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

0830 - Nonfarm payrolls for March: Expected 140k; Prior 151k
0830 - Unemployment rate for March: Expected 4.1%; Prior 4.1%
0830 - Average hourly earnings y/y for March: Expected 4%; Prior 4%
1125 - Fed’s Powell speaks
1200 - Fed’s Barr speaks
1245 - Fed’s Waller speaks

Big Tech and Semiconductors

-4.23%

Trading sharply lower as a group after the Nasdaq closed more than 5% lower on Thursday, registering its worst session since March 2020. The selloff was attributed to fears over proposed tariffs and supply chain disruptions triggered a massive sell-off, wiping over $1 trillion from the Magnificent Seven’s market cap. Wedbush analyst Dan Ives warned of severe economic consequences if the tariffs remain, though he noted that he is optimistic in the long term.

GOOGL, TSLA, AMZN, MSFT, META, AVGO, MU, MRVL

Chinese ADRs

-7.12%

Gapping down as fears around US tariff plans continue. On Friday morning, China's commerce ministry announced a 34% tariff on all U.S. products Friday, mirroring the levy imposed by the U.S. on Chinese imports. UBS analysts noted that Chinese equities will likely face continued pressure, adding that relief may only come once Beijing provides clearer signals on domestic stimulus measures.

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

Banks and Fintech Companies

-6.23%

Gapping down following a weak session on Thursday following the US tariff announcement, which has led to heightened economic uncertainty. The SPDR S&P Bank ETF (KBE) dropped 8% and the SPDR S&P Regional Banking ETF (KRE) fell over 9%. Bank stocks tend to be notably weak during this type of economic climate due to concerns that a potential economic slowdown can impact financial activity.

JPM, MS, WFC, BAC, GS, AFRM, UPST, SOFI, PYPL

Apple Inc (AAPL)

-5.15%

On watch after Needham maintained a Buy rating and $260 price target for the stock, which was the hardest-hit Mag 7 ticker on Thursday. Needham noted that new tariffs threaten to cut Apple’s fiscal 2025 earnings by 28% unless an exemption is granted. The firm estimated a 30% chance of an exemption but warned of a worst-case scenario where China retaliates by banning Apple sales.

Palantir Technologies Inc (PLTR)

-5.14%

On watch after Marco Rubio, United States Secretary of State, confirmed on Friday morning that the US is looking to increase its defense spending to 5% of the country’s GDP. Palantir, which relies heavily on government contracts, dropped on previous reports suggesting that the Department of Defense was looking to cut back on spending.

GameStop Corp (GME)

-0.52%

The stock pushed higher after the bell on Thursday after a filing revealed CEO Ryan Cohen purchased 500,000 shares at an average price of $21.55, increasing his stake to 8.4%. GameStop rallied last week after announcing that it would be adding Bitcoin as a treasury reserve asset, then dropped the following session upon announcing a $1.3 billion convertible note offering.

Communications Companies

+0.63%

Trading higher premarket after holding up relatively well during Thursday’s tariff-driven selloff. AT&T, T-Mobile, and Verizon all gained at least 1% during the session. These stocks could have been spared from recent market weakness because tariffs are unlikely to impact their core businesses.

T, TMUS, VZ

Retailers and Retail Brands

-8.62%

Trading lower as a group, with several stocks in this space at or below Thursday’s lows. Retailers were hit particularly hard during Thursday’s push to the downside because the new tariffs are likely to impact their margins. These concerns, combined with an earnings miss, led RH to close 40% lower on Thursday.

NKE, LULU, RH, FL, UAA, UA, W, SHOP

Biodexa Pharmaceuticals PLC (BDRX)

+17.01%

Gapping up on no apparent news catalyst. The stock has a float of 534,400 shares, approximately 11.62% of which are sold short.

iCoreConnect Inc (ICCT)

+18.91%

The stock is poised to continue its recent rally, which does not seem to be driven by any specific news catalyst. iCoreConnect has a float of 2.07 million shares and a market capitalization of $10.63 million.