Market Digest — 2026-04-03

Kun Lu

- 11 minutes read - 2175 words

Market Snapshot

IndexCloseChange% Change
S&P 5006,582.69+7.37+0.11%
NASDAQ21,879.18+38.23+0.18%
DOW46,504.67-61.07-0.13%
Russell 20002,530.04+17.67+0.70%
VIX23.87-0.66-2.69%

Breaking News & Macro Events

Steel, Aluminum, Copper Tariff Adjustments Take Effect April 6 — KPMG

New Section 232 tariff rules go live Sunday: 50% on articles made entirely of steel/aluminum/copper, 25% on derivative articles, 15% on select metal-intensive industrial/grid equipment through 2027. One year after “Liberation Day,” tariffs represent the largest US tax increase as a percentage of GDP since 1993, averaging $1,500 per household in 2026.

Oil Prices Surge Amid Middle East Escalation — FinancialContent

Crude oil trading $105–$115/barrel as escalating US-Israeli conflict with Iran threatens Strait of Hormuz transit (10%+ of global oil supply). WTI surged 6.5% to $111.54. The oil shock collides with a stronger-than-expected March jobs report (178K vs. 65K estimate), creating tension between a resilient labor market and mounting inflationary pressure.

March Jobs Report Blows Past Estimates: 178K vs. 65K — FinancialContent

Nonfarm payrolls came in nearly 3x consensus, with unemployment ticking down to 4.3%. Strong hiring signals a resilient economy but reduces near-term Fed easing odds — Treasuries sold off as traders pared rate-cut bets.

Dimon: U.S. Confronting Greatest Geopolitical Risks Since WWII — Newsmax

JPMorgan CEO Jamie Dimon warns the US faces the greatest convergence of political tensions, financial vulnerability, and technological disruption in 80+ years. Projects AI will reduce the standard workweek to 3.5 days within 30 years.

Economic Calendar

Key Data:

IndicatorLatestPreviousAs Of
Fed Funds Rate3.64%3.64%2026-03-01
CPI327.460326.5882026-02-01
10Y Yield4.31%—2026-04-03
Breakeven Inflation2.34%2.31%2026-04-02

Next FOMC Meeting: 2026-04-28 (25 days away)

Upcoming Releases (Next 7 Days):

DateEventPreviousForecast
2026-04-04Good Friday — Markets Closed——
2026-04-06Section 232 Tariffs Take Effect——

Watchlist

Dividend Stocks

COST — Costco Wholesale ($1,014.96, +1.95%)

NKE — Nike Inc. ($44.19, -1.22%) ⚠️ near 52W low

  • Earnings: 2026-06-25 (83 days away)
  • Ex-Dividend: 2026-03-01 (past) | Yield: 3.71%
  • 52W Range: $43.17 — $80.17 (within 2.4% of 52W low) ⚠️
  • News: Nike stock plunges 15.5% on weak earnings and China concerns — 35% YoY net income decline, 10% drop in China sales, weak outlook citing tariffs and Middle East disruptions

PFE — Pfizer Inc. ($28.32, -0.74%) ⚠️ near 52W high

  • Earnings: 2026-05-05 (32 days away)
  • Ex-Dividend: 2026-01-22 (past) | Yield: 6.07%
  • 52W Range: $20.92 — $28.75 (within 1.5% of 52W high) ⚠️
  • News: Pfizer closes South San Francisco research site — R&D productivity focus amid patent expirations; stock up 11% YTD

UPS — United Parcel Service ($98.18, +0.09%)

Growth Stocks

AAPL — Apple Inc. ($255.92, +0.37%)

AMD — Advanced Micro Devices ($217.50, +3.37%) ⚠️ big mover

  • Earnings: 2026-05-05 (32 days away)
  • 52W Range: $76.48 — $267.08
  • News: AMD surges on Erste Group upgrade to Buy — robust data center demand and expanding margins; Wells Fargo adds to Q2 Tactical Ideas List

AMZN — Amazon.com Inc. ($209.77, -0.06%)

CRCL — Circle ($90.26, -0.74%)

FIG — Simplify Exchange Traded Funds ($21.27, +3.78%) ⚠️ big mover

  • Earnings: 2026-04-29 (26 days away)
  • 52W Range: $19.70 — $142.92
  • News: Limited news flow — ETF trading on NYSEARCA with macro strategy focus

GE — GE Aerospace ($281.16, -4.04%) ⚠️ big mover

GOOG — Alphabet Inc. ($294.46, -0.20%)

HIMS — Hims & Hers Health ($19.14, -3.09%) ⚠️ big mover

  • Earnings: 2026-05-04 (31 days away)
  • 52W Range: $13.74 — $70.43
  • News: Hims resolves Novo Nordisk dispute — partnership enables branded weight-loss drugs; data breach affecting third-party customer service platform disclosed

INTC — Intel Corporation ($50.38, +4.61%) ⚠️ big mover

META — Meta Platforms ($574.46, -0.71%)

MSTR — Strategy Inc. ($119.83, -2.34%)

NNE — Nano Nuclear Energy ($21.38, +3.33%) ⚠️ big mover

NVDA — NVIDIA Corporation ($177.39, +0.74%)

OKLO — Oklo Inc. ($48.13, -0.43%)

RKLB — Rocket Lab USA ($67.73, +1.77%)

SMR — NuScale Power ($10.15, -1.65%)

  • Earnings: 2026-05-11 (38 days away)
  • 52W Range: $9.65 — $57.42
  • News: NuScale plummets 80% from October high — class action lawsuits over ENTRA1 dealings; $495M payment triggered 3,000% admin expense surge

SMCI — Super Micro Computer ($23.22, +2.93%)

SOFI — SoFi Technologies ($15.85, +1.28%)

  • Earnings: 2026-04-29 (26 days away)
  • 52W Range: $8.60 — $32.73
  • News: SoFi launches Big Business Banking platform — enterprise deposits and settlement; Muddy Waters short campaign alleging $312M+ restatements; record $1.013B adjusted net revenue (+37% YoY)

TEM — Tempus AI ($47.39, +0.72%)

TSM — Taiwan Semiconductor ($339.04, -0.95%) ⚠️ earnings in 13 days

  • Earnings: 2026-04-16 (13 days away) ⚠️
  • 52W Range: $134.25 — $390.21
  • News: TSMC building new 3nm plant in Japan — D.A. Davidson initiates Buy with $450 target; outperforming at +12.8% YTD while major tech peers decline

UNH — UnitedHealth Group ($277.26, +1.45%)

Commodities & FX

AssetPriceChange% Change
Gold$4,651.50-$55.60-1.18%
WTI Oil$111.54+$6.82+6.51%
Brent Oil$109.03+$2.18+2.04%
EUR/USD1.1500-0.0023-0.20%
USD/JPY159.64+0.11+0.07%
10Y Yield4.31%-0.01-0.14%
US Dollar (DXY)100.19+0.18+0.18%

Notable Voices

Cathie Wood Full CNBC Interview — Cathie Wood, CNBC (2026-04-01)

Wood added OpenAI exposure to three flagship ARK ETFs (ARKK, ARKW, ARKF) at ~3% allocations, doubling down on AI. Maintains a “Goldilocks” 2026 outlook: 5% GDP growth powered by AI-driven productivity gains and a deflationary environment.

Jim Cramer on Volatile Market — Jim Cramer, CNBC (2026-04-02)

Cramer warns the market rebound lacks broad leadership, driven mainly by a narrow group of AI-related data center stocks. Notes the senior housing sector as a bright spot. Advises caution given concentrated gains.

Dimon: Greatest Geopolitical Risks Since WWII — Jamie Dimon, Newsmax (2026-04-02)

Dimon warns the US faces the greatest convergence of political, financial, and technological disruption in over 80 years. Projects AI will reduce the standard workweek to 3.5 days within 30 years. Launching “American Dream” initiative.

Buffett’s $400 Billion Warning — Warren Buffett, Nasdaq (2026-04-01)

Buffett maintains a record $381.7B cash position with the Buffett Indicator at 202.9%, suggesting significant overvaluation. Patient and waiting for “a price that makes sense.” Berkshire snapped an 8-day losing streak on April 1.

Dan Ives: AI Software a ‘Generational Opportunity’ — Dan Ives, Motley Fool (2026-04-01)

Ives characterizes 2026 as a “prove it year” for AI, calling software pullbacks a generational buying opportunity. Projects Nvidia reaching $6T market cap by 2027 and tech stocks up 20–25% this year.

Tom Lee: ‘Joy, Depression, and Rally’ in 2026 — Tom Lee, Yahoo Finance (2026-Q1)

Lee expects the S&P 500 to reach 7,300 but warns of a likely 20% drawdown triggering bear market territory before a recovery to 7,700 by year-end. Sees energy stocks outperforming tech in 2026.

Howard Marks: Reflections on Credit and AI — Howard Marks, Oaktree Capital (2026-03-24)

Marks shared reflections at Oaktree’s client conference on credit market evolution, the nature of mispricings, and AI’s impact on investment themes. Emphasis on disciplined positioning amid uncertainty.

Market Outlook

Markets traded in a tight range as investors digested a blockbuster March jobs report (178K vs. 65K expected) alongside a 6.5% surge in WTI crude to $111.54 on Middle East escalation — a textbook stagflationary cocktail. The strong labor data effectively takes a near-term Fed cut off the table, with the next FOMC meeting on April 28 likely a hold at 3.50–3.75%, while oil-driven inflation and new Section 232 tariffs taking effect Sunday add to the cost pressure. Small caps outperformed (+0.70%) as Russell 2000 benefited from the domestic hiring strength, while the Dow lagged on GE Aerospace’s 4% drop. With earnings season kicking off in two weeks — TSM on April 16, followed by a wave of mega-cap tech reports — the market’s ability to sustain current levels depends on whether corporate profits can absorb the dual headwinds of $110+ oil and escalating trade costs.

This digest is for informational purposes only and does not constitute financial advice.

References

  1. Steel, Aluminum, Copper Tariff Adjustments — KPMG, 2026-04-03
  2. March 2026 Jobs Report: Strong Hiring Meets $110 Oil Shock — FinancialContent, 2026-04-03
  3. Dimon: Greatest Geopolitical Risks Since WWII — Newsmax, 2026-04-02
  4. Federal Reserve March Decision — Federal Reserve, 2026-03-18
  5. Costco Analyst Upgrade — Costco IR, 2026-04
  6. Nike Stock Plunges on Weak Earnings — Yahoo Finance, 2026-04
  7. Pfizer Closes South San Francisco Research Site — Yahoo Finance, 2026-04
  8. UPS Reducing Amazon Volume by 50% — Motley Fool, 2026-04
  9. Apple $400M U.S. Manufacturing Expansion — Yahoo Finance, 2026-04
  10. AMD Erste Group Upgrade to Buy — Ad-Hoc News, 2026-04-03
  11. Amazon in Talks to Acquire Globalstar for $9B — Yahoo Finance, 2026-04
  12. Circle Shares Up 100% in a Month — CoinDesk, 2026-03-16
  13. GE Aerospace Valuation Concerns — Yahoo Finance, 2026-04
  14. Google DeepMind Launches Gemma 4 — Benzinga, 2026-04
  15. Hims Resolves Novo Nordisk Dispute — Yahoo Finance, 2026-04
  16. Intel Surges on Fab 34 Buyback — FX Leaders, 2026-04-01
  17. Meta $4.2M Verdict — Yahoo Finance, 2026-04
  18. Strategy Inc. Analyst Consensus — Yahoo Finance, 2026-04
  19. NNE Analyst Consensus — StockAnalysis, 2026-04
  20. Nvidia H100 GPU Prices Surge 40% — Yahoo Finance, 2026-04
  21. Oklo Acquires Atomic Alchemy — Oklo IR, 2026-04
  22. Rocket Lab $1B Forward Equity Raise — Yahoo Finance, 2026-04
  23. NuScale Power 80% Decline — Motley Fool, 2026-04-03
  24. SMCI Co-Founder Pleads Not Guilty — Yahoo Finance, 2026-04
  25. SoFi Big Business Banking — CNBC, 2026-04
  26. Tempus AI Merck Collaboration — Tempus IR, 2026-04
  27. TSMC 3nm Japan Plant — Yahoo Finance, 2026-04
  28. D.A. Davidson Initiates TSMC Buy — TipRanks, 2026-04
  29. UnitedHealth Upgraded to Outperform — Yahoo Finance, 2026-04
  30. Cathie Wood CNBC Interview — CNBC, 2026-04-01
  31. Jim Cramer on Volatile Market — CNBC, 2026-04-02
  32. Tom Lee 2026 Outlook — Yahoo Finance, 2026
  33. Dan Ives AI Software Opportunity — Motley Fool, 2026-04-01
  34. Howard Marks Oaktree Conference — Oaktree Capital, 2026-03-24
  35. Buffett $400B Cash Warning — Nasdaq, 2026-04-01