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The markets are in sell-off mode in a key week for trade negotiations and interest rates. All three of the major stock market averages are stuck in reverse due to the economic uncertainty despite the White House’s best efforts to promote calm. Vanguard’s IT index is off less than 1% while all three of the major stock market averages remain under pressure.
U.S. Treasury Secretary Scott Bessent, a former hedge fund trader, revealed that the White House is in talks with the majority of its trade partners to reach deals on trade, with the glaring exception of China. He also cast doubts on the notion that an economic recession was about to rear its head, saying there is no sign of that at the moment despite shrinking GDP as of Q1.
Hedge fund tycoon Paul Tudor Jones is bearish on the stock market, telling CNBC the markets have further to fall regardless of whether the White House lowers tariffs on China imports as low as 50%.
Ford’s (NYSE: F) highly anticipated Q1 results revealed the impact of the tariffs on the auto sector, which has had a target on its back. Ford warned that the tariff impact on profits would be a whopping $1.5 billion while also refraining from providing further guidance.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: Down 131.46 (-0.32%)
Nasdaq Composite: Down 92.04 (-0.54%)
S&P 500: Down 22.15 (-0.39%)
Market Movers
Palantir Technologies (Nasdaq: PLTR) as lost a whopping $40 billion in market capitalization today alongside a 14.4% decline in the share price, making it one of today’s biggest losers in the stock market. The data tech company reported better-than-expected Q1 results but showed weakness in international sales. CEO Alex Karp has reversed earlier plans to offload PLTR shares amid a longer-term bullish trend in the stock price. OpenAI will no longer seek for-profit status. Elon Musk’s xAI has partnered with Palantir and investment firm TWG to bring AI more prominently into the financial services realm.
Toy company Mattel (NYSE: MAT) has reportedly warned that toy manufacturing isn’t likely to flood the USA but price hikes will hit the consumer. The stock is up fractionally today.
Lemonade (NYSE: LMND), an AI-driven life insurance provider, is a winner in today’s market, adding 4.2% today after beating quarterly revenue estimates despite operating at a loss.
Constellation Energy (Nasdaq: CEG) is up 6.6% on the day after reporting its Q1 results.
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