^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

0830 - Trade balance for February: Expected -$123.5B; Prior -$131.4B
0830 - Initial jobless claims: Expected 225k; Prior 224k
0945 - S&P services PMI for March: Expected 54.2; Prior 54.3
0945 - S&P services composite for March: Expected 53.5; Prior 53.5
1000 - ISM services PMI for March: Expected 52.9; Prior 53.5
1230 - Fed’s Jefferson speaks
1430 - Fed’s Cook speaks

Big Tech

-4.41%

President Donald Trump's newly announced tariffs, which impose reciprocal duty rates based on trade barriers set by other countries, sparked a sharp after-hours market selloff as they exceeded Wall Street’s worst fears. While China, the EU, and Japan face significant new tariffs, Canada and Mexico were excluded, signaling a possible effort to maintain the U.S.-Mexico-Canada Agreement.

META, MSFT, PLTR, NVDA, AMD, AVGO

Apple Inc (AAPL)

-7.11%

The company’s efforts to diversify its supply chain beyond China to India and Vietnam face new challenges as the latest U.S. tariffs impose significant duties on both countries—26% for India and 46% for Vietnam. While China remains Apple’s primary manufacturing hub, accounting for 80% of iPhone production, the company’s expanding presence in India, Vietnam, Malaysia, and Thailand means its global supply chain could be broadly impacted by the new tariffs.

Crypto Stocks

-5.14%

Trading sharply lower as a group as miner stocks tumble on tariff woes. President Trump’s new tariffs, including a 10% minimum on all U.S. imports and higher levies on key trade partners like Thailand and Malaysia, threaten to disrupt the Bitcoin mining industry, which relies on an Asia-based supply chain. Bitcoin, which reached as high as $88,500 on Wednesday, is trading near the $83,000 level on Thursday morning.

COIN, MSTR, MARA, RIOT, IBIT, ETHE, HUT, CLSK, IREN, CAN, HIVE

Tesla Inc (TSLA)

-6.00%

On watch following a volatile, catalyst-heavy session on Wednesday. The company announced the delivery of 336,681 vehicles in Q1 2025, missing estimates of 390,343 and marking a 13% year-over-year decline. The stock rallied after Politico reported that President Donald Trump told his inner circle that Tesla CEO Elon Musk will be stepping back from his government role in the coming weeks; both White House Press Secretary Karoline Leavitt and Musk himself dismissed that report, causing the stock to drop.

Chinese ADRs

-2.82%

Trading lower as a group following a 1.5% decline in the tech-heavy Hang Seng Index during the overnight trading session. US President Donald Trump announced 34% reciprocal tariffs on China in addition to the previous 20% tariff rate on Chinese imports, resulting in a total rate of 54%. Separately, PDD Holdings announced plans to invest over 100 billion yuan (~$13.8B) over three years to support merchants with capital, traffic, and ecosystem resources amid rising pressure and tighter margins.

BABA, PDD, JD, BIDU, BILI, LI, NIO, XPEV, ZK, FXI, KWEB

Amazon, AppLovin, and Oracle

-6.34%

All three stocks are on watch following a series of reports about last-minute bids to keep TikTok in the United States, all of which were released intraday on Wednesday. Amazon popped after the New York Times reported that the company made a bid for TikTok’s US operations, which was later confirmed by the White House; later, CNBC reported that AppLovin would be making its own bid. Oracle has long been considered a top contender in a potential TikTok deal and was mentioned as an involved party in a proposal called “TikTok America”, first reported on Wednesday.

AMZN, APP, ORCL

Novo Nordisk and AstraZeneca

+1.44%

Pharmaceutical products are exempt from the latest U.S. tariffs on major trade partners, a temporary win for drug companies that had lobbied for relief. However, President Trump hinted that the industry could face future tariffs as part of his push to bring pharmaceutical manufacturing back to the U.S.

NVO, AZN

RH (RH)

-28.01%

Gapping down after its Q4 2024 earnings report, with adjusted earnings of $1.58 per share and sales of $812.406 million missing estimates of $1.92 and $829.563 million, respectively. Revenue grew by 10% year-over-year and operating income increased by 38%, though the company mentioned softer demand near the end of the quarter. RH guided Q1 revenue growth between 12.5% and 13.5% and projected 10% to 13% revenue growth for the fiscal year.

Retailers and Retail Brands

-7.43%

Many stocks in the group are gapping down following President Trump’s tariff announcement. With China facing a 54% tariff and other Asian production hubs like Vietnam and Cambodia also heavily impacted, companies like Nike and Lululemon saw steep declines as rising costs threaten margins. Major US retailers like Walmart and Target are also poised to open lower.

NKE, LULU, ONON, FL, SHOP, WMT, TGT, DECK, CROX

Aptevo Therapeutics Inc (APVO)

+125.36%

Gapping up amid an influx of social media attention for the stock. Aptevo has a market capitalization of $1.55 million and a float of approximately 400,000 shares, approximately 8.26% of which are sold short.

Tivic Health Systems Inc (TIVC)

+62.46%

Gapping up on no apparent news catalyst. The stock, which has rallied frequently in the past, has a float of 8.25 million shares.