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NEWS
The Stock Market Needs A Pardon

Since we’re handing out presidential pardons to those who’ve stolen investor funds, we should give one out to the broader stock market. That’s a Trevor Milton joke for you who aren’t filled in on that whole saga. Nevertheless, the market’s former tech giants are now leading stocks lower as investors worry about AI growth, Trump’s tariff impacts, and a potential economic recession. 👀 

Today's issue covers why stocks are sliding into quarter-end, more signs the golden age of grift is upon us, and what drove the biggest market movers. 📰

Here’s the S&P 500 heatmap. 1 of 11 sectors closed green, with utilities (+0.74%) leading and consumer discretionary (-3.11%) lagging.

And here are the closing prices: 

STOCKS
Stocks Slide Into Quarter End 😬 

The U.S. stock market is on pace to have its worst month since December 2022, and the S&P 500 is nearly back in “correction territory,” a 10% decline from its recent high. The Nasdaq 100 and Russell 2000 have already crossed this threshold.

Today’s catalysts included several things, starting with the core personal consumption expenditures (PCE) price index. This rose 0.4% MoM and 2.8% YoY, marking its biggest monthly gain since January 2024. A pickup in the Fed’s preferred inflation metric raises concerns about “stagflation,” where growth slows and inflation rises. 😨 

On the tariff front, the mixed signals continue. Trump said he had a ‘very good’ call with Canada’s Carney ahead of the April 2nd reciprocal tariffs deadline. Still, he warned that the EU and Canada would face harsher tariffs if they collaborated “to do economic harm” to the U.S. Additionally, he noted that pharmaceutical tariffs would be incoming. ⚠️ 

Lastly, CoreWeave’s lackluster public debut added to concerns about the AI industry’s growth potential. The Nvidia-backed “hyperscaler” reduced its offering price and number of shares, raising just $1.5 billion instead of $2.7 billion, with Nvidia anchoring the offering with a $250 million investment at $40 per share.

The weak first-day showing cast doubt on the sector and added pressure to an already falling tech sector. Looking ahead, the Stocktwits community remains mixed with the majority of poll respondents expecting it to underperform or match tech’s performance during 2025. 👎️ 

Investors remain cautious with next week’s tariff deadline and U.S. employment data looming. Bears remain in control as bulls wait for more clarity on these key issues. 😬 

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*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here. Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur. The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period. Please read the offering circular at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation A Offering.