In This Article:
The major averages were sharply lower again near noon, continuing yesterday’s post-tariff slide. China has retaliated with additional tariffs of 34% on all U.S. goods a day after the Trump administration imposed its own sweeping levies. Meanwhile, the latest U.S. jobs data show that nonfarm payrolls rose by a higher-than-forecast 228,000 jobs, though the unemployment rate has ticked higher.
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Looking to commodities, oil prices are sharply lower due to a planned output increase promised by OPEC+ as well as concerns about what the trade war may due to global economic growth. Additionally, gold prices are falling nearly 2% to below $3,100.
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
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China has announced plans to place extra 34% tariffs on U.S. goods starting April 10 in retaliation to new tariffs from the U.S.
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March U.S. nonfarm payrolls rose 228,000, with unemployment rising to 4.2%
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AppLovin (APP) said it has provided an indication of interest to President Trump to explore a purchase of TikTok in all markets outside China
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Guess (GES) reported better-than-expected Q4 results and named Alberto Toni as its new CFO
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Nintendo (NTDOY) is delaying Switch 2 pre-orders in the U.S. to “assess the potential impact of tariffs”
2. WALL STREET CALLS:
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Booking Holdings (BKNG) upgraded to Buy at BTIG ahead of expected Q1 beat
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Nordstrom (JWN) downgraded to Sell at Citi
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JPMorgan cut Tesla (TSLA) estimates on “unprecedented brand damage”
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Dow Inc. (DOW) downgraded to Neutral at JPMorgan
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BTIG downgraded Upwork (UPWK) with fundamentals “primed to take another leg down”
3. AROUND THE WEB:
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Ford (F) is extending its employee discounts to all new car buyers, WSJ reports
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Stellantis (STLA) plans to extend its employee-discount program to the public on most new models, WSJ says
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Nio (NIO) has commenced a new round of layoffs in Europe in an effort to lower operational costs by 25% at a global scale, EV reports
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Meta’s (META) latest large language model for AI, Llama 4, is running behind schedule as the company has pushed back the release date of Llama 4 at least twice and could do so again, The Information says
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Oracle (ORCL) told customers a hacker broke into a computer system and stole old client log-in credentials, Bloomberg reports
4. MOVERS:
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GameStop (GME) increases after announcing CEO Ryan Cohen bought 500K shares
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BCE (BCE) gains in New York after National Bank upgraded the stock to Outperform
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Toyota (TM) falls after Nikkei Asia said the company will help cover suppliers’ higher costs tied to tariffs
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DuPont China (DD) lower after China Daily reported China’s State Administration for Market Regulation has launched a probe into the company for suspected monopolistic practices
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Renovaro (RENB) slips after Predictive Oncology (POAI) terminated their merger transaction