🩸 Q1 Just Wrapped Up...

Good afternoon! Nvidia CEO Jensen Huang’s black leather jacket has quietly become one of tech’s most recognizable fashion statements—right up there with Steve Jobs’ turtleneck. As Nvidia climbed to the top of the AI mountain, Huang leaned into his signature look so hard that he accepted a bejeweled version of the jacket from a robot during a keynote. The jacket has become so iconic that 21 different online retailers are hawking knockoff versions, often using Huang’s image, with prices suspiciously under $100.

The problem? These jackets are likely as authentic as a bootleg DVD. Fashion experts say the sites appear to be scams or low-end copycats, all using nearly identical product descriptions and shady addresses.

MARKETS

• Stocks stumbled out of the gate Tuesday but found their footing as investors braced for President Trump’s long-awaited tariff announcement, now scheduled for 4 p.m. Wednesday in the Rose Garden. With economic data coming in soft and tariff uncertainty swirling, traders struggled to find direction all day, sending indexes on a rollercoaster ride.

• The S&P 500 ended up 0.4% after swinging nearly 2% peak-to-trough, while the Nasdaq climbed 0.9% and snapped a four-day losing streak. The Dow barely budged, closing 12 points lower, as Wall Street waited for "Liberation Day" to either unshackle or spook the market.

STOCKS
Winners & Losers

What’s up 📈

• Newsmax exploded 179.01% as retail traders kept piling into the conservative media stock after its massive debut. ($NMAX)

• PVH Corp jumped 18.24% following an earnings beat driven by strong Calvin Klein and Tommy Hilfiger performance. ($PVH)

• Progress Software gained 12.13% after it topped earnings estimates and issued full-year guidance that came in above expectations. ($PRGS)

• First Watch Restaurant Group rose 7.57% after TD Cowen upgraded the breakfast chain, citing better marketing in 2025. ($FWRG)

• Bloom Energy advanced 8.04% after announcing a collaboration with Conagra Brands to deploy its fuel cell tech in Ohio. ($BE)

• Strategy (formerly MicroStrategy) rose 6.16% after disclosing a $1.9 billion bitcoin purchase. ($MSTR)

• Roblox added 4.63% after announcing a partnership with Google to roll out rewarded video ads. ($RBLX)

• Tesla climbed 3.59% ahead of its Q1 deliveries report expected Wednesday. ($TSLA)

• Shake Shack rose 3.21% after Loop Capital upgraded the burger chain to buy. ($SHAK)

What’s down 📉

• Johnson & Johnson fell 7.59% after a judge rejected its $10B talc settlement offer. ($JNJ)

• Southwest Airlines dropped 5.93% after Jefferies downgraded the stock to underperform. ($LUV)

• Delta Air Lines declined 2.71% and American Airlines shed 2.37% after Jefferies downgraded both carriers to hold. ($DAL, $AAL)

• On Holding slipped 2.78% after announcing a CEO transition to a single-leader structure. ($ONON)

Q1
Wall Street’s Had A Rough Start To 2025

The first quarter just wrapped yesterday—and let’s just say, Wall Street might want a do-over.

The S&P 500 dropped 4.6% for its worst quarterly performance since 2022. The Nasdaq sank nearly 11%, and even the usually steady Dow lost 1.3%. It’s a sharp U-turn from late 2024, when falling rates and an AI-driven rally had bulls dancing in the streets. But then came tariffs, inflation jitters, and a fading labor market—an unholy trifecta that soured sentiment fast.

What worked—and what tanked

Energy was the MVP of Q1, rising 9.3%. Healthcare and utilities rounded out the top three, proving that when the economy wobbles, investors head for the “safe-ish” stuff. On the stock level, CVS Health skyrocketed 51%, Philip Morris lit up with a 31% gain, and Newmont shined with a 29% rally.

At the bottom of the leaderboard? Consumer discretionary and tech. Deckers fell off a cliff with a 46% drop, Tesla lost 37%, and ON Semiconductor matched that fall. It was a brutal quarter for the Magnificent Seven, whose combined S&P 500 weight shrank from 33.5% to 30.5%.

Meanwhile, gold had its best quarter since 1986, jumping 19% as investors reached for a good old-fashioned hedge.

Abroad is looking better than home

With tariff tension clouding the outlook, some investors are shifting their gaze overseas. The Stoxx Europe 600 outperformed the S&P 500 by nearly 10% in Q1—its biggest lead since 2015. And while US stocks floundered, the MSCI World ex-US index gained 6.5%, widening the performance gap to the largest since 1988.

It’s enough to make you question the “US exceptionalism” narrative. Especially when the equal-weight S&P and the Dow outpaced the tech-heavy, cap-weighted S&P—a rare combo that’s only happened 26% of the time since 1990.

So what now? Tariffs, rate uncertainty, and recession fears are keeping traders jittery. Volatility is back, with the VIX creeping above 20 and the VVIX notching its biggest jump of the year. Big Wall Street names—from Goldman to Barclays—are trimming their S&P 500 year-end targets.

Still, not everyone’s heading for the hills. Some strategists see this selloff as a classic 10% correction—not a full-on bear. And history shows that quarters like this often lead to bounce-backs. Since 2000, when the S&P drops more than 5% in a quarter, the next one tends to deliver better-than-average gains.

But with Trump’s “Liberation Day” literally tomorrow, the Fed’s May rate decision looming, and earnings season about to kick off, Q2 isn’t likely to be smooth sailing either.

NEWS
Market Movements

• 🚀 CoreWeave shares soar 42% in third trading day: CoreWeave rebounded above its IPO price on Tuesday, rising nearly 42% to close at $52.57, after falling below its $40 IPO price on Monday. The AI cloud firm launched the biggest U.S. venture-backed tech IPO since 2021. ($CRWV)

• 💊 Hims & Hers adds new GLP-1 drugs, stock rises 5%: Hims & Hers Health added Zepbound, Mounjaro, and generic liraglutide to its weight loss platform, expanding GLP-1 offerings amid a shifting regulatory landscape. Shares closed up 5% Tuesday. ($HIMS)

• 📺 Newsmax stock surges another 179% after IPO: Newsmax soared nearly 180% on Tuesday, bringing its two-day gain to over 1,500% and pushing its valuation to nearly $30B—eclipsing media giants like Warner Bros. Discovery. ($NMAX)

• ⚓ China blocks BlackRock’s $23B port terminal deal: China halted BlackRock’s acquisition of CK Hutchison’s port terminals in a $23B deal with MSC, impacting ports near the Panama Canal. BlackRock emphasized the $68T infrastructure opportunity in its annual letter. ($BLK

• 🧠 OpenAI secures $40B in funding at $300B valuation: OpenAI has secured $40B in new funding led by SoftBank, valuing the company at $300B — nearly double its $157B valuation from October — and marking the largest private AI financing round to date.

• 🚗 Hyundai warns U.S. dealers of price hikes from auto tariffs: Hyundai warned U.S. dealers of potential price hikes due to Trump’s 25% auto tariffs starting April 2, which could add up to $6,000 per vehicle. The company recently announced a $21B U.S. investment to offset import exposure.

• 🎬 Amazon to release 14+ theatrical films annually: Amazon announced plans to release 14+ theatrical films annually, rivaling major studios, as part of a strategy to boost box office revenue and strengthen Prime Video. ($AMZN)

• ⚖️ Judge rejects J&J’s $9B talc settlement: A judge rejected Johnson & Johnson’s $9B bankruptcy-based talc settlement, citing insufficient claimant consent and voting irregularities. The company will reverse $7B in reserves and return to fighting 90,000+ lawsuits in the tort system. ($JNJ)

• 🚀 SpaceX launches 6th private astronaut mission: SpaceX launched its 6th private astronaut mission on March 31, sending four civilians on a first-of-its-kind polar orbit around Earth. The mission will last for 3–5 days.

TECH
Meta Hypernova Glasses May Cost $1,000 and Use a Tiny Screen

Meta’s gearing up to put your phone… on your face.

The company’s next high-end smart glasses—codenamed Hypernova—could launch by year’s end, with a price tag between $1,000 and $1,400. Unlike the current Ray-Ban Meta glasses, these come with a built-in screen, gesture controls, and the ambition to make your iPhone feel like a flip phone.

Meta’s betting that its AI-first, always-on specs will be the future of computing—and that you'll actually wear them.

A tiny screen, a big swing

The standout feature: a small screen tucked into the lower-right corner of the right lens. That’s where you’ll see photos, maps, messages, and apps—while controlling it via swipes along the temple or finger-pinching gestures using Meta’s new neural wristband, Ceres, bundled in the box.

You won’t be browsing an app store yet, but you will get a familiar home screen, a horizontal row of circular app icons à la iPhone dock. Meta View—the companion app—will still do most of the heavy lifting, including syncing notifications, music, and calls from your phone.

Not your average Ray-Bans

The Hypernova will keep Meta’s style-focused Wayfarer vibe, but the internals are getting a glow-up. Expect an upgraded camera that Meta says rivals the iPhone 13, improved audio, and integration with Qualcomm chips and Android-based software. A new carrying case—shaped like a triangle prism—is also in the works.

But this is just the start. Meta’s already working on Hypernova 2, with screens in both eyes (coming 2027), and a screen-free Supernova 2 optimized for athletes via a partnership with Oakley.

The elephant in the smart room

Meta’s challenge isn’t hardware—it’s software. The glasses rely on Meta’s View app, which still struggles with Apple’s iOS limits. Unless Meta finds a way around the ecosystem wall, iPhone users might end up frustrated.

Still, Zuckerberg’s betting big. He sees glasses as the next frontier after phones—and with Hypernova, Meta wants to get there before Apple does.

The question is: Will you actually want to wear your notifications on your nose?

Calendar
On The Horizon

Tomorrow

Wall Street has a mixed bag on the calendar tomorrow—earnings from BlackBerry, UniFirst, and RH are set to trickle in, alongside the ADP employment report that’ll offer a pulse check on private-sector hiring. It’s not the flashiest slate, but it might offer some early hints on the broader economic mood.

But the main stage belongs to Washington. President Trump is rolling out his long-anticipated tariff package, marking what he’s dubbed “Liberation Day.” Investors are bracing for the ripple effects, with little indication that any last-minute reprieve is in the cards.

NEWS
The Daily Rundown

• 🧍‍♀️ H&M Creates AI Clones of Real Models for E-Commerce Shoots: H&M is developing “digital twins” of models that are nearly indistinguishable from their human counterparts. The company plans to digitize 30 models in 2024 with the help of tech firm Uncut, capturing details down to birthmarks and movement patterns. While models retain rights to their digital selves, concerns are growing that this tech could displace rising talent and creative workers behind traditional shoots.

• 🛃 Trump’s ‘Liberation Day’ Tariffs Set to Launch Tomorrow: President Trump is expected to roll out a broad set of tariffs aimed at rebalancing trade, including a 25% tax on autos and possible duties on pharmaceuticals. These tariffs will reflect the taxes other nations impose on U.S. exports, with retaliation from allies likely. Businesses are bracing for higher costs across global supply chains.

• 🇫🇷 Marine Le Pen Banned from 2027 French Election Over Fraud Conviction: Marine Le Pen was convicted of misusing $5 million in EU funds and sentenced to four years, two of which will be served under house arrest. The ruling bars her from running in the 2027 presidential election, where she had been the favorite. Le Pen has vowed to appeal, calling the ruling politically motivated.

• 🪪 DMVs Swamped as Real ID Deadline Approaches: With Real ID enforcement beginning May 7, DMV offices across the U.S. are overwhelmed by last-minute applicants. Some Americans are mistakenly applying for regular IDs, while others are buying appointment slots online due to long waits. Airlines fear travel disruptions, especially in states with low Real ID adoption like Pennsylvania.

• 📺 Max’s Logo Evolves Again, Returns to Its HBO Roots: Warner Bros. Discovery unveiled a new black-and-white Max logo that nods to the original HBO branding. After years of rebrands, the streamer now seems to be embracing its mature content lineage with shows like The White Lotus and The Last of Us. Despite prior attempts to broaden appeal, prestige TV is back in focus.

• 🎓 Trump Admin Launches $9B Antisemitism Probe Into Harvard’s Funding: The Department of Education is reviewing Harvard’s federal funding amid accusations the university failed to address antisemitism. Similar investigations led to funding cuts at Columbia University. Harvard says it's working to combat antisemitism but acknowledges more needs to be done.

• 💼 BlackRock CEO Pushes for Wider Access to Private Markets: In his annual letter, BlackRock’s Larry Fink called for democratizing private market investing to benefit average Americans. He argued this move could diversify returns and bolster retirement planning. The letter focused on financial inclusion and avoided political themes seen in past years.

• ⚖️ Supreme Court Leans Toward Tax Break for Catholic Charities: The U.S. Supreme Court appears likely to support Catholic Charities’ claim for unemployment tax exemption under religious protections. Justices questioned whether the group’s charitable work could be considered secular. A ruling in favor may have sweeping implications for nonprofit exemptions nationwide.

• 💸 Elon Musk Under Scrutiny for $1M Checks in Wisconsin Judicial Race: Musk made headlines by donating $1 million each to two Wisconsin voters backing a conservative Supreme Court candidate. Critics claim it borders on vote-buying, though the state’s high court allowed it. The move highlights growing billionaire influence in local judicial elections.

• ✈️ FAA Rolls Out Privacy Protections for Private Jet Owners: Private aircraft owners can now request that their registration info be withheld from public databases, effective March 28. The FAA’s move aims to protect high-profile flyers from tracking, a concern voiced by Elon Musk and Taylor Swift. The agency may soon automate these protections pending feedback.

RESOURCES
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