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AVIDXCHANGE HOLDINGS INC

AvidXchange Holdings

AvidXchange Holdings Inc is a provider of AP automation software and payment solutions for middle-market businesses and their suppliers. It generates the majority of its sales from Payment revenue followed by Software revenue and Services revenue. The company generates revenue in the United States.

AvidXchange Holdings, Inc. - Common Stock

AvidXchange Holdings Inc

With U.S. President Donald Trump&#8217;s <a target="_blank" href="https://www.benzinga.com/topic/tariffs" rel="noreferrer noopener">tariffs</a>, HC Wainwright analyst writes that investors are looking for companies with macroeconomic moats that protect against tariff exposure and regulatory uncertainty.
Legend Biotech Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LEGN#NASDAQ">LEGN</a>) has no material exposure to tariffs, the analyst stated.
The cell therapy company&#8217;s lead product, Carvykti, is a one-time treatment for relapsed or refractory&nbsp;multiple myeloma, which it develops and markets with collaborator Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41093953/johnson-johnson-legend-biotech-partnered-blood-cancer-drug-extends-overall-survival" rel="noreferrer noopener">Johnson &amp; Johnson/ Legend Biotech Partnered Blood Cancer Drug Extends Overall Survival, Support Use In Previously Treated Patients</a>
Analyst Mitchell Kapoor notes that Legend manufactures in the U.S. for 100% of the commercial Carvykti patients in the U.S. and Europe.
In the first quarter of 2025, the company initiated commercial production of Carvykti&nbsp;at a Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>) production facility under the master manufacturing and supply agreement among <a target="_blank" href="https://www.benzinga.com/pressreleases/25/03/g44242720/legend-biotech-reports-fourth-quarter-and-full-year-2024-results-and-recent-highlights" rel="noreferrer noopener">Legend, Janssen, and Novartis</a>.
Analyst Kapoor adds that Legend does not have to import materials for CAR-T manufacturing and thus has no material exposure to tariffs or transfer pricing.
&#8220;Legend has no tariff exposure, creating an attractive opportunity to own shares in unpredictable macroeconomic times,&#8221; HC Wainwright highlights. The analyst reiterates the Buy rating, with a <a target="_blank" href="https://www.benzinga.com/quote/LEGN/analyst-ratings" rel="noreferrer noopener">price target of $75</a>.
While Legend Biotech has several drugs in development, analyst Kapoor writes the biggest factor driving its stock is how well Carvykti performs as an earlier treatment for multiple myeloma.
The analyst is confident that Carvykti will be widely adopted in earlier lines of treatment, as the data show it&#8217;s among the best available options. &#8220;Thus, we see LEGN as considerably insulated from the regulatory risks plaguing the biotech space, and we view this as a compelling time to own the stock,&#8221; says HC Wainwright analyst.
Carvykti remains very favorably positioned compared to competitors, citing robust efficacy (particularly durability) data in the fourth- and second-line treatments, leaving little room for improvement.
HC Wainwright writes that the drug is far ahead of competitors, as it is already approved for second-line Relapsed/refractory multiple myeloma (RRMM). New therapies usually start by getting approved for use in patients who have already tried other treatments. Over time, they can receive additional approvals to be used earlier in the treatment process.
Price Action: LEGN stock is up 1.86% at $30.81 at the last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/news/contracts/25/04/44695936/nokia-inks-5-year-deal-with-fibrus-to-strengthen-network-security-and-analytics" target="_blank" rel="noreferrer noopener">Nokia Inks 5-Year Deal with Fibrus To Strengthen Network Security And Analytics</a></li>
</ul>

Analyst Color

Biotech

News

Health Care

Price Target

Analyst Ratings

Trading Ideas

General

LEGN

Cell Therapy Maker Legend Biotech Is An 'Attractive Opportunity' Due To No Material Tariff Exposure: Analyst

Wall Street&#8217;s worst sell-off since the 2020 pandemic has sent several major indices into correction or bear territory, prompting <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44697600/stocks-rebound-chipmakers-soar-on-trade-deal-hopes-bitcoin-lags-whats-driving-markets-tuesday">a flight to safety</a>. 
<a href="https://www.benzinga.com/etfs">ETFs that provide exposure </a>to consumer staples, utilities, and healthcare—sectors that have historically been considered defensive during downturns—are now in the limelight.
Some of the top choices are:
<ul>
<li>SPDR Select Sector Fund &#8211; Consumer Staples (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>): This exchange-traded fund follows businesses that make common items such as food, drinks, and household goods. Sales of these necessities would generally continue regardless of economic downturns. Procter &amp; Gamble Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>), Costco Wholesale Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) and Walmart, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) are among its holdings.</li>
</ul>
<ul>
<li>SPDR Select Sector Fund — Utilities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>): Utility firms offer essential services such as electricity and water, so they would be favorites among income-hungry investors amid times of greater uncertainty. The portfolio includes NextEra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>) and Pg&amp;E Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCG#NYSE">PCG</a>).</li>
</ul>
<ul>
<li>Vanguard Health Care ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VHT#NYSE">VHT</a>): Healthcare spending generally holds up in tough times, and VHT provides exposure to a blend of drugstore chains, medical device manufacturers, and healthcare providers. Eli Lilly &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) and Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) are among the top holdings.</li>
</ul>
Also Read: <a href="https://www.benzinga.com/25/04/44695765/crypto-etfs-sink-as-trump-tariffs-trigger-panic-this-could-reset-the-macro-narrative">Trump Tariffs Spark $800M Crypto ETF Rout: Can The Macro Narrative Shift?</a>
Dividend-oriented ETFs are also attracting attention. The iShares Core High Dividend ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HDV#NYSE">HDV</a>), which owns a portfolio of financially healthy U.S. firms that pay high dividend yields, protects against declining stock prices with consistent income.
Value investing is also gaining traction. The Vanguard Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTV#NYSE">VTV</a>), which tracks large-cap stocks that are undervalued relative to their fundamentals, is considered a less risky means of remaining invested while reducing exposure to growth stocks with volatile price swings.
The move into defensive positioning occurs as investors process the latest ratcheting up of U.S.-China trade tensions. According to the White House, the U.S. tariff rate on Chinese imports will spike to 104% at 12:01 a.m. ET on Wednesday unless China removes retaliatory tariffs against the U.S.
The risk of blanket tariffs — a 10% base tariff on all imports to the U.S. and higher rates on major trading partners such as the EU, India, Taiwan, and Vietnam — has unsettled markets. Uncertainty about a supposedly planned 90-day tariff break, which the White House <a href="https://www.benzinga.com/news/25/04/44671308/stock-market-surge-evaporates-as-headline-roulette-plagues-traders-fake-news-white-house-says-in-response-to">called &#8220;fake news</a>,&#8221; contributed to the fluctuations.
<a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44645681/jpmorgan-raises-recession-risk-to-60-as-largest-us-tax-hike-in-60-years-hits-global-economy?_gl=1&#x2A;1mnei8t&#x2A;_gcl_au&#x2A;NzQyMjgxNjUuMTczNzYwNzI4NQ..&#x2A;_ga&#x2A;ZGVsZXRlZA..&#x2A;_ga_V7ZK73W7N0&#x2A;MTc0NDAyMzE1Ny4yNDYuMS4xNzQ0MDIzMjMyLjAuMC4w">JPMorgan now sees</a> a U.S. recession in the second half of 2025 at 60%, and Goldman Sachs has <a href="https://www.benzinga.com/25/04/44662991/goldman-sachs-raises-risk-of-recession-to-45-jefferies-calls-tariffs-a-free-hall-pass-for-tech-giants-to-reset-their-goals">increased the chances</a> of a recession in the next 12 months to 45%.
In that environment, strategists say it&#8217;s not about going after gains — it&#8217;s about limiting losses.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/etfs/new-etfs/25/04/44698247/bitwise-turns-crypto-volatility-into-yield-with-new-etf-trio">Bitwise Turns Crypto Volatility Into Yield With New ETF Trio</a></li>
</ul>
Image: Shutterstock

Asia

Broad U.S. Equity ETFs

ETFs

COST

As Trump Tariffs Spark Panic, Investors Rush Into These 5 'Recession-Proof' ETFs

Morgan Stanley analyst Bob Huang downgrades Lemonade (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMND#NYSE">LMND</a>) from Equal-Weight to Underweight and lowers the price target from $35 to $24.

Downgrades

LMND

Morgan Stanley Downgrades Lemonade to Underweight, Lowers Price Target to $24

BofA analyst Curtis Nagle looks at the tariff and recession implications for home furnishing companies and Etsy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>).
The upcoming 2025 tariffs could significantly disrupt the U.S. home furnishings industry, as a large share of imports originate from China and Southeast Asia, regions that now face tariffs as high as 50%, said the analyst.
Although companies previously managed similar tariffs in 2018 through cost-cutting and shifting production, those strategies may no longer be viable due to limited sourcing alternatives and low factory output amid weak demand.
Nagle warned that while retailers may attempt to pass added costs to consumers through higher prices, historical patterns show such hikes often reduce demand.
During the 2018 tariffs, even with mitigation, furniture prices rose and sales growth slowed from a 4% annual increase in 2018 to a 0.6% decline in 2019. 
With broader tariffs expected in 2025 and few cost-cutting options available, price increases of up to 30% may be necessary, potentially leading to further demand erosion, especially in the event of broader inflation or a recession.
Also Read: <a href="https://www.benzinga.com/tech/25/04/44695622/amazon-touts-ai-milestone-says-new-model-outshines-gpt-4o-in-real-time-speech">Amazon Touts AI Milestone, Says New Model Outshines GPT-4o In Real-Time Speech</a>
The Analyst cautioned that new tariff-driven price hikes, weak consumer confidence, a soft housing market and looming recession fears could further dampen demand.
While sales have already dropped 20% since 2021, a short-term buying boost may occur if consumers try to purchase before prices rise or if tariff relief is negotiated.
Wayfair Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>) is a leader in the home furnishings market, with a catalog of over 30 million items from 20,000 suppliers.
This vast supplier network allows the company to avoid inventory risks faced by traditional retailers while enabling strategic flexibility through vendor negotiations, product mix adjustments and pricing strategies.
Historically, Wayfair has demonstrated resilience during inflationary periods. The company successfully preserved its gross margins in 2018 and 2021 despite rising prices across the furnishings category.
However, the analyst warns that if the 2025 tariffs are fully implemented, Wayfair could struggle to fully pass along the higher costs to consumers.
The company's key sourcing partners may not be able to absorb the increased expense and significant price hikes could weaken demand.
RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>) was initially viewed as well-positioned within the home furnishings sector heading into 2025 due to its plans to shift sourcing away from China and a track record of minimizing tariff-related expenses.
However, the analyst now sees RH at risk of facing considerable cost pressures if the tariffs are implemented as proposed.
The company's sourcing footprint includes 35% of its product volume from Vietnam, which would be hit with a 46% tariff and another 14% from Southeast Asian nations excluding China, where duties could exceed 30%.
Nagle reiterated a <a href="https://www.benzinga.com/quote/ETSY/analyst-ratings">Neutral rating </a>on the shares of Etsy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>) and lowered the price forecast from $55.00 to $50.00.
ETSY may be less vulnerable to direct tariff impacts than its peers, but the analyst says it still faces significant headwinds.
Only a quarter of the marketplace&#8217;s goods are imported and its exposure to China is minimal &#8211; under 2% of Gross Merchandise Sales (GMS). Canada and Mexico contribute less than 5% combined, with Canada being the larger contributor.
While tariff effects may be muted, Etsy&#8217;s reliance on discretionary spending raises red flags amid growing recession fears.
As of the fourth quarter of 2024, nearly 70% of Etsy&#8217;s GMS came from categories such as home goods, jewelry and apparel segments likely to suffer if consumers tighten spending.
Read Next: <a href="https://www.benzinga.com/25/04/44671636/nvidia-applied-materials-provide-115m-fund-to-digital-engineering-startup-rescale">Nvidia, Applied Materials Back Digital Engineering Startup In $115M Round</a>
Photo: Shutterstock

ETSY

Tariffs, Recession Fears Could Derail Wayfair, RH And Etsy, Says Analyst

Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) has dropped 17% in the past seven days, sparking debate among analysts on whether <a href="https://www.benzinga.com/money/dogecoin-doge-price-prediction">more downside is ahead</a>.
What Happened: Crypto chart flagged a potential move to $0.060, noting that Dogecoin has broken down from an ascending parallel channel—a bearish technical signal that could open the door to further losses. 
In another X <a href="https://x.com/ali_charts/status/1909673597784015173">post,</a> Martinez explained that since October 2023, Dogecoin has consistently held a rising trendline, which now aligns with the 61.8% Fibonacci retracement level at $0.13. 
This confluence marks a critical support zone to watch closely for potential bounce or breakdown.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> is breaking out of an ascending parallel channel, signaling a potential move toward $0.060! <a href="https://t.co/p4nclPILNr">pic.twitter.com/p4nclPILNr</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1909350720144388162?ref_src=twsrc%5Etfw">April 7, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
However, not everyone agrees. 
Trader Tardigrade <a href="https://x.com/TATrader_Alan/status/1909566852390666455">pointed</a> out a possible Wyckoff Accumulation structure forming on DOGE's chart. While not a textbook setup—Phase B shows a slightly elevated range—the pattern still checks several key boxes. If valid, it could signal an impending bullish breakout.
Meanwhile, trader Kevin <a href="https://x.com/Kev_Capital_TA/status/1909405877112545532">highlighted</a> a bullish divergence on the daily timeframe. 
Dogecoin briefly dipped below its "line in the sand" bull market support level but quickly recovered and closed back above it—similar to recent Bitcoin price action.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44650564/dogecoin-surges-6-whats-going-on">Dogecoin Surges 6%: What&#8217;s Going On?</a>
Why It Matters: According to Coinglass, DOGE saw $9.9 million in liquidations in the last 24 hours—the highest since early March—with long positions making up $5.88 million of that. 
Open interest stands at $1.3 billion, indicating high trader engagement despite the volatility.
The broader crypto market correction, fueled by TradFi selloffs, has pushed Dogecoin down to ninth place by market cap, losing one spot on the leaderboard.
Read Next:
<ul>
<li><a href="https://in.benzinga.com/markets/cryptocurrency/25/04/44592325/dogecoin-whales-scoop-220-million-doge-in-march-despite-25-drop-what-do-they-know">Dogecoin Whales Scoop 220 Million DOGE In March Despite 25% Drop: What Do They Know?</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

$DOGE

Dogecoin Slides 17% In 7 Days: What Is Going On?

WIIM

Oil is trading lower, continuing to fall after OPEC+'s recent decision to accelerate production hikes. Trade war fears could also be weighing on demand outlook.

Barclays analyst Brandon Oglenski maintains JetBlue Airways (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>) with a Underweight and lowers the price target from $7 to $4.

JBLU

Barclays Maintains Underweight on JetBlue Airways, Lowers Price Target to $4

ADNT

AENT

ALUR

APTV

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BROS

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CANG

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CHWY

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DOGZ

New Oriental Education & Technology Group

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YUMC

Shares of the companies in the broader consumer discretionary sector are trading lower amid US-China trade announcements and overall market weakness, which is clouding certainty around consumer spending and the state of the economy.

Barclays analyst Brandon Oglenski maintains American Airlines Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) with a Equal-Weight and lowers the price target from $16 to $11.

Barclays Maintains Equal-Weight on American Airlines Group, Lowers Price Target to $11

Barclays analyst Brandon Oglenski maintains Frontier Group Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NASDAQ">ULCC</a>) with a Overweight and lowers the price target from $14 to $10.

ULCC

Barclays Maintains Overweight on Frontier Group Holdings, Lowers Price Target to $10

Barclays analyst Brandon Oglenski maintains Delta Air Lines (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) with a Overweight and lowers the price target from $80 to $58.

Barclays Maintains Overweight on Delta Air Lines, Lowers Price Target to $58

BITF

CLSK

COIN

MARA

MSTR

RIOT

Shares of Bitcoin miners and crypto-linked stocks are trading lower amid a drop in Bitcoin as market uncertainty persists.

Barclays analyst Brandon Oglenski maintains Allegiant Travel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALGT#NASDAQ">ALGT</a>) with a Equal-Weight and lowers the price target from $100 to $60.

ALGT

Barclays Maintains Equal-Weight on Allegiant Travel, Lowers Price Target to $60

JPMorgan analyst Jeremy Tonet sees utility companies relatively well-positioned amid concerns that recent tariff hikes could trigger <a href="https://www.benzinga.com/topic/recession">a global recession</a>.
What Happened: JPMorgan projects a -0.3%<a href="https://www.benzinga.com/topic/macro-economic-events" target="_blank" rel="noreferrer noopener"> U.S. GDP contraction in 2025</a>.
Maia G. Crook, also a JPMorgan analyst, says the probability of a U.S. recession has surged to 60%. That&#8217;s up from 40% last month, due to <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44645681/jpmorgan-raises-recession-risk-to-60-as-largest-us-tax-hike-in-60-years-hits-global-economy" target="_blank" rel="noreferrer noopener">the latest round of tariff hikes</a>.
The analysts&#8217; view on utilities reflects the sector&#8217;s regulated return profile and cost-of-service structure, which insulate them from direct tariff-related EPS impacts.
Moreover, potential rate cuts may further boost their income appeal.
Meanwhile, Tonet says that prolonged tariff uncertainty could harm sentiment and the broader economy, creating affordability challenges that may impact utilities' capex plans and returns, especially in regions with tight energy supply.
Tonet downgraded Dominion Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/D#NYSE">D</a>) from Neutral to Underweight and cut the <a href="https://www.benzinga.com/quote/d/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast from $59 to $52</a>.
The company&#8217;s Coastal Virginia Offshore Wind (CVOW) project faces increased risks with $2.5 billion in remaining non-US spending and potential steel/EU/Mexico tariff impacts, which could add $500 million-$625 million in costs.
Combined with still-to-be-finalized PJM network upgrades (+$600 million), these factors pose external challenges, adds the analyst.
Moreover, the analyst writes that administration support for offshore wind seems to be uncertain, adding to concerns.
On the other hand, Tonet raised the rating for WEC Energy Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WEC#NYSE">WEC</a>) from Underweight to Neutral and the <a target="_blank" href="https://www.benzinga.com/quote/wec/analyst-ratings" rel="noreferrer noopener">price forecast from $106 to $108</a>.
Tonet says that WEC stands out due to its lack of rate case exposure and favorable regulatory environment in Wisconsin.
The company is well-positioned as a defensive stock, benefiting from regulatory stability and potential upside from projects like MSFT/Cloverleaf data centers, adds the analyst.
Also, the analyst upgraded Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>) from Underweight to Neutral while <a target="_blank" href="https://www.benzinga.com/quote/so/analyst-ratings" rel="noreferrer noopener">maintaining the price forecast at $94</a>.
The analyst writes that SO stands out within utility coverage for its strong regulatory environment, solid balance sheet, large scale, and economic resilience in its service area.
However, ongoing regulatory uncertainty tied to the Georgia Power rate case limits immediate upside, adds the analyst.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/25/04/44694248/rpm-q3-weather-foreign-currency-and-lower-demand-weigh-on-performance-guidance-sees-modest-growth-ahead" target="_blank" rel="noreferrer noopener">RPM Q3: Weather, Foreign Currency, and Lower Demand Weigh on Performance, Guidance Sees Modest Growth Ahead</a></li>
</ul>
Image: Shutterstock

Equities

Large Cap

Mid Cap

Upgrades

Recession Risk Is High, But Analysts Say This Sector Is Shielded From Tariff Impact

Barclays analyst Brandon Oglenski maintains Alaska Air Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>) with a Overweight and lowers the price target from $80 to $62.

Barclays Maintains Overweight on Alaska Air Gr, Lowers Price Target to $62

Wall Street's early rally lost steam and flipped into negative territory Tuesday afternoon after White House Press Secretary Karoline Leavitt confirmed that President Donald Trump's retaliatory 104% tariff on Chinese imports would take <a href="https://www.benzinga.com/topic/donald-trump">effect at 12:01 a.m. ET Wednesday. </a>
Her remarks triggered a sharp deterioration in market sentiment and reignited fears of a global trade escalation.
By 2:15 p.m. ET, the S&amp;P 500 – as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – had slipped 0.3%, the Russell 2000 fell 1.3%, and the Nasdaq 100 was barely positive, up just 0.1%. The Dow Jones Industrial Average held onto a 0.3% gain, though upside momentum was fading fast.
<h3 class="wp-block-heading">What Triggered The Market Turnaround?</h3>
Leavitt&#8217;s remarks delivered clarity — and a hard deadline — for Trump&#8217;s escalating tariff campaign.
"There will be 104% tariffs going into effect on China tonight at midnight," Leavitt said. 
"It was a mistake for China to retaliate, and the president is punching back harder."
The press secretary echoed Trump&#8217;s hardline stance, stating that "America does not need other countries as much as other countries need us," and emphasized that the president believes China wants to make a deal, but doesn't know how to start.
While earlier this week Trump hinted at openness to negotiations, Tuesday's update suggested no de-escalation in sight.
Leavitt insisted that tariffs are not up for delay or exemption, rejecting suggestions that market turmoil had prompted a policy shift. 
She confirmed that the administration expects these trade deals and tariffs to generate "trillions of dollars in revenue" while incentivizing onshoring and closing U.S. trade deficits.
Earlier on Tuesday, Chicago Fed President Austan Goolsbee warned that the economic consequences of tariffs may already be materializing.
"We can't wait until the end of the quarter plus one month to find out that investment has dropped off and GDP growth is shrinking," Goolsbee said, calling for timelier insight into the drag from protectionist policy.
<h3 class="wp-block-heading">Tech Stocks Lose Steam, Semis Cool Off</h3>
After leading the rally earlier in the session, tech stocks began to falter. 
Among the Magnificent Seven, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) turned sharply lower, down 2.33%, while Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shed 0.85% and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) slipped 0.32%.
Only Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) continued to hold onto gains, up 2.43%.
Semiconductor stocks, which had gained over 3.3% by midday, then flipped to losses, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) down 0.4%.
Defensive sectors such as utilities and communications hovered near flat, while materials and consumer discretionary posted the steepest losses amid fears of disrupted global supply chains.
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Markets Reverse Gains As Trump's 104% China Tariff Announcement Rattles Wall Street

Shares of major European indexes are trading higher after the US and China announced retaliatory tariffs directed at each other, which may redirect greater trade flows to the EU region. Additionally, European indexes may be trending higher on the continuation of capital flows rotating out of American equities year-to-date.

Barclays analyst Matthew Bouley maintains Trex Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TREX#NYSE">TREX</a>) with a Underweight and lowers the price target from $67 to $54.

TREX

Barclays Maintains Underweight on Trex Co, Lowers Price Target to $54

Barclays analyst Matthew Bouley maintains Toll Brothers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>) with a Underweight and lowers the price target from $101 to $92.

Barclays Maintains Underweight on Toll Brothers, Lowers Price Target to $92

Barclays analyst Matthew Bouley maintains AZEK Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZEK#NYSE">AZEK</a>) with a Overweight and lowers the price target from $64 to $53.

AZEK

Barclays Maintains Overweight on AZEK Co, Lowers Price Target to $53

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