TLDR 

MARKET RECAP → The S&P 500 dropped in a whirlwind session as traders scrambled to interpret President Donald Trump’s proposed tariffs—some of which seemed to be reversed before the day ended. Ongoing trade policy uncertainty pushed the benchmark index close to correction territory, nearing a 10% decline from its peak.

AIRLINES WARN OF SLUMPING TRAVEL DEMAND → Major U.S. airlines cut forecasts as domestic travel demand weakened, citing economic uncertainty, declining government travel, and shaken consumer confidence.

TRUMP DEFENDS MUSK, VOWS TO BUY A TESLA → Trump slammed the Tesla boycott as “illegal,” pledged to buy one himself, and praised Musk’s government role, while Tesla stock rebounded 2% after heavy losses.

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Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Airlines Warn Of Slumping Travel Demand

Delta, American, and Southwest slashed first-quarter forecasts, citing weaker-than-expected domestic travel demand and economic uncertainty.

American Airlines warned of a deeper-than-expected loss, blaming the fallout from Flight 5342’s collision and softening leisure travel, particularly in March.

Government travel declined under the new Trump administration, further pressuring airlines as Delta noted reduced consumer and corporate confidence.

TODAY’S TOP NEWS

Trump Defends Musk, Vows To Buy A Tesla

Trump backed Musk amid mounting backlash, calling the Tesla boycott “illegal” and vowing to buy a Tesla to show support. He praised Musk for “putting it on the line” to help the U.S.

Tesla struggled as Musk’s government role fueled reputational damage, leading to protests, vandalized cars, and a 45% YTD stock drop. European sales also suffered.

Markets reacted as Tesla shares rebounded 2% premarket, buoyed by Trump’s endorsement and Morgan Stanley urging investors to buy the dip after the selloff.

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