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That is the closing bell on Wall Street, and now it's market domination over time sponsored by Tasty Trade. We're joined now by Jared Blickery to get you up to speed on today's market action. Let's see what the major averages ended up here. They ended up in the green. Yes, we, we paired some gains, but you are positive across the popular averages. The Dow tacking on about 30.13 points. Your broad gauge, the S&P 500, it's gonna finish up about 0.1%. The Nasdaq finishes up about 6.1%. Small caps to Russell looks like that's gonna tack on about 3% in today's trade. Uh, looking over treasures real quickly, we have a relief there 10 you back to 437. Jared, over to you.

Thank you. We are coming off the highs here, but somewhat productive day, and we'll take a look at the sector action in a second. Just wanted to get a closing look at the VIX. We are now under 30, and that's actually going to close in a few minutes there. Also want to check out the ISBA move index, kind of like the kind of like the bond markets VIX, and you can see that's still fairly elevated, much closer closer to recent highs.We can also check out the US dollar, which ticked a little bit lower, as I said at the top of the 3 p.m. That's pretty close to 3 year lows, so something to keep in mind there. And here is the sector actually. All 11 sectors in the green led by real estate utilities and staples, and then healthcare, all four of those are the most defensive sectors, so kind of a defensively bullish day. We'll call it that and move on to the Nasdaq 100.Have a mixed board in terms of the mega caps. Apple up 2.21%. Let's get to a year to date chart. We started off the day around up about 5%, and that's a month to date. There's a year to date. You can see we're still down almost 20% on the year. By the way, the Apple chart looks a lot like the S&P 500 and the Nasdaq itself. Meta and Amazon each down 2% and 1.5% respectively. Broadcom down about.2% and some of the smaller issues I would say they're skewing green today. And then just a brief peek at the Dow, we see a mixed board there. Aside from the mega caps, we're seeing some weakness in healthcare, specifically UnitedHealth. JPMorgan down about 23%. Disney off just a little bit for the most part seeing more green than red. And let's check inside the tech sphere. We have semiconductors, the bigger ones tend to be in.Red here and video only off by about 20 basis points mentioned before that broadcom down about 2%. Taking a look inside software, aside from Microsoft, we have quite a few winners here. There's an equal weight, so you can see a lot more green than red. And then we'll finish here with Arc Innovation Fund components that would be on profitable tech and kind of a mixed board here. We got a few in the green, a few in the red, and I'm going to send it back to you,

Josh. Thank you, Jared.Now let's bring in RJ Gallo. He is senior portfolio manager at Federated Hema, the firm manages more than $800 billion in customer assets. RJ, it is great to see you. So, listen, RJ, it was, it was another choppy day. Let's be honest. It's been a volatile stretch for investors. I'm just curious, you're talking to your clients, RJ, what what are you telling them about what comes next, RJ? Do you think you can say with any confidence here, RJ, what's coming next?

Uh, well, confidence has clearly eroded. Uh, the fact that the treasury market has traded in about a 70 basis point range. I'm looking at the tenure in the last 6 or 7 trading sessions, it's pretty remarkable. Uh, we're in a position now whereInvestors in the marketplace are starting to wonder if the confluence of a weaker dollar following the Liberation Day announcement, stronger gold, falling bond prices, rising treasury yields, and falling stocks, it's starting to paint a picture. Um, is there a migration away from US assets?Has the bold strokes of the Trump administration across many variables to include the much higher than expected tariffs, to include the change in our geopolitical positioning where we seem to be moving away from our traditional NATO allies, pushing our NATO allies to spend more on their own defense.Where we have a debt to GDP of over 100% and a third of our debt is in foreign hands, that the confluence of all those factors with a very bold and aggressive policy mix coming out of the Trump administration, both geopolitically and on trade, may actually be weakening the attraction of global investors to US assets.And that's the real concern that emerged as treasury yields were going up when you thought they should be going down as the policy was revealed that would probably weigh on growth, yet yields were heading higher. So confidence has clearly eroded in the bond market.

Yeah, no question, and RJ right now there are so many cross currents it's very, very difficult to trade and yet I last week had multiple clients come in and ask me how I felt about markets. I said I think that the uh bark is worse than the bite and they all wired money in and we put capital to work. So, um, US investors I have found surprisingly resilient, at least amongst, uh, my clients um are you seeing any, any of the same as you actually.Step back from sort of the picture you just uh painted and actually talk to the investors of the firm.

Yeah, I, I would say this. I think that the bond market's reaction, although it reflected some of those things I just discussed, which is sort of scary things, for a very long time, investors have worried, you know, is, when does the United States have too much debt? When does the United States take the advantageous position of the world's reserve currency and end up going a step too far? And there's some wondering whether in fact we might have done that.Um, I would argue that the, the stark reaction in the in the treasury market where yields rose rapidly and in a manner that surprised almost everybody, uh, was partly exaggerated by the fact that in normal times there are all kinds of sort of technical trades that will be put on where investors, leveraged investors will be long treasuries and short something else swaps, futures.And those trades were well known well before Liberation Day. And there was always a concern if you had a um a market destabilizing event, something that impart imparted a high level of volatility that some of those leverage trades might have to come off in a hurry.And I think that some of what we saw, the 10 years spiking to about 460 was exaggerated by that unwind of those heavily leveraged trades. And our view, Federated Hermes and the fixed income group has been that as that starts to to heal as those trades are finally unwound, that some of the more traditional variables that drive treasury yields will re-emerge.Namely, growth, inflation expectations, and expected fiscal and monetary policy. Um, we have a lot more debt now than we've ever had before. Debt to GDP is the highest it's been since World War II. The amount of debt is in fact the biggest it's ever been. We all know that, and that can help to impart a lot of volatility in markets, but we've become more.Constructive when the tenure was at 460, we actually were looking to buy some some treasuries. We thought that this was an an attractive opportunity and so far that's, that's, that's worked out for us. I think investors as a whole, you know, Federated Hermes, we have a large money market operation, uh, fixed income and equities as well. So we look across the major public market asset classes, and we think investors are indeed concerned, um, but, but ultimately I think the key is, will this cause a recession.And have we entered a period now where foreign investors are going to look at the United States differently? Our view on the recession, probability has clearly risen. It's still not our base case, but a big slowdown's coming. And then secondly, when it comes to foreign investors, a lots in the hands of the Trump administration. If they soften their message, if they walk back, if they enter negotiations, a lot of these concerns could probably be ameliorated.

RJ, you know, you, you mentioned those, those big moves we've seen in the bond market. What about the moves of the dollar as well, RJ? You know, I think it's the, it's the speed of the move that, that's got a lot of people's attention. I'm just curious what you make of that and, and the ripple effects you think investors need to keep in mind there.

It's a great point. I mean, I think that the, the concerns about global investors and, and, and their, their regard or disregard for US assets were heavily linked to the confluence of the weakening dollar, rising yields, rising gold prices, and falling stocks all at the same time. Um, you know, suddenly the phrase flight to quality meant buying some German bonds, which is pretty unusual.Uh, um, again, I think the United States is not so far gone that we can't modify our course. The, the, the inverse of the current account is the capital account. The current account is mostly the trade deficit. We've got a huge trade deficit. President Trump doesn't like it. But remember, the inverse of that is the capital account that those excess dollars that go overseas find their way back in the United States, where foreign investors buy financial assets here US stocks, Treasury securities. One of the big challenges that we faced here.if you put up big walls to trade at a time when you're pushing away some of your allies geopolitically, they might become concerned about just recycling their dollars into ever more financial assets in the US If you soften your message. I'm not saying give it up. You can still have new trade negotiations, but if you soften your message, some of those concerns can can clearly go back down and the dollar would calm back down and treasury yields would calm back down as well.

RJ, great to have you on the show today. Thanks so much for your time.

Thank you.

Well, President Trump's tariffs sparking a sharp sell-off before pivoting his stance with a 90 day reprieve and special exemptions for tech. What does this mean for Trump's economic agenda? Yahoo Finance senior columnist Rick Newman joins us now with a closer look.Rick.

Hey Josh. So one of the things that markets have now told us is that Donald Trump's protectionism in his tariff agenda, it means higher interest rates. This is not a surprise. higher tariffs mean higher prices, higher costs. That's inflationary. And when inflation goes up, and especially when investors think inflation will be higher in the future, long term interest rates go up. However, Donald Trump wants high tariffs. He also wants low.Low interest rates and he has not been shy about saying this. He has already called on the Fed to be cutting short term rates to try to get rates down. His Treasury Treasury Secretary says the 10 year Treasury rate is the main thing Trump is looking at. He cares more about that than the stocks. And yet Trump himself is the factor that is pushing those rates up. And if you think about what we got from the inflation report last Friday, if Trump took office, but he never launched aTrade war. We would have interest rates. We would have long term interest rates going down. We would probably have the 10 year below 4%. We would have mortgage rates coming down to around 6% and maybe lower. Trump wants all of those things. He himself is the one who is standing in the way of those things happening. So, you know, this leads to a scenario for the next months and years where we're going to, we're going to see is Trump going to, is he going to give up on tariffs because he wants to get rates lower as heGoing to accept that logic from the markets, or is he going to try some unorthodox scheme to get rates down even as his tariffs remain in place and from what I'm hearing, that is sort of the new thing that investors are getting worriedabout.

So I have an idea for you, Rick, about this unorthodox scream and by the way, it's great to be on with you. Here's my theory, and maybe just from your reporting you can try to confirm or not that if he wants to try to get inflation down, one way to do it.Lower the price of oil and how do you get oil prices down? You bring more oil onto the market, and I would argue that the reason he's pushing so hard for peace in Ukraine is you can bring Russian barrels back onto the market and arguing perhaps for bringing Iranian oil back to market if they can curb their nuclear ambitions between the two, that's 5 or 6 million barrels a day of total worldwide production, 90 million. Do you think there's any threat of logic to that, Rick?

Uh, I mean, it's a rather circuitous way to get interest rates down, isn't it, to focus on oil prices? I mean, another, uh, so no, I don't think there's any logic to it. I mean, another thing that is, I mean, we know what's happening with the OPEC nations, putting more, trying to, basically trying to get market share from the, from the American drillers, but another thing that is going to happen withFalling oil prices is that American suppliers who have a break even of $65 or $60 per barrel, which is close to where we are now, they're going to be producing less. And Adam, you know, it gets to another way you could think about this is if you really wanted to get long-term interest rates down, just cause a recession. I mean, that would do it. And by the way, causing a recession also would help lower.Oil prices, so it gets, you know, the cause and effect gets very tangled. So, you know, there are some people who think Trump is a four dimensional chess master and other people think that he just has one idea and he chases it as far as he can. I'm closer to he, he's just going with gut instinct and there's no master plan, but I, I would be happy to be wrong about that. Rick, thank you, buddy. Always great to see you. You guys.

Auto stocks pushing higher as President Trump hints at potential tariff relief for automakers.

I'm looking at something to help some of the car companies with it they're switching to uh parts that were made in Canada, Mexico, and other places, and they need a little bit of time because they're gonna make them here.

Yeah finances Prasaranian joins us here with more at Praz. Walk us through that soundbite.

Yeah, you know, maybe some relief here for car companies. don't know if it's gonna actually address the auto tariffs for the imports or actually the car parts part that he mentioned. Is it gonna be a car part, uh, exclusion that we might hear about before the May 3rd deadline? So possibly some help the stocks go up here. GM, Ford, uh the land is all popping here today on that little sound bite, but obviously no clarity here. We're not sure what that means exactly. All we do know is that tariffs potentially could raise prices.By $300 to $12,000 to your sort of mid-level cars and, and it could result in 1.5 to $1.8 million lost sales this year if they're gonna go full on as according to various reports. So, uh, big deal here for for the auto companies. They need that that that relief potentially to to stave off lost sales and potentially lost income too.

Yeah, and here's another one for you, uh, Praz. Uh, still China's critical mineral export ban that could weigh on the automakers. How does that factor in?

Yeah, I mean this is the other side of the trade war, right? China is saying, OK, you want to play with us now, we're going to cut off your, you know, these 90% of the rare earth magnets for batteries and things like that, or motors come from China. 99% of the rare earth metals for other components like those batteries and other things like, uh, uh, drone tech equipment come from these minerals. So it's the second side of the coin here. I spoke to.Official in the White House talking about how it's not certain that these exports have actually stopped this the Chinese put a licensing process in place, but other reports say the exports are stuck at port. They're not leaving until they get more clarity on the on licensing process. So right now it's stuck. That's a big problem, yeah,

and we only have one mine, MP materials out in Eagle Pass, California, right, that actually makes the rare earth to make the electromagneticbatteries.

Yeah, even, even Musk tweeted about this last night talking about how.You know, these rare earths are not rare. Uh, they're every, everywhere, but the question is how do you refine them and only China has the ability to mass refine these. We might have that soon, but not yet,

right? All right, Pris, thank you, appreciate it. Coming up, Pfizer announced today it will discontinue its GOP one pill trial. We're gonna get your details as well as some analyst reaction on either side. Stay tuned, much more market domination over time coming up.Pfizer announcing today that is halting a late stage trial of its GOP one pill candidate and Yin's very own Angelina Kamlani joins us now with the latest. Anj.

Josh, that's right. We heard from Pfizer today that it is choosing to halt its phase 3 trial of Danu Gliron, that is its once daily oral pill that was supposed to be a really good competitor in the market. They said that they stopped it because one of the clinical trial participants had a liver injury and after getting off the pill, was able to recover. So that is where things stand. This is, uh, you know, really a bumpy ride for Pfizer and the end to it, essentially for this one molecule.We'll have to see what the company decides to do. If you take a look at the stock, though, it didn't really move much on the news today. Wall Street seemed to kind of shrug it off, and it seems that analysts are looking at maybe the company looking inwardly through its pipeline or externally to acquire something to get it into the obesCP space. Uh, we got Akash Tiwari from Jeffrey saying that we're removing data from our model and lowering the price target for Pfizer as a result from $34 to $32.And we view this as another frustrating hit to management's credibility. The company has really been under the watch of investors for some time, and you can see on your screen the struggle that it had to really enter this obesity space already ending one candidate earlier on in June 23 because of similar liver issues. And then looking at twice daily Daniel Gliron having to scrap that, then advancing once daily and now scrapping that as well. That leaves.Eli Lilly is the only contender in the marketplace, uh, for a pill, as well as, of course, already a market leader with the injectables. So really hot obesity space that Pfizer is missing out on, and investors are looking at what it can do to really get the next blockbuster out of its pipeline. I guess we'll have to wait till earnings at the end of the month to hear more about that.

Well, Angeli, health care is such a big business, but if you get it right, you make a lot of money. Johnson and Johnson reports earnings tomorrow. Any, uh, wisdom what to expect?

Yeah, we're definitely keeping an eye on a few things for Johnson and Johnson. Of course it is a maker of medical devices which we know have been hit by the tariffs as well as uh pharmaceutical manufacturing which has been, uh, looked at as having some sort of special tariffs that we've heard from President Trump. So we're looking on any kind of impact from those.Conversations as well as broader uh tariff impact on guidance we've seen a couple of companies pull and we'll see if Johnson Johnson does so as well. We do know the company has committed to $55 billion in US manufacturing, so we'll have to see how that all shakes out when the company, uh, lets us know tomorrow morning.

Ah, thank you, appreciate it.Time now for to watch Tuesday, April 15th. It's sponsored by Tasty Trade starting off on the earnings front. We're gonna be getting some earnings from Johnson and Johnson, Albertson's and United Airlines. United announce the results for the first quarter after the market closed. Analysts expecting a weaker demand to weigh on United's Q1 profit. Investors will listen closely for any commentary on the call about guidance.fellow airline Delta pulled its full year guidance because of uncertainty from President Trump's tariffs. Sticking with earnings, more bank earnings. They are on the way in the morning. That includes Bank of America, Citi, and PNC Bank of America announcing results for the first quarter before the markets open. Analysts expecting that the big banks profits from interest income could face pressure due to slower loan demand and shifting expectations.For interest rates and moving over to the Fed, we're going to be getting some commentary from Fed Governor Lisa Cook. She's coming after comments today from Fed Governor Christopher Waller. Waller is saying that he's expecting the impact of tariffs on inflation to be temporary. And finally, if you're still working on your federal tax filing, now is the time to get it in. The deadline to file your 2024 federal income tax return is tomorrow.Well that is going to do it for today's market domination over time. A big thank you to Adam Johnson for hanging with me today. Adam, thank you, sir. I told you, you know, Julie Hyman is gonna be out this week. I said, I said, bring me Adam Johnson.

Well, here we are. It's, it's Monday. We're in it. I hope, uh, Julie's having a fine day.And uh we certainly had a fine day so thanks for having me.

It was great to haveyou here. I appreciate it, my friend. Thank you. Don't go anywhere on the other side of the break, it's asking for a trend. I got you covered for the next half hour with the latest and greatest market movie stories so you can get ahead of the themes affecting your money. Stay tuned.