Good Morning! Economic anxiety is on the rise, with consumers expecting 6.7% inflation next year. Nvidia unveiled plans to build AI supercomputers entirely in the U.S. as part of a $500 billion investment.

Carmaker stocks rose after Trump said he wants to help the industry. Washington is also targeting new chip tariffs. Meanwhile, 60% of CEOs now expect a recession by October, and Intel is selling its Altera stake to private equity giant Silver Lake.

Plus: Starbucks is tightening dress code for its baristas, Blue Origin’s all-female crew made it back to Earth safely, and zero-day options fuel volatility on Wall Street.

Thinking about multi-country payroll? Start with the data. Today’s partner has a guide for that.

_{SQUEEZ OF THE DAY}

Wall Street’s Trading Craze

It’s been a volatile couple of months for the stock market…but Wall Street’s biggest traders are seizing the opportunity and booking record quarters. 

Goldman Sachs, JPMorgan, and Morgan Stanley all just announced record revenue for equity trading, and that was before President Trump’s April 2nd Liberation Day, which threw even more gas on the fire. 

Goldman’s equities trading revenue jumped 27% year-over-year to $4.19 billion, Morgan Stanley posted a 45% increase to $4.13 billion, and JPMorgan’s trading desk announced a 48% jump to $3.81 billion. All three banks eclipsed record highs, and with no end to volatility in sight, Wall Street trading desks are where you want to be in 2025.

The trading boom has largely been fueled by investor anxiety over Trump’s economic policies, including new tariffs and broader geopolitical uncertainty.

And the party might not be over yet. JPMorgan recorded some of its biggest trading days in early April as volatility surged.

Still, the good times come with caveats. Goldman CEO David Solomon warned that the “uncertainty around the path forward” and risk of an escalating trade war are weighing on corporate decision-making.

Goldman’s investment banking revenue fell 8% last quarter, dragged down by a 22% drop in M&A advisory fees as many IPOs and deals were shelved.

Takeaway: The trading boom isn’t without risks. Right now, it’s generally been "good volatility," which is good for traders, and "bad volatility," where liquidity dries up and losses spiral, could crush the industry. Wall Street’s trading desks are printing money for now but the real question is how long “good volatility” lasts before the tide turns.

_HEADLINES

Top Reads

• From Wall Street to Main Street, Economic anxiety is on the rise (CNBC)

• Nvidia to mass produce AI supercomputers in Texas (CNBC)

• Hermès market value surpasses LVMH, which once tried to buy it (BB)

• Starbucks tightens dress-code rules for its baristas (BB)

• Auto stocks rise as Trump says he wants to ‘help’ some car companies (CNBC)

• Trump says he'll announce new chips tariffs over the next week (Axios)

• More than 60% of CEOs expect a recession in the next 6 months (CNBC)

• Markets revisit familiar ground, and that has investors jittery (Axios)

• Fed's Waller: Tariffs could be 'biggest shock' to US economy in decades (YF)

• Wealthy buyers are backing out of multimillion-dollar home deals (WSJ)

• Zero-day options are fueling volatility on Wall Street (CNBC)

• Blue Origin launches all-female crew into space, completes safe landing (Fox)

• Airlines bank even more on splurging vacationers as clouds form on economy (CNBC)

• JPMorgan cuts oil price forecasts on weak demand, higher output (YF)

• 60% of Coachella tickets were purchased using Buy Now, Pay Later (MSN)

_{PRESENTED BY DEEL}

The Multi-Country Payroll Guide That’s Setting the Standard

Managing payroll across borders isn’t just about sending paychecks on time — it’s a strategic function tied to compliance, scalability, and operational resilience. So why are so many global teams still flying blind?

This Gartner® Market Guide (courtesy of Deel) maps out what today’s leaders need to know about multi-country payroll providers — who the major players are, key selection criteria, and how to avoid common implementation pitfalls.

Here’s what you’ll learn:

• Analyst-backed insights: See how providers stack up in 2024

• A risk-proof ops strategy: Understand the compliance implications of fragmented payroll 

• How to scale smarter: Discover tech that grows with your team, wherever they go

If you’re building a global team, this isn’t just a read — it’s required homework.

_{CAPITAL PULSE}

Markets Rundown

Stocks Surge on Tariff Relief

U.S. and global equities rose after the Trump administration exempted smartphones, computers, semiconductors, and electronics from "reciprocal" tariffs, including China's 125% and the 10% baseline for others.

Trump also hinted at temporary exemptions for imported vehicles and parts to boost domestic manufacturing.

Small- and mid-caps outperformed, and the Nasdaq gained, though Commerce Secretary Lutnick warned the exemptions are temporary, with semiconductor tariffs expected in 1-2 months.

The 90-day tariff pause (excluding China) may ease volatility after the VIX hit 52 on 4/8/25.

Negotiations could reduce uncertainty, and historically, a VIX above 43 has led to strong 6- and 12-month equity returns.

First-quarter earnings season intensifies this holiday-shortened week. Estimated growth is 7.3%, down from 18.2% last quarter, with health care and tech leading, and energy and materials lagging.

S&P 500 full-year growth is projected at 10%, but revisions may drop as growth slows.

Valuations are now at or below 10-year averages, offering potential for better long-term returns.

Movers & Shakers

• (+) Viking Therapeutics ($VKTX) +11% after competitor Pfizer pauses its weight loss pill development.

• (+) Intel ($INTC) +3% because the chipmaker announced it is going to sell its majority stake in Altera.

• (–) DaVita ($DVA) -3% after the kidney dialysis company was a victim of a cyberattack.

Private Dealmaking

• Intel sold its 51% stake in Altera for $4.4 billion

• KKR bought OSTTRA, a post-trade services firm, for $3.1 billion

• BayPine bought CenExel for $1.5 billion

• Mainspring Energy, a linear generators maker, raised $258 million

• General Matter, a uranium startup, raised $50 million

• LiveKit, a network infrastructure startup, raised $45 million

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

_{BOOK OF THE DAY}

The Courage to be Disliked

Now you can unlock your full potential and free yourself from the shackles of past traumas and societal expectations to find true personal happiness.

Based on the theories of renowned psychologist Alfred Adler, this book guides you through the principles of self-forgiveness, self-care, and mind decluttering in a straightforward, easy-to-digest style that’s accessible to all.

The Courage to Be Disliked unfolds as a dialogue between a philosopher and a young man, who, over the course of five enriching conversations, realizes that each of us is in control of our life’s direction, independent of past burdens and expectations of others.

Wise, empowering, and profoundly liberating, this book is a life-changing experience that shows you a path to lasting happiness and how to finally be the person you truly want to be. Millions are already benefiting from its teachings—and you can be next.

“An international bestseller and TikTok sensation with more than 10 million copies sold worldwide.”

_{DAILY VISUAL}

Inflation Fears Hit 44-Year High

_{PRESENTED BY RYSE}

This Smart Home Company Grew 200% Year-Over-Year…

Ring and Nest transformed security and climate control—now this tech startup is doing the same for window shades.

With $10M+ in revenue, 127 Best Buy locations, and expansion into Home Depot in 2025, they are positioned to dominate the $158B smart home market. Their patented retrofit technology makes automation easy—no costly replacements needed.

The smart home market is booming, and you can invest at just $1.90/share.

Earn up to 25% in Bonus Shares.

_{DAILY ACUMEN}

New Way to Set Goals

Spotify grew to 626 million users by not sticking to a strict plan—they kept changing, trying new things, and learning from mistakes.

Most people set goals in a straight line: make a plan, follow it, win.

But that old way can make you stressed, scared to fail, and stuck, especially when life gets messy and unpredictable.

It can even push you to compete too hard or lose your drive.

There’s a better way called nonlinear goal setting, and it’s like exploring instead of racing.

First, watch yourself like a detective—write down what makes you excited or tired each day in a notebook.

Next, try small, easy tests, like a game, to see what happens; don’t worry about winning, just learn.

Then, take time to think about what you found out and decide what to try next.

This way keeps you curious, not stressed, and helps you grow without needing to be perfect.

Start with one tiny test today and see where it takes you.

_{ENLIGHTENMENT}

Short Squeez Picks

• Why kindness and intentionality matter more in business

• Beautiful vs. practical advice

• 5 ways to reduce to microplastics in your body 

• A 3-step guide to become a better listener

• How to build career resilience in uncertain times 

_{MEME-A-PALOOZA}

Memes of the Day