US OPEN: Indices drop as Trump’s ‘Liberation Day’ approaches

• Moderna shares plummeted following the resignation a key FDA regulator

• Palo Alto Networks received price target cuts from multiple analysts

• France's antitrust regulator fined Apple €150 million ($162 million) over its app tracking transparency framework

• The Trump family is launching American Bitcoin Corp., a Bitcoin mining venture with Hut 8 Corp

Major US index futures are showing steep declines. The S&P 500 (US500) is down -0.85% to 5554.7, while the Dow (US30) is down -0.28% to 41595. Nasdaq futures (US100) are showing a significant decline of -1.52% to 19066.70, and the Russell 2000 (US2000) is down -1.34% to 2000.9. The VIX volatility index is up +4.15% to 22.08, indicating substantially increased market uncertainty.

European markets are broadly negative, with all indices in the red. Austria's AUT20 is down -1.92% to 3933, while Germany's DAX (DE40) has fallen -1.69% to 22282.6. The UK's FTSE 100 (UK100) index has declined -1.01% to 8563.5, and Poland's WIG 20 (W20) is down -2.62% to 2675.6. The Euro Stoxx 50 (EU50) has dropped -1.58% to 5178.6, and Switzerland's SMI (SUI20) is down -1.63% to 12465. France's CAC 40 (FRA40) has declined -1.46% to 7795.7, the Netherlands' NED25 has fallen -0.88% to 898.95, and Italy's FTSE MIB (ITA40) is down -1.59% to 37299. Spain's IBEX 35 (SPA35) has fallen -1.63% to 13074, contributing to the broad European selloff.

S&P 500 Sectors Show Mixed Performance. Source: Bloomberg Financial LP

Current volatility observed on Wall Street. Source: xStation 

The Nasdaq 100, represented by US100, has broken belowrecent lows at 19,144. Bulls need to reclaim the 78.6% Fibonacci retracement level to resume the uptrend, while bears will target November’s lows at 18,379. The RSI is approaching the 35.6 level, which previously signaled a trend change, while the MACD is on the verge of a bearish crossover. Source: xStation 

Market News

• Moderna (MRNA.US) shares plummeted 13% following the resignation of Peter Marks, a key FDA regulator who oversaw vaccine approvals. In his resignation letter, Marks cited friction with Health Secretary Robert F. Kennedy Jr., stating "truth and transparency are not desired by the Secretary." The news also impacted other vaccine makers, with Novavax, BioNTech, and Sarepta Therapeutics all declining as the SPDR S&P Biotech ETF dropped 2.3%. BMO Capital Markets analyst Evan David Seigerman called the change a "significant negative" for the biotech sector, which depends on FDA independence and scientific rigor.

• Uber (UBER.US) and OpenTable announced a strategic partnership to integrate their services across six countries, allowing users to seamlessly book restaurant reservations and transportation. "We're always looking for ways to help people go out and get the best of their cities," said Uber CEO Dara Khosrowshahi. The collaboration will roll out in phases throughout the year, offering dining reservation access, transportation options, and membership benefits for the more than 1 million restaurants that partner with both companies. OpenTable CEO Debby Soo called the partnership a redefinition of "what it means to dine out in a connected world." Uber and DoorDash are lobbying Republican lawmakers to expand President Trump's no-tax-on-tips promise to include independent contractors. 

• Palo Alto Networks (PANW.US) received price target cuts from multiple analysts amid concerns about softening macroeconomic factors. Truist Securities analyst Joel Fishbein lowered his target to $205 from $213 while maintaining a Buy rating, while Jefferies reduced its target to $215 from $240. Jefferies analysts warned of "another 'mullet' year in software" with first half chop followed by second half flow, noting that "investors are waiting on the sidelines to assess the impact" of ongoing uncertainty. Truist indicated that infrastructure companies with federal government exposure could face headwinds under new spending priorities.

• France's antitrust regulator fined Apple (AAPL.US) €150 million ($162 million) over its app tracking transparency framework, claiming the implementation is "abusive within the meaning of competition law." The Autorité de la Concurrence ruled that Apple's system makes it excessively complex for app publishers to comply with Europe's GDPR privacy rules by forcing them to display multiple pop-ups. The outcome could attract attention from US President Donald Trump, who has threatened retaliatory tariffs against "disproportionate" penalties on American tech firms. Meanwhile, Apple and Elon Musk's SpaceX are reportedly competing for limited spectrum rights, with SpaceX pushing regulators to stall an Apple-funded satellite expansion.

• AI-related stocks tumbled as investors question the sector's outlook. Nvidia fell 4.2%, while other tech giants also declined: Microsoft -1.6%, Alphabet -1.1%, Meta Platforms -2.4%, and Tesla -6%. Recent AI IPO CoreWeave dropped 3.5%, and chip stocks broadly declined with AMD down 3.1% (AMD files to sell 9.08M shares of common stock for holders), Broadcom -2.9%, and Marvell Technology -3.7%. AI infrastructure stocks were hit particularly hard, with Super Micro Computer falling 5.9%, Arista Networks -5.1%, and Vertiv Holdings -5.5%. Software names weren't spared, as Palantir Technologies dropped 6.9% and C3.ai fell 4.5%.

• Michael Saylor's Strategy (formerly MicroStrategy) purchased an additional $1.9 billion worth of Bitcoin, acquiring 22,048 tokens at an average price of approximately $86,969 between March 24-30. The purchase increases the company's holdings to around $43.4 billion, representing about 2.5% of all Bitcoin slated to be issued. The acquisition was financed through at-the-market common share sales and preferred shares offerings. 

• The Trump family is launching American Bitcoin Corp., a Bitcoin mining venture with Hut 8 Corp (HUT.US). The Miami-based company announced Monday that the new majority-owned subsidiary will focus exclusively on Bitcoin mining and "strategic Bitcoin reserve development." The venture follows Hut 8's acquisition of a majority interest in American Data Centers Inc., a company formed by investors including Eric Trump and Donald Trump Jr. Hut 8 has transferred substantially all its ASIC mining equipment to the new entity in exchange for an 80% stake, with Eric Trump serving as chief strategy officer. Hut 8 shares rose 2% idespite having fallen 43% year-to-date.

Other news coming from individual S&P 500 index companies. Source: Bloomberg Financial LP