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NEWS
The Stock Market Needs A Pardon

Source: Tenor

Since we’re handing out presidential pardons to those who’ve stolen investor funds, we should give one out to the broader stock market. That’s a Trevor Milton joke for you who aren’t filled in on that whole saga. Nevertheless, the market’s former tech giants are now leading stocks lower as investors worry about AI growth, Trump’s tariff impacts, and a potential economic recession. 👀 

Today’s issue covers why stocks are sliding into quarter-end, more signs the golden age of grift is upon us, and what drove the biggest market movers. 📰

Here’s the S&P 500 heatmap. 1 of 11 sectors closed green, with utilities (+0.74%) leading and consumer discretionary (-3.11%) lagging.

Source: Finviz

And here are the closing prices: 

STOCKS
Stocks Slide Into Quarter End 😬 

The U.S. stock market is on pace to have its worst month since December 2022, and the S&P 500 is nearly back in “correction territory,” a 10% decline from its recent high. The Nasdaq 100 and Russell 2000 have already crossed this threshold.

Today’s catalysts included several things, starting with the core personal consumption expenditures (PCE) price index. This rose 0.4% MoM and 2.8% YoY, marking its biggest monthly gain since January 2024. A pickup in the Fed’s preferred inflation metric raises concerns about “stagflation,” where growth slows and inflation rises. 😨 

On the tariff front, the mixed signals continue. Trump said he had a ‘very good’ call with Canada’s Carney ahead of the April 2nd reciprocal tariffs deadline. Still, he warned that the EU and Canada would face harsher tariffs if they collaborated “to do economic harm” to the U.S. Additionally, he noted that pharmaceutical tariffs would be incoming. ⚠️ 

Lastly, CoreWeave’s lackluster public debut added to concerns about the AI industry’s growth potential. The Nvidia-backed “hyperscaler” reduced its offering price and number of shares, raising just $1.5 billion instead of $2.7 billion, with Nvidia anchoring the offering with a $250 million investment at $40 per share.

The weak first-day showing cast doubt on the sector and added pressure to an already falling tech sector. Looking ahead, the Stocktwits community remains mixed with the majority of poll respondents expecting it to underperform or match tech’s performance during 2025. 👎️ 

Source: Stocktwits

Investors remain cautious with next week’s tariff deadline and U.S. employment data looming. Bears remain in control as bulls wait for more clarity on these key issues. 😬 

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STOCKS
Other Noteworthy Pops & Drops 📋️ 

Honda ($HMC -5%): The National Highway Traffic Safety Administration (NHTSA) is opening an engineering analysis into over 2.2 million of the Japanese automaker’s vehicles, citing reports they failed to restart after coming to a complete stop.

Toyota Motor ($TM -2%): The Japanese automaker reported a 5.8% jump in sales of its Toyota and Lexus brand vehicles in February, marking the second straight month of growth. Vehicle sales in Japan rose 28.2% and outside the country rose 2.1%.

Tesla ($TSLA -4%): Deutsche Bank lowered its price target from $420 to $345, keeping its ‘Buy’ rating on the shares. It expects weaker first-quarter deliveries.

Katapult Holdings ($KPLT -20%): Revenue rose 9% YoY, but its fourth-quarter loss per share was larger than anticipated. For 2025, the company anticipates at least 20% growth in gross originations and revenue, but that was not enough for bulls.

Blackstone ($BX -4%): Announced that its infrastructure strategy for individual investors has agreed to acquire a minority stake of 22% in AGS Airports from AviAlliance for £235 million (approximately $304.17 million).

Humacyte ($HUMA -5%): The commercial-stage biotech platform reported a narrower-than-expected loss. However, investors are waiting for an update on its pipeline, given it has not generated revenues for two years.

Shell ($SHEL +1%): Activist investor Elliott Investment Management reportedly took a short position of £850 million ($1.1 billion) against the company.

Kyndryl Holdings ($KD -3%): Several brokerages reiterated their bullish stance on the stock, with management responding to short seller Gotham City Research’s allegations by calling the report “inaccurate and deliberately misleading.”

Milestone Pharmaceuticals ($MIST -60%): The Food and Drug Administration (FDA) did not approve its lead investigational product, Cardamyst. The FDA highlighted two key Chemistry, Manufacturing and Controls (CMC) issues and asked the company to submit additional information.

Wolfspeed ($WOLF -52%): Speculation mounted that the company had lost access to CHIPs Act funding and could face bankruptcy. The company has responded to the rumours, stating that it “continues to explore alternatives with regard to its convertible notes, in partnership with its advisors, and remains in a dialogue with lenders, including Apollo and Renesas.”

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STOCKS
One Fraud Released, Another Jailed 👮 

Nikola founder Trevor Milton is officially free following a presidential pardon from Donald Trump. He was convicted in October 2022 of federal crimes related to defrauding investors with false claims about the success of the electric and hydrogen-powered truck maker. He was sentenced to four years in prison. 😐️ 

The move raised many red flags if you want to go down a rabbit hole this weekend. But when asked by reporters about it, here’s how Trump responded. 🤦 

REPORTER: What was your reason for pardoning Trevor Milton?

TRUMP: Highly recommended by many people … they say it was very unfair

— Aaron Rupar (@atrupar)
5:27 PM • Mar 28, 2025

The golden age of the grift is upon us. If you needed any more evidence of that, just see Haily Welch saying the SEC has closed its investigation into “Hawk Tuah Coin” and its 95% crash that wiped out people’s funds. Also, the Senate overturned a Consumer Financial Protection Bureau (CFPB) ruling to cap overdraft fees at $5. Glad we’re focused on the big issues as more pardons roll in. 🙃 

Investors and consumers have been increasingly left to fend for themselves in this deregulated “wild wild west” environment, and it’s set to continue. So ensure you’re reading those terms and conditions closely, because we’re on our own. 🤷 

For those needing a glimmer of hope, while one fraud is getting out of jail, another is headed in. Charlie Javice was found guilty of defrauding JPMorgan Chase in a $175 million deal by vastly overstating the customer list of her startup, Frank.

PRESENTED BY STOCKTWITS
“The Weekend Rip” With Ben & Emil 📺️ 

A wild week—big wins, bigger losses, and plenty of market mayhem to unpack.

• Highs & Lows: Ben went from options-trading king to bagholder in record time—trading really is like a punch from Mike Tyson.

• Market Madness: NVIDIA stumbles, Lululemon blames foreigners, and Rivian tries to woo the Subaru crowd.

• Betting Big: Booking.com puts, SPX heartbreaks, and why even Airbnb can’t lure Canadians south.

• Inflation Watch: Rick Santelli says it’s up, but honestly—bonds are just slow-motion paint drying.

• Cashtag Awards Chaos: Trivia, Stocktwits giveaways, and Ben looking for someone (anyone) to blame for his week.

Links That Don’t Suck 🌐

🧑‍🏫 MarketSurge extended access sale: sign up now and save $125 for a limited time*

◀️ FDIC reverses U.S. crypto banking policy that demanded prior approvals

✈️ Flight bookings between Canada and the U.S. plunge amid Trump’s trade war

🤯 Elon Musk says xAI has acquired X in deal that values social media site at $33 billion

😢 Grayscale Avalanche ETF filing fails to lift AVAX token as crypto markets drop – retail’s divided

🪙 Altcoins plunge, Bitcoin hits $85K after inflation data rattles crypto market — Ethereum drops below $2K

🤖 Got questions about the quantum computing industry? Ask $IONQ’s CEO in a Stocktwits-exclusive interview

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

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