OVERVIEW
The Weekend Rip: April 20, 2025

Happy holidays to everyone celebrating this weekend. It was a short week, which in 2025 tends to mean a bad week. Stocks did their best to climb, but despite Q1 reports that beat estimates, uneasiness over reality TV’s newest hit, Trump II: Trouble in Tariff Town, kept equities from rising. 😵‍💫 

Let's recap and prep you for the week ahead. 📝

What Happened?

👍️ On Monday, the market climbed slightly after a weekend decision exempting certain tech products from tariffs. Nvidia announced that it will invest $500 billion in U.S. AI infrastructure over the next four years. Webull flew nearly 400% on day two of its public listing after merging with a SPAC on the Nasdaq. Tom Bruni and I joined charting experts at the CMT Spring Summit and heard what the street says about tariff trouble.

🧮 On Tuesday, tax day, the S&P 500 and Nasdaq 100 saw a slight decline after forming a ‘death cross’ on Monday, as their 50-day moving averages moved below their 200-day moving averages for the first time since 2022. The last time this occurred, the market declined by 11% over 11 months before a reversal. United earnings gave recession guidance, banks, brokers, and JNJ beat their results.

🥴 On Wednesday, the market fell after overnight reports from Nvidia and AMD indicated that they would face high costs in trying to export their lower-end chips to China. The White House said that some Chinese goods would see tariffs as high as 245%. Fed Chair Jerome Powell said the Fed was waiting to see what would happen next, just like the rest of us, and was not coming to the stock market’s rescue. Hertz flew after Bill Ackman’s Pershing bought a 4% stake.

🤒 On Thursday, markets concluded the week with a falling Dow after UnitedHealth reported higher care costs in Q1, missing expectations for its results for the first time in a decade. On the other hand, Netflix beat earnings expectations and demonstrated that some stocks could succeed in a tariff-driven market. The Trump administration stated that it was researching the possibility of firing Powell and whether the bond market and its vigilantes would permit such a move. Gold hit records, again.

🔒️ On Friday, the market was closed. The White House said it would prioritize mining in the U.S. after it became clear that China had a monopoly on rare earths and super magnets, and would not share if the U.S. were to take action. Hasset said they would continue to plan for Powell’s removal. Fed’s Daly said consumers were not pulling forward spending too much this quarter from the summer, which could help tip the economy into a recession.

🤩 This week's Stocktwits Top 25 showed outperformance vs. the major indexes.

Here are the closing prices: 

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