Shoppers walk past a Nike store, as global markets brace for a hit to trade and growth caused by U.S. President Donald Trump’s decision to impose import tariffs on dozens of countries, in the King of Prussia Mall in King of Prussia, Pennsylvania, U.S., April 3, 2025.
Rachel Wisniewski | Reuters
My top 10 things to watch Friday, April 11
1. Wall Street is heading higher open this morning, one day after the S&P 500 was unable to build on Wednesday’s historic rally and resumed its slide. Bond yields were up again Friday.
2. The March producer price index came in cooler than expected today, similar to yesterday’s CPI. These inflation reports gave the Federal Reserve some room ahead of expected tariff price pressures.
3. Stocks with China exposure are now no good. Can you own anything after China took its turn and went to 125% on tariffs? Even Club name Apple will be hurt very bad.
4. Citi cut its Nvidia price target and said sales are slowing for the Club name’s graphics processing units (GPUs), the gold standard in artificial intelligence chips.
5. Piper Sandler is worried about the U.S. trade war with China. The analysts cut their price targets on Nike, Lululemon, and On Holding. They kept their buy ratings on Nike and On and their hold on Lululemon.
6. Financials, as usual, kicked off Q1 earnings: JPMorgan topped expectations. Helped by booming equity trading activity due to this year’s market volatility. CEO Jamie Dimon said the economy faces “considerable turbulence.”
7. Club name BlackRock missed on assets under management. Not good. Has the stock dropped enough? The quarter was mixed: earnings per share (EPS) beat and revenue was a slight miss.
8. Wells Fargo, also a portfolio name, reported an increase in EPS on stable investment banking and wealth management. But the bank missed on revenue. Net interest income fell.
9. Bank of America upgraded American Express to a buy. But why now? Travel and entertainment bull markets are wavering. The analysts cited a flight to quality for their call.
10. There are “sainted stocks,” which means price targets can still go higher into earnings. Some of the ones I’ve seen this morning: Mondelez, Chubb, and Humana — to name a few.
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