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 again today as President Trump escalated his feud with Federal Reserve Chair Jerome Powell.

• 📈 | One Notable Gainer: Stock in Fidelity National Information Services $FIS ( ▲ 2.4% ) rose following an upgrade from TD Cowen, citing macro resilience in an uncertain climate.

• 📉 | One Notable Decliner: Tesla $TSLA ( ▼ 5.75% ) shares continued to slide following another analyst downgrade ahead of the EV maker’s earnings report, due tomorrow after the bell.

MARKET MOVERS

NVIDIA, Netflix, Hertz

$NVDA ( ▼ 4.51% ) / $AMD ( ▼ 2.22% ) / $AVGO ( ▼ 2.8% ) U.S. chip controls will benefit China’s Nvidia rivals like Huawei: Analysts (CNBC)

$NFLX ( ▲ 1.53% ) Analysts reboot Netflix stock price target after earnings (TheStreet)

$HTZ ( ▼ 4.98% ) Hertz Global cools off after the Pershing Square-fueled blistering rally of last week (SeekingAlpha)

$COF ( ▲ 1.47% ) / $DFS ( ▲ 3.56% ) Capital One, Discover Stocks Jump. Why the Merger Is Great News for Bank Stocks. (Barron’s)

$UHS ( ▼ 10.15% ) Hospital Chains’ Medicaid Profits Are a Juicy Target for GOP Budget Hawks (WSJ)

OVERHEARD ON THE STREET

CNBC: Trump intensified his attacks on Fed Chair Powell, calling him a “major loser” and demanding immediate rate cuts to avoid an economic slowdown.

AP: China announced sanctions on US officials, lawmakers, and NGO leaders in retaliation for American sanctions over Hong Kong.

Reuters: Trump will discuss tariff impacts with major retailers, including Walmart $WMT ( ▼ 0.87% ) , Home Depot $HD ( ▼ 2.3% ) , Lowe's $LOW ( ▼ 2.85% ) , and Target $TGT ( ▲ 0.72% ) .

WSJ: The Trump administration plans to revoke an additional $1B in federal health research funding from Harvard University.

CNN: The FTC sued Uber $UBER ( ▼ 3.08% ) for allegedly charging customers for Uber One without consent and making cancellations unnecessarily difficult.

TOMORROW’S TRADE IDEA, TODAY

Taking Cover in Telecom

A Safe Haven

The market has been on edge ever since President Trump unveiled his tariff plans in early April, which sparked significant volatility and raised concerns about slowing economic growth. 

As a response, Bank of America $BAC ( ▼ 1.31% ) analysts have identified some defensive telecom stocks that tend to outperform the broader market during downturns. The analysts believe these stocks have the potential to offer investors stability during a potentially turbulent economic backdrop.

Verizon

Verizon $VZ ( ▼ 2.52% ) was identified as a standout of the group. Its stock has risen more than 7% in 2025, far outperforming the S&P 500 YTD. It has a long history of outperforming during volatile markets and had an 18% relative return from mid-February to early April. 

It also pays a strong dividend, currently yielding around 6.1%, and analysts are starting to jump on board. Currently, 11 of the 27 analysts covering the stock give it either a Buy or Strong Buy. Its average price target suggests an upside of just under 10%.

SBA Communications

SBA Communications $SBAC ( ▼ 1.53% ) caught analysts’ attention as well. The wireless infrastructure company has gained more than 10% YTD, outpacing both Verizon and all other major indexes.

Its 1.9% dividend yield is well below Verizon’s, but it is still widely viewed as a safe harbor within the industry. Citizen’s $CFG ( ▼ 2.71% ) Greg Miller listed the stock as one of his top picks, and its average price target represents around 10% upside from current prices.

Regardless of how tariffs shake out, lawmakers and citizens alike will still be looking to shoot a friend a text (or maybe a Signal message) to talk about it. BoA believes that this could be a testament to the resilience of telecom.

ON OUR RADAR

CNN: Pope Francis died on Easter Monday at the age of 88.

AP: China warned countries like Taiwan, Japan, and South Korea against making trade deals with the US that could harm Beijing.

CNBC: Amazon $AMZN ( ▼ 3.07% ) paused some data center lease commitments, per Wells Fargo $WFC ( ▼ 1.08% ) , signaling potential tech spending caution.

WSJ: Following new revelations that Defense Secretary Pete Hegseth shared more sensitive information in a Signal chat, Trump said he is "doing a great job".

Bloomberg: Is the real Trump Trade “Sell America”? Trump’s attacks on the Fed are prompting global markets to shift away from the US.

FRIDAY’S POLL RESULTS

Are you bullish or bearish on Generac Holdings (GNRC) over the next 12 months?

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨🟨🟨🟨⬜⬜ 🐻 Bearish

And, in response, you said:

• 🐂 Bullish —

  • “PEG of 0.99 is a good sign and the price is down, for now.”

  • “Although it hasn't happened to a great extent, our power will become less reliable which should drive sales for Generac. So, bullish over a long time horizon.”

  • “Thank climate change.”

• 🐻 Bearish —

  • “There will be an alternative generator manufacturer/supplier that will easily step into the foxhole people market.”