Dow Jones - 38,314.86 (-5.50%) 

Nasdaq - 15,587.79 (-5.82%)

S&P 500 - 5,074.08 (-5.97%) 

• Stocks plummeted. The sell-off in stocks over the last 48 hours following the tariff announcements last Wednesday is the largest drop since the COVID-19 pandemic. Investors are concerned that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession. Major U.S. stock indexes posted their steepest weekly declines since March 2020. This last week the S&P 500 finished down more than 9% overall and 17% below the record high it set just six weeks earlier. The NASDAQ and Dow dropped around 10% and 8%, respectively. 
• Tariffs triggered chaos. The unveiling of Trump’s long-awaited tariff policy created chaos in the market this week. The two-step approach to tariffs unveiled on Wednesday imposes a baseline rate of 10% on all US trading partners but applies extra duties to countries considered "bad actors" on trade — meaning they face much higher rates. The levies go into effect on April 5 and April 9, respectively. In total, some 185 counties are impacted by the tariffs, and the new duties set the effective US tariff rate at its highest level in over 100 years. 
• The bears are out. The U.S. small-cap stock benchmark fell below that threshold on Thursday and the NASDAQ followed suit on Friday. The Russell 2000 sank 20% below a recent high reached in November 2024; the NASDAQ’s recent decline follows a record level set in December.  
• Bad news from the Feds. U.S. Federal Reserve Chair Jerome Powell said in a speech that the U.S. economy so far has remained “in a good place,” but it's clear that tariff increases, and the resulting economic impact will both be “significantly larger than expected.”  
• Yields went lower. Prices of U.S. government bonds posted their biggest weekly gains in more than seven months.
• Oil dragged. The price of U.S. crude oil fell on Friday to its lowest level since April 2021, trading around $62 per barrel.
• The dollar depreciated. For the week overall, the dollar was down about 1.0%; on a year-to-date basis, it was down 5.0%.
• Friday's labor report. The U.S. government reported a gain of 228,000 jobs in March—above most economists’ expectations and marked a sharp increase from the previous month’s adjusted figure of 117,000. 
• March Nonfarm Payrolls came in well above estimates. Nonfarm payrolls in March increased 228,000 for the month, up from the revised 117,000 in February and better than the Dow Jones estimate for 140,000. Health care was the leading growth area, consistent with prior months. The industry added 54,000 jobs, almost exactly in line with its 12-month average.
• A decline in Q1. U.S. stock indexes finished this year’s first quarter with their biggest quarterly declines since 2022. 
• The Mag 7 wasn't so magnificent. The so-called "Magnificent Seven" stocks that led the market rally over the past two years lost more than $1 trillion in collective market cap on Thursday.
• Apple sank. iPhone maker Apple slid on concerns over disruption to its supply chain in China. China was hit with more tariffs that raised its overall rate to 54%. Nvidia also sank on similar concerns with its stock sliding over 7%. 
• Amazon saw its shares drag. The e-commerce giant saw its biggest one day decline since 2022 on Thursday. Trump signed an executive order this week that ended the de minimis trade loophole, which has allowed shipments worth less than $800 into the U.S. duty-free. The change is effective May 2.
• Microsoft tumbled. The tech giant sank more than 2% after Bloomberg News reported that the company was rolling back data center projects worldwide.
• Tesla dropped. Shares plunged after reporting its worst quarterly deliveries since 2022, falling significantly short of expectations. 
• Retail stocks suffered. Shares of major retailers including Nike, Wayfair, and American Eagle tumbled as the market reacted to the impending 46% tariffs on Vietnam announced by U.S. President Donald Trump. 
• RH went lower. Shares plunged after the luxury home furnishing company missed Q4 estimates and provided weaker-than-expected guidance for FQ1 and FY2025. 
• Bank of America faltered. The bank led a broad selloff in the banking sector as the KBW Bank Index (KBWB) dropped 7% at Thursday’s open, marking its worst decline since the 2023 regional banking crisis. 
• A new earnings season. Banks kick off a critical earnings season this week.
• Gold continued to skyrocket to a new record above $3,100 an ounce. This has been the best quarter for the yellow metal since 1986. 

• Nvidia (NVIDA)
• Intel (INTC)
• Ford (F)
• Amazon (AMZN)
• Tesla (TSLA)

Biggest Gainers

• GameStop Corp. (GME) – +11.33%
• Rocket Companies, Inc. (RKT) – +11.19%
• The GAP (GAP) – +7.23%
• TopBuild Corp. (BLD) – +6.64%
• Installed Building Products (IBP) – +5.78%

Biggest Losers

• Patterson UTI Energy (PTEN) – 18.33%
• Kanzhun Limited (BZ) – 18.28%
• Civitas Resources (CIVI– 17.25%
• Comstock Resources (CRK) – 16.65%
• AppLovin Corp. (APP) – 16.26%

Weekly Notables

Jaguar and Land Rover Pause Shipments to U.S.

British carmaker Jaguar Land Rover Automotive has announced a pause on shipments to the U.S. that will take place this month. "The USA is an important market for JLR’s luxury brands,” the company said in a statement. “As we work to address the new trading terms with out business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans.”

AppLovin Wants to Buy TikTok

AppLovin CEO Adam Foroughi called the company’s late-stage bid to acquire TikTok a “much stronger bid than others” on CNBC’s “The Exchange” this past Friday afternoon. According to Foroughi, the company is proposing a merger between AppLovin and the entire global business of TikTok. President Donald Trump announced he would extend the deadline a second time for TikTok’s parent company ByteDance to sell its U.S. subsidiary.

The Week Ahead

• Potential market moving catalysts this week: Monday (4/7): Consumer Credit. Tuesday (4/8): no reports. Wednesday (4/9): EIA Crude Oil Inventories, MBA Mortgage Applications Index, Wholesale Inventories. Thursday (4/10): Continuing Claims, Consumer Price Index (CPI), EIA Natural Gas Inventories, Initial Claims, Treasury Budget. Friday (4/11): Producer Price Index (PPI), University of Michigan Consumer Sentiment - Preliminary.
• Earnings on deck this week: Monday (4/7): Levi Strauss & Co. (LEVI), Greenbriar Companies Inc. (GBX), Dave & Buster's Entertainment Inc. (PLAY). Tuesday (4/8): RPM International Inc. (RPM), WD-40 Co. (WDFC), Cal-Maine Foods Inc. (CALM). Wednesday (4/9): Delta Air Lines Inc. (DAL), Simply Good Foods Co. (SMPL), Constellation Brands Inc. (STZ). Thursday (4/10): CarMax Inc. (KMX), Lovesac Co. (LOVE). Friday (4/11): JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC), Morgan Stanley (MS), BlackRock Inc. (BLK), Bank of New York Mellon Corp. (BK)