TLDR 

MARKET RECAP → Stocks plummeted on Tariff Thursday, sending the S&P 500 (VOO) into correction territory for its biggest single-day loss since the pandemic-era selloff in 2020.

RESTORATION HARDWARE STOCK NOSEDIVES → 📉 RH's shares dropped 40% after-hours due to new tariffs and a disappointing sales outlook, with CEO Gary Friedman reacting live to the decline.

TRUMP UNLEASHES SWEEPING NEW TARIFFS →🌍 President Trump imposed a 10% universal tariff on imports, triggering market declines and prompting global backlash as trade tensions escalated.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Trump Unleashes Sweeping New Tariffs

Universal Tariff Announced: 🌍 President Trump imposed a 10% universal tariff on all imports and higher rates for select countries, effective April 5, framing the move as a strategy to bolster U.S. manufacturing and reduce trade deficits.

Markets React Sharply: 📉 The stock market tumbled in response, with major indices plunging in the largest single-day loss since 2020 on fears of rising inflation and slowed global growth. Economists warned the sweeping tariffs could intensify recession risks.

Global Backlash Builds: 🌐 The EU and other trade partners criticized the move and prepared retaliatory measures, raising the specter of a full-blown global trade war.

TODAY’S TOP NEWS

Restoration Hardware Stock Nosedives

Stock Takes a Hit: 📉 RH's shares plunged 40% Thursday following the announcement of new tariffs and a full-year sales outlook that fell short of expectations.

CEO's Reaction: 🎙️ During the earnings call, CEO Gary Friedman was caught off guard by the stock's decline, exclaiming, "Oh really? Oh sh**, okay." ​

Tariff Impact: 🌍 The company faces significant exposure to new tariffs, with 72% of its products sourced from Asia, including China and Vietnam, which are subject to tariffs of 34% and 46%, respectively.

KEEP READING

CEOs think Trump’s tariff plan is a ‘huge mistake,’ says Altimeter’s Brad Gerstner (CNBC)

‘Keep your head’ if you’re spooked by tariffs: Warren Buffett suggests reading a 19th century poem when stocks fall (CNBC make it)

Small-cap benchmark Russell 2000 becomes first major U.S. stock measure to enter bear market (CNBC)

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