Happy Monday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟥 | US stocks fell sharply today after President Donald Trump said to expect an economic “disruption” from his policies.

• 📈 | One Notable Gainer: Redfin $RDFN ( ▼ 0.1% ) was one of the sole winners amid the sell-off, but boy, what a win it was. Rocket Companies $RKT ( ▼ 0.99% ) announced it will buy the firm in a $1.75B deal, sending the stock, well, rocketing.

• 📉 | One Notable Decliner: Tesla $TSLA ( ▼ 3.51% ) fared the worst of the mega-caps, plummeting to its biggest daily loss in five years. The EV stock is now trading down 50% from its 52-week high.

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MARKET MOVERS

NVIDIA, MicroStrategy, JPMorgan

$NVDA ( ▼ 1.58% ) / $GOOGL ( ▼ 4.88% ) / $AAPL ( ▼ 2.66% ) Nvidia down 30% from high as tech-led sell-off hits ‘Magnificent Seven’ (CNBC)

$MSTR ( ▼ 10.84% ) MicroStrategy Stock Falls as Bitcoin Faces More Pressure. Why It’s a Monday Thing. (Barron’s)

$JPM ( ▼ 2.12% ) / $C ( ▼ 2.12% ) / $WFC ( ▼ 2.2% ) Bank Stocks Plunge on Recession Fears as Trump Pledges “Period of Transition” (TipRanks)

$HOOD ( ▼ 4.71% ) Robinhood to pay $30M to settle US regulator probes (Cointelegraph)

$NVO ( ▼ 1.23% ) Novo Nordisk shares fall on weight-loss drug trial (Fox Business)

OVERHEARD ON THE STREET

CNBC: In a Sunday interview on Fox News, Trump did not rule out a recession in response to his policies, and said, “You can’t really watch the stock market.”

AP: Countries continued to clap back against Trump’s tariffs. Ontario raised taxes on electricity exports by 25%, while China imposed 15% tariffs on US farmers.

CNN: As fears of a severe economic downturn grow, are recession fears justified based on historical and current economic trends?

WSJ: Does the 25th anniversary of the Nasdaq peak reveal any parallels between the Dot-Com bubble and the AI boom?

Barron’s: Volatility indexes spiked to show extreme fear amid the sell-off. Here’s what to look for before buying the dip.

TOMORROW’S TRADE IDEA, TODAY

What Analysts Are Saying About Today’s Sell-Off

Bout of Rout

Today’s market rout was the worst in years. The Dow Jones Industrial Average slumped nearly 900 points, and was down more than 1,000 intraday. Meanwhile, the Nasdaq Composite suffered its worst day since 2022, slipping 4%. The S&P 500, for its part, shed nearly 3%.

Naturally, that got the Street talking.

There has been a range of analyst responses to the sell-off, from worst-case forecasts to sunny optimism. Here are some of the most notable takes to keep on your radar heading into the rest of the trading week.

Bearish Takes

RBC Capital Markets’ Lori Calvasina foresees a coming recession — and then some. The analyst believes the stock market could slump somewhere “in the 14% to 20% range” this year, thanks to soft economic data and Trump tariffs.

BCA Research echoed Calvasina’s concerns that the Trump administration’s policies — and Elon Musk’s DOGE cuts, specifically — are pushing the US toward a recession. The firm responded by “tactically downgrading equities to underweight”, while upgrading fixed income and cash.

HSBC also issued a broad downgrade of US stocks, for similar reasons, adding Trump’s shifting view on NATO as another negative catalyst. However, the bank thinks European equities could see a bump. Europe’s Stoxx 600 has significantly outperformed the S&P 500 to start the year, leading HSBC to “see better opportunities elsewhere for now.”

Bullish Takes

Some analysts say to buy the dip, particularly on mega-cap tech stocks, which took the brunt of the beating today. G Squared Private Wealth’s Victoria Greene called Meta Platforms $META ( ▼ 4.29% ) a “screaming buy”, citing the direct impact of its AI investments on its revenue growth.

Elsewhere, NVIDIA’s stock $NVDA ( ▼ 1.58% ) took another hit today, bringing its YTD loss to more than 20%. But several analysts reiterated their support for the AI leader this morning.

Morgan Stanley’s $MS ( ▼ 3.08% ) Joseph Moore called NVIDIA his top pick for the week, while Ben Reitzes of Melius Research noted its forward PE is 41% lower than it was when ChatGPT was launched, despite its FY25 net income rising nearly 800% from FY23.

Outside of equities, Janus Henderson identified several alternatives that it prefers to stocks and Treasurys in the current climate. Specifically, the firm pointed to collateralized loan obligations, asset-backed securities like auto loans and credit card receivables, and agency mortgage-backed securities.

If you ever encounter a bear, it’s important to stay calm and stand your ground. The same is true of a financial bear attack. Remember to breathe, listen to your convictions, and stick to them.

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ON OUR RADAR

Reuters: Tesla’s stock has fallen nearly 50% in three months, prompting debate over whether Elon Musk’s EV company is still overpriced.

CNN: It was a bad day across the board for Musk. X experienced multiple outages today, which he attributed to a massive cyberattack.

WSJ: Despite investor interest, DeepSeek's founder says the chatbot startup isn't ready to bring on new shareholders.

CNBC: BlackRock CEO Larry Fink warned that Trump’s deportation policy could cause labor shortages in agriculture and construction, leading to higher prices.

WaPo: A pair of bald eagles in California welcomed their third hatchling on a livestream today. Not finance news, just thought we could all use a silver lining.

FRIDAY’S POLL RESULTS

Are you bullish or bearish on Wayfair (W) over the next 12 months?

🟨🟨🟨🟨🟨🟨 🐂 Bullish

🟨🟨🟨🟨🟨🟨 🐻 Bearish