• US March CPI Annual Rate Below Expectations
• Goldman Sachs: Scraps recession forecast after Trump's tariff pause.
• Apple shares rise over 15% after tariff suspension.

I. Market Report

Stock futures fell on Thursday after a massive rally on Wall Street spurred by President Donald Trump announcing a 90-day reprieve on some of his “reciprocal” tariffs.

As of 08:30 AM, ET(or 03:30 pm in Riyadh), Dow Jones Industrial Average futures lost 436 points, or 1.07%. Futures tied to the S&P 500 fell 1.44%, while Nasdaq-100 futures traded down 1.82%. Leading the declines were Apple and Tesla, which pulled back more than 3% each in the premarket.

As of 08:10 AM, ET (or 03:10 pm in Riyadh), top pre-market movements are as follows:

II. Flash Headlines

US March CPI Annual Rate Below Expectations

The US Consumer Price Index (CPI) for March increased by 2.40% year-over-year, which was lower than the expected 2.50% and down from the previous month's 2.80%. Unadjusted core CPI annual rate was 2.8%, marking a second consecutive month of decline and reaching its lowest level since March 2021. This figure was below the market expectation of 3.0%.

Goldman Sachs Withdraws Recession Call

Goldman Sachs scraps recession forecast after Trump's tariff pause. Dow Jones jumps nearly 3,000 points, S&P 500 soars 9.5%, Nasdaq 100 rockets 12.2%.

Congress Trading Suspicions Rise

Alexandria Ocasio-Cortez demands disclosure from Congress members after observing a spike in ETF-S&P 500(SPY.US)  and PowerShares QQQ Trust,Series 1(QQQ.US)  call volumes minutes before Trump's tariff pause announcement.

US Stocks Rise After Tariff Suspension

US President Trump suspended tariffs on some countries for 90 days, causing US stocks to turn positive. Analysts warned that permanent damage has been done, and short-term market volatility remains high. The A-share market is more resilient.

Trump Tariff Pause May Be Long-Term

Paul Ashworth at Capital Economics says US President Trump's 90-day tariff pause could become permanent, influenced by market reaction, resembling the 10% tariffs proposed during his campaign.

Fed Officials Worried About Stagflation Before Tariffs

Federal Reserve officials flagged stagflation risks before tariffs were announced on April 2. Minutes from March 18-19 meeting showed officials grappling with Trump's trade policies impact on inflation and employment. Some believed trade-off would be difficult if inflation persisted while growth weakened. Decision to slow balance sheet reduction was made, with some officials objecting.

Fed's Hammack: Markets Functioning Despite Volatility

Cleveland Fed President Beth Hammack said US financial markets are tight but still functioning despite recent volatility in Treasuries caused by Trump's trade policies. Markets are processing information and self-regulating, and the Fed could intervene in money markets if needed.

Trump Trade Policy Weakens Dollar Reserve Status

French Central Bank Governor Francois Villeroy warns Trump's protectionist policies shake trust in US$ as world's main reserve currency, potentially boosting the euro's international payment and reserve role.

Trump Suspends Tariffs, Oil & Gold Surge

US President Trump suspended tariffs on most countries for 90 days, causing crude oil prices to climb above US$65 a barrel and WTI to rise above US$61. Gold prices surged, recording their biggest intraday gain since March 2020. New York copper prices soared as much as 7%.

III. Stocks To Watch

Innovative Stocks to Thrive in Recession

Cathie Wood of ARK Innovation ETF(ARKK.US)  predicts the US economy may fall into recession due to Trump's tariff war, but innovative companies like Palantir Technologies(PLTR.US)  and Tesla Motors, Inc.(TSLA.US)  will benefit as they help businesses become more efficient with AI and offer cost-saving strategies.

Trump Suspends Tariffs, Apple Rallies

Apple Inc.(AAPL.US)  shares rise over 15% after US President Trump suspends tariffs for 90 days, affecting Apple's manufacturing bases in Vietnam, India, and Thailand. The move adds US$400 billion to Apple's market value, nearing US$3 trillion.

Bearish Options Trends for AAPL

Apple Inc.(AAPL.US)  sees deep-pocketed investors adopt a bearish approach. Our tracking shows 281 extraordinary options activities today, with 43% bearish sentiment. Notable options include 128 puts totaling US$11,204,066 and 153 calls amounting to US$18,401,060, aiming for a price range of US$110.0 to US$250.0 over three months.

Nvidia H20 Chip Export Ban Reversed

NVIDIA Corporation(NVDA.US)  sees reversal of planned export restrictions on its H20 AI chips to China after CEO Jensen Huang's meeting with Trump at Mar-a-Lago. Shares jumped 18.72% on Wednesday.

Tesla Enters Saudi Arabia

Tesla Motors, Inc.(TSLA.US)  starts selling in Saudi Arabia amid European sales decline. Launch event set for April 10, 2025 in Riyadh, showcasing vehicles, Cybercab, and Optimus robots. Faces challenges with weak charging infrastructure and low EV adoption.

Trump Media Rallies, Boosts POTUS's Fortune

Trump Media & Technology Group Corp.(DJT.US)  shares surge 21.7% to US$20.27, up 5.23% in after-hours trading. Official Trump (CRYPTO:TRUMP) meme coin gains 7.51% to US$8.08. Trump gains US$410 million, increasing his stake's market value to US$2.32 billion.

Netflix Top Pick By Morgan Stanley

Netflix, Inc.(NFLX.US)  is Morgan Stanley's top pick, expecting resilience amid global weakness. Analysts see recent pullback as buying opportunity with strong subscription momentum. Target price US$1,150, up nearly 22% from Wednesday's close.

Amazon Halts Asian Orders Due To Tariffs

Amazon.com, Inc.(AMZN.US)  reportedly canceled orders over US$500,000 for goods from China, Vietnam, and other Asian countries, affecting beach chairs, scooters, air conditioners, etc., due to US President Trump's tariff plans.

IV. Calendar

Day's Notable Event(s):