Markets plunged yesterday as President Donald Trump's renewed criticism of Federal Reserve Chair Jerome Powell rattled investors, leading to a significant sell-off.
President Trump's attacks on Powell fueled fears over Fed independence, worsening market volatility during ongoing tariff tensions.
Wall Street futures are up heading into Tuesday, with S&P 500 e-minis up 0.7% and Nasdaq e-minis up 0.8% .
Overall, the S&P 500 is down around 16% from its February peak. “The market is very jittery so any sense of negativity, any sense of worry, just gets escalated or exaggerated,” said City Index market analyst Fiona Cincotta.
President Trump met with Walmart, Target, and other retail executives to discuss tariff impacts on their businesses.
The Education Department announced it will resume student loan collections on May 5, garnishing wages and withholding tax refunds from borrowers in default.
Walgreens agreed to pay $300 million to settle claims it illegally filled millions of opioid prescriptions, avoiding further liability under the Controlled Substances Act and False Claims Act.
Gold hit a record high of $3,500, whereas the US Dollar hit a 3-year low. During the 9 years in which the S&P 500 delivered negative returns, gold outperformed in 8 of those, averaging +19.4% compared to -15.3% by the S&P 500.
The underrated way to invest in US housing
Hometap lets you invest directly in the future value of US homes — without the complexity that historically comes along with large-scale residential real estate investing.
This is a brand-new asset class that has experienced tremendous growth in the past couple of years. It’s not a REIT. Not a mortgage. And not a flip.
It’s an HEI, or Home Equity Investment.
This is actual equity in real homes, held by real people. When home values increase, you share in the appreciation. If they don't? Your investment includes downside protection.
Hometap is turning passive equity into active returns for accredited investors.
Why invest in HEIs?
High Sharpe ratio
Strong, risk-adjusted returns
Low correlation to stocks
Truly passive real estate exposure with downside protection
This is one of the most overlooked stories in US housing. Now’s a great time to take a closer look.
Psst — Are you a homeowner? Get cash to pursue your financial goals.
Hometap offers cash in exchange for a share of your home’s future value.
There are more flexible qualification criteria when compared to traditional financing products such as HELOCs, and there are no monthly payments. Learn more.
The FTC sued Uber over deceptive billing practices tied to its Uber One subscription service, alleging customers were charged without consent.
A US judge confirmed a $3.7 billion starting bid for Venezuela-owned Citgo Petroleum’s parent company shares auction.
The FDIC planned to cut 20% of its workforce, eliminating about 1,250 jobs.
Crozer Health shut down operations, laying off 2,651 workers across eight facilities.
Google's antitrust trial entered the remedy phase, with the DOJ seeking Chrome divestment and mandated search data licensing to competitors.
📊 Crypto
The SEC reviewed 72 crypto ETF applications, covering spot Solana, Dogecoin, and XRP.
Metaplanet bought 330 more Bitcoin, boosting its holdings to 4,855 BTC and briefly pushing prices to $85,500.
Circle and BitGo prepared to seek US bank charters, with Coinbase and Paxos possibly joining as stablecoin rules advance.
📊 Ideas, trends, and analysis
Americans' wage expectations dropped in March, with the average desired salary falling to $74,236 as job satisfaction hit its lowest point since 2021.
Credit card delinquencies hit a 12-year high at 0.90%, with record levels of late auto and student loan payments signaling rising consumer stress.
The recent market selloff was less severe in Asian trading on Tuesday. Europe's STOXX 600 and Germany's DAX were both down 0.6% at 1209 GMT. The FTSE 100 was flat.
🌍 Global Perspectives
🇮🇱🇵🇸 Qatari and Egyptian mediators proposed a new Israel-Hamas ceasefire plan lasting 5-7 years with complete Israeli withdrawal from Gaza.
🇷🇺🇺🇦 Russian President Vladimir Putin proposed direct talks with Ukraine for the first time in years.
🇳🇬 ISWAP claimed responsibility for attacks in Nigeria, prompting a 40% defense budget increase.
🇬🇷 Scientists studied Santorini's volcano after recent earthquakes triggered an evacuation of nearly half the island.
🎤 What you said last time
“We're cooked. Batten down the hatches, save your money, fill up your pantries with beans.”
🧠 Miscellanea
Wealthy collectors hoarded 71 of 141 valuable T. rex fossils, limiting scientific access.
A newly discovered green comet likely shattered during its solar flyby, ending hopes for a visible display.
Astronomers found the universe's largest structure stretching 10 billion light-years, challenging existing models.
Experts warned that the TikTok-driven “proffee” trend may not deliver the health benefits users expect.
📺 What to watch today
Scientists Find IMPOSSIBLE 10 Billion Light Year Wall in Space!
That’s all for today. Did I miss anything? Smash the reply button to let me know.
