Good Morning! Secretary Lutnick poured cold water on tech tariff exemptions. Harvard faculty sued the Trump admin over funding threats, U.S. consumer sentiment hit near-record lows, and NYC sushi prices may rise due to tariffs.

Plus: Activist nuns target corporate America, Jamie Dimon says S&P 500 earnings estimates are about to take a haircut, and Rory McIlroy completed the career grand slam after Masters win.

Securities exam? Ace them with Knopman Marks, the fastest prep-to-pass program in the industry.

_{SQUEEZ OF THE DAY}

Global Funds Cool on U.S. PE

Some of the world’s largest pension funds are pulling back from U.S. private markets, and they’re citing one main reason: Trump-era chaos.

The Canada Pension Plan Investment Board (CPPIB) and Denmark’s AkademikerPension, among others, are either pausing new investments or reassessing exposure to U.S. private equity and infrastructure.

Their concerns? Unpredictable trade policies, the potential loss of tax-exempt status, and rising geopolitical risk, from tariff threats to Greenland takeover talk.

An executive at a major Danish fund put it bluntly: “If some private equity funds come by and say ‘we have a great investment in the US’, we will say ‘no thank you, come back in half a year when things are more stable and foreseeable.’”

Market volatility has been picking up as Trump floated steep tariffs on top trading partners, before doing a partial walk-back. Meanwhile, Canadian officials are worried that U.S. infrastructure deals could become political footballs. A person familiar with CPPIB said it would be “incredibly difficult” to commit new capital in the current environment.

The numbers are significant: CPPIB has nearly $50 billion deployed across U.S. private equity funds including Blackstone, Carlyle, and Silver Lake, and owns stakes in over 50 major U.S. properties.

Even Caisse de dépôt et placement du Québec (CDPQ), which plans to maintain its U.S. PE exposure, admitted that “tariff noise makes it harder to evaluate businesses” and that they’re pricing in more risk.

And it’s not just economic friction, Trump’s suggestion that Canada should become the 51st U.S. state hasn’t exactly won hearts north of the border.

Takeaway: With Trump's volatility creeping back into global headlines, institutional capital is showing early signs of hesitation. If uncertainty continues, PE firms may find their most dependable LPs waiting on the sidelines, or asking for a discount. When Trump’s in charge, even Greenland isn’t off the table... and neither is your term sheet.

_HEADLINES

Top Reads

• Secretary Lutnick pours cold water on tech tariff exemptions (TS)

• Harvard faculty sue Trump admin (NYT)

• MLB could see private equity interest as uncertainties lie ahead (CNBC)

• Apple gears up for new Vision Pros (BB)

• Larry Fink says U.S. is very close to a recession (CNBC)

• Activist nuns take on corporate America through stock market investments (ABC)

• China hits back, hikes tariffs on US goods to 125% from 84% (YF)

• US consumer sentiment plummets to second-lowest level on records (CNN)

• NYC sushi could get even pricier with tariffs (BB)

• With IPOs on hold even longer, tariffs spell trouble for private tech investors (CNBC)

• HSBC explores private credit (YF)

• Jamie Dimon says he expects S&P 500 earnings estimates to fall (CNBC)

• Stock market volatility brings on more volatility (Axios)

• JPMorgan Chase tops expectations, Dimon says economy faces ‘turbulence’ (CNBC)

• Tesla pulls US-made orders in China (NYT)

• Fed says rising bond yields show investors are moving on from the U.S. (CNBC)

• Rory coaster ride nets Masters win, career Slam (ESPN)

_{PRESENTED BY KNOPMAN MARKS}

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_{CAPITAL PULSE}

Markets Rundown

Stocks Rise, Earnings Strong, Inflation Cools

Stocks rose on Friday, ending a volatile week, with materials and tech sectors leading gains.

Consumer sentiment fell to 50.8 in April, missing the expected 54.0, as tariff fears pushed 12-month inflation expectations to 6.7% from 5.0%.

Asia markets were mixed—China raised U.S. tariffs to 125%—while Europe dipped slightly.

The 10-year Treasury yield hit 4.5%, the U.S. dollar weakened, and WTI oil rose after recent declines.

Earnings season began strongly, with JPMorgan Chase, Wells Fargo, and Morgan Stanley beating estimates.

S&P 500 first-quarter earnings growth is now at 6.4%, with seven sectors expected to improve year-over-year.

Full-year 2025 earnings growth is projected at 10.5%, supporting stock prices long-term.

Producer price inflation dropped to 2.7% in March, below the forecasted 3.3%, led by a 4.0% fall in energy prices.

Core PPI hit 3.3%, under the expected 3.6%. Tariffs may cause short-term price hikes, but inflation is moderating overall.

Movers & Shakers

• (+) MicroStrategy ($MSTR) +10% because the company’s significant Bitcoin holdings appreciated.

• (+) Apple ($AAPL) +4% after analysts weigh impact of tariffs and price hikes on the company’s business.

• (–) Frontier Group ($ULCC) -6% after the budget airline pulled its full-year outlook

Private Dealmaking

• Jobandtalent, a short term work platform, raised $103 million

• Incidenti, an incident management startup, raised $62 million

• Tessell, a multi-cloud database developer, raised $60 million

• nEye Systems, an optical switch startup, raised $58 million

• Anecdotes, a GRC automation platform, raised $55 million

• Meanwhile, a Bitcoin life insurance firm, raised $40 million

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

_{BOOK OF THE DAY}

Dividend Investing

Dividend Investing by Jenny Van Leeuwen Harrington, is the definitive book on how to construct a portfolio of dividend income paying stocks to create a dependable, consistent source of income to be used as a source of supplemental income, replacement income to support a healthy retirement or simply a source of emotional comfort.

Dividends have long provided a reliable source of income used by everyone from the ultra-wealthy to pragmatic hard workers who have diligently saved for retirement. Once established, a dividend stock portfolio can provide income that is not only tax advantaged, but can grow steadily into the future, keeping up with inflation, all while requiring only minimal intellectual work and no physical effort on the part of the investor.

Readers will learn how to fully research a stock to reduce the risks of downside and ensure a steady future stream of dividend income. They will then learn how to construct and maintain a well-organized portfolio that is appropriately diversified by style of company as well as industry and sector.

Readers will learn how to navigate the inevitable missteps of dividend cuts and negative surprises, while maintaining the integrity and income generation ability of their portfolios.

Ms. Harrington shares insights and experiences of her clients as they have navigated dividend income investing, and in doing so, brings her readers into a world of like-minded, real people who have worked hard, saved responsibly and are able to use their dividend income streams to live their lives happily and without financial stress.

“An investment in knowledge pays the best interest.”

_{DAILY VISUAL}

Arrivals at Top 10 US Airports Slowing

_{PRESENTED BY BIGDATA.COM}

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_{DAILY ACUMEN}

Being Helpful

Being helpful is an underrated daily habit that builds trust and strengthens relationships.

After a rejection, consistent kindness and support turned a “no” into a 17-year marriage—helpfulness made the difference.

The people you value most, like favorite colleagues or bosses, often lend an ear, work alongside you, or give their time.

Small acts—bringing coffee, assisting with tasks—leave a lasting impact: people remember how you made them feel.

At work, supporting a struggling colleague builds trust over time.

It’s harder with familiarity, as self-focus can disconnect you, but staying helpful inspires reciprocity and fosters stronger bonds.

Play the long game to deepen relationships.

_{ENLIGHTENMENT}

Short Squeez Picks

• How to take back the conversation in any meeting

• A simple formula for a pretty nice life

• 5 ways to escape middle management 

• The ultimate book list for personal growth

• How to gain influence at work by building social influence

_{MEME-A-PALOOZA}

Memes of the Day