Happy Tuesday 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 finished mixed in a volatile trading day ahead of a major tariff announcement tomorrow.

• 📈 | One Notable Gainer: Tesla’s $TSLA ( ▲ 0.33% ) struggling stock made up some lost ground ahead of its first-quarter deliveries announcement due tomorrow.

• 📉 | One Notable Decliner: Airline stocks descended after Jefferies downgraded all major US carriers over demand concerns, with Southwest $LUV ( ▲ 0.6% ) taking the brunt of the headwinds.

MARKET MOVERS

Roblox, Johnson & Johnson, Newsmax

$RBLX ( ▼ 0.23% ) / $GOOGL ( ▼ 0.83% ) Roblox partners with Google on ads (TechCrunch)

$JNJ ( ▲ 0.5% ) U.S. judge rejects Johnson & Johnson’s $10 billion baby powder settlement (CNBC)

$NMAX ( ▲ 0.88% ) Newsmax stock soars, pushing market cap north of $20 billion after shocking IPO success (YF)

$ONON ( ▲ 3.46% ) On Holding falls as investors and analysts digest the new single CEO structure (SeekingAlpha)

$PVH ( ▼ 2.51% ) Tommy Hilfiger- and Calvin Klein-Parent PVH Sees Rise in Share Price for Q4 (The Impression)

OVERHEARD ON THE STREET

CNBC: President Trump's upcoming "Liberation Day" tariffs, set to be announced tomorrow, will take effect immediately, per the White House.

AP: February saw 7.6M job openings, indicating a slowing yet healthy job market, while federal worker layoffs reached their highest level since the pandemic.

Barron’s: The Trump administration began slashing jobs at US public-health agencies today, negatively impacting the FDA and drug stocks.

CNN: Americans are rushing to buy cars ahead of tariffs, with Ford $F ( ▼ 0.2% ) reporting a 10% sales increase in March, driven by a 19% surge in retail sales.

Reuters: US manufacturing contracted in March, with new orders at their weakest since 2023 and factory employment shrinking due to layoffs.

TOMORROW’S TRADE IDEA, TODAY

Is High Growth Headed Overseas?

Slow and Steady

JPMorgan $JPM ( ▼ 0.14% ) believes China’s consumer slump is over, and that now may be a great time for investors to get back in the game.

Following a prolonged post-pandemic turnaround for the Asian nation — and heading into uncertain waters for equities stateside — America’s biggest bank recently upgraded Chinese consumer discretionary stocks to Overweight. 

Retail Returns

China’s retail sales were up only 3.5% last year, well below pre-pandemic levels. But recent earnings reports signify a rebound is in the works, JPM analysts argue. Stock and property prices are stabilizing, and deflationary pressure seems to be cooling off.  

The bank also expects the Chinese government to boost stimulus.

Looming US tariffs have hurt the Hang Seng Index, which dropped around 1% over the past week. However, investors are increasingly showing interest in Chinese equities at levels not seen since 2021. 

JPMorgan thinks its MSCI China index has around 6% upside. The bank also upgraded Chinese healthcare stocks, citing the use of AI to create cost efficiencies in the biotech space.

Stock Picks

JPM analysts pinpointed a few stocks as potential plays, including Anta Sports $ANPDF ( ▲ 11.19% ) , Mengniu ($CIADY), China Resources Beer ($CRHKY), and Tal Education $TAL ( ▼ 0.11% ) . 

The firm thinks dairy industry leader Mengniu will benefit from the country’s efforts to raise the birth rate. Hohot, where its headquarters is located, recently announced a subsidy of 100,000 yuan per child. The stock is up some 50% over the past 12 months. 

China Resources Beer recently reported that premium beer sales rose 20% in 2024. According to JPM, the company’s management believes consumer sentiment is improving in 2025 resulting in expected earnings growth.

In other words, according to JPM, investors looking for a reprieve from Trump’s tariffs may want to look to one of the countries he’s levying them against.

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ON OUR RADAR

AP: A top EU official warned the US that Europe holds many trade cards and has a strong retaliation plan for Trump's upcoming tariffs.

CNBC: Experts say staff cuts and policy changes at the SSA and a shift to a new programming language could disrupt Social Security benefit payments.

TheStreet: Hooters filed for Chapter 11 bankruptcy protection and will sell over 100 locations to a franchisee group.

CNN: TikTok’s future is uncertain once again, as the April 5 deadline for its parent company ByteDance to sell the app's US operations looms.

WSJ: Chipotle’s $CMG ( ▼ 1.7% ) quest to make its signature guac without relying on Mexican avocados has been ongoing since 2018 — and could soon pay off.

MONDAY’S POLL RESULTS

Which stock do you think will outperform over the next 12 months?

🟩🟩🟩🟩🟩🟩 Verizon (VZ)

🟨🟨🟨🟨⬜⬜ Philip Morris (PM)

And, in response, you said:

• Verizon (VZ) — “I am of the opinion that more and more people will quit smoking.”

• Philip Morris (PM) — “I expect more dropped cigarette butts than calls.”