<h3>Market Overview</h3>
<p>Affected by the &#34;90-day tariff delay&#34; and &#34;fake news,&#34; U.S. stocks experienced significant volatility in the early trading session, with the market undergoing a roller coaster ride of sharp rises followed by declines within just 15 minutes.</p>
<p>The Dow Jones Industrial Average saw a record swing of 2,595 points from its intraday low to high, while the S&amp;P 500 initially dropped over 20% from its record high set in February, nearly entering bear market territory. During the early session, it rebounded over 8% from its daily low, marking the largest intraday gain from low to high since 2020. Ultimately, the Dow closed down over 300 points, and the S&amp;P has now fallen for four consecutive trading days.</p>
<p>The seven major U.S. tech stocks had mixed performances, with NVIDIA up 3.61%, Amazon rising 2.49%, Meta Platforms increasing 2.28%, and Alphabet A gaining 0.79%; however, Microsoft fell 0.55%, Tesla dropped 2.56%, and Apple declined 3.67%, marking its worst three-day performance since 2001, with a cumulative drop of 19.02% since the close on April 3.</p>
<p>In terms of Chinese concept stocks, the ETF CQQQ fell over 7%, and KWEB dropped over 6%; Xiaomi ADR fell over 14%, Alibaba dropped over 9%, XPeng declined over 8%, Tencent ADR fell over 7%, and NetEase and Li Auto both dropped over 6%.</p>
<h3>U.S. Stocks Experience &#34;Tariff Fake News&#34; Incident</h3>
<p>According to CCTV News, due to Trump's tariff policy, the three major U.S. stock indices continued to decline after the market opened. However, reports from several U.S. media outlets indicated that Kevin Hassett, Chairman of the White House Council of Economic Advisers, stated that President Trump is considering a 90-day suspension of tariffs on certain countries, leading to a rise in the three major indices.</p>
<p>Upon verification, Hassett's original statement during an interview with Fox News was, &#34;The president will make the decisions he needs to make,&#34; and did not explicitly say that &#34;Trump is considering a 90-day suspension of tariffs on certain countries.&#34; White House Press Secretary Caroline Levitt called this &#34;fake news.&#34; As a result, U.S. stocks turned from gains back to losses.</p>
<h3>Trump States He Will Not Suspend Tariff Policy, EU's Tariff Exemption Proposal &#34;Completely Insufficient,&#34; Hints at Willingness to Negotiate</h3>
<p>On Monday, in the late trading session, President Trump stated that he is not considering temporarily halting the so-called &#34;reciprocal tariff&#34; plan on multiple countries but hinted that he might be open to some negotiations.</p>
<p>Trump believes that enforcing tariff policies and negotiating are not contradictory. He stated that tariffs are &#34;very important&#34; to his economic agenda but is open to &#34;reaching fair and good deals with every country,&#34; suggesting that there could be permanent tariffs or negotiations.</p>
<h3>Republican Heavyweights Intensify Criticism of Tariff Policy: Hope Trump Listens to Musk on Trade Policy</h3>
<p>U.S. Senator Ted Cruz intensified his criticism of President Trump's tariff policy on Monday, stating that some voices within the White House hope that high tariffs become a permanent policy, likening it to &#34;angels and demons&#34; vying for influence. He referred to Musk as an &#34;angel,&#34; describing him as a good voice concerned about American jobs. Over the weekend, Musk expressed his hope for the establishment of a &#34;free trade zone&#34; between the U.S. and Europe.</p>
<h3>&#34;Former Federal Reserve Vice Chair&#34;: Stagflation is the Best Situation for the U.S. Today</h3>
<p>Former New York Federal Reserve President Dudley warned that Trump's tariff policy will severely impact the U.S. economy, predicting that inflation will approach 5% in the next six months and that economic growth will slow to around 1% this year. The Federal Reserve faces a dilemma: raising interest rates accelerates recession, while lowering rates worsens inflation. &#34;Don't expect the Federal Reserve to save the U.S. economy.&#34;</p>
<h3>One week later, Goldman Sachs again raised the probability of a U.S. recession from 35% to 45%</h3>
<p>Goldman Sachs stated that due to the &#34;reciprocal tariffs&#34; being much stronger than market expectations, financial conditions have tightened sharply. Coupled with the dual blows of overseas consumer boycotts and policy uncertainty, the probability of the U.S. economy falling into recession in the next 12 months has been significantly raised from the previous 35% to 45%. They also downgraded the U.S. GDP growth forecast for Q4 2025 from 1.0% to only 0.5%.</p>
<h3>BlackRock CEO: The market may face a long-term bottom-fishing opportunity, but a further 20% drop cannot be ruled out</h3>
<p>Larry Fink, the head of Wall Street giant BlackRock, warned that the U.S. economy is weakening, and most CEOs he has spoken to believe the U.S. economy has already entered a recession. The recent panic selling in U.S. stocks has occurred, and Fink revealed that from a long-term perspective, it looks more like a buying opportunity rather than a selling opportunity, but a further 20% drop in U.S. stocks cannot be ruled out. Additionally, Fink questioned the market's expectations for multiple rate cuts this year, revealing that the possibility of the Federal Reserve raising rates cannot be excluded.</p>
<h3>The &#34;eye of the storm&#34; in the tariff war: U.S. tech stocks</h3>
<p>Analysts warn that given the high valuations of tech companies and the expected impact of tariffs on profits, high-valuation tech giants may face declines of up to 50%, with semiconductor and hardware manufacturers being the most affected. In the event of an economic recession, chip stocks are expected to drop at least another 20%.</p>
<h3>Tesla's biggest fan also can't hold on anymore, &#34;halving&#34; target price</h3>
<p>Once a staunch supporter of Tesla, a Wall Street analyst has significantly lowered the target price by as much as 43%. Musk's political stance has turned Tesla into a &#34;political symbol,&#34; potentially losing 10% of its global potential customers. He is also concerned that Tesla may face retaliation against Trump's tariff policy</p>

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<p>In just 15 minutes, the US stock market surged and then fell back into the red. What happened? The sudden rise in the early trading session was attributed to rumors that Trump's tariff policy would be paused for 90 days! However, upon verification, a senior US official's exact words that day were, "The president will make the decisions he needs to make," and did not explicitly state that "Trump is considering suspending tariffs for 90 days on certain countries." The White House press secretary called this "fake news." As a result, the US stock market turned to decline</p>

- U.S. stock markets experienced significant volatility due to reports of a potential 90-day tariff delay, with the Dow Jones fluctuating by a record 2,595 points.  
- Following mixed performances from major tech stocks, analysts warned that high valuations could lead to a potential 50% drop in tech shares, particularly in semiconductors.  
- Economic forecasts have worsened, with Goldman Sachs raising the probability of a recession to 45% and predicting a GDP growth decline for 2025.

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Breakfast | Tariff news blunder, US stocks experience a "roller coaster"! Xiaomi ADR plummets 14%, leading the decline of Chinese concept stocks