Thursday was brutal. Momentum stocks took a nosedive, dragging the rest of the market down with them. Even with President Trump’s temporary tariff delay, markets weren’t buying the optimism.

⚡ Closing Bell:

• Dow Jones: ⬇️ -1.0% › 42,579.1 › Blue chips held up better, but still red.
• S&P 500: ⬇️ -1.8% › 5,738.5 › Momentum meltdown dragged the index lower.
• Nasdaq 100: ⬇️ -2.7% › 18,069.3 › Tech stocks got crushed.
• Russell 2000: ⬇️ -1.6% › 2,151.8 › Small caps weren’t spared either.

Is this just a shakeout—or is the market finally losing momentum?

Economic Signals:
➝ Job Cuts: Highest level since July 2020, led by government layoffs.
➝ Trade Deficit: ⬆️ 34% in January- just what the market didn’t need.
➝ Treasury Yields: Mixed as investors brace for today’s jobs report (forecast: +160K jobs).

Macro Moves:
➝ 10-Year Yield: ⬆️ +1.5 bps › 4.282%
➝ 2-Year Yield: ⬇️ -1.7 bps › 3.969%

❗ Looking Ahead:
Jobs take center stage today, and the stakes are high. After yesterday’s selloff, Wall Street is watching closely—160K new jobs are expected, but anything weaker could reignite recession fears.

A strong print? That could crush hopes for rate cuts. A weak one? The Fed might finally get the excuse to ease up.

#TRUTH:
❗😃 “Everyone has a plan until they get punched in the mouth.” ~ Mike Tyson

Gains & Pains:

➝ Retail Wreck: Costco (-1.98%) slipped after missing profit estimates, while Target (-2.14%) and Best Buy (+4.08%) warned that tariffs could squeeze margins.

➝ Chip Check: Broadcom (-6.39%) reported a strong earnings beat and bullish AI guidance, lifting shares in after-hours trading.

➝ Fun Money Fizzle: DoorDash (-7.66%), Airbnb (-5.45%), and cruise stocks all tumbled as investors bet consumers are tightening their wallets.

➝ Palantir Panic: The AI favorite (-10.80%) had its worst day of 2025, dragged down by insider selling and fears of defense budget cuts.

➝ Lingerie Letdown: Victoria’s Secret (-8.15%) posted its first annual revenue growth since 2021, but weak guidance sent shares tumbling.

➝ Tech Selloff: Tesla (-5.61%) and Nvidia (-5.74%) took heavy losses as retail traders bailed.

➝ Auto Trouble: GM (-2.62%), Ford (-0.41%), and Stellantis (-1.09%) slipped as analysts warned the tariff delay isn’t a real fix.

Earnings Shockers:
✅ Burlington (+8.88%) and Cracker Barrel (+7.52%) jumped on strong sales beats.
❌ Hims & Hers (-15.92%) tanked after a court ruling dimmed weight-loss drug hopes.
❌ MongoDB (-26.94%) suffered its worst one-day drop ever after slashing its outlook.

❌ Netflix (-8.53%) extended its losing streak as traders dumped growth stocks.

Just a Blip:

Treasury Secretary Scott Bessent isn’t sweating inflation concerns from Trump’s latest tariffs. Speaking in New York, he called any price hikes a “one-time adjustment” and dismissed worries that they’d derail the Fed’s 2% inflation target.

Instead of rate cuts, Bessent says the administration is focused on lowering long-term borrowing costs through fiscal policy—think making Trump’s tax cuts permanent and eliminating taxes on tips, Social Security, and overtime pay. He also doubled down on using tariff revenue to fund tax cuts, despite warnings that the levies could stoke inflation.

Reciprocal tariffs on foreign nations are set to kick in April 2, with Bessent taking a swipe at Canada’s response, warning that hardball tactics would only lead to higher tariffs.

On banking, he shot down rumors of regulatory consolidation but pushed for better coordination to get banks lending again.

Fear Has the Wheel Now:

The options market has flipped the script on the Magnificent 7—FOMO is out, and fear is in.

Hedging against losses in megacap tech has gotten significantly more expensive than betting on further upside, signaling that institutional investors are bracing for turbulence. The cost of downside protection is now nearly 1.8 standard deviations above its one-year average, a level rarely seen outside of major market shakeups.

While retail traders are still piling into Tesla and Nvidia, big money is positioning for the possibility that the relentless rally could unwind further. But if history is any guide, a spike in fear often sets the stage for a tradable bottom.

One Employee, One Fortune:

When it comes to squeezing revenue out of each worker, Nvidia is leaving its Big Tech rivals in the dust.

With $3.6 million in revenue per employee, Nvidia is generating 1.5x more than Apple and Meta and nearly double that of Alphabet. Even more impressive? Its $2 million in profit per employee outpaces every other tech giant, making it the most efficient money machine in the BATMMAAN club (Big Tech’s Avengers).

Of course, that’s partly because Nvidia has the smallest workforce in the group, with its headcount leaning heavily on research and development. Compare that to Amazon and Tesla, which sit at the bottom of the revenue-per-employee list. With 1.6 million employees, Amazon runs on logistics and warehouses, while Tesla, despite its software ambitions, is still a capital-heavy automaker.

In short: Nvidia isn’t just leading in AI chips—it’s maximizing every dollar of its workforce better than anyone in Silicon Valley.

Escapes:

Whitefish Range, Montana

Commodities Check : ✔️

• Gold ⬇️ -0.3% › $2,918.80 per troy ounce
• Silver ⬆️ +0.2% › $33.20 per ounce
• WTI Crude Oil ⬇️ -0.1% › $66.26 per barrel

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Disclaimer

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