"We’ve navigated times like these before, and in the long run, we always find a way forward." — Larry Fink

Good Morning! Markets closed out their worst quarter since 2022 (S&P 500 fell 4.6% and the Nasdaq tumbled 10.4%) amid tariff chaos. BlackRock CEO Larry Fink tried to play therapist in his annual letter, urging investors to stay calm and ride out the storm.

OpenAI wrapped up a $40 billion funding round (largest private tech deal on record) at a $300 billion valuation. Blackstone is considering a stake in TikTok, while JPMorgan and BlackRock are doubling down on efforts to ‘privatize’ more of your stock and bond money. On the macro front, Q1 GDP growth is projected at just 0.3%, stoking fresh fears of stagflation on Wall Street.

Plus: Harvard could lose $9 billion in federal funds as the U.S. launched a formal review. Tesla’s Q1 deliveries may drop amid growing Musk backlash. And a former Deutsche Bank exec claims the firm covered up major mishaps from regulators.

With over $10B in global payroll processed, today’s sponsor Deel knows a thing or two about streamlining payroll, especially when it comes to international complexity. Check out their expert insights here.

_{SQUEEZ OF THE DAY}

A Meme Stock is Born

While 2025 hasn’t turned into the IPO boom some bankers hoped for, one company is off to a roaring start: Newsmax. Best known as a conservative news channel (and for getting sued over 2020 election denial), Newsmax just pulled off one of the wildest IPO debuts in recent memory.

Trading under the $NMAX ticker, Newsmax priced its IPO at $10, aiming to raise $75 million. By the end of its first trading day, shares had skyrocketed 735% to $82.25, giving the company a $10.7 billion market cap.

And it didn’t stop there, shares jumped another 27% after hours to $104 (at time of writing), pushing its valuation north of $13 billion. That’s more than the New York Times ($8B), Paramount ($8.4B), and even more than Tegna and Sinclair combined, companies that own nearly 250 local TV stations.

Retail traders flooded in, with Reddit comparisons to GameStop and Fidelity reporting buy orders more than double the sells. The frenzy was so intense, $NMAX was halted multiple times for volatility.

But before you think Newsmax is the next media giant, consider this: the company lost $55 million in the first half of 2024 on just $80 million in revenue. In other words, Newsmax has shaky fundamentals, to say the least. This is starting to look a lot like the next meme stock.

Massive day-one IPO pops like this rarely age well. Bloomberg data shows that stocks which gained 300%+ on debut have fallen an average of 85%, and closer to 99% from their highs.

Newsmax’s wild debut also mirrors other right-wing media plays like Truth Social and Rumble. Trump Media popped 56% on day one, closed at $57.99, and has since bounced between $13 and $40, tracking more with Trump’s actions than business performance (it lost $401 million last year). Rumble peaked at $15.23 late last year but has since been cut in half, now trading near $7.

Takeaway: A stock jumping over 700% on IPO day isn’t exactly good news for the company or its bankers. It usually means the IPO was mispriced, money was left on the table, and the company could have raised significantly more capital. In any case, it looks like retail traders have found a new toy. Buckle up and watch it unfold, or jump in at your own risk.

_{PRESENTED BY DEEL}

Warning: This Guide May Cause Excessive Payroll Expertise

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_HEADLINES

Top Reads

• Stocks close out their worst quarter since 2022 amid tariff uncertainty (NBC)

• Larry Fink's 2025 annual investor letter (BR) 

• OpenAI closes $40 billion funding round, largest private tech deal on record (CNBC)

• Wall Street is fed up with Trump’s tariffs (CNN) 

• Blackstone weighing investment in TikTok (PYMNTS)

• Why JPMorgan and BlackRock want to 'privatize' more of your money (CNBC)

• First-quarter GDP growth will be just 0.3% as tariffs stoke stagflation conditions (CNBC)

• Tesla Q1 deliveries could show buyer backlash to Musk's politics (Axios)

• NYC real-estate-related revenue hit record $37B last year (NYP)

• Former Deutsche exec says bank hid mishaps from regulators (WSJ)

• Hedge funds flee tech stocks before tariffs take hold, says Goldman Sachs (YF)

• The s-word rippling through Wall Street and Main Street (Axios)

• Thames picks KKR as potential owner to lead it out of crisis (YF)

• 'Buy Canadian' movement grows (Reuters)

• White House probes Harvard funding (AP)

• Goldman Sachs sees Trump tariffs spiking inflation (CNBC)

• American auto jobs could be lost quickly in tariff war (CNN)

_{CAPITAL PULSE}

Markets Rundown

Stocks Claw Back, but Tariff Fears and Labor Data Loom

U.S. stocks ended mostly up Monday after a rough start, as trade policy jitters dominated.

Weekend reports hinted at a tougher-than-expected April 2 reciprocal tariff announcement, spooking early trading—especially after last week’s 25% tariff on foreign autos.

Value sectors like consumer staples and utilities led, but tech lagged, reflecting risk-off vibes. The 10-year Treasury yield dipped to 4.22%, signaling a flight to bonds.

Tariff uncertainty has the S&P 500 down 9% from its peak, with markets bracing for April 2’s reveal.

Aggressive tariffs could spike prices and slow growth, fueling volatility.

International stocks are outpacing the U.S.—developed large-caps up 9%, emerging markets up 4.5%—while U.S. investment-grade bonds gained 2.5% YTD. Diversification’s paying off.

Labor data’s also in focus: JOLTS is expected to show job openings at 7.7 million, still tight with openings outnumbering the unemployed.

Friday’s nonfarm payrolls are pegged at 123,000 with unemployment at 4.2%.

Labor’s holding strong, supporting growth despite tariff noise.

Stay diversified—volatility’s not done yet.

Movers & Shakers

• (+) Celsius ($CELH) +6% after the energy drink maker was upgraded by Truist.

• (–) Canada Goose ($GOOS) -4% after Barclays downgraded the luxury jacket company.

• (–) CoreWeave ($CRWV) -7% after the chipmaker’s IPO fizzled out.

Private Dealmaking

• Rocket to buy Mr. Cooper Group for $9.4 billion

• Isomorphic Labs, an AI drug development startup, raised $600 million

• Braze acquired OfferFit for $325 million

• Temporal, a microservices orchestration startup, raised $146 million

• Retym, a semiconductor startup, raised $75 million

• Solace, a healthcare startup, raised $40 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{BOOK OF THE DAY}

Masters of Uncertainty

For Navy SEALs, success isn’t only a result of relentless training in shooting, skydiving, or combat—though they are experts at those things.

The real secret is that they use their innate human capabilities to turn the stress of uncertain and complex situations to their advantage.

In more than two decades of leading, training, and coaching top performers, Rich Diviney (founder of the SEALs’ “Mind Gym”) discovered that while most elite individuals and teams are masters of preparation, it’s how they react when things don’t go according to plan that separates the best from the rest.

They are Masters of Uncertainty.

“Retired Navy SEAL commander and performance expert Rich Diviney reveals a revolutionary method for training individuals and teams to perform at their best, no matter what.”

_{DAILY VISUAL}

The YouTube Era

_{PRESENTED BY BLUEFLAME AI}

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_{DAILY ACUMEN}

Sauna

Regular sauna users in northern Sweden are feeling the glow—better health, higher energy, and more happiness than non-users, plus lower blood pressure and less physical pain.

A 2022 study of 971 adults showed 66% sauna bathed monthly, typically 15-20 minutes at 60-80°C, often with company.

They’re younger, more active, smoke less, but drink more—still, they report less anxiety, less depression, and better sleep.

Benefits peak at 1-4 sessions monthly; more doesn’t add much, and happiness dips past that.

It’s not just wealth—sauna and non-sauna folks had similar education and living conditions.

But the study’s a snapshot; it can’t prove saunas cause the perks—healthier people might just sauna more.

Still, it’s a steamy hint: a good sweat might just melt your stress away, leaving you grinning like you’ve got a secret.

_{ENLIGHTENMENT}

Short Squeez Picks

• People who are easy to talk to never ask these 3 questions

• How to play the political game at work without selling out

• 5 ways prioritizing happiness boosts productivity 

• How to turn getting passed up for a promotion into an opportunity

• How to communicate changes so you inform and inspire

_{MEME-A-PALOOZA}

Memes of the Day