🧨 "The Week $6.6 Trillion Vanished"

• 📈 Market Indices Update

• 📢 Top 3 Market Stories

• 🔎 Rich & Powerful Are Buying

• 🚀 Biggest Market Movers

• 💹 Next Week in Review

• 💡 Video of the Week

📈 Market Indices Update

WEEK-TO-DATE Performance:

• S&P 500: ↓ -9.1% to 5,074.08 – Suffered its worst weekly drop since 2020, driven by escalating U.S.-China trade tensions.

• Dow Jones: ↓ -7.9% to 38,314.86 – The Dow plunged into correction territory amid fears of a global recession.

• Nasdaq: ↓ -10% to 15,587.79 – Entering bear market territory.

• Gold (Spot $/Oz): ↓ -1% to $3,037.90/oz – Investors flocked to gold as a safe-haven asset.

• 10-Yr Treasury Yield: ↓ 4.8% to 4% – Yields fell below 4% due to recession concerns.

• EUR/USD: 1.096 (+1.3%) – The euro strengthened on improved Eurozone economic data.

• USD/JPY: ¥146.94 (-1.8%) – The yen strengthened as investors moved towards safe-haven currencies.

• Bitcoin: ↑ 1.62% to $83,883 – Analysts suggest that Bitcoin's limited exposure to tariff-related economic disruptions.

^{_{Data as of market close, 4:00pm ET}}

📢 Top 4 Market Stories You Should Care About

​1️⃣ New Tariff Calculations Spark Market Turmoil

• Tariff Calculation Example:

  • The U.S. introduced a formula for “tariffs”:​

    • Tariff Rate = (Trade Deficit with Country / Country's Exports to U.S.) × 50%.

    • Minimum tariff set at 10%

    • Explore full list of tariffs by country

  • Example:

    • Country A has a $100B trade deficit with the U.S.

    • Exports $200B to the U.S.

    • Tariff = ($100B / $200B) × 50% = 25%.

• Market Reaction:

  • In the two days following the announcement:​

    • S&P 500 dropped 10.5%.

    • Record $6.6T wiped from the market. (vs. $4.4T 2two-day Covid-19 pullback on March 12, 2020)

🔎 Why It Matters: This new tariff approach increases global trade uncertainty, potentially leading to economic instability.

2️⃣ Market Volatility and U.S. Debt Refinancing

• Interest Rate Movements:

  • 10-year Treasury yield fell below 4%.​

  • Indicates increased demand for safe assets.​

• Debt Refinancing Implications:

  • Lower yields allow the U.S. to refinance its $26 trillion debt at better rates.​

  • Avg. debt maturity is 72.3 months; benefits will unfold gradually.​

• Federal Reserve Considerations:

  • Economic slowdown may pressure the Fed to cut interest rates.​

  • Balancing inflation concerns with growth stimulation is crucial.​

🔎 Takeaway: Market fluctuations might help U.S. debt management, but broader economic effects require careful Fed actions.​

3️⃣ Corporate Responses to Tariffs Disrupt Industries

• Technology Sector:

  • Klarna paused its U.S. IPO plans due to market instability.

  • StubHub delayed investor presentations amid uncertainty.​

  • Chime postponed its public offering plans.​

  • eToro delayed investor presentations.​

• Apparel Industry:

  • Nike $NKE ( ▼ 1.04% ) and Lululemon $LULU ( ▼ 0.94% ) face challenges as Vietnam faces 49% tariffs.​

• Automotive Sector:

  • Stellantis $STLA ( ▼ 0.51% ) halted North American production due to increased costs.​

• Engineering Firms:

  • WIWA in Germany faces 20% tariffs on European imports.​

• Oil Services:

  • U.S. firms anticipate financial hits from new tariffs and fast declining oil prices.​

• Financial Sector:

  • Major U.S. banks, including JPMorgan Chase $JPM ( ▼ 0.15% ) and Goldman Sachs $GS ( ▲ 0.25% ), see stock declines between 6% and 7.3%.​

🔎 Key Question: How will companies adapt their operations and supply chains to escalating trade barriers?

4️⃣ International Responses to U.S. Tariffs

🔴 Countries Retaliating or Planning to Retaliate

🇨🇳 China
- Imposed a 34% tariff on U.S. goods
- Restricted exports of rare-earth elements

🇪🇺 EU
- Preparing countermeasures, including potential tariffs on up to €26B in U.S. goods

🇨🇦 Canada
- Announced 25% retaliatory tariffs on U.S. steel and aluminum (worth ~$29.8B)

🇯🇵 Japan, 🇰🇷 South Korea, 🇨🇳 China
- Agreed to jointly respond to U.S. tariffs through regional coordination

🇹🇷 Turkey
- Announced plans to impose retaliatory tariffs on select U.S. goods

🇷🇺 Russia
- Expressed strong opposition; reviewing potential response options

🟢 Countries Seeking to Make a Deal or Avoid Escalation

🇻🇳 Vietnam
- Announced concessions
- Increased U.S. purchases (e.g. $200M aircraft financing deal with Boeing)

🇮🇳 India
- Open to cutting tariffs on over 50% of U.S. imports (~$23B worth)
- Aims to protect ~$66B in Indian exports

🇦🇷 Argentina
- Pursuing a trade deal to strengthen U.S. relations

🇲🇽 Mexico
- Exploring tariff reductions to ease tensions and prevent further escalation

🇮🇱 Israel
- U.S. imposed 17% tariffs on Israeli goods despite Israel lowering tariffs on U.S. imports
- Engaged in high-level talks with the U.S. (despite facing tariffs)

🔎 Why It Matters:
This split shows two emerging blocs: one resisting U.S. protectionism through retaliation, and another trying to maintain favorable access to the American market. The global trade landscape is shifting—and fast.

💸 Top 10 Billionaires & Their Market Moves

Here's how the richest people on Earth are riding (or wrecked by) the market right now:

🚨 Massive Wealth Wipeout Across Tech Titans

• Elon Musk lost $130B YTD, mostly tied to $TSLA ( ▲ 4.72% )’s plunge.

• Jeff Bezos shed $45.2B as $AMZN ( ▲ 0.51% ) fell over 11% this week.

• Mark Zuckerberg down $28.1B, echoing $META ( ▼ 0.92% )’s crash.

• Larry Ellison, Larry Page, and Sergey Brin are each down $30B+, with $GOOG ( ▼ 0.88% ) and $ORCL ( ▲ 0.03% ) deep in red.

• $AAPL ( ▲ 0.53% ) and $NVDA ( ▼ 0.61% ) both saw double-digit losses, crushing Gates and Ballmer’s portfolios.

🟢 But One Man Is Beating the Bear...

Warren Buffett is up $12.7B YTD – the only one in the green!

• His legendary cash pile at Berkshire Hathaway is nearing $170B, giving him serious buying power while others panic.

• $BRK.B ( ▲ 0.1% ) stock surged this week as investors fled tech and piled into safe-haven value plays.

• Buffett’s bets on energy, insurance, and staples are holding up better than growth names.

🔎 Takeaway:
Even billionaires are bleeding—except Buffett. His cash-heavy, value-driven strategy is shining in a stormy market. Might be time to ask: What would Warren buy? 💰

🚀 Biggest Market Movers

📈 Top 5 Winners

1. $DECK ( ▼ 3.62% ) – Deckers Outdoor
UGG sales heating up.

2. $DHI ( ▼ 1.46% ) – D.R. Horton
Homebuilders rally on rate optimism.

3. $LULU ( ▼ 0.94% ) – Lululemon
Sees stock boost following U.S.-Vietnam tariff talks

4. $MSTR ( ▲ 0.4% ) – MicroStrategy
Bitcoin boost = happy HODLers.

5. $NKE ( ▼ 1.04% ) – Nike
Sees stock boost following U.S.-Vietnam tariff talks

📉 Top 3 Losers

1. $APP ( ▼ 3.23% ) – Applovin
Latest bidder to buy TikTok’s assets outside China.

2. $MU ( ▲ 0.83% ) – Micron
Chip market = pain.

3. $PLTR ( ▼ 1.55% ) – Palantir
Facing pressure from ongoing trade war.

4. $GE ( ▲ 0.22% ) – General Electric
Industrial slowdown hits hard.

5. $BA ( ▲ 1.64% ) – Boeing
Tariffs and order cuts weigh.

💹 Next Week in Review

🌎 Key Economic Events

• Thu: CPI (March), Jobless Claims

• Fri: PPI (March)

• Fed speeches & FOMC Minutes scattered through the week

📊 Earnings to Watch

• Tue: $LEVI

• Wed: $DAL

• Thu: $JPM, $WFC, $C, $BLK, $BK

💡 Video of the Week:

🎙️ Scott Bessent on Tucker Carlson
(Watch it 1min30 → link)

📊 Equity Distribution Breakdown:

• Top 10% of Americans own 88% of the stock market

• Next 40% own the remaining 12%

• Bottom 50% own virtually none — they carry debt (credit cards, rent, auto loans)

🔎 Why It Matters:
Bessent argues that to maintain stability, we need to relieve the financial pressure on the bottom half — because they’re not riding the market wave, they’re just trying to stay afloat.