Dow Jones Today: Stock Futures Point to Lower Open for Major Indexes After Yesterday’s Mas
April 10, 2025
The Key Questions Facing the Bond Market1 hr 2 min ago The bond market may indeed be “beautiful,” as President Donald Trump declared after a historic day for markets. But it’s also a little confused.
Bond markets stabilized some Wednesday on the news of Trump’s 90-day reprieve on punitive country-by-country tariffs, but were rocky again Thursday. But, some big questions for bond investors remain unanswered. Will the tariffs that Trump stuck with—or escalated in China’s case—prompt an inflation rebound? And has Trump inflicted permanent damage to global investors’ demand for U.S. government debt?
The questions are relevant far outside of Wall Street, since bond markets affect mortgage rates for homebuyers and are a key part of retirement portfolios. U.S. government bonds also underpin the global financial system, and this week’s turbulence showed some cracks that may not be patched soon.
“Unfortunately, Pandora’s tariff box is open, and the 90-day reprieve still leaves massive uncertainty on the table,” Andrew Brenner, head of international fixed income at NatAlliance Securities, wrote in a note to clients on Thursday.
Bond volatility is “off the charts,” he added, pointing to the massive jump in the interest rate on bonds this week. Traders are still scratching their heads about the precise reason or reasons behind the volatility.
Read the full article here.
–Polo Rocha
Apple Resumes Its Slide After Best Day Since 19982 hr 13 min ago Apple (AAPL) shares tumbled Thursday, giving back some of their gains from a historic rally yesterday when President Trump paused most of the tariffs that took effect overnight.
Apple stock was down 6% in recent trading. Shares skyrocketed 15.3% yesterday, their biggest one-day gain since 1998, after President Trump announced a 90-day pause on nearly all of the “reciprocal tariffs” he unveiled last week.
Apple has been hit particularly hard by President Trump’s tariffs, especially those on China, where the company manufactures an estimated 90% of its products. Shares slumped nearly 25% between Trump’s tariff announcement last week and yesterday’s pause.
Bank of America analysts on Monday maintained a “buy” rating on Apple stock, citing its stable cash flows, resilient earnings, and potential benefits from AI. And in a note on Tuesday, BofA called the pullback “a particularly enhanced buying opportunity for investors to own a high-quality name.”
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Hector Retamal / AFP / Getty Images
Despite Wednesday’s tariff pause, Apple still finds itself in the middle of escalating U.S.-China tensions. China matched Trump’s 34% tariff rate last week, a move that prompted Trump to further increase tariffs on Chinese imports. Another round of retaliation from China led Trump on Wednesday to raise the rate on Chinese goods to 125% from 104%.
Apple is reportedly planning to ship more U.S.-bound iPhones from India to mitigate the tariff impact. Morgan Stanley analysts in a note on Wednesday said Apple would need to double iPhone production in India to completely decouple U.S. consumers from Chinese manufacturing. “To us, this is fathomable, but might take longer than 6-12 months,” the analysts wrote.
In the near term, Apple could pull its lower-margin, low-storage iPhone models and lean into financing plans to offset the headwind of higher prices, according to analysts.
Tesla Stock Price Levels to Watch Amid Recent Volatility3 hr 7 min ago Tesla (TSLA) shares tumbled Thursday after surging 23% yesterday following President Trump’s decision to delay some tariffs for 90 days.
The electric vehicle maker’s stock has faced significant selling pressure in recent weeks amid worries about weaker-than-expected deliveries and political backlash to CEO Elon Musk’s involvement in the Trump administration. Uncertainty over the Trump administration’s tariffs have added to concerns, with Musk reportedly urging the president earlier this week to reverse Washington’s sweeping import duties.
After falling below the 200-day moving average in early March, Tesla shares have carved two troughs on the chart, potentially forming a double bottom pattern. Source: TradingView.com.
As the most recent trough made a slightly lower low, the relative strength index (RSI) made a comparatively shallower low to create a bullish divergence, a chart signal that could point to waning selling momentum.
Investors should monitor a key support level on Tesla’s chart near $225, while watching overhead areas around $289, $360, and $430 if the stock resumes its upswing.
The stock was down 10% at around $245 in midday trading.
Read the full technical analysis piece here.
–Timothy Smith
US Steel Stock Drops as Trump Pushes Back on Japan Deal3 hr 57 min ago Shares of U.S. Steel (X) tumbled Thursday morning after President Donald Trump reportedly said that he doesn’t want foreign ownership of the company.
Trump said that he doesn’t want U.S. Steel purchased by “any other place,” Bloomberg reported.
Trump pointed to higher steel orders for the company as an indication of its improved footing, the report said. The president also said that U.S. Steel was “the number one company in the world for a long time,” according to the report, adding “that’s why we don’t want to see it go to Japan, and we love Japan but U.S. Steel is a very special company.”
Earlier this week, Trump ordered a review of Nippon Steel’s proposed takeover bid after former President Joe Biden blocked the $14.1 billion deal, based on the view that the sale could pose a threat to national security. The companies had sued the U.S. government to challenge the decision.
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Shares of U.S. Steel, which were down about 7% in recent trading, surged earlier this year amid hopes Trump would reverse Biden’s order. Even with this morning’s decline, the stock has gained about 24% since the start of 2025.
Intel Levels to Watch Amid Tariff-Induced Price Swings4 hr 38 min ago Intel (INTC) shares tumbled Thursday morning after soaring yesterday, in line with moves by the broader chip sector following yesterday’s announcement of a pause in many U.S. tariffs.
After forming a double top between January 2020 and April 2021, Intel shares have trended sharply lower, with a countertrend rally to the 50-month moving average (MA) in December 2023 running into immediate selling pressure. Source: TradingView.com.
More recently, bears drove a brief sell-off below last year’s September low before bulls reclaimed this key level during Wednesday’s bullish reversal, potentially setting the stage for follow-though buying. However, investors should brace for further volatility ahead, with trading volume picking up in the stock since August last year.
Investors should monitor key overhead areas on Intel’s chart near $25 and $35, while also watching a crucial zone of support between $18.50 and $17.
Intel shares were down about 6% at $20.20 in recent trading, giving back some of yesterday’s 19% gain. Through the close of trading Wednesday, the stock had lost 44% over the past 12 months amid uncertainty surrounding the chipmaker’s restructuring plans and constant deal speculation.
Read the full technical analysis piece here.
–Timothy Smith
Modelo Parent Constellation Brands Issues Soft Outlook5 hr 33 min ago Constellation Brands (STZ) shares were wavering between gains and losses early Thursday, a day after the alcoholic drinks maker posted a soft outlook for the full year. The company, which imports Corona and Modelo beers from Mexico, also announced plans to sell some of its lower-cost wine brands.
For fiscal 2026, Constellation projected adjusted earnings per share (EPS) of $12.60 to $12.90, below the consensus from analysts surveyed by Visible Alpha. The company also slashed its enterprise net sales projection to a decline of 2% to a rise of 1%. Previously, it had projected an increase of 2% to 4%. It also trimmed its fiscal 2027 to 2028 forecasts.
Those lowered projections, Constellation said, reflects “the anticipated impact” of the reciprocal tariffs announced on April 2 as well as those against Canada on March 4.
Those changes to its outlook came as Constellation posted fourth-quarter adjusted EPS of $2.63 on net sales of $2.16 billion, ahead of analysts’ estimates.
The company also said that as part of a multi-year restructuring, it is also selling some of its lower-cost wine brands. It is keeping those brands “predominantly priced $15 and above” such as Robert Mondavi Winery and Kim Crawford.
Constellation shares fell nearly 5% in the opening minutes of trading but inched into positive territory recently. Coming into Thursday’s session, the stock had lost close to a third of its value over the past 12 months.
–Nisha Gopalan
CarMax Earnings Disappoint, Growth Targets Suspended5 hr 57 min ago CarMax (KMX) shares plunged in premarket trading Thursday after the used-car retailer’s fiscal fourth-quarter profit and used-vehicle sales came in below analysts’ expectations.
The Virginia-based company reported earnings per share (EPS) of $0.58 on net sales and operating revenue of $6.00 billion, both up from $0.32 and $5.63 billion a year ago. Analysts polled by Visible Alpha, however, had projected $0.68 and $5.99 billion, respectively.
CarMax sold a total of 301,811 used vehicles, including 182,655 retail and 119,156 wholesale units, each below consensus. Analysts were looking for 312,800 units of combined sales, consisting of 185,900 retail and 126,900 wholesale vehicles.
The company didn’t give specific financial forecasts for fiscal 2026, but did suspend the timelines for its previously announced long-term growth targets “given the potential impact of broader macro factors.”
A year ago, CarMax said it expected to reach 2 million annual vehicle sales between fiscal 2026 and 2030. It said that before it reached that unit figure, it expected annual revenue to reach $33 billion and market share of up to 10-year-old used vehicles to hit 5%.
Analysts have said both new and used cars are likely to become thousands of dollars more expensive as a result of the Trump administration’s tariffs.
CarMax shares, which entered Thursday down 4% over the past 12 months, were down 11% shortly before the opening bell, outpacing the declines on the broader stock market this morning.
–Aaron McDade
Stocks Still Below Pre-‘Liberation Day’ Levels6 hr 26 min ago Despite Wednesday’s historic gains, the major indexes are still below where they were just before Trump announced his plan for sweeping tariffs on April 2, a day the president referred to as “Liberation Day.”
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For the year, the Dow was down 4.6% coming through Wednesday’s close, while the S&P 500 and Nasdaq are down 7.2% and 11.3%, respectively, so far in 2025.
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Major Stock Index Futures Lose Ground6 hr 50 min ago Futures tied to the Dow Jones Industrial Average were down 1.3%, or about 500 points.
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S&P 500 futures slipped 1.8%.
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Nasdaq 100 futures were off 2.3%.
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