After Hours Report

The stock market experienced a sharp selloff today following President Donald Trump's announcement of sweeping tariffs on nearly all U.S. trading partners. The Dow Jones Industrial Average plunged more than 1,500 points, the Nasdaq Composite slumped 6.0%, and the S&P 500 fell 4.8%.

The administration imposed 10% tariffs on global imports, effective April 5. Higher rates were imposed on specific countries, effective April 9, including a 34% tariff on top of the 20% tariff on imports from China. Japan, Vietnam, and India face tariff rates of 24%, 46%, and 26%, respectively. The EU is subject to a 20% rate.

The move escalated fears about an economic slowdown and triggered a slight from risk assets. The small-cap Russell 2000 sank 6.6%, large-cap tech suffered outsized declines, and many discretionary-related industries fell under selling pressure. 

Apple (AAPL 203.19, -20.70, -9.3%) was a significant drag on the broader equity market, along with NVIDIA (NVDA 101.80, -8.62, -7.8%) and other semiconductor shares.

Slowdown worries also translated into lower oil prices due to fears about softening demand. WTI crude plunged back to $67/bbl, contributing to the decline in the energy sector (-7.5%). It was the worst performer, along with technology (-6.9%) and discretionary (-6.5%).

Treasuries surged as stocks slid, resulting in sharply lower rates. The 10-yr yield dropped 14 basis points to 4.06%, and the 2-yr yield dropped 18 basis points to 3.72%.

Reviewing today's economic data:

• Weekly Initial Claims 219K (Briefing.com consensus 224K); Prior was revised to 225K from 224K, Weekly Continuing Claims 1.903 mln; Prior was revised to 1.847 mln from 1.856 mln
  • The key takeaway from the report is that initial claims remained at a relatively low level while continuing claims increased to their highest level since November 2021, suggesting that people are having an increasingly difficult time returning to work.
• February Trade Balance -$122.7 bln (Briefing.com consensus -$121.0 bln); Prior was revised to -$130.7 bln from -$131.4 bln
  • The key takeaway from the report is that while there was some sequential narrowing in the trade deficit, the deficit remained in record territory as front-running of purchases continued ahead of April's implementation of tariffs.
• March S&P Global US Services PMI - Final 54.4; Prior 54.3 from
• March ISM Services 50.8% (Briefing.com consensus 53.2%); Prior 53.5%
  • The key takeaway from the report is that growth in the services sector slowed notably in March with employment contracting for the first time since September.

Market participants receive some potentially market-moving data tomorrow in the form of the March Employment Situation report at 8:30 ET.

Overseas:

• Europe: DAX -3.1%, FTSE -1.6%, CAC -3.3%
• Asia: Nikkei -2.8%, Hang Seng -1.5%, Shanghai -0.2%

Commodities:

• Crude Oil -4.70 @ 67.03
• Nat Gas +0.08 @ 4.13
• Gold -44.40 @ 3121.90
• Silver -2.61 @ 31.01
• Copper -0.22 @ 4.83

After-Hours Spotlight:

• AbbVie (ABBV) lowers its Q1 and FY25 EPS forecasts after including acquired IPR&D and milestones expense... ABBV up 1.5%
• GameStop (GME) jumps after Chairman and CEO Ryan Cohen purchases 500,000 shares... GME up 2.6%
• Guess? (GES) beats by $0.11, beats on revs; guides Q1 EPS below two analyst estimate, revs in-line; guides FY26 EPS below consensus, revs above consensus... GES down 0.8%
• Simulations Plus (SLP) beats by $0.05, beats on revs; reaffirms FY25 EPS guidance, revs guidance... SLP up 1.6%

Fair Value for Friday, April 4:

• S&P 500: 5,439
• Nasdaq 100: 18,693
• DJIA: 40,809

For a full rundown of today's market and after hours developments, see Live In Play

• Earnings/Guidance (Full Earnings Calendar):
  • Acuity (AYI) beats by $0.04, misses on revs
  • Apollo Global Management (APO) and Athene reported preliminary estimates for alternative net investment income for the first quarter ended March 31, 2025
  • Conagra (CAG) misses by $0.01, misses on revs; reaffirms FY25 EPS and organic revenue guidance
  • Lamb Weston (LW) beats by $0.24, beats on revs; reaffirms FY25 EPS and revenue guidance
  • Landstar System (LSTR) expects Q1 revs to finish at or near the midpoint of its prior guidance; lowers Q1 EPS outlook due to supply chain fraud
  • Lindsay Corp (LNN) beats by $0.55, beats on revs
  • Lucid Group (LCID) announces production and delivery totals for Q1
  • MSC Industrial (MSM) beats by $0.04, reports revs in-line
  • Penguin Solutions (PENG) beats by $0.14, beats on revs; raises FY25 EPS and revenue guidance
  • RH (RH) misses by $0.34, misses on revs; guides Q1 revs below consensus; guides FY26 revs below consensus
  • RxSight (RXST) lowers FY25 revs guidance; sees Q1 revs below consensus
• General News
  • President Trump imposes 10% baseline tariff on global imports, which higher rates for 60 other countries including China at 34% (bringing total tariff rate to 54%), EU at 20%, India at 26%; USMCA compliant goods (from Canada & Mexico) will be exempt from 25% tariff rate; tariffs effective April 5th & 9th
  • Treasury Secretary Scott Bessent in interview says these tariffs are the "high water mark" unless countries retaliate. He is taking a "wait and see" approach to trade talks with other countries, according to Bloomberg
  • President Trump confirms 25% tariffs on auto imports starting at midnight tonight, according to CNBC
  • Senate votes 51-48 to repeal Canadian tariffs, but the resolution is dead on arrival in the House, according to the Wall Street Journal
  • China vowed to retaliate against latest tariffs, according to Bloomberg
  • EU issues statement by EU President von der Leyen on the announcement of universal tariffs by the US; says they are finalizing countermeasures
  • Business groups & economists condemned President Trump's tariffs while some Americans are enthusiastic, according to the New York Times
  • President Trump's tariffs could bring down globalization, according to the Wall Street Journal
  • President Trump signed signed an executive order eliminating duty-free de minimis treatment for low-value imports from China, a critical step in countering the ongoing health emergency posed by the illicit flow of synthetic opioids into the U.S.
  • White House nearing deal for American investors to purchase TikTok US, according to Financial Times
  • Canada plans to match US car tariffs, according to Bloomberg
  • President Trump considering tariff investigation into critical mineral imports, according to Bloomberg
  • Aeva (AEVA): Sylebra Capital files amended 13D following the purchase of 5,849,249 shares of common stock
  • Amazon (AMZN) introduces new 'Buy For Me' feature that helps customers find and buy products from other brands’ sites
  • Amgen (AMGN): FDA approved UPLIZNA for the treatment of Immunoglobulin G4-related disease (IgG4-RD) in adult patients
  • Apple (AAPL): Executives file notice of proposed sale of common stock pursuant to rule 144
  • Apple (AAPL): Tariffs will impact Apple's ability to diversify production, according to Bloomberg
  • Armstrong World Industries (AWI) appointed Mark A. Hershey as Senior Vice President & Chief Operating Officer, effective April 1, 2025
  • Arq, Inc. (ARQ) appoints Veteran Jay Voncannon as CFO effective April 2
  • BeiGene (ONC) announced the discontinuation of its clinical development program for ociperlimab (BGB-A1217), an anti-TIGIT antibody, as a potential treatment for lung cancer
  • BioNTech (BNTX) amended Collaboration & License Agreement with University of Pennsylvania
  • BitFuFu (FUFU) files $300 mln mixed securities shelf offering
  • Boeing (BA): NTSB confirms it issued a total of seven safety recommendations to the FAA and Boeing to address noncompliant evacuation slide components on Boeing airplanes
  • Booz Allen's (BAH) CEO discusses DOGE cuts, Wall Street Journal
  • Castle Biosciences (CSTL) reports publication of data from prospective, multicenter study demonstrates positive survival outcomes in patients with low-risk melanoma who avoided sentinel lymph node biopsy with information from Castle Biosciences’ DecisionDx®-Melanoma Test (
  • Capital One (COF) / Discover Financial Services (DFS) spike higher after NYTimes reports progress in dea
  • Dollar General (DG) expands beauty access with new products & major sales event
  • Duke Energy (DUK) restores power to more than 74,000 customers who were affected by high winds and significant rainfall that ripped through Indiana yesterday
  • Elbit Systems (ESLT): Duke Robotics (DUKR) provides update on progress with Elbit Systems regarding “Birds of Prey” stabilized weapons drone system
  • Embraer SA (ERJ) delivers 30 aircraft in the 1st quarter of 2025, 20% more than in 1Q24
  • Enbridge (ENB): Traverse Pipeline reaches final investment decision to transport natural gas between Agua Dulce and the Katy area
  • Ericsson (ERIC) and Lenovo (LNVGY) settle patent litigation
  • Fluor (FLR) receives a letter of intent from one of the world’s leading pharmaceutical makers to provide engineering, procurement and construction management services for its Lebanon, Indiana, mega-project
  • Ford (F) planning to offer discounts on several models, according to Reuters
  • FormFactor (FORM) doubles capacity at Taiwan service center to meet growing demand
  • General Motors (GM) planning to ramp up truck production in the US, according to Reuters
  • Gevo's (GEVO) Verity Holdings has partnered with Minnesota Soybean Processors to implement Verity’s proprietary track and trace software
  • GFL Environmental (GFL) declared a 10% increase to the regular quarterly cash dividend on the Company's subordinate voting and multiple voting shares
  • GigaCloud Technology (GCT) increases share repurchase program by $16 million bringing the total authorization to $62 million
  • H & R Block (HRB) names Richard Johnson as Board Chairman, effective April 1
  • Hershey Foods (HSY) close to $750 million deal for better-for-you snack brand LesserEvil, according to WSJ
  • Hershey Foods (HSY) has entered into a definitive agreement to acquire LesserEvil, maker of organic, delectable snacks that combine bold flavors with better-for-you ingredients
  • IBM (IBM): DARPA eyes companies targeting industrially useful quantum computers
  • IonQ (IONQ) selected for the first stage of the Defense Advanced Research Projects Agency Quantum Benchmarking Initiative
  • Karman Space & Defense (KRMN) inaugurates new iso 8 clean room for spacecraft assembly and integration: Advancing Lunar and Space Missions with Flight-Proven Subsystems
  • L3Harris (LHX) and Air Tractor have delivered the first missionized OA-1K Skyraider II aircraft to support U.S. Air Force Special Operations Command
  • Mesoblast (MESO) files request for Type B meeting with FDA to discuss accelerated approval pathway for Revascor
  • Microsoft (MSFT) is pulling back on some data center projects, according to Bloomberg
  • Neurogene (NGNE) Announces Peer-Reviewed Publication Demonstrating Gene Therapy Candidate NGN-401 with EXACT™ Technology Regulates Transgene Expression in Preclinical Models of Rett Syndrome
  • NeuroPace (NPCE) announces refocusing of product portfolio; terminating its distribution relationship for SEEG products, reaffirms guidance
  • Novartis (NVS) granted FDA accelerated approval for Vanrafia
  • NVIDIA (NVDA) powers Nintendo Switch 2 (NTDOY) with AI-driven DLSS and 4K gaming capabilities
  • PACCAR (PCAR) CFO Harrie Schippers to retire, effective June 2; Brice J. Poplawski, VP and Controller, named successor
  • Pepsi (PEP) trying to win back market share, according to the Wall Street Journal
  • Phillips 66 (PSX) activist shareholder Elliott Management seeking additional investor support to push for changes, according to FT
  • Pinduoduo (PDD) will invest $13 bln to support merchants, according to the Wall Street Journal
  • Planet Labs (PL) announces a multi-year expansion with onX, a pioneer in outdoor digital navigation
  • Pony AI (PONY) received a permit from Luxembourg’s Ministry of Mobility and Public Works to begin Level 4 (L4) Robotaxi testing
  • PVH (PVH) confirms it entered into an accelerated share repurchase agreement of $500 mln
  • Roche Hldg (RHHBY): Genentech announces that new data were presented at the AD/PD 2025 International Conference on Alzheimer’s and Parkinson’s Diseases in Vienna, Austria
  • RTX (RTX): State Department has made a determination approving a possible Foreign Military Sale to the Government of Kuwait of the Upgrade and Recertification of PATRIOT Missiles and related equipment for an estimated cost of $400 mln
  • Sanofi's (SNY) Rilzabrutinib receives orphan drug designation in the US for two rare diseases with no approved medicines
  • Shanghai Electric (SIELY) announces the signing of strategic cooperation agreements totaling CNY 3.637 billion with enterprises from more than 10 countries, including Germany, the U.K., France, Egypt, and Zambia
  • Southland (SLND) subsidiary awarded two water resource projects in the Southwest totaling approximately $97 million
  • Stellantis (STLA) aiming to pause Warren, MI truck production for weeks due to engine shortage, according to Detroit News
  • Sumitomo Mitsui (SMFG) and Fujitsu (FJTSY) partner towards creation of AI-powered data analytics business
  • Super Micro Computer (SMCI): Industry's First-to-Market Supermicro NVIDIA HGX B200 Systems Demonstrate AI Performance Leadership on MLPerf Inference v5.0 Results
  • Tesla (TSLA) CEO Elon Musk denies report that he will soon leave role in government
  • TETRA Tech (TTI) announces withdrawal of investor group nominees
  • Taiwan Semiconductor Manufacturing (TSM) and Intel (INTC) tentatively agree to joint venture on chip making, according to The Information
  • Tetra Tech (TTEK) announces that the U.S. Army Corps of Engineers Los Angeles District awarded the Company a multiple-award contract not to exceed $46 million
  • TrueBlue (TBI) announces that its PeopleScout brand has once again achieved an industry milestone by securing designation as a Leader in all six categories of NelsonHall's 2025 NEAT Vendor Evaluation for Recruitment Process Outsourcing
  • Trump Media & Technology Group Corp. (DJT) sent a letter to Financial Times regarding its story by George Steer titled, 'Trump Media Shares fall after president kicks off sale of $2.3bn stake'
  • UnitedHealth (UNH): DOJ wants judge to move ahead with UNH Medicare Advantage fraud case, according to Stat News
  • Unity Software (U) develops Nintendo Switch 2 launch Title Survival Kids in close partnership with KONAMI
  • Verra Mobility (VRRM) identified by New York City Department of Transportation as vendor to manage New York City’s automated enforcement camera safety programs
  • V.F. Corp (VFC) appointed Abhishek Dalmia to the role of Executive Vice President and Chief Operating Officer and principal operating officer, effective as of April 3, 2025
  • Visa (V) unveils slate of new services to power client growth
  • Volkswagen (VWAGY) planning to add import fees to sticker prices of new cars, according to Bloomberg
  • Warner Bros. Discovery (WBD) Sports Europe agrees new partnership with the International Federation of Sport Climbing to broadcast all IFSC World Cup and World Championship events until 2028
  • Willdan Group (WLDN) has been awarded a $30 mln energy savings performance contract to expand energy and infrastructure modernization services for the City of Fairfield’s critical facilities

• Upgrades:
  • Block Inc. (XYZ) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $67
  • BJ's Wholesale (BJ) upgraded to Buy from Neutral at Citigroup; tgt $130
  • Eastman Chemical (EMN) upgraded to Outperform from Neutral at Mizuho, tgt $105
  • Fastenal (FAST) upgraded to Peer Perform from Underperform at Wolfe Research
  • Janus Henderson (JHG) upgraded to Buy from Neutral at BofA Securities, tgt $43
  • Loar Holdings (LOAR) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $91
  • Ross Stores (ROST) upgraded to Buy from Neutral at Citigroup, tgt $146
  • Samsung (SSNLF) upgraded to Overweight from Neutral at JP Morgan
  • TJX Companies (TJX) upgraded to Buy from Neutral at Citigroup, tgt $140
  • U.S. Bancorp (USB) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $49
  • Zscaler (ZS) upgraded to Overweight from Neutral at Cantor Fitzgerald, tgt $250
• Downgrades:
  • AllianceBernstein (AB) downgraded to Neutral from Buy at BofA Securities, tgt $38
  • Apple (AAPL) downgraded to Sell at Aletheia Capital
  • Best Buy (BBY) downgraded to Neutral from Buy at Citigroup; tgt $70
  • Hayward Holdings (HAYW) downgraded to Peer Perform from Outperform at Wolfe Research
  • Lyft (LYFT) downgraded to Underperform from Buy at BofA Securities, tgt $10.50
  • Parker-Hannifin (PH) downgraded to Peer Perform from Outperform at Wolfe Research
  • ProAssurance (PRA) downgraded to Market Perform from Outperform at Citizens JMP
  • RH (RH) downgraded to Neutral from Buy at Citigroup; tgt $200
  • Sachem Capital (SACH) downgraded to Neutral from Buy at Ladenburg
  • Sensata Technologies (ST) downgraded to In Line from Outperform at Evercore ISI, tgt $27
  • U.S. Bancorp (USB) downgraded to Underweight from Neutral at JPMorgan, tgt $43.50
  • WW Grainger (GWW) downgraded to Underperform from Peer Perform at Wolfe Research, tgt $966
• Others:
  • Cardiff Oncology (CRDF) initiated with a Buy at Lucid Capital
  • Diversified Healthcare Trust (DHC) transferred with a Buy rating at B. Riley Securities, tgt $4.50
  • Element Solutions (ESI) initiated with an Overweight at KeyBanc, tgt $29
  • Equity Bancshares (EQBK) initiated with a Neutral at Janney Montgomery Scott
  • Global Medical REIT (GMRE) transferred with a Neutral rating at B. Riley Securities, tgt $9
  • Kairos Pharma (KAPA) initiated with a Buy at H.C. Wainwright, tgt $12
  • LifeStance (LFST) initiated with a Buy at Canaccord Genuity, tgt $8
  • Prairie Operating Co. (PROP) initiated with a Buy at Clear Street, tgt $16
  • Talkspace (TALK) initiated with a Buy at Canaccord Genuity, tgt $5
  • SanDisk (SNDK) initiated with a Positive at Susquehanna, tgt $70
  • Waste Connections (WCN) initiated with an Outperform at William Blair
  • WesBanco (WSBC) assumed with an Overweight at Piper Sandler, tgt $37

• Econ Data (Friday):
  • 8:30 ET: March Nonfarm Payrolls (Briefing.com consensus 130,000; prior 151,000), Nonfarm Private Payrolls (Briefing.com consensus 120,000; prior 140,000), Average Hourly Earnings (Briefing.com consensus 0.3%; prior 0.3%), Unemployment Rate (Briefing.com consensus 4.1%; prior 4.1%), and Average Workweek (Briefing.com consensus 34.2; prior 34.1)
• Earnings:
  • Monday (Mar 31)
    • Pre-Market: LOAR
    • After-Hours: LPRO PRGS PVH TTGT
  • Tuesday (April 1)
    • Pre-Market: None
    • After-Hours: NCNO
  • Wednesday (April 2)
    • Pre-Market: ANGO CGNT UNF
      
    • After-Hours: BB PENG RH
  • Thursday (April 3)
    • Pre-Market: AYI CAG LW LNN MSM
    • After-Hours: GES SLP
  • Friday (Mar 28)
    • Pre-Market: None
    • After-Hours: None
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike