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Wednesday, April 2

Noteworthy macro moves today: S&P 500 Index (US) -0.9%. Nasdaq 100 Index (US) -1.1%. Noteworthy US mega-cap moves today: NVIDIA Corp (NVDA) -2.1%. Amazon.com Inc (AMZN) -1.6%. Meta Platforms Inc (META) -1.5%. 

The market is currently focused on the impending announcement of significant tariffs by U.S. President Donald Trump, dubbed "Liberation Day," scheduled for later today at 20:00 GMT. Reports suggest that these tariffs could be as high as 20% and will apply broadly to imports, raising concerns about their potential impact on global trade dynamics and economic growth.

In addition to tariff-related anxieties, recent economic data has shown mixed signals regarding labor markets in major economies. The latest ADP report indicated a stronger-than-expected job increase in the U.S., with private sector employment rising by 155K jobs in March compared to expectations of only 105K; however, this comes amid broader fears of recession due to ongoing geopolitical tensions and inflationary pressures linked directly or indirectly to Trump's policies.

Market reactions have been pronounced ahead of today's announcements—U.S. equity indices are down significantly while gold prices remain elevated amidst uncertainty over future monetary policy responses from central banks like the Federal Reserve, which may need to adjust rates based on evolving inflation scenarios exacerbated by new tariffs.

Invesco QQQ Trust Series I (QQQ) [-1.3%]
U.S. stock futures declined on April 2, 2025, with Nasdaq 100 futures down. In the premarket session, Invesco QQQ Trust ETF fell to 471.10, reflecting a broader market sentiment amid uncertainty surrounding President Trump's anticipated announcement of reciprocal tariffs. This news contributed to mixed investor sentiment, as evidenced by the Nasdaq's quarterly drop of 10.4%. Notably, social media discussions highlighted a recent bullish reversal for QQQ after four down days, although concerns persisted regarding tariff impacts and market volatility. Among the ETF's top holdings, NVIDIA faced supply constraints amid rising demand, while Amazon resumed drone deliveries and Meta Platforms dealt with regulatory challenges. Tesla's deliveries in China decreased due to market uncertainties. The Dow Jones Index also declined, reinforcing the negative performance of QQQ, which moved down by 1.1%.

iShares MSCI Japan ETF (EWJ) [-1.2%]
The iShares MSCI Japan ETF (EWJ) has declined by 1.2% in pre-market trading, reflecting market reactions to President Trump's impending announcement of new reciprocal tariffs, which is expected to influence global trade dynamics. This uncertainty has already contributed to a significant drop in EWJ's daily return. Additionally, mixed signals from recent U.S. manufacturing data suggest contraction within that sector, further raising concerns about potential impacts on Japan’s economy. Bank of Japan Governor Ueda noted the ambiguity of current U.S. tariff policies, which could affect trade sentiment across nations. Among the ETF's holdings, notable contributors to its performance included DSNKY and SONY, both of which experienced substantial declines. The S&P 500 Index also fell, which may be exerting downward pressure on EWJ due to historical correlations between the two.

TSLA | -2.8% | -23.1B
Tesla Inc | Automobile Manufacturers
Tesla Inc's stock has dropped significantly, moving in tandem with the broader market. The Nasdaq 100 Index has declined, reflecting a general downturn that may influence Tesla's performance. In March, Tesla's deliveries in China fell by 11.5% year-over-year, totaling 78,828 vehicles, amid uncertainties surrounding impending tariffs on car imports to the U.S. Analysts estimate these tariffs could increase electric vehicle costs by up to $12,000. The company is expected to report its Q1 deliveries today, with estimates suggesting a modest increase of just under 410,000 vehicles from the previous year. Additionally, Folksam has divested its entire stake in Tesla due to concerns over employee union rights. Recent social media discussions highlight mixed sentiment regarding Tesla's sales performance and ongoing scrutiny related to governance issues involving CEO Elon Musk.

AMZN | -1.8% | -35.9B
Amazon.com Inc | Broadline Retail
Amazon.com Inc is experiencing a decline in price, aligning with a broader market downturn. This trend coincides with heightened market focus on an impending announcement of significant tariffs by U.S. President Donald Trump, which could impose a blanket rate of around 20% on most imports. Economic data released earlier today showed private sector job growth in the U.S. exceeded expectations, yet concerns regarding the potential impact of tariffs may overshadow these positive figures. European markets have reacted negatively in anticipation of the tariff announcement, reflecting broader unease about global trade dynamics. In company-specific news, Amazon has resumed its drone delivery program in Texas and Arizona and announced a collaboration with Rockwell Automation to enhance manufacturing digital transformation. Social media discussions highlight Amazon's recent price movements and its position among the "Magnificent Seven" stocks, despite ongoing macroeconomic concerns affecting the tech sector.

HOOD | -3.7% | -1.3B
Robinhood Markets Inc | Investment Banking & Brokerage
Robinhood Markets Inc is experiencing a price decline, moving lower alongside the broader market. The Russell 2000 Index has dropped significantly, reflecting the overall market sentiment. This downward trend coincides with the anticipation of an impending announcement from U.S. President Donald Trump regarding potential tariffs, which has raised concerns about global trade dynamics. Despite this, Ark Invest has notably increased its stake in Robinhood, acquiring additional shares over recent days, including a purchase of nearly 8,000 shares on Tuesday. Meanwhile, social media discussions around Robinhood have generated some engagement, particularly around a trend named "Rose Gold," although this pales in comparison to the buzz surrounding other stocks.

NVDA | -2.1% | -55.2B
NVIDIA Corp | Semiconductors
NVIDIA Corp is experiencing a decline in pre-market trading, aligning with broader market trends. The Nasdaq 100 Index has dropped significantly, reflecting overall market sentiment. Concurrently, supply constraints for NVIDIA's H20 GPU have emerged, particularly among Chinese distributors facing shortages due to surging demand for AI computing power. A notice from H3C highlights that international supply chain uncertainties have nearly depleted current inventory, with the next shipment not expected until mid-April. Additionally, upcoming tariff announcements from U.S. President Donald Trump have raised concerns about potential impacts on the tech sector, which may slow AI spending and provoke retaliatory measures from China. Social media discussions reveal volatility in NVIDIA's stock price and mixed sentiments regarding its future performance, with some viewing the current dip as a potential buying opportunity amid ongoing uncertainty.

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