 12% from its December 31 close amid risk-off trading sentiment. Still, Bitcoin managed to close the quarter well above its March lows of below $80,000.
• Hotel chain woes. Caesars Entertainment (CZR) and MGM Resorts (MGM) saw losses following disappointing data for February from the Nevada Gaming Control Board.
• Gold (GC) hit a new record above $3,100 per ounce on Monday. This was the best quarter for the yellow metal since 1986. 
• Crude oil (CL) hit five-week highs above $71.50 per barrel. The move came as President Trump threatened to impose secondary tariffs on Russian crude and to attack Iran.
• CVS Health (CVS) was the best S&P 500 performer of the first quarter. The stock was up 51%.
• Deckers Outdoor (DECK) was the worst. The stock dropped 45%. 

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In a press briefing on Tuesday, White House press secretary Karoline Leavitt told reporters, "April 2, 2025, will go down as one of the most important days in modern American history."

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Most Active Stocks

• CoreWeave (CRWV)
• ReShape Lifesciences (RSLS)
• Microsoft (MSFT)
• Tesla (TSLA)
• Johnson & Johnson (JNJ)
• Hims & Hers Health (HIMS)
• Nvidia (NVDA)
• Ford (F)
• Lucid Group (LCID)
• PVH Corp. (PVH)

Weekly Notables

Newsmax Stock Soars Post IPO

Shares of the conservative cable channel soared for a second day, spiking more than 1,500% in its public debut on Monday. It then retreated late Tuesday after soaring more than 120% earlier in the session. Newsmax opened at $14 per share on Monday and closed at $233 per share on Tuesday.

CoreWeave Soars Nearly 42% Higher Above IPO Price

CoreWeave shares popped nearly 42% in their third trading day on Tuesday, following a volatile post-IPO start. The company opened on the public markets Friday in the biggest venture-backed tech IPO for a U.S. company since 2021. The stock closed $52.57 on Tuesday, bringing the company to a nearly $25 billion market capitalization

CONAGRA BRANDS (CAG) is expected to release its quarterly earnings data on Thursday, April 3rd before market open, per Finnhub. Analysts are expecting revenue of $2,930,520,282 and earnings of $0.53 per share.