The S&P 500 futures are down 28 points, the Nasdaq 100 futures have dropped 91 points, and the Dow Jones Industrial Average futures have decreased by 247 points. This reflects a decline of about 0.5% for S&P and Nasdaq futures, and 0.6% for Dow futures. Investors are showing caution as they await new tariff announcements from the Trump administration, along with ongoing concerns from a weak first-quarter performance in the equity markets.
Treasury yields have fallen sharply as investors seek safety before the tariff news. The 10-year yield is down to 4.16%, losing nine basis points, and the 2-year yield is down to 3.85%, decreasing by six basis points.
Economic reports due today include the March S&P Global US Manufacturing PMI at 9:45 ET, followed by the March ISM Manufacturing Index, February JOLTS - Job Openings, and February Construction Spending at 10:00 ET.
Brookfield Asset Management (BAM) has announced a strategic move by acquiring a 50.1% stake in Angel Oak Companies, a firm renowned for its mortgage origination and investment activities. This acquisition is a part of Brookfield's ongoing expansion in the private credit sector, which is the largest growth driver with $317 billion in managed assets. Angel Oak, managing over $18 billion in assets, will continue to operate independently, offering Brookfield's investors access to its specialized residential mortgage credit strategies.
President Trump is set to unveil a "country-based" tariff plan during "Liberation Day" festivities, which is causing significant market anticipation. While the specifics of these tariffs remain undisclosed, the pharmaceutical sector can breathe a sigh of relief as these tariffs will not target pharmaceutical goods. This development comes amid ongoing lobbying by pharma companies for a gradual tariff implementation to mitigate economic impacts.
In the tech sector, Lightmatter, backed by Google (GOOG, GOOGL), has introduced new photonic technology aimed at enhancing AI infrastructure. The M1000 interposer and a new chiplet are designed to improve connections between AI accelerators, marking a significant advancement in semiconductor packaging. This innovation is expected to drive efficiency in AI processing.
On the acquisitions front, Celsius Holdings (CELH) has completed its purchase of Alani Nutrition for $1.8 billion. This acquisition is set to enhance Celsius's brand positioning by targeting Gen Z and millennial consumers with Alani's functional beverages, potentially boosting growth in the energy drink market.
In the airline sector, Jefferies has downgraded several airlines, including American Airlines (AAL) and Delta Air Lines (DAL), to Hold ratings, citing disappointing consumer sentiment and potential impacts from upcoming tariffs. This cautious stance reflects concerns over reduced corporate spending and guidance adjustments for 2025.
Becton Dickinson (BDX) is reportedly in talks with Thermo Fisher (TMO) and Danaher (DHR) regarding the divestiture of its $21 billion life sciences unit. The company is exploring a tax-free share swap or a potential spin-off, with plans to finalize a transaction by next year.
Tesla (TSLA) faces challenges in the European market, with a significant drop in sales in France. Registrations fell by 37% in March, exacerbated by CEO Elon Musk's political involvement and model changes. This decline is part of a broader trend of falling sales in Europe for the electric vehicle manufacturer.
Intel (INTC) is undergoing a leadership change with new CEO Lip-Bu Tan, who is focusing on innovation and seeking candid feedback from customers to address past shortcomings. Tan aims to strengthen Intel's engineering teams to rebuild trust and meet customer expectations.
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