U.S. flag flutters at the Wall Street entrance of the New York Stock Exchange in New York City, U.S., April 4, 2025.
Kylie Cooper | Reuters
My top 10 things to watch Wednesday, April 9
1. Supply chain issues and tariffs: What goods may not be shipped? Can we afford tariffs on key imports from China? Those are big questions facing American consumers and financial markets.
2. President Donald Trump’s country-specific tariffs, including 104% levies on Chinese goods, went into effect at midnight. China promptly put 84% retaliatory levies on U.S. goods.
3. The S&P 500 was heading for a sharply lower open Wednesday as bond yields soared. The threshold S&P 500 close for a bear market is 4,915.32. The Nasdaq is already in a bear market. Oil prices sank 6%.
4. Walmart pulled its operating income outlook due to the uncertain nature of the global trade war. The retailing giant did, however, maintain its first-quarter guidance for 3% to 4% sales growth.
5. Delta Air Lines shelved its expansion plans for the second half of this year, citing uncertainty from the trade war and hits to business and consumer confidence. Second-quarter revenue guidance was light.
6. Jefferies cut its price targets on the hotel chains Marriott, Hilton, and Hyatt — the wind-down in the great travel bull market. I felt it last night when I talked to Viking.
7. Bernstein cuts its Ford rating to an underperform sell with a $7 per share price target. Ford has heading for a fourth straight week of sharp losses. The analysts said tariff risk is not priced into the stock, yet.
8. Bank of America estimates Club name Apple would pay 25% more to assemble iPhones in the U.S., based on higher labor costs alone. BofA maintained a buy on Apple.
9. Price target cuts for Amazon. BofA is worried about the tariff impacts on supply chains and costs. Mizuho said cloud-computing growth could slow due to uncertainty.
10. Wells Fargo cut its DuPont price target to $81 per share but maintained its overweight buy rating. This Club name has been hit hard by tariff fallout, including a questionable probe by Chinese regulators.
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