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 sharply today after a hotter-than-expected reading from the Federal Reserve’s most closely watched inflation gauge, core Personal Consumption Expenditures (PCE).

• 📈 | One Notable Gainer: Applovin $APP ( ▲ 4.08% ) recovered some of yesterday’s sharp losses, which followed a short seller report taking its ad tactics to task.

• 📉 | One Notable Decliner: Lululemon $LULU ( ▼ 14.19% ) stumbled mid-stride after its CEO warned of a retail spending slowdown.

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MARKET MOVERS

WR Berkley, Amazon, NVIDIA

$AMZN ( ▼ 4.29% ) Amazon Stock and the Mag 7 Are Falling Again. It’s Not Time to Buy, Portfolio Manager Says. (Barron’s)

$WRB ( ▲ 7.53% ) WR Berkley Stock Surges to Record High as Japan's MSI Plans to Take 15% Stake (Investopedia)

$NVDA ( ▼ 1.58% ) Veteran fund manager offers blunt take after Nvidia stock drop (The Street)

$MRK ( ▲ 1.86% ) Merck plans to launch US subcutaneous version of Keytruda on October 1 (Reuters)

$BLCO ( ▼ 5.8% ) Bausch + Lomb announces intraocular lens recall (YF)

OVERHEARD ON THE STREET

Reuters: US consumer spending rebounded 0.4% in February, but core PCE inflation climbed 0.4% (up 2.8% year-on-year), more than expected.

CNBC: Key OpenAI supplier CoreWeave $CRWV ( 0.0% )  IPO’d today on the Nasdaq.

Bloomberg: CK Hutchison $CKHUY ( ▼ 4.94% ) and BlackRock $BLK ( ▼ 2.19% ) may delay the deal to sell the former’s Panama Canal ports to the latter.

WSJ: President Trump warned US automakers not to raise car prices in response to tariffs, threatening unfavorable consequences.

Fortune: Boston Fed President Collins warned tariff-induced inflation "looks inevitable" and said interest rates will likely stay put for longer.

TOMORROW’S TRADE IDEA, TODAY

Slept-On Healthcare Stocks

Sky-High Ceiling

Genetic testing company GeneDx $WGS ( ▼ 2.27% ) is up more than 900% over the past 12 months. But Alger analyst Amy Zhang thinks it could still have much further to go.

That’s not all. The analyst pointed to a handful of unknown healthcare stocks with tons of potential upside. Here’s why the asset management firm thinks it’s time for investors sleeping on the sector to wake up.

Exponential Growth

GeneDx leverages genome sequencing to diagnose rare diseases and identify genetic causes. Last year, its market cap surged from less than $70 million to more than $2 billion, bringing its stock price skyrocketing with it.

But Zhang believes the company is still well-positioned to outpace a growing industry. According to Zhang, GeneDx is primed for faster and cheaper growth than its competitors, all without sacrificing its products' high accuracy standards. 

She believes the company is helping to solve a “very critical problem in health care” and that its growth runway remains long. She expects the market for its services to reach more than $40 billion, which could bring revenue and profits up with it.

Natera & Glaukos

Zhang also pointed to two other little-known stocks, Natera $NTRA ( ▼ 2.94% ) and Glaukos $GKOS ( ▼ 1.56% ) , as potential winners. 

She believes the total addressable market for Natera — another emerging genetic testing player — could reach as high as $60 billion. The analyst is confident in its management’s ability to execute, which is part of why the stock is up some 57% over the past full year. 

For Glaukos, the analyst says the launch of iDose, a sustained-release implant, will be a huge growth driver for the company. Unlike the other names, the glaucoma treatment stock is down more than 20% in 6 months — a potentially attractive entry point.

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ON OUR RADAR

WSJ: A 7.7-magnitude earthquake in Myanmar killed at least 144 people and caused widespread destruction, with its effects reaching as far as Bangkok.

CNBC: Trump pardoned Nikola $NKLA ( ▲ 124.67% ) founder Trevor Milton, who was convicted in October 2022 for defrauding investors.

Bloomberg: The EU is preparing concessions to Trump to secure the partial removal of US tariffs on its exports, which are set to increase after April 2.

CNN: Americans’ unemployment concerns hit its highest level since 2009, per the University of Michigan’s consumer sentiment survey.

Forbes: The expected Trump-driven M&A boom hasn’t materialized. Is it delayed or dead?

THURSDAY’S POLL RESULTS

Are you bullish or bearish on Perimeter Solutions (PRM) over the next 12 months?

🟨🟨🟨🟨⬜⬜ 🐂 Bullish

🟩🟩🟩🟩🟩🟩 🐻 Bearish

And, in response, you said:

• 🐂 Bearish — “Very skeptical about its effectiveness.”

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