A Black Monday Bounce
NEWS
A Black Monday Bounce
Source: Tenor
It was one of the best Black Monday Crashes of all time, all things considered. Fintwit did its best to rile the market into a fervor this weekend, but equities answered Jim Cramer’s question, “Would we see a second Black Monday Crash?” with a resounding “nah.”
Even so, the VIX hit 60 while the market pumped on a handful of tweets before the White House said, “fake news.” With President Trump threatening a second round of 50% China tariffs and a deluge of callouts from the biggest players in the financial space, it is clear that tariff trouble is not over yet. 👀
Today’s issue covers the tweets that tumbled and the talking-head drama from bank and analyst leaders. And don’t worry, there is still room for price jumps from small players. 📰
Here’s the S&P 500 heatmap. 2 of 11 sectors closed green, with technology (+1%) leading and consumer discretionary (-2%) lagging.
And here are the closing prices:
|
S&P 500 |
5,062 |
-0.23% |
|
Nasdaq |
15,603 |
+0.10% |
|
Russell 2000 |
1,810 |
-0.92% |
|
Dow Jones |
37,966 |
-0.91% |
STOCKS
The Tweet That Tumbled The Market 🤦♂️
Just after 10 am ET, the market turned. Climbing from -4% to an exuberant +3%, the S&P 500 flew on the fresh news: The White House was considering a 90-day pause on tariffs, Fintwit quoted Kevin Hassett, National Economic Council director, speaking on Fox and Friends.
The market jumped $6T as the story ran on CNBC live TV, just as a quick note, across Reuters newswires, and our contemporary live tweeters on X. There was only one small problem: the story was unconfirmed. 🥴
Source: Now deleted post from White House Response Account
The White House called out fake news, and by the end of the day, Trump was in the Oval Office declaring no end to tariffs and threatening even more if China and others tried to fight back. 😡
Hassett had appeared on Fox but dodged the question about a 90-day pause nearly entirely, but the instant media machine we have come to know love and fear spread the improper quote like a virus.
Bloomberg said the flash climb and fall saw $6T in equity flow through the market, and seemed to quote someone like @DeItaone, as a likely source for the headline, but the account was not the only one or largest media source to run with the story. 😐️
Source: X.com – The KobeissiLetter
CNBC said Monday night that they had covered the unconfirmed headline and labeled it as such, but when the VIX is 60, none of that matters. In environments like this, people shoot first and ask questions later. 🤷
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STOCKS
More Weekend Fallout & Follies 😵💫
It was a wild weekend in the financial media. While everyone else was unknowingly enjoying the spring weather, ignorant of the global calamity taking place, those in the media and investment space were hunkered down at their computers.
Here are some of the wildest comments from the last 72 hours. 👇️
Bill Ackman kept his cool head as usual, tweeting: “I just figured out why @howardlutnick is indifferent to the stock market and the economy crashing. He and Cantor are long bonds. He profits when our economy implodes. It’s a bad idea to pick a Secretary of Commerce whose firm is levered long fixed income. It’s an irreconcilable conflict of interest.”
Then, hours later, he retracted his statement: “It was unfair of me to lash out at @howardlutnick. I don’t think he is pursuing his self interest. I am sure he is doing the best he can for the country while representing the President as Commerce Secretary. It is not an easy job and we don’t know how the sausage was made…” 🙃
The trading week started with JPMorgan Chief Jamie Dimon’s annual shareholder letter warning for the first time of higher prices and lower consumption going into the year. Right alongside his letter, shareholders watched as Morgan Stanley analysts downgraded the large and mid-cap banking sector, with just five sessions to go before Q1 reports.
Then, investors enjoyed a light lunchtime Q and A with Larry Fink, CEO of Blackrock, the world’s largest asset manager, speaking at the Economic Club of New York. Fink said most CEOs he talked to said we’re already in a recession.
“We are probably in a recession right now,” Fink said, and due to the inflationary nature of tariffs, he sees zero chance of four or five Fed rate cuts this year. It wasn’t just high-income earners that should be worried, he said, but there were signs average consumers were going to face challenges. Main Street small business owners are not ‘different’ than Wall Street, he said. ⚠️
“In fact, 62% of Americans invest in equities- the market is impacting Main Street,” he said. “Even before this market setback, we were starting to see more and more trepidation by consumers, slowing down purchases. All of this, this market setback, is going to freeze more and more consumption.”
Speaking of slowing down purchases, Wedbush tech bull Dan Ives cut his price target on Tesla by 43% and Apple by 23%, warning tariffs on Chinese manufacturing would hit the firms hard. ✂️
Ives told Bloomberg Television that Tesla, under the increasingly political Chief Elon Musk, worries him. He said the brand was reaching a point of no return.
He thinks consumers are cutting their demand for Tesla by 10% in the U.S. and 20% in the EU based on politics alone, which might cause permanent brand damage. 🪫
On that note, even Musk took a critical stance to tariffs, speaking in the far-off land of Saturday calling for free-trade while slamming White House Trade Advisor Peter Navarro during an appearance at an Italian political convention.
Navarro responded that Musk was a car seller and wrote a Financial Times article that these tariffs were just the beginning. 😤
STOCKS
Other Noteworthy Pops & Drops 📋️
JPMorgan Chase ($JPM +2%): In his annual shareholder letter, JPMorgan Chief Jamie Dimon wrote that tariffs will cause inflation and slow down growth.
Palantir ($PLTR +5%): Bucked a down market downturn, facing a trading halt on volatility. The Department of Defense contractor started the day deep in the red.
Broadcom ($AVGO +9%): The chipmaker announced a new $10 billion share buyback program, which is set to run through the end of the year.
BYD Co. ($BYDDF -8%): The Chinese EV and battery firm BYD announced it would launch its premium Denza brand in Europe, priced at $78k.
Nio Inc. ($NIO – 5%): Reuters reported that Chinese battery giant CATL is in talks to buy a controlling stake in the electric vehicle maker’s power unit.
General Motors ($GM -1%): Bernstein analysts downgraded the automaker to ‘Underperform’ from ‘Market Perform’ and cut their price target from $50 to 35.
US Steel ($X +16%): President Donald Trump ordered the Committee on Foreign Investment in the United States to conduct a new review of the U.S. Steel deal.
Spirit Airlines ($SAVEQ +0.4%): The bankrupt discount airline announced the departure of Chief Ted Christie from the Board Monday.
Rhythm Pharma ($RYTM +17%): The weight-loss-focused pharma climbed after announcing positive results from a drug trial to treat a specific type of obesity.
iBio ($IBO -56%): The nano-cap biotech stock announced positive data from a study conducted in animals for its lead asset IBIO-600. However, the study does not prove statistical significance and only involves a single administration of the antibody.
PRESENTED BY STOCKTWITS
ICYMI: Sunday Outlook With Brian Shannon 👀
Pro trader and Stocktwits user Brian Shannon (@alphatrends) shared with us his downtrend discipline, outlining why he’s not trying to call a bottom and covering the following topics:
-
Why the market is still guilty until proven innocent
-
Lessons from the 1929, 2000, and 2008 declines
-
His new key level — VWAP anchored to the tariff news
-
Individual stock insights on Apple, AMD, Palantir, AT&T, ThredUp, and more
-
Outlook on safe-haven assets like Bonds, as Bitcoin and Gold take a hit
If you’re serious about trading, there’s no better way to prepare than a little Sunday night studying. Catch the replay and join us live at 8 pm ET next Sunday. 📆
STOCKS
There’s Always A Bull(shit) Market Somewhere 🤣
No matter what the broader market is doing, you can be sure that shenanigans are happening somewhere. And today is no different… 🤷
Boca Raton, Florida-based Janover, Inc. is pulling a “Strategy” out of Michael Saylor’s book, offering convertible notes and warrants to raise capital for — drum roll please — investments in digital assets.
It raised roughly $42 million via 5-year convertible notes yielding 2.5% and interest payments paid in cash quarterly. The buyers? An investor group comprising Pantera Capita and cryptocurrency exchange Kraken. 💰️
Janover said its board has adopted a treasury policy under which the principal holding in its treasury reserve on the balance sheet will be allocated to digital assets, starting with Solana (SOL.X). 🪙
CEO Joseph Onorati said, “After building in the crypto industry for more than a decade, we are at a tipping point in mass DeFi adoption. We’re proud to be the first to introduce a digital asset treasury strategy in the US public markets initially focused on Solana.”
The commercial property financing company’s shares soared to a new all-time high on the news, rising 842% on the day. We’ll see if it can maintain its momentum or if its crypto-pivot ends like many of its predecessors’ attempts did.
Source: Stocktwits
WHAT’S ON DECK
Tomorrow’s Top Things 📋
Economic data: NFIB Business Optimism Index (6:00 am), Rebook YoY (8:55 am), Fed Daly Speech (2:00 pm). 📊
Pre-Market Earnings: Tilray Brands ($TLRY), Walgreens Boots Alliance ($WBA), WD-40 ($WDFC). 🛏️
After-Hour Earnings: Cal-Maine Foods ($CALM), Aehr Test Systems ($AEHR). 🎧
P.S. You can listen to all of these earnings calls and more straight from the Stocktwits app or website. You’ll find them on the calendar page and individual symbol pages once they’re set to begin! We’ll see you there. 👍
Links That Don’t Suck 🌐
😬 U.S.’s AI lead over China rapidly shrinking: Stanford report
🤖 Shopify CEO says no new hires without proof AI can’t do the job
🏥 US health insurers jump as 2026 Medicare payment rates exceed expectations
🤑 Google is allegedly paying some AI staff to do nothing for a year rather than join rivals
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