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 rallied today to close out an historically volatile week on Wall Street. Ultimately, all three major indexes finished sharply higher to end the week, but remain well below pre-Liberation Day peaks.
  📈 | One Notable Gainer: JPMorgan’s $JPM ( ▼ 0.68% ) stock rose after beginning the latest earnings season with another earnings beat, although CEO Jamie Dimon noted “considerable turbulence” in accompanying comments.

• 📉 | One Notable Decliner: Frontier $ULCC ( ▲ 0.63% ) became the latest air carrier to fly into turbulence after cutting its outlook on descending demand.

mMARKET MOVERS

Morgan Stanley, Stellantis, Strategy

$BLK ( ▼ 0.17% ) / $MS ( ▲ 1.22% ) / $WFC ( ▲ 2.28% ) Bank stocks mixed as uncertain outlook overshadows Q1 earnings (SeekingAlpha)

$STLA ( ▼ 0.11% ) Stellantis' first-quarter shipments fall 9% to 1.2 million vehicles (Reuters)

$MSTR ( ▼ 0.23% ) / $BTC.X ( ▼ 1.49% ) Bitcoin, Crypto-Related Stocks Soar After Trump Announces Tariff Pause (Investopedia)

$TXN ( ▲ 0.13% ) Texas Instruments stock drops on China chip notice (Investing.com)

$AAPL ( ▼ 0.19% ) Apple May Have to Cancel iPhone Models to Deal with Tariffs (Barron’s)

OVERHEARD ON THE STREET

AP: China retaliated against President Trump's tariff hike by raising duties on US imports to 125%.

Reuters: Consumer sentiment fell sharply in April, per the University of Michigan, with inflation expectations hitting a 43-year high.

CNBC: US Customs reported a system glitch affecting tariff exemptions for freight already in transit.

MarketWatch: Gold is on track for its biggest three-day rally since March 2020 as investors seek safety amid market turmoil.

CNN: With tariffs set to raise prices on cheap goods from China, secondhand retailers are poised to capitalize on the shift in supply chains.

TOMORROW’S TRADE IDEA, TODAY

A Double-Upgrade? In This Economy?

Resilient & Defensive

Wells Fargo $WFC ( ▲ 2.28% ) thinks Toast $TOST ( ▲ 0.66% ) could be a value stock pick, despite the volatile economic backdrop. 

Amid the recent market turbulence, analyst Andrew Bauch double-upgraded the stock from Underweight to Overweight and set a price target representing around 13% upside.

Growth on the Horizon

Bauch touts Toast as both a resilient and defensive stock. He believes the restaurant management software provider has several untapped growth opportunities.

The analyst praised Toast’s significant market share growth over the last five years, and believes that the trend is likely to continue, citing its ongoing effort to grow its total addressable market. 

Bauch added that the company has a clear path to 5% gross profit upside by 2027, even when looking at the numbers through a conservative lens.

Outperforming the Market

The majority of analysts seem to think TOST is toast. 16 of 29 covering the stock rate it a Hold or Underperform. 

However, the stock has gained more than 20% over the past six months and nearly 40% in the 12 months, far outperforming the broader market.

Bauch believes this outperformance underline’s investors’ belief in the stock’s performance, despite broader market challenges.

ON OUR RADAR

CNBC: Mortgage rates surged to 7.1%, the highest since February, as tariffs impacted the bond market.

CNN: Trump’s pause on sweeping tariffs gives his administration 90 days to finalize 150 trade deals, which many observers deem unrealistic.

Bloomberg: Chevron $CVX ( ▼ 0.58% ) was ordered to return nearly 1M barrels of Venezuelan oil to PDVSA as sanctions on the country loom.

AP: Irish officials are investigating whether Elon Musk’s platform X unlawfully used user data to train its Grok AI chatbot.

The Verge: Meta $META ( ▼ 1.87% ) is heading to trial against the FTC on Monday to avoid a federal breakup of Instagram and WhatsApp.

THURSDAY’S POLL RESULTS

Are you bullish or bearish on Affirm (AFRM) over the next 12 months?

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨🟨🟨🟨⬜⬜ 🐻 Bearish

And, in response, you said:

• 🐻 Bearish — “They lost Walmart $WMT ( ▼ 0.8% ) , enough said.”

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