Happy Friday 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 further today, with the Dow shedding more than 2,000 points, the S&P 500 down 10% in just two days, and the Nasdaq Composite closing in a bear market, as Trump’s trade war continues to escalate.

• 📈 | One Notable Gainer: Nike $NKE ( ▲ 3.01% ) clawed back some of yesterday’s steep losses after Vietnam asked to delay tariffs and negotiate.

• 📉 | One Notable Decliner: Applovin $APP ( ▼ 16.27% ) led the Nasdaq in losses as tech stocks sharply sold off, despite the mobile ad company reportedly submitting a bid to buy TikTok.

MARKET MOVERS

Big Banks, Chipmakers, DuPont

$C ( ▼ 7.8% ) / $JPM ( ▼ 7.48% ) / $WFC ( ▼ 7.14% ) Global rout in bank shares intensifies as recession fears mount (YF)

$AVGO ( ▼ 5.01% ) / $INTC ( ▼ 11.5% ) / $MRVL ( ▼ 11.16% ) Chipmakers get a reprieve from tariffs, but tumbling stocks suggest risks remain (CNBC)

$DD ( ▼ 12.75% ) DuPont drops after China starts probe over alleged antitrust violation (SeekingAlpha)

$BA ( ▼ 9.49% ) / $EADSY ( ▼ 8.71% ) Boeing, Airbus Set to Lose 45-Year Duty-Free Status (WSJ)

$SHEL ( ▼ 8.08% ) Leaked files raise fears over safety of Shell oil production fleet, years after devastating spill (AP)

OVERHEARD ON THE STREET

Reuters: China responded to Trump’s tariffs with a 34% tax on US goods, intensifying recessionary concerns and triggering a global stock market downturn.

ABC: US hiring surged in March, soaring past expectations and easing recession fears, but did little to stem the tariff selloff.

CNBC: Fed Chair Jerome Powell said he expects Trump's tariffs to raise inflation and slow growth, signaling the Fed will wait to cut rates. Meanwhile, Trump called for an immediate rate cut, criticizing Powell for delaying action.

NPR: Trump extended TikTok's deadline to sever ties with its Chinese owner by another 75 days, citing the need for further approvals.

Bloomberg: Oil plunged to a four-year low due to an OPEC supply boost and tariff turmoil.

TOMORROW’S TRADE IDEA, TODAY

🎆 Chinese Fireworks

Tariffs and Trade Wars

Earlier this week, President Donald Trump announced sweeping tariffs, impacting nearly 200 of America’s trading partners. China was one of the hardest hit, and in response announced retaliatory tariffs today, imposing a 34% tariff on all US imports.

As the trade war escalates, Goldman Sachs $GS ( ▼ 7.91% ) is on the lookout for stocks that could face the worst consequences. It screened for companies with at least 25% of their revenue tied to the Greater China region, putting them in a perilous position.

Among the stocks named were automaker Aptiv $APTV ( ▼ 4.32% ) , fiber optics manufacturer Corning $GLW ( ▼ 7.61% ) , and semiconductor companies like Intel $INTC ( ▼ 11.5% ) and Qualcomm $QCOM ( ▼ 8.58% ) . Let’s zoom in on some of the most notable — and maybe most surprising — names on the list.

NVIDIA

NVIDIA $NVDA ( ▼ 7.36% ) was one of several chipmakers on the list — and by far the largest. 39% of its revenue comes from the region.

The stock has fallen nearly 30% YTD. Much of Wall Street is betting on a rebound for the hottest blue chip of the AI boom. But when it happens (and/or how far it falls first) is very much up for debate.

Average analyst ratings suggest an upside of more than 50%. Now could be a good time to get in on one of the biggest success stories of the past few years — so long as you believe it has hit its bottom. On that point, Goldman isn’t so sure.

Wynn Resorts

Wynn Resorts $WYNN ( ▼ 3.83% ) is most often associated with Las Vegas. But it also has a huge presence in Macau, sometimes known as the “Las Vegas of Asia”. Nearly 50% of Wynn’s revenue is exposed to China.

Shares of the casino operator have fallen almost 20% YTD, but as with NVIDIA, analysts are confident in a turnaround. Its average price target suggests around 40% upside.

As stocks continue to tumble, investors may have an opportunity to buy the dip. According to Goldman Sachs, determining how far that dip will go depends largely on how close said companies are tied to China.

ON OUR RADAR

CNBC: Mortgage rates fell to 6.65% last week, their lowest since December, but sale prices remain up 3.4% year-over-year.

AP: French wine producers fear the 20% tariff imposed by Trump will severely impact their sector.

WSJ: Klarna and StubHub paused their planned IPOs following the Trump administration’s tariff announcements.

BI: Nintendo delayed US preorders for the highly anticipated Switch 2, citing tariff uncertainty.

CNN: You might want to buy these types of goods now before the potential tariff-induced price hikes.

THURSDAY’S POLL RESULTS

Do you believe the risk-off will continue or is a near-term rebound inevitable?

🟨🟨🟨🟨🟨⬜ Risk-off

🟩🟩🟩🟩🟩🟩 Rebound

And, in response, you said:

• Risk-off — 

  • “Absolutely!”

  • “3 3/4 years of chaos left to go!”

  • “I would say all bets are off regarding the recent tariff activities; but if history is any long-term guide (and it is), there will be buying opportunities ahead for the prudent investor...”

• Rebound —

  • “Big cross of my fingers.”

  • “Opportunity awaits. This is where you find the gut and patience.”