NEWS
The Last Daily Rip Ever

Some of you may be thinking today’s title is a farce because it’s April Fool’s Day, but alas, it’s true. This will be the last daily rip ever…written by me only! I’m excited to announce our new Senior Writer, Kevin Travers, is officially on board at Stocktwits and will begin taking the reins over the coming weeks. Kevin joins us from MooMoo, so he knows the world of social finance well and has written for various publications, including CNBC, deBanked, Fintech Nexus, and more. We’re stoked to have Kevin join us and encourage you to follow him on Stocktwits and say hello! 🥳 

Other than that, it was a turnaround Tuesday for stocks, which started low but closed out a volatile session in the green. “Liberation Day” awaits the market tomorrow after the bell, with Trump set to deliver a speech from the White House Rose Garden. Plus, labor market data remains in focus as investors fret over a potential recession. 😬 

Today's issue covers a look into tomorrow’s reciprocal tariffs, $WTF is happening with two recent IPOs, Johnson & Johnson’s latest bankruptcy block, and more from the day. 📰

Here’s the S&P 500 heatmap. 9 of 11 sectors closed green, with consumer discretionary (+1.04%) leading and healthcare (-1.83%) lagging.

And here are the closing prices: 

ECONOMY
It’s Time To Reciprocate 👿 

All eyes turn to the economic data ahead of tomorrow’s “Liberation Day,” where President Donald Trump is expected to announce a set of tariffs that he says “will free the U.S. from a reliance on foreign goods.” The reciprocal tariffs are expected to match the duties of other countries charge on U.S. products. ♾️ 

However, investors, government leaders, and other stakeholders still have many questions about how these tariffs will be implemented, or what rate will be applied. Peter Navarro, the White House trade adviser, said the measures could raise up to $600 billion annually, which would imply a 20% average rate.

The uncertainty continues to hurt consumer and business confidence, with Bloomberg’s Joe Weisenthal pointing to “one of the ugliest, most stagflationary ISM-manufacturing reports we’ve seen in a long time.” 😱 

Survey respondents from across industry groups are flagging tariffs and their impact on profitability and demand, with some noting that conversations about impacts and mitigation strategies are happening daily.

As for consumers, the RCM/TIPP Index showed confidence softening from March to April, falling to 49.1, marking its second consecutive month in pessimistic territory. Leading the decline was respondents’ six-month economic outlook and confidence in federal policies, which declined 2.6% and 2.5% MoM.

Meanwhile, it’s a big week for the labor market, though February’s JOLTs report didn’t provide much ammunition for bulls or bears. The total number of job openings was essentially flat at 7.6 million, with the number of job openings to available workers hovering just above 1. Quits, layoffs, and other separations were little changed, showcasing the economy’s slow-melting labor market conditions.

Of all the headlines moving markets, tariffs remain the key. A Stocktwits poll indicates roughly 46% of the 8,400+ voters see tariffs as the real threat. Meanwhile, sentiment for three of the four major indexes is still bullish. Clearly, the recent technical bounce and longer-term fundamental issues are making this a tough market to read. 😵‍💫 

Even leaders around the globe are struggling to make decisions amid the uncertainty. The Reserve Bank of Australia held interest rates steady, citing an ‘uncertain’ future with China and Trump’s tariffs. We’re all waiting with bated breath.

We’ll be streaming Trump’s tariff announcement (from the White House rose garden) tomorrow after the bell live on the $SPY stream. Join us then to see the market’s reaction and how people are trading it! 👀