Liberation Day is Here

On Wednesday, President Trump is set to announce his new tariff plans in the White House Rose Garden at 4 p.m. ET, just as U.S. markets close. The announcement, which he has dubbed “Liberation Day,” is expected to introduce a system of “reciprocal tariffs” targeting countries that impose import duties on U.S. goods. While the exact details remain unclear, proposals under consideration include a tiered tariff system with flat rates for different countries and a more customized approach. Reports suggest the tariffs could be as high as 20% on most imports, with the White House stating they will take immediate effect but remain open to future negotiation.

Markets remain on edge, with uncertainty surrounding the scope and impact of the tariffs. Helen Jewell, CIO of fundamental equities EMEA at BlackRock, warns that the announcement may only prolong market uncertainty rather than resolve it. Meanwhile, U.S. Treasury Secretary Scott Bessent has indicated that the initial tariffs will represent a ceiling, with countries having the opportunity to take measures to lower them over time. Investors are eagerly awaiting Trump’s remarks at the “Make America Wealthy Again” event in hopes of gaining more clarity on his trade policy direction.

March Job Growth Beats Expectations

ADP employment data was released this morning and the U.S. economy added 155,000 jobs in March, surpassing expectations of 120,000 and nearly doubling February’s 77,000 gain. Despite concerns over policy uncertainty and consumer sentiment, ADP Chief Economist Nela Richardson highlighted that this was a positive outcome for the economy and businesses of all sizes, though not across all sectors.

Manufacturing saw a notable boost, adding 21,000 jobs—the largest increase since October 2022. Another encouraging sign was the slowdown in wage growth for both job-stayers and job-changers, which could help ease inflationary pressures.

Tesla Q1 Delivery Big Miss Amid Strong Model Y Ramp

Tesla reported 336,681 vehicle deliveries in Q1 2025, falling well short of the 390,343 consensus estimate. This marks Tesla’s first year-over-year decline in deliveries since the pandemic, signaling potential demand challenges, increased competition, and production constraints. While analysts had already anticipated a slowdown, the magnitude of the miss raises concerns about Tesla’s ability to maintain its growth trajectory. However, the company noted that the ramp of the new Model Y continues to go well, suggesting that future quarters could see improvements as production efficiencies increase and new models reach more customers.

Chinese Tech Giants Drive $16 Billion Surge in Nvidia Chip Orders, Undeterred by Regulatory Challenges

ByteDance, Alibaba Group, and Tencent Holdings have collectively placed orders worth at least $16 billion for Nvidia’s H20 server chips, signaling an undeniable surge in demand for AI technology despite growing concerns over China’s energy efficiency regulations. This news comes on the heels of multiple reports claiming that China is curtailing demand for advanced chips due to strict environmental rules aimed at reducing energy consumption. However, these regulatory hurdles are clearly not deterring Chinese tech giants, who continue to aggressively purchase Nvidia’s AI chips.

Meta’s UFC Deal and Senate China Review

Meta is making headlines with two stories. First, the UFC has announced a multimillion-dollar, multi-year partnership with Meta, making the tech giant the “official fan technology partner” of the mixed martial arts league. This deal, separate from UFC’s media rights discussions, will see Meta’s various products, such as Meta AI, Meta Glasses, Meta Quest, Facebook, Instagram, WhatsApp, and Threads, integrated with UFC. The collaboration also strengthens ties between Meta CEO Mark Zuckerberg and UFC CEO Dana White, who joined Meta’s board in January. On a less positive note, a U.S. Senate subcommittee has launched a review into Meta’s efforts to enter the Chinese market, with senators demanding extensive documents, including communications between Meta and Chinese government officials, raising concerns over potential regulatory and geopolitical risks.

What’s Coming Up at Tackle Trading?

The Trader’s Lounge will be held at 1:00 PM EST today as we hold another Macro Monday edition of the lounge. Come start your trading week off right!

Team Phoenix will be held today at 8:30 PM EST. Coach Gino will be helping his trading lab navigate these volatile markets through a variety of time-tested techniques!

S&P 500 (SPY)

Another gap down that got gobbled up giving the bulls some hope here and this support level is forming nicely. A lot of news in the next couple of days with tariffs and payrolls but at this point that support level has more strength than it has in some time.