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

1000 - Wholesale inventories m/m (revised) for February: Expected 0.2%; Prior 0.3%
1100 - Fed’s Barkin speaks
1400 - FOMC meeting minutes

Chinese ADRs

+2.23%

On watch as a group as trade tensions between the US and China continue to escalate, with the US enacting 104% tariffs on China as of Wednesday at 12:01 AM. On Wednesday morning, China’s finance ministry announced that it would begin imposing additional tariffs of 84% on US goods as of Thursday, April 10. US Treasury Secretary Scott Bessent said that “anything is on the table” when asked about the potential removal of Chinese stocks from US exchanges, but added that the final decision would belong to President Trump.

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

Apple Inc (AAPL)

-2.01%

Trading lower premarket after China announced an additional 84% tariff on US goods around 7:00 AM ET. The tariff will go into effect as of Thursday, April 10. Separately, the Times of India reported that the company urgently airlifted five planeloads of iPhones and other products from India and China to the U.S. in late March as it stockpiles inventory to cushion the blow from escalating trade tensions.

Meta Platforms and Amazon.com

-0.43%

Both stocks had their price targets cut by BofA Securities, though their Buy ratings were maintained in both cases. The analyst cut its price target on Meta Platforms to $640 from $765, citing risks to ad spending due to negative headlines and recent tariff announcements. BofA Securities lowered its price target on Amazon from $257 to $225 due to concerns that tariffs on Chinese goods could disrupt supply chains and drive up costs.

META, AMZN

Delta Air Lines Inc (DAL)

+3.76%

Trading higher premarket following its Q1 2025 earnings report, with adjusted earnings of $0.46 per share and sales of $14.04 billion beating estimates of $0.38 and $13.02 billion, respectively. The company guided Q2 revenue growth between -2% and 2% and earnings between $1.70 and $2.30 per share, missing estimates of $2.39.

Pharma Stocks

-3.03%

Trading lower as a group after President Trump reiterated plans to impose major tariffs on drug imports, ending the sector’s previous exemption and sparking fears over supply chain disruptions. US Trade Representative Jamieson Greer also indicated that pharmaceutical companies and semiconductors are set to face tariffs during his testimony for the Senate on Tuesday.

LLY, NVO, AZN, PFE, MRNA

FatPipe Inc (FATN)

-21.92%

On watch following its IPO on the Nasdaq on Tuesday, which saw the stock open at $6.50 and trade as high as $23 before closing at the $13 level. FatPipe raised $4 million through its initial public offering of 695,656 shares, priced at $5.75 per share. The company works in the software space.

Crypto Stocks

-1.14%

Trading lower as a group after China announced it will be raising additional tariffs on US goods from 34% to 84%, effective April 10. Bitcoin dropped to recent support above $74,000 following the announcement and is trading around $76,000 as of 7:35 AM ET. The cryptocurrency made highs just below $81,000 on Tuesday but closed just above $76,000 due to a market-wide drop.

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

United States Steel Corp (X)

+1.02%

Trading higher premarket after announcing that activist investor Ancora Holdings, previously opposed to its $55-per-share merger with Japan’s Nippon Steel, has reversed its stance and now supports the deal. Ancora recently proposed an alternative plan involving a $75-per-share cash offer but stated it won’t obstruct the current agreement despite owning less than 1% of the company.

Venus Concept Inc (VERO)

+264.10%

Gapping up after announcing $23.24 million in bride financing courtesy of Madryn Health Partners. The stock has a float of 486,290 shares, approximately 8.94% of which are sold short.

Femto Technologies Inc (FMTO)

+109.66%

Continuing to trade higher after gaining nearly 400% on Tuesday on no apparent news catalyst. The stock has a float of approximately 2.3 million shares.

SCWorx Corp (WORX)

+72.11%

Gapping up on no apparent catalyst. The stock has a float of approximately 1.26 million shares and has rallied in the past.