| | | | Tech giants are reeling after the sweeping tariff announcements, but one U.S.-based EV maker is surging 39% on its domestic production capabilities, and a trucking company is surging after unveiling a self-tender buyback. Here’s what’s moving the markets today. | |
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| | | | | What to Watch | Earnings: | None Scheduled | Economic Reports: | U.S. employment report [March]: 8:30 am U.S. unemployment rate [March]: 8:30 am U.S. hourly wages [March]: 8:30 am Fed Chairman Jerome Powell will speak at 11:25 am Fed Governor Michael Barr will speak at 12:00 pm Fed Governor Christopher Waller will speak at 12:45 pm |
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| | Technology | Apple, Nvidia, Amazon Plunge After Trade War Threatens Tech Supply Chains | | U.S. technology stocks are under intense pressure this morning following President Donald Trump’s sweeping new tariff policy, which has triggered a staggering $1.4 trillion drop in the Nasdaq 100’s market value since yesterday. | The selloff marks the worst day for the tech-heavy index since the onset of the pandemic. | The newly announced reciprocal tariffs—some of the highest in a century—hit global manufacturing hubs hard. | Duties of 54% on imports from China and 32% from Taiwan, alongside elevated rates on Vietnam and India, are disrupting supply chains that giants like Apple, Nvidia, and Broadcom have relied on for years. | As a result, companies must now either pass rising costs on to consumers or sacrifice margins. | Apple shares are down -5.75% in premarket trade. Nvidia (-5.89%), Micron (-5%), and Broadcom (-5.7%) are also posting heavy losses, while Amazon is down -6.3%. | Even a traditionally resilient firm like Microsoft is seeing a -4.6% decline. | The Nasdaq 100 has now plunged 16% from its February peak, as recession fears and shrinking profit forecasts take hold. | Analysts warn that the full extent of the tariff fallout is still unfolding, with JPMorgan calling it “the largest tax increase since 1968.” | Wall Street economists are rapidly cutting growth forecasts, while speculation grows that the Federal Reserve may be forced into emergency rate cuts. |
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| | Fintech | Fintech Stocks Drop Sharply as China Unveils Retaliatory Tariffs | | U.S. financial technology stocks are trading lower this morning as investors react to China’s latest move in the escalating trade conflict with Washington. | Beijing has announced that starting April 10, it will impose a 34% tariff on all American goods in response to sweeping U.S. tariffs introduced earlier this week. | The announcement has triggered steep losses across the fintech sector during Friday’s premarket session. | Affirm shares are down -12.6%, while Upstart has plunged -9.59%. PayPal is down 6.03%, and Block is off -9.2%. | Pagaya Technologies and LendingClub are also seeing declines of -7.6% and -8.8%, respectively. | The fear rippling through the market is that higher tariffs on both sides could push up consumer prices and drag down spending—a key driver for fintech companies that rely heavily on retail and online transactions. | With inflationary pressures rising and economic uncertainty mounting, analysts warn that fintechs may face weaker demand and tighter margins. | Today’s selloff follows a broader decline in tech and consumer-driven stocks earlier this week after the U.S. unveiled the most aggressive tariff regime in decades. | With tensions escalating, investors are bracing for a prolonged disruption in global commerce and a possible pullback in consumer confidence. |
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| | | | | Logistics | PAMT Shares Climb as Company Launches Self-Tender Buyback | | Shares of P.A.M. Transportation Services (NASDAQ: PAMT) are up sharply this morning after the company revealed a self-tender offer to repurchase up to 435,000 shares of its common stock, representing roughly 2% of its outstanding shares. | The Arkansas-based trucking and logistics provider has announced that the buyback will be executed through a modified Dutch auction, with a proposed price range between $14 and $17 per share. | Investors responded quickly, sending the stock up 25% in after-hours trading to $13.91. | PAMT states that the repurchase will be funded using its available cash reserves and may draw on its existing credit line if necessary. | The board has endorsed the tender offer as a strategic use of capital, pointing to the company’s current financial standing and depressed share price, which has dropped over 25% in the past year. | The tender offer is set to close at 5 p.m. EDT on May 1, unless the terms are extended or the offer is withdrawn. | The company has not disclosed whether it anticipates extending the offer window or increasing the share count. | Analysts say the move could signal confidence in the company’s long-term outlook and may provide support for the stock amid recent market volatility. |
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| | Movers and Shakers | | Mullen Automotive, Inc. [MULN] - Last Close: $0.08 | Mullen Automotive is a U.S.-based EV manufacturer. | Its shares are rising 39% in premarket trading after the company announced that its Mullen and Bollinger commercial vehicle lineups are 100% assembled in the U.S. and largely exempt from the newly introduced tariffs on foreign-made vehicles and components. | My Take: Mullen has got a sudden boost to its local sourcing strategy. But considering its past financial hurdles, this stock is best kept on your wait and watch list for now. |
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| Sangamo Therapeutics, Inc. [SGMO] - Last Close: $0.62 | Sangamo Therapeutics is a genomic medicine company developing advanced gene editing and regulation platforms. | This stock is soaring in premarket trading after announcing a major capsid licensing deal with pharma giant Eli Lilly, which grants Lilly access to Sangamo’s proprietary STAC-BBB capsid technology for up to five CNS disease targets. | Sangamo will get an $18 million upfront payment and eligibility for up to $1.4 billion in future milestones and fees. | My Take: This is a strong credibility boost for Sangamo, especially after years of mixed clinical outcomes. If even one target progresses to late-stage development, this stock could potentially see a solid upside. Keep a close watch on its progress. |
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| CXApp Inc. [CXAI] - Last Close: $0.81 | CXApp is a workplace experience tech company. | Its stock is surging 22% in premarket trading after the company reported record annual revenue and laid out a bullish outlook for its Agentic AI products—AI systems that operate autonomously on behalf of users. | The company saw double-digit recurring revenue growth in 2024, with subscription revenue making up 87% of total sales. | My Take: CXApp’s pivot to Agentic AI comes at a smart time, tapping into an exploding market. The Google Cloud partnership gives it solid credibility. Keep this stock on your radar for future growth. |
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| | | | | | That’s all for today. Thank you for reading. If you have any feedback, please reply to this email. | Best Regards, | — Adam Garcia Elite Trade Club |
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