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Markets experienced extreme volatility with the US500 swinging from a 4.7% plunge at open to a 3.4% surge before settling at +7%, while the US30 rose 6% and US100 gained 8%.
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Trump's tariffs are officially implemented with 104% duties on Chinese goods, 20% on EU, 24% on Japan, 46% on Vietnam, and other levies across 180+ countries. China immediately escalated by raising its retaliatory tariffs from 34% to 84%, effective April 10.
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EU approves countermeasures worth approximately €20 billion, with implementation beginning April 15. The European Commission stated the tariffs "can be suspended at any time" should the U.S. agree to a "fair and balanced negotiated outcome."
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Trump advocates buying the dip, posting "THIS IS A GREAT TIME TO BUY!!!" on Truth Social, adding "BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!"
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Nvidia gets reprieve on China exports as the Trump administration reversed plans to restrict sales of H20 AI chips to China after CEO Jensen Huang attended a Mar-a-Lago dinner last week. Nvidia reportedly promised new U.S. investments in AI data centers in exchange.
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Delta Air Lines withdraws full-year guidance as CEO Ed Bastian warns Americans are behaving as if they're in a recession. "If that continues and we don't get resolution soon, we will probably end up in a recession," Bastian told CNBC, citing stalled corporate and domestic leisure travel since late February.
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Wall Street executives sound recession alarms with JPMorgan CEO Jamie Dimon saying a downturn is "probably" coming, while Delta's Bastian described the situation as "uncharted, unprecedented uncertainty" that was "self-inflicted."
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Oil crashes to four-year low with Brent crude falling below $60 per barrel and WTI near $57, hitting levels not seen since 2021. Energy consultant Amrita Sen warned prices could trade "with a five-handle, perhaps even with a four-handle" as global demand concerns mount.
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Goldman Sachs warns recession risks not fully priced in, noting that "among common recession gauges, only the VIX is at levels associated with past recession peaks." Analysts predict "a high chance that we continue to push toward full recession pricing."
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Tech sector stabilizes on dip buying as Alphabet reaffirmed plans to invest $75 billion in AI technologies despite tariff turmoil. Tesla jumped over 4% after Benchmark added it to its buy list, while Apple attempted to snap a four-day losing streak.
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Senate confirms Mike Huckabee as ambassador to Israel with a 52-44 vote largely along party lines, installing the staunch pro-Israel conservative in the high-profile diplomatic post amid the Gaza war and complicated by new U.S. tariffs.
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