*FRENCH APPEALS COURT EXPECTS TO RULE ON LE PEN CASE BY MID-2026
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PRESIDENT TRUMP’S LIBERATION DAY SCHEDULE – APRIL 2, 2025
Advancing American Prosperity Through Strategic Trade Policy
🔸 9:00 AM ET: President Trump convenes with his expert trade council to finalize the transformative tariff initiative.
🔸 11:30 AM ET: Press Secretary Karoline Leavitt previews the historic announcement.
🔸 4:00 PM ET: Rose Garden Address – President Trump unveils bold reciprocal tariffs, restoring fairness to U.S. trade.
🔸 4:30 PM ET: The President engages with media, followed by an official photo session.
🔸 6:00 PM ET: Administration officials brief industry leaders on implementation, ensuring seamless execution.
🔸 8:00 PM ET: Global markets respond as the impact of America’s renewed strength takes hold.
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Advancing American Prosperity Through Strategic Trade Policy
🔸 9:00 AM ET: President Trump convenes with his expert trade council to finalize the transformative tariff initiative.
🔸 11:30 AM ET: Press Secretary Karoline Leavitt previews the historic announcement.
🔸 4:00 PM ET: Rose Garden Address – President Trump unveils bold reciprocal tariffs, restoring fairness to U.S. trade.
🔸 4:30 PM ET: The President engages with media, followed by an official photo session.
🔸 6:00 PM ET: Administration officials brief industry leaders on implementation, ensuring seamless execution.
🔸 8:00 PM ET: Global markets respond as the impact of America’s renewed strength takes hold.
(@WalterBloomberg)
MARKET UPDATE
CONSUMER
🔸 $SPWH Q4 adj. EPS $0.04 (est. -$0.06) on revs $340.4M (est. $329.6M), comps -0.5%. Expects positive comps in 2025; sees FY net sales -1% to +3.5% (est. +0.4%).
🔸 $TSLA sold 78,828 China-made EVs in March (-11.5% YoY); Model 3/Y deliveries +156.9% MoM.
ENERGY, INDUSTRIALS & MATERIALS
🔸 Oil dips amid tariff, sanction concerns; OPEC+ supply and mixed policies add downside risks.
🔸 $BHP considers spinning off Australian iron ore & coal units.
🔸 $ED files debt securities shelf.
🔸 $SMG upgraded to Buy at Truist.
FINANCIALS
🔸 $OZK raises dividend 2.38% to $0.43/share.
🔸 $SCHW upgraded to Buy at Citi, PT raised to $102 (from $85).
🔸 $SMA prices 27M-share offering at $30.00.
🔸 $V offers AAPL ~$100M for Apple Card deal (WSJ).
HEALTHCARE
🔸 $ANGO Q3 adj. EPS -$0.08 (est. -$0.13) on revs $72M (est. $70.3M); raises FY guidance.
🔸 $EWTX reports positive Phase 2 data for EDG-7500 in HCM trial.
🔸 $LLY clarifies no ties to HIMS, Zepbound prescribable by any licensed provider.
🔸 $ENOV names Damien McDonald CEO (effective May 12).
TECH, MEDIA & TELECOM
🔸 $MBLY selects VLN’s VA7000 chipsets for autonomous driving.
🔸 $NCNO Q4 adj. EPS -$0.09 (est. $0.19) on revs $141.4M (est. $140.8M); announces $100M buyback; guides Q1 revs $138.75-$140.75M (est. $145.47M) and EPS $0.15-$0.16 (est. $0.21).
🔸 $RMBL fires CFO Tiffany Kice (effective April 2, 2025), appoints Michael Quartieri as interim CFO.
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CONSUMER
🔸 $SPWH Q4 adj. EPS $0.04 (est. -$0.06) on revs $340.4M (est. $329.6M), comps -0.5%. Expects positive comps in 2025; sees FY net sales -1% to +3.5% (est. +0.4%).
🔸 $TSLA sold 78,828 China-made EVs in March (-11.5% YoY); Model 3/Y deliveries +156.9% MoM.
ENERGY, INDUSTRIALS & MATERIALS
🔸 Oil dips amid tariff, sanction concerns; OPEC+ supply and mixed policies add downside risks.
🔸 $BHP considers spinning off Australian iron ore & coal units.
🔸 $ED files debt securities shelf.
🔸 $SMG upgraded to Buy at Truist.
FINANCIALS
🔸 $OZK raises dividend 2.38% to $0.43/share.
🔸 $SCHW upgraded to Buy at Citi, PT raised to $102 (from $85).
🔸 $SMA prices 27M-share offering at $30.00.
🔸 $V offers AAPL ~$100M for Apple Card deal (WSJ).
HEALTHCARE
🔸 $ANGO Q3 adj. EPS -$0.08 (est. -$0.13) on revs $72M (est. $70.3M); raises FY guidance.
🔸 $EWTX reports positive Phase 2 data for EDG-7500 in HCM trial.
🔸 $LLY clarifies no ties to HIMS, Zepbound prescribable by any licensed provider.
🔸 $ENOV names Damien McDonald CEO (effective May 12).
TECH, MEDIA & TELECOM
🔸 $MBLY selects VLN’s VA7000 chipsets for autonomous driving.
🔸 $NCNO Q4 adj. EPS -$0.09 (est. $0.19) on revs $141.4M (est. $140.8M); announces $100M buyback; guides Q1 revs $138.75-$140.75M (est. $145.47M) and EPS $0.15-$0.16 (est. $0.21).
🔸 $RMBL fires CFO Tiffany Kice (effective April 2, 2025), appoints Michael Quartieri as interim CFO.
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PIMCO'S IVASCYN SAYS HAS TURNED A BIT MORE CAUTIOUS ON DOLLAR, A LITTLE UNDERWIGHT ACROSS PORTFOLIOS
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TRUMP’S TARIFF PLANS NEAR FINALIZATION
🔸 Trump is set to unveil new tariffs Wednesday but is still finalizing details. Options include a tiered system (10%-20%) or a flat 20% global tariff. The White House remains silent, though Trump claims he has "settled" on an approach.
🔸 Uncertainty remains over tariffs on China, Canada, and Mexico. Trump aims to raise $700B annually from tariffs, but concerns grow over economic risks, inflation, and potential recession.
(@WalterBloomberg)
🔸 Trump is set to unveil new tariffs Wednesday but is still finalizing details. Options include a tiered system (10%-20%) or a flat 20% global tariff. The White House remains silent, though Trump claims he has "settled" on an approach.
🔸 Uncertainty remains over tariffs on China, Canada, and Mexico. Trump aims to raise $700B annually from tariffs, but concerns grow over economic risks, inflation, and potential recession.
(@WalterBloomberg)
PUTIN LETS GOLDMAN SELL SOME RUSSIAN STOCKS
Russian President Vladimir Putin allowed Goldman Sachs Group Inc. to sell some of its Russian equities, a decree showed on Wednesday. According to the decree, Balchug Capital will be the one buying shares of different Russian companies from Goldman Sachs.
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Russian President Vladimir Putin allowed Goldman Sachs Group Inc. to sell some of its Russian equities, a decree showed on Wednesday. According to the decree, Balchug Capital will be the one buying shares of different Russian companies from Goldman Sachs.
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ADP US MARCH PRIVATE EMPLOYMENT CLIMBS 155,000; EST. +120K
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UFC- $META TO BECOME OFFICIAL AI GLASSES PARTNER OF UFC
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UBS CUTS BRENT OIL FORECASTS AFTER OPEC+ MOVE
🔸 UBS lowered its 2025-2026 Brent oil forecasts by $3 to $72 and 2027 by $2 to $73, citing OPEC+'s decision to boost production earlier than expected. The long-term forecast remains $75 from 2028, anticipating slower non-OPEC+ supply growth.
🔸 Analysts expect oil to trade in the lower half of the $65-$85 range, with market volatility persisting. Risks include weaker demand from tariffs and potential supply disruptions from U.S. policy on Venezuela, Iran, and Russia.
🔸 UBS sees OPEC+'s move as adaptive rather than strategic, doubting full compliance with output limits. However, OPEC+'s spare capacity caps upward price risks, enabling quick production increases if needed.
(@WalterBloomberg)
🔸 UBS lowered its 2025-2026 Brent oil forecasts by $3 to $72 and 2027 by $2 to $73, citing OPEC+'s decision to boost production earlier than expected. The long-term forecast remains $75 from 2028, anticipating slower non-OPEC+ supply growth.
🔸 Analysts expect oil to trade in the lower half of the $65-$85 range, with market volatility persisting. Risks include weaker demand from tariffs and potential supply disruptions from U.S. policy on Venezuela, Iran, and Russia.
🔸 UBS sees OPEC+'s move as adaptive rather than strategic, doubting full compliance with output limits. However, OPEC+'s spare capacity caps upward price risks, enabling quick production increases if needed.
(@WalterBloomberg)
US STOCKS INDEX FUTURES EXTEND LOSSES
U.S. S&P 500 E-MINIS DOWN 1.02%
NASDAQ 100 E-MINIS DOWN 1.26%
DOW E-MINIS DOWN 0.81%
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U.S. S&P 500 E-MINIS DOWN 1.02%
NASDAQ 100 E-MINIS DOWN 1.26%
DOW E-MINIS DOWN 0.81%
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FINANCIAL ANALYSTS SPLIT ON TRUMP’S TARIFFS
BULLISH VIEWS:
🔸 FUNDSTRAT: Predicts a V-shaped rebound if tariffs are targeted, arguing markets have overcorrected (-8% S&P 500) and clarity could spark a rally.
🔸 Treasury Sec. Scott Bessent: Sees tariffs as a negotiable cap, easing worst-case fears and potentially stabilizing markets.
BEARISH VIEWS:
🔸 YARDENI RESEARCH: Calls tariffs a "wrecking ball", raising stagflation risk to 45%, warning of higher inflation, recession, and supply chain disruptions.
🔸 GOLDMAN SACHS: Increases U.S. recession odds to 35%, citing GDP drag from weaker investment, higher costs, and global retaliation.
🔸 LPL FINANCIAL: Sees stagflation risk, corporate earnings pressure, and rising market volatility (VIX at 24.80).
🔸 WEDBUSH: Calls auto tariffs a “hurricane-like headwind”, predicting $10,000 price hikes and profit squeezes.
NEUTRAL/MIXED VIEWS:
🔸 CRESSET CAPITAL: Stresses risk management, saying markets could bounce or break post-announcement.
🔸 TS LOMBARD: Finds panic overblown, arguing markets already priced in tariffs.
🔸 STATE STREET: Says financial impact depends on tariff severity (narrow vs. broad).
🔸 PANTHEON MACROECONOMICS: Cautions against assuming manufacturing strength is sustainable.
KEY FINANCIAL THEMES:
🔸 Uncertainty fuels volatility: Markets await 4 PM EDT details, unsure if tariffs will be 10%-20% tiered, reciprocal, or flat 20%.
(@WalterBloomberg)
BULLISH VIEWS:
🔸 FUNDSTRAT: Predicts a V-shaped rebound if tariffs are targeted, arguing markets have overcorrected (-8% S&P 500) and clarity could spark a rally.
🔸 Treasury Sec. Scott Bessent: Sees tariffs as a negotiable cap, easing worst-case fears and potentially stabilizing markets.
BEARISH VIEWS:
🔸 YARDENI RESEARCH: Calls tariffs a "wrecking ball", raising stagflation risk to 45%, warning of higher inflation, recession, and supply chain disruptions.
🔸 GOLDMAN SACHS: Increases U.S. recession odds to 35%, citing GDP drag from weaker investment, higher costs, and global retaliation.
🔸 LPL FINANCIAL: Sees stagflation risk, corporate earnings pressure, and rising market volatility (VIX at 24.80).
🔸 WEDBUSH: Calls auto tariffs a “hurricane-like headwind”, predicting $10,000 price hikes and profit squeezes.
NEUTRAL/MIXED VIEWS:
🔸 CRESSET CAPITAL: Stresses risk management, saying markets could bounce or break post-announcement.
🔸 TS LOMBARD: Finds panic overblown, arguing markets already priced in tariffs.
🔸 STATE STREET: Says financial impact depends on tariff severity (narrow vs. broad).
🔸 PANTHEON MACROECONOMICS: Cautions against assuming manufacturing strength is sustainable.
KEY FINANCIAL THEMES:
🔸 Uncertainty fuels volatility: Markets await 4 PM EDT details, unsure if tariffs will be 10%-20% tiered, reciprocal, or flat 20%.
(@WalterBloomberg)
ONTARIO PREMIER FORD: CANADA WILLING TO REMOVE TARIFFS IF US DOES
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GRAYSCALE LAUNCHES GRAYSCALE® BITCOIN COVERED CALL ETF (TICKER: $BTCC) AND GRAYSCALE® BITCOIN PREMIUM INCOME ETF (TICKER: $BPI)
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$TSLA - TESLA INC Q1 TOTAL DELIVERIES 336,681 UNITS
TESLA INC Q1 TOTAL PRODUCTION 362,615UNITS
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TESLA INC Q1 TOTAL PRODUCTION 362,615UNITS
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$TSLA - *TESLA 1Q PRODUCTION 362,615 VEHICLES, EST. 412,148
*TESLA 1Q DELIVERIES 336,681, EST. 390,343
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*TESLA 1Q DELIVERIES 336,681, EST. 390,343
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$TSLA - TESLA: RAMP OF NEW MODEL Y CONTINUES TO GO WELL
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$TSLA - TESLA SHARES FALL 4.8% PREMARKET AFTER Q1 DELIVERIES FALL 13%
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🚨 WE COULD SEE A U.S. CREDIT RATING DOWNGRADE THIS YEAR, SAYS PIMCO'S IVASCYN
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*NINTENDO TO RELEASE ITS NEW SWITCH 2 CONSOLE ON JUNE 5
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🚨 IVASCYN SEES MEANINGFUL NON-ZERO PROBABILITY THAT FED RATE WILL NEED TO GO HIGHER THIS CYCLE
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