Good Morning! The Dow is on track for its worst April since the Great Depression. Trump’s already blaming Powell, calling him a “major loser” on Truth Social. The dollar hit a 3-year low, and U.S. housing sales fell to a 6-year low.

Harvard’s budget cuts could hit Boston hard. Airbnb will show total booking costs upfront after FTC pressure. Chipotle’s opening its first location in Mexico, and Big Tech kicks off earnings with Tesla today.

Plus: A trade war could threaten Wall Street’s dominance, companies are swapping 401(k)s for equity, and a 5-minute mobility exercise if you work a desk job.

Navigate the market chaos with Bigdata.com’s personalized watchlists and custom daily briefs.

SQUEEZ OF THE DAY

Gold on a Generational Run

Gold is typically a boring, safe-haven asset that’s rarely in the headlines. But in 2025, gold is taking more of the spotlight and rallying like stocks and crypto. Gold surged over 3% yesterday to a record $3,500 an ounce at time of writing.

It’s up 32% year-to-date, has spiked 10% since Trump’s April 2 tariff announcement, and is quickly becoming one of the best-performing assets during a time of economic chaos. 

Gold’s latest rally came the same day the U.S. dollar slumped to a three-year low and Trump fired off a Truth Social post ripping Jerome Powell, calling him “Mr Too Late” and a “major loser.”

Powell’s term runs through May 2026, and he has warned that Trump’s tariffs could lead to higher inflation. Meanwhile, Trump’s trying to strong-arm the Fed into cutting rates early. 

Gold prices have almost doubled since bottoming out around $1,800 in October 2023, all while the S&P 500 is only up 18% in the same time frame. 

Some economists are predicting that tariffs and trade tensions could lead to a recession within the next 90 days. Businesses are already paralyzed by uncertainty, and the dollar’s slide signals that investors expect future inflation.

Gold is a hedge against the chaos, and while investors initially flocked to U.S. Treasuries, inflation concerns have shifted the focus to gold.

Central banks and institutional investors are also doubling down and driving gold’s rally. Notably, China has aggressively increased its gold reserves, which now account for 6.5% of its total foreign exchange holdings.

But some are starting to question if gold’s surge is sustainable. Gold’s fundamentals, such as central bank buying, mining supply limits, and dollar weakness, are going to be there for the foreseeable future. But if trade tensions ease and the dollar strengthens, gold’s rally could cool.

Takeaway: Investors usually pile into gold to play defense. But in 2025? Gold is delivering on offense, too, and is giving investors a rare combo of safety and speculation. But you might not want to get too comfortable.

Technical indicators suggest that gold may be overbought (RSI has climbed above 75) and may be due for a correction. With headlines seemingly changing every day, it’s anyone’s guess how long gold’s glitter lasts.​

HEADLINES

Top Reads

• Dow headed for worst April since Great Depression (WSJ)

• Trump ramps up attacks on Powell, demands 'loser' lower rates 'NOW' (CNBC)

• Can Trump fire Powell? The Supreme Court could make it easier (YF)

• Markets are discovering the real Trump trade is ‘Sell America’ (BB)

• The Federal Reserve's dual mandate dilemma (Axios)

• Airbnb to show full pricing upfront (YF)

• Chipotle to expand to Mexico amid Trump trade war with U.S. neighbor (CNBC)

• U.S. dollar drops to lowest since Feb 2022 over concerns of Fed independence (YF)

• The biggest questions facing Big Tech ahead of earnings (CNBC)

• Goldman gathers rattled hedge fund tycoons in hunt for Mideast cash (YF)

• Boston at risk of wealth spiral if Harvard cuts back on spending (WSJ)

• U.S. homes are selling at their slowest pace in 6 years (NYP)

• Zuckerberg, Dimon are top sellers ahead of tariff stock rout (BB)

• It was supposed to be the best spring homebuying season in years before tariffs (YF)

• How long will big U.S. banks continue to lead the world? (WSJ) 

• There's a move to get workers real long-term ownership in America's companies (CNBC)

• Cali mayor wants to ‘purge’ homeless by giving them ‘all the fentanyl they want’ (NYP)

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CAPITAL PULSE

Markets Rundown

Market Update

• U.S. equity markets dropped sharply as concerns grew over Fed independence following renewed pressure from President Trump to cut interest rates.

• S&P 500 and Nasdaq fell over 1%, with investors wary of political interference in monetary policy and ongoing U.S.-China tariff talks.

• Bond yields rose, with the 10-year Treasury yield up to 4.41%, as markets priced in three to four potential Fed rate cuts this year.

• Conference Board’s Leading Economic Index fell 0.7% in March, below expectations, signaling slower growth but no imminent recession.

• Asian markets mostly rose, while European markets were closed for Easter Monday; the U.S. dollar weakened against major currencies.

• WTI oil prices declined amid U.S.-Iran talks that may lead to sanction relief and increased global oil supply.

• Fed ends quantitative tightening, boosting potential support for Treasury markets through direct bond purchases.

Reported Earnings

• Truist Financial: Reported $0.85 EPS, beating estimates, but net interest income fell 6% year-over-year on higher deposit costs.

• Philips: Surprised with stronger-than-expected core profit, despite ongoing litigation concerns in the U.S.

• Zions Bancorp: Delivered a top-line miss with $0.96 EPS, reflecting pressure from a narrowing net interest margin.

Upcoming Earnings

• Tesla (TSLA):  Focus on margins, EV model delays, and 2025 outlook.

• Lockheed Martin (LMT): Watching defense orders and updated CFO commentary.

• RTX Corporation (RTX): Key interest in aerospace segment performance.

Private Dealmaking

• Nomura acquired Macquaire's US, European units for $1.8 billion

• MidOcean Partners will buy GSTV for around $550 million

• Exaforce, a security ops startup, raised $75 million

• Goodfire, an AI interpretability research company, raised $50 million

• ICL Group acquired Lavie Bio for around $18.75 million

• PhotoPharmics, a light therapy developer, raised $6 million

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

BOOK OF THE DAY

No More Tears

One day in 2004, Gardiner Harris, a pharmaceutical reporter for The New York Times, was early for a flight and sat down at an airport bar.

He struck up a conversation with the woman on the barstool next to him, who happened to be a drug sales rep for Johnson & Johnson.

Her horrific story about unethical sales practices and the devastating impact they’d had on her family fundamentally changed the nature of how Harris would cover the company—and the entire pharmaceutical industry—for the Times.

His subsequent investigations and ongoing research since that very first conversation led to this book—a blistering exposé of a trusted American institution and the largest healthcare conglomerate in the world.

Harris takes us light-years away from the company’s image as the child-friendly “baby company” as he uncovers reams of evidence showing decades of deceitful and dangerous corporate practices that have threatened the lives of millions.

He covers multiple disasters: lies and cover-ups regarding the link of Johnson’s Baby Powder to cancer, the surprising dangers of Tylenol, a criminal campaign to sell antipsychotics that have cost countless lives.

A popular drug used to support cancer patients that actually increases the risk that cancer tumors will grow, and deceptive marketing that accelerated opioid addictions through their product Duragesic (fentanyl) that rival even those of the Sacklers and Purdue Pharma.

Filled with shocking and infuriating but utterly necessary revelations, No More Tears is a landmark work of investigative journalism that lays bare the deeply rooted corruption behind the image of babies bathing with a smile.

“A page-turning drama that raises life-or-death questions about the world’s largest healthcare conglomerate.”

DAILY VISUAL

Trade Negotiations Take Time

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DAILY ACUMEN

Sleep Procrastination

You know you should sleep, but you stay up scrolling or working—called sleep procrastination.

It’s not just laziness; it’s about wanting control after a day of demands, like work or family.

You might chase short-term fun, like watching a show, over the long-term gain of rest.

Stress keeps your mind wired, making it hard to relax, and social media or games give a quick dopamine hit, pushing you to stay awake.

Your body’s sleep clock can also get out of sync from screen light, or if you’re a night owl forced into an early schedule.

To fix it, set a no-screen rule an hour before bed, make a calm nighttime routine, and stick to a consistent sleep schedule—even if it takes weeks to adjust.

ENLIGHTENMENT

Short Squeez Picks

• The rule of 3 in productivity

• How to drive performance without playing the blame game

• Spend 5 minutes a day moving like this, and you’ll move better for life

• How anxiety can transform fear into resilience

• 3 signs you become a chameleon in relationships

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Memes of the Day

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