The popularity of Elon Musk has seen a significant downturn, as per a new tracker initiated by polling data analyst Nate Silver.



What Happened: The tracker, which was launched on Friday, indicates that a mere 39.6% of Americans hold&nbsp;a favorable view of Musk,&nbsp;while a majority of 53.5% view him unfavorably.



The tracker has been gathering data since January 2024 and shows a marked decrease in Musk&#8217;s popularity following his endorsement of President Donald Trump in July of the preceding year. Musk&#8217;s popularity suffered another blow after Trump assumed office and Musk launched DOGE, a move perceived as disruptive to American governmental institutions.



Responding to Silver's post on X announcing the tracker, Musk wrote, "The inevitable outcome of having a political propaganda war waged against me while I have almost no countervailing campaign.&#8221;



<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">The inevitable outcome of having a political propaganda war waged against me while I have almost no countervailing campaign and, at times, digging my own grave way better than my enemies do &#x1f923;&#x1f923;&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1910789570796413346?ref_src=twsrc%5Etfw">April 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Also Read: <a href="https://www.benzinga.com/news/25/02/43768756/privacy-concerns-emerge-as-elon-musks-doge-team-seeks-access-to-taxpayer-data">Privacy Concerns Emerge As Elon Musk&#8217;s DOGE Team Seeks Access to Taxpayer Data</a>



The unveiling of the tracker comes in the wake of a Rolling Stone report that b underscored the difficulties senior Trump administration figures faced due to Musk&#8217;s behavior. One official likened interacting with Musk to &#8220;listening to really rusty nails&nbsp;on a chalkboard.&#8221;



Why It Matters: The decline in Musk&#8217;s popularity is significant, given his status as a prominent figure in the tech industry and his influence on public opinion. His endorsement of President Trump and the launch of DOGE have been controversial moves that have seemingly impacted his public image negatively. 



The tracker&#8217;s data, which has been collected over a significant period, provides a clear indication of the shift in public sentiment towards Musk.



Read Next



<a href="https://www.benzinga.com/markets/25/03/44346423/teslas-biggest-bull-frustrated-with-elon-musks-focus-on-doge-over-company-patience-wearing-thin">Tesla&#8217;s Biggest Bull Frustrated With Elon Musk&#8217;s Focus On DOGE Over Company: &#8216;Patience Wearing Thin&#8217;</a>



Image: Shutterstock

News

Elon Musk: 'Digging My Own Grave' by Tying Himself to DOGE

Anthony Scaramucci, the&nbsp;former White House communications director, has suggested that nations will counteract against the U.S. in response to President Donald Trump&#8216;s contentious tariff impositions.



What Happened: Scaramucci opines that countries like China&nbsp;are banking on the U.S.&nbsp;to rein in Trump until they can &#8216;break&#8217; him. This comes in light of Trump&#8217;s ongoing trade war, which has sent ripples through the global economy and stock market within a week.



Scaramucci proposed that nations should counter the U.S. by levying their own tariffs, thereby nudging Trump&#8217;s allies towards the Democratic Party. 



&#8220;We&nbsp;have this new manifestation of&nbsp;an ogre that's out of&nbsp;control. And I think the&nbsp;right way to handle him&nbsp;is what the Chinese and&nbsp;the Canadians are doing, which&nbsp;is, &#8220;No&nbsp;problem. We're going to lock&nbsp;in the cockpit with you&nbsp;until we break you,&#8221; Scaramucci stated in the "The Rest is Politics" <a href="https://www.youtube.com/watch?v=HBbO2SStM30">podcast</a>.



Trump&#8217;s tariff announcement last week sparked global unrest, compelling leaders to react to his expensive import levies. In retaliation, Trump put a 90-day hold&nbsp;on most of his tariffs. However, he intensified&nbsp;the trade war with China&nbsp;by imposing a 145% tax.



Also Read: <a href="https://www.benzinga.com/news/25/04/44658808/scaramucci-on-tariffs-there-is-stupid-and-then-there-is-donald-trump-stupid">Scaramucci on Tariffs: &#8216;There Is Stupid and Then There Is Donald Trump Stupid&#8217;</a>



"They're making the bet that the U.S. system will absorb Donald Trump. Meaning, there's still enough checks and balances in the system. There's still enough wise people, the Rand Pauls, the John Kennedys of Louisiana, the Tom Emmers, that will say, ‘OK, guy, we're going to now caucus with the Democrats because we need to save the system from your insanity,&#8221; Scaramucci added.



Scaramucci said that he is confident Trump&#8217;s actions will lead to his downfall. 



&#8220;It&nbsp;will break him. Unless you're&nbsp;telling me the US system&nbsp;is going to collapse because&nbsp;of one orange human being,&nbsp;then okay, but I'm for&nbsp;breaking him, because he is&nbsp;perversely bad for the system.&nbsp;He's bad for the United&nbsp;States, and he's bad for&nbsp;the global economy,&#8221; he concluded.



Why It Matters: Scaramucci&#8217;s prediction underscores the potential global backlash against Trump&#8217;s trade policies. The escalating trade war has already disrupted the global economy and stock market, and further retaliation could deepen these impacts. 



The shift of Trump&#8217;s allies towards the Democratic Party, as suggested by Scaramucci, could also significantly alter the political landscape in the U.S. 



The potential &#8216;breaking&#8217; of Trump, as foreseen by Scaramucci, could have far-reaching implications for the U.S. and the global economy.



Read Next



<a href="https://www.benzinga.com/news/25/03/44211446/anthony-scaramucci-slams-donald-trump-hes-going-to-put-us-into-a-recession-frankly" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Slams Donald Trump: ‘He&#8217;s Going To Put Us Into A Recession, Frankly&#8217;</a>



Image: Shutterstock

Politics

Scaramucci Foresees Global Retaliation Against Trump's Trade Policies: 'It Will Break Him'

President&nbsp;Donald Trump&#8217;s&nbsp;announcement that he will place a 90-day pause on tariffs for countries that have not retaliated against U.S. trade measures. Markets rose on the <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/04/44725578/technology-stocks-outperform-after-trumps-tariff-pause-microchip-technology-amd-lead-sector-higher" rel="noreferrer noopener">news, driven&nbsp;higher by tech stocks</a>.&nbsp;



U.S. President&nbsp;Donald Trump&nbsp;has been on the receiving end of criticism from Michigan auto and business groups as tariffs on<a target="_blank" href="https://www.benzinga.com/25/04/44729157/michigan-auto-groups-criticize-trump-for-not-halting-auto-tariffs" rel="noreferrer noopener">&nbsp;automotive imports&nbsp;remain in effect</a>.



The U.S. and Vietnam have launched trade negotiations after President&nbsp;Donald Trump&nbsp;paused the implementation of a&nbsp;46% tariff on Vietnam's exports, a move that could bolster the country's <a target="_blank" href="https://www.benzinga.com/tech/25/04/44726879/vietnam-a-hub-for-us-tech-giants-like-apple-and-nvidia-wants-to-talk-trade-after-trump-pauses-46-tariff" rel="noreferrer noopener">growing tech manufacturing sector</a>.



The European Union and China have agreed to explore setting minimum prices for Chinese-made electric vehicles as an alternative to tariffs imposed last year, <a href="https://www.benzinga.com/news/global/25/04/44756940/europe-china-eye-ev-price-pact-to-avert-trump-tariff-escalation-after-tesla-ceo-elon-musk-pushes-for-zero-eu-tariffs-amid-declining-sales" target="_blank" rel="noreferrer noopener">a European Commission spokesperson</a>.



The sales figures for Q1 2025 for EVs showcase a growth in U.S. EV sales for several manufacturers and paint a strong picture <a href="https://www.benzinga.com/25/04/44755934/us-q1-ev-sales-data-shows-106-yoy-growth-tesla-experiences-decline-but-still-dominates-domestic-ev-sales" target="_blank" rel="noreferrer noopener">for the domestic EV sector</a>.



Technology



European Commission president&nbsp;Ursula von der Leyen&nbsp;has said the EU is preparing a&nbsp;slate of retaliatory measures&nbsp;that could include levies on digital advertising <a target="_blank" href="https://www.benzinga.com/markets/25/04/44754753/meta-google-and-other-big-us-tech-firms-could-end-up-paying-up-if-trump-tariff-talks-collapse-warns-european-commission-president-no-winners-in-this-only-losers" rel="noreferrer noopener">revenues from U.S. tech companies</a>.



Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has reportedly fired two employees who disrupted the tech giant&#8217;s 50th-anniversary event on Friday after protesting the company&#8217;s contracts with Israel and <a target="_blank" href="https://www.benzinga.com/25/04/44677497/microsoft-fires-employee-protestors-who-disrupted-50th-anniversary-event-you-have-shown-no-remorse-for-the-effect-that-your-actions-have" rel="noreferrer noopener">accusing its&nbsp;AI CEO of war profiteering</a>.



Microsoft has decided to suspend its billion-dollar data center project in Licking County, Ohio. ​This decision marks the most recent in a line of data center project <a target="_blank" href="https://www.benzinga.com/25/04/44733013/microsoft-shelves-1-billion-ohio-data-center-plans-amid-global-project-withdrawals-we-are-slowing-or-pausing-some-early-stage-projects" rel="noreferrer noopener">cancellations by the software behemoth</a>.



Microsoft reportedly contemplating another wave of job cuts, primarily <a target="_blank" href="https://www.benzinga.com/25/04/44729860/microsoft-stock-had-a-rough-ride-over-the-past-year-and-the-satya-nadella-led-company-is-now-mulling-more-job-cuts-this-time-focused-on-managers-and-non-coders" rel="noreferrer noopener">targeting middle managers and non-coders</a>.



Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) announced new restrictions for teen users, prohibiting those under 16 from live streaming on Instagram without parental permission, as the company expands its Teen <a target="_blank" href="https://www.benzinga.com/general/social-media/25/04/44704723/meta-restricts-live-streaming-for-teens-under-16-as-part-of-expanded-safety-measures" rel="noreferrer noopener">Account&nbsp;protections across its platforms</a>.



Taiwan Semiconductor Manufacturing Co. Ltd.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) reported first-quarter revenue growth of 41.6% year-on-year to&nbsp;839.25 billion<a target="_blank" href="https://www.benzinga.com/25/04/44732800/taiwan-semiconductor-reports-255-billion-q1-revenue-surges-42-in-despite-us-tensions" rel="noreferrer noopener"> New Taiwan dollars ($25.5 billion)</a>.



Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) newly appointed CEO,&nbsp;Lip-Bu Tan, has deep financial ties to China&#8217;s tech sector, including investments in companies <a target="_blank" href="https://www.benzinga.com/25/04/44755999/new-intel-ceo-lip-bu-tan-linked-to-hundreds-of-chinese-tech-firms-including-companies-tied-to-chinas-military-report" rel="noreferrer noopener">reportedly linked to the Chinese military</a>.



Smartphones



Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is reportedly shifting more of its&nbsp;iPhone&nbsp;production to India to mitigate the financial impact of President&nbsp;Donald Trump&#8217;s&nbsp;escalating tariffs on Chinese goods, potentially&nbsp;offsetting the projected 30% to 40% <a target="_blank" href="https://www.benzinga.com/25/04/44677880/apple-reportedly-plans-to-move-more-iphone-production-to-india-amid-trump-tariff-fearscould-this-solve-the-300-price-hike-on-550-hardware" rel="noreferrer noopener">price&nbsp;increase on its device</a>.



U.S. consumers are reportedly rushing to&nbsp;Apple stores to purchase new&nbsp;iPhones&nbsp;ahead of potential price hikes caused by President&nbsp;Donald Trump&#8217;s&nbsp;newly <a target="_blank" href="https://www.benzinga.com/media/25/04/44679666/apple-customers-flock-to-stores-as-tariffs-threaten-to-drive-iphone-prices-up-by-45-report" rel="noreferrer noopener">announced tariffs on Chinese imports</a>.



Apple completed an urgent logistics operation in late March, transporting five planeloads of iPhones and other products from manufacturing centers in India and<a target="_blank" href="https://www.benzinga.com/25/04/44706383/apple-airlifts-iphones-from-india-and-china-in-72-hour-race-to-beat-trumps-tariffs-as-stock-sinks-amid-us-china-trade-panic" rel="noreferrer noopener"> China to the U.S. within 72 hours</a>.



Automotive &amp; Social Media



Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&nbsp;has unveiled a new trim for its Cybertruck. The new trim is RWD (rear-wheel drive) and offers a range of over 362 <a target="_blank" href="https://www.benzinga.com/markets/equities/25/04/44755221/tesla-unveils-new-cybertruck-long-range-trim-with-a-362-mile-range-and-reduced-features" rel="noreferrer noopener">miles on a single charge</a>.



Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) CEO&nbsp;Andy Jassy&nbsp;has warned that President&nbsp;Donald Trump&#8217;s&nbsp;new tariffs on Chinese imports could result in higher prices for consumers, as many of the company&#8217;s third-party sellers <a target="_blank" href="https://www.benzinga.com/25/04/44754457/amazon-ceo-andy-jassy-says-trump-tariff-costs-could-hit-consumers-as-sellers-pass-them-on-company-working-to-limit-price-hikes-amid-1771-ytd-stock-drop" rel="noreferrer noopener">are unlikely to absorb the additional costs</a>.



Amazon reportedly pulled back on importing a wide range of consumer goods from Asia, leaving vendors stuck with <a target="_blank" href="https://www.benzinga.com/media/25/04/44729831/amazon-halts-orders-worth-over-500000-from-china-vietnam-and-other-asian-countries-following-trumps-tariff-plans-report" rel="noreferrer noopener">unsold inventory and mounting costs</a>.



TikTok&nbsp;has reportedly laid off some of its U.S.-based e-commerce governance and experience team, just days after President&nbsp;Donald Trump&nbsp;extended the deadline&nbsp;for parent company&nbsp;ByteDance&nbsp;<a target="_blank" href="https://www.benzinga.com/general/social-media/25/04/44754260/with-tiktoks-future-in-limbo-e-commerce-team-reportedly-hit-by-layoffs-days-after-trumps-bytedance-deadline-push-amid-chinas-opposition-and-tariff-hikes" rel="noreferrer noopener">to divest its U.S. operations</a>.



Artificial Intelligence



OpenAI&nbsp;is reportedly in discussions to acquire the AI hardware startup co-founded by&nbsp;Jony Ive&nbsp;and&nbsp;Sam Altman&nbsp;in a deal <a target="_blank" href="https://www.benzinga.com/25/04/44678864/openai-eyes-500-million-deal-to-acquire-jony-ive-and-sam-altmans-ai-hardware-startup-report" rel="noreferrer noopener">worth approximately $500 million</a>.



OpenAI&nbsp;countersued&nbsp;Elon Musk, accusing him of using harassment tactics to slow the company&#8217;s progress and disrupt its plans for growth, <a target="_blank" href="https://www.benzinga.com/25/04/44726544/elon-musk-faces-legal-backlash-as-sam-altman-led-openai-countersues-over-harassing-tactics-and-bid-for-control-musk-has-tried-every-tool-available-to-harm-openai" rel="noreferrer noopener">including a&nbsp;contentious bid&nbsp;for control</a>.



Mira Murati, the former chief technology officer of ChatGPT-parent OpenAI, is reportedly seeking to raise a staggering $2 billion seed round for her <a href="https://www.benzinga.com/media/25/04/44756971/former-openai-cto-mira-murati-targets-record-breaking-2-billion-seed-round-for-new-ai-startup" target="_blank" rel="noreferrer noopener">new AI venture, </a><a href="https://www.benzinga.com/media/25/04/44756971/former-openai-cto-mira-murati-targets-record-breaking-2-billion-seed-round-for-new-ai-startup" target="_blank" rel="noreferrer noopener">Thinking Machines Lab</a>.



Image: Shutterstock

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Consumer Tech News (April 7-April 11): US President Puts 90-Days Pause On Tariffs, Microsoft May Cut Jobs & More

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas" target="_blank" rel="noreferrer noopener"> many investors' favorite stocks</a> over the last week — here's a look at some of our top stories.



President Donald Trump's hold on global tariffs but imposition of a 145% levy on Chinese imports led to significant market volatility and eroding confidence in the dollar and Treasuries this week. The 30-year Treasury yield briefly reached 5%, indicating the return of bond vigilantes — investors selling bonds in reaction to policy decisions.



Despite the turmoil, certain stocks have outperformed. For instance, Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) have shown resilience amid the market's fluctuations, demonstrating robust fundamentals and strategic positioning that appeal to investors even during uncertain times.



Overall, while the broader market faces challenges from escalating trade tensions and policy uncertainties, select companies continue to thrive, highlighting the importance of strategic agility and strong fundamentals in navigating volatile economic landscapes.



Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.



The Bulls



<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44696168/apple-is-a-buying-opportunity-again-as-key-valuation-level-flashes-green-bank-of-america-says">"Apple Is A ‘Buying Opportunity' Again As Key Valuation Level Flashes Green, Bank Of America Says"</a>, by Piero Cingari, reports that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares have dropped 17% since April 2, more than double the S&amp;P 500's decline in the same period, and Bank of America analyst Wamsi Mohan views this as a buying opportunity, citing historical data showing average gains of 17% one year after Apple's P/E ratio compresses under 25x.



<a href="https://www.benzinga.com/news/buybacks/25/04/44674899/broadcom-stock-jumps-on-10-billion-buyback-authorization">"Broadcom Stock Jumps On $10 Billion Buyback Authorization"</a>, by Adam Eckert, reports that Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) shares rose after the company authorized a $10 billion share repurchase program through the end of 2025, reflecting confidence in its semiconductor and infrastructure software businesses.



<a href="https://www.benzinga.com/25/04/44683383/marvell-plays-ai-hardball-divestiture-sparks-155-upside-says-analyst">"Marvell Plays AI Hardball: Divestiture Sparks 155% Upside, Says Analyst"</a>, by Surbhi Jain, reports that Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) sold its automotive Ethernet business to Infineon Technologies AG for $2.5 billion, prompting JPMorgan analyst Harlan Sur to reaffirm an Overweight rating and set a $130 price target — implying a 155% upside — as the company intensifies its focus on AI and cloud data center growth.



For additional bullish calls of the past week, check out the following:



<a href="https://www.benzinga.com/news/earnings/25/04/44701164/aehr-test-systems-stock-climbs-after-q3-results-details">Aehr Test Systems Stock Climbs After Q3 Results: Details</a>



<a href="https://www.benzinga.com/government/regulations/25/04/44752313/health-care-technology-stocks-surge-after-fda-announces-plans-to-phase-out-animal-testing-requirements">Health Care Technology Stocks Surge After FDA Announces Plans To Phase Out Animal Testing Requirements</a>



<a href="https://www.benzinga.com/news/large-cap/25/04/44725578/technology-stocks-outperform-after-trumps-tariff-pause-microchip-technology-amd-lead-sector-higher">Technology Stocks Outperform After Trump's Tariff Pause: Microchip Technology, AMD Lead Sector Higher</a>



The Bears



<a href="https://www.benzinga.com/news/global/25/04/44741043/nike-stock-tumbles-as-us-china-trade-war-intensifies-what-you-need-to-know">"Nike Stock Tumbles As US-China Trade War Intensifies: What You Need To Know"</a>, by Adam Eckert, reports that Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) shares fell 10.3% to $53.18 amid escalating U.S.-China trade tensions, as the company's reliance on imports from China, Vietnam, and Indonesia exposes it to new tariffs, including a 145% rate on Chinese goods.



<a href="https://www.benzinga.com/news/global/25/04/44725016/us-steel-stock-tumbles-as-trump-says-we-dont-want-to-see-it-go-to-japan">"US Steel Stock Tumbles As Trump Says ‘We Don't Want To See It Go To Japan'"</a>, by Adam Eckert, reports that United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) shares fell over 11% in after-hours trading after Trump expressed opposition to the company's acquisition by Nippon Steel, stating, "We don't want to see it go to Japan."



<a href="https://www.benzinga.com/25/04/44684590/microns-meltdown-tariff-surcharge-adds-salt-to-the-stocks-slide">"Micron's Meltdown: Tariff Surcharge Adds Salt To The Stock's Slide"</a>, by Surbhi Jain, reports that Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) shares plunged over 22% in five trading days as the company imposed a tariff-related surcharge on U.S. customers, exacerbating bearish technical signals with the stock trading below key moving averages and nearing oversold RSI levels.



For more bearish takes, be sure to see these posts:



<a href="https://www.benzinga.com/trading-ideas/technicals/25/04/44695368/death-cross-alert-alphabet-stock-drops-the-signal-bears-pick-it-up">Death Cross Alert: Alphabet Stock Drops The Signal, Bears Pick It Up</a>



<a href="https://www.benzinga.com/25/04/44715119/pfizer-stock-is-sliding-wednesday-whats-going-on">Pfizer Stock Is Sliding Wednesday: What's Going On?</a>



<a href="https://www.benzinga.com/25/04/44748974/death-cross-meets-tax-threat-tsms-chip-dip-has-more-than-just-technicals-to-blame">TSMC Triggers Death Cross As Trump Tariff Threats Add To Investor Concerns</a>



Keep up with all the latest breaking news and trading ideas by following <a href="https://twitter.com/Benzinga" target="_blank" rel="noreferrer noopener">Benzinga</a><a href="http://twitter.com/Benzinga" target="_blank" rel="noreferrer noopener"> on X</a>.



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Benzinga Bulls And Bears: Apple, Nike, US Steel — And The Markets Ride Out Ongoing Volatility

President Donald Trump's aggressive trade tariffs extend beyond Wall Street, rattling the Treasury market and the U.S. dollar. The turmoil is now challenging the long-held narrative of &#8220;American exceptionalism&#8221; that has underpinned global confidence in the <a href="https://www.benzinga.com/government/regulations/25/04/44710975/wall-streets-american-exceptionalism-trade-falters-as-dollar-stocks-bonds-all-slide">U.S. economy for decades.</a>



A broad trade-weighted measure of the dollar fell Friday to its lowest level since April 2022. The greenback is now down 10% since Trump's inauguration, raising concerns about its global reserve status.



Although recent March inflation reports showed cooling price pressures across both consumer and producer markets, bond markets didn't react <a href="https://www.benzinga.com/25/04/44762609/producer-inflation-sharply-drops-yet-treasury-yields-rise-heres-why-a-fed-rate-cut-in-may-could-be-back-on-the-table">with the usual optimism.</a>



Long-dated Treasury yields climbed steadily all week, with the 10-year yield breaking past 4.50%  — a level not seen since February. The 30-year yield briefly hit 5%, signaling that bond vigilantes —investors who dump bonds in protest of policy mistakes — have returned.



Amid widespread selling of U.S. Treasury bonds and the dollar, gold reaffirmed its role as a haven, surging to a new all-time high above $3,200 per ounce.



On Wednesday, stocks skyrocketed after the Trump administration announced a 90-day suspension of tariffs for most trade partners — China being the notable exception, with levies surging to 145%. The move triggered the biggest one-day rally on <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44720903/nasdaq-100-eyes-strongest-day-since-2008-as-magnificent-seven-add-15-trillion-in-historic-market-rally">Wall Street since 2008.</a>



Still, that positive momentum faded quickly. By the week's end, investor sentiment was once again clouded by uncertainty. The White House remains committed to its hardline tariff policy against China, even as Beijing retaliated with counter-tariffs on U.S. goods that now <a href="https://www.benzinga.com/markets/25/04/44756353/xi-jinping-says-there-are-no-winners-in-tariff-war-as-china-slaps-125-tariffs-on-us-goods-urges-trump-to-immediately-correct-wrongdoings">reach as high as 125%.</a>



Meanwhile, first-quarter earnings reports from banking giants including JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) and Wells Fargo Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) delivered encouraging numbers. Yet, investors remain cautious as the true impact of tariffs likely won't be visible until the second-quarter results.



<a href="https://www.benzinga.com/25/04/44760533/jpmorgan-kicks-off-earnings-season-strong-investment-banking-wealth-management-lead-revenue-surge">&#8220;The economy is facing considerable turbulence,"</a> JPMorgan CEO Jamie Dimon said.



More troubling are signs from Main Street. American consumers are growing increasingly pessimistic.



The <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44764554/consumer-sentiment-crashes-to-3-year-lows-as-inflation-expectations-spike-to-1981-highs">University of Michigan's preliminary consumer sentiment</a> index for April plunged to its lowest level since mid-2022. Expectations for inflation jumped sharply: one-year outlooks soared to 6.7%, the highest since 1981, while five-year expectations climbed to 4.4%, the highest since 1990.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44770031/will-a-fed-pivot-rekindle-the-bitcoin-bull-run-if-yes-expect-a-shift-in-institutional-sentiment-experts-say">Will A Fed Pivot Rekindle The Bitcoin Bull Run? If Yes, Expect A &#8216;Shift In Institutional Sentiment,&#8217; Experts Say</a></li>
</ul>



Image: Shutterstock

Government

Macro Economic Events

Regulations

Bonds

Treasuries

Econ #s

Economics

Wall Street Panic Extends To Main Street As US-China Trade War Escalates, Bond Vigilantes Make A Comeback: This Week In Markets

<ul>
<li>An entity partly controlled by Eric Trump may be selling its Ethereum holdings despite his infamous buy the dip post in February.</li>



<li>The reported sale has sparked a flurry of reactions online.</li>



<li>Eric&#8217;s father is partially responsible for the hit to his fledgling career as a market punter.</li>
</ul>



Two months ago, Eric Trump took to X to make a post that has become a meme in cryptocurrency circles.



&#8220;In my opinion, it&#8217;s a great time to add ETH. You can thank me later,&#8221; he <a href="https://x.com/EricTrump/status/1886541132903133230?t=sEcPCKaJk4KxTdyxVOD5RA&amp;s=19">wrote</a>. At the time, the asset had just fallen below the psychologically important $3,000 price level and appeared to be struggling to make a comeback as it traded near $2,900.



<a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44652091/if-you-had-invested-in-ethereum-when-eric-trump-said-its-a-great-time-youd-be-down-39">As has been frequently reported</a>, this comeback did not materialize despite Eric&#8217;s recommendation, and now, with a further 48% decline, he may be eating his own words.



Don't Miss:



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<li>Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —<a href="https://www.benzinga.com/money/boxabl"> this is your last chance to become an investor for $0.80 per share.</a></li>



<li>‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. <a href="https://www.benzinga.com/money/mode-mobile-2">You can invest today for just $0.26/share with a $1000 minimum.</a></li>
</ul>



<h2 class="wp-block-heading">World Liberty Financial Cutting Ethereum Losses?</h2>



An entity partly controlled by Eric may be selling its Ethereum holdings despite his infamous buy the dip post in February.



On Wednesday, crypto smart money tracker Lookonchain <a href="https://x.com/lookonchain/status/1909782070618210423?t=RXunFUn_fdUrt7EU8T6Vxw&amp;s=19">flagged</a> a transaction from an address <a href="https://intel.arkm.com/explorer/address/0x77a56647fba0eb60abb7395574Cded565F6F94F6">labeled</a> World Liberty Financial on Arkham Intelligence. It suggested that the decentralized finance project taken over by a Trump family firm partly controlled by Eric was dumping its Ethereum holdings at a loss.



Specifically, the address sold nearly 5,500 ETH for $8 million at an average price of $1,465 per coin. The reported sale comes at a potential 55% loss to World Liberty Financial, which accumulated 67,498 coins for $210 million at an average price of $3,259, a stash now $125 million in the red.



Trending: It&#8217;s no wonder Jeff Bezos holds over $250 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>



Neither World Liberty Financial nor Arkham Intelligence immediately responded to requests for comment by Benzinga.&nbsp;



The Lookonchain report has sparked a flurry of reactions online, with many unable to avoid pointing out the irony in light of Eric&#8217;s February statements.



<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">Well, did you? <a href="https://t.co/en7jAdQJU3">https://t.co/en7jAdQJU3</a> <a href="https://t.co/a05G7rgc0T">pic.twitter.com/a05G7rgc0T</a>&mdash; CryptoAmsterdam (@damskotrades) <a href="https://twitter.com/damskotrades/status/1909873435829817642?ref_src=twsrc%5Etfw">April 9, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The situation is perhaps made more ironic by the fact that Eric&#8217;s father, President Donald Trump, is partially responsible for the hit to his fledgling career as a market punter.



See Also: Hasbro, MGM, and Skechers trust this AI marketing firm — <a href="https://www.benzinga.com/money/rad-intel">invest pre-IPO from $0.55 per share now</a>.



<h2 class="wp-block-heading">Trump Tariffs Weighing On Markets</h2>



Over the past few weeks, President Trump has implemented <a href="https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-in-market-value">aggressive tariff policies</a> that have culminated in a trade war that has seen the U.S. <a href="https://www.benzinga.com/markets/equities/25/04/44704005/trumps-104-tariff-on-chinese-imports-sends-stock-futures-plunging-dow-falls-over-500-points">place a 104% tariff on China</a>, with the latter <a href="https://www.benzinga.com/25/04/44708618/china-retaliates-with-massive-84-tariff-hike-on-us-goods-amid-escalating-trade-war">retaliating with a levy of 84%</a>.



The resulting uncertainty has tanked global markets, including the cryptocurrency market. The S&amp;P 500 is flirting with bear market territory, at one point dropping as much as 20% below its all-time high. The Nasdaq is firmly in bear market territory at 22% below its February record. Bitcoin, the cryptocurrency market leader, has fallen as much as 32% below its January all-time high.



As such, a near-term reversal in Eric&#8217;s fortunes will likely hinge on a shift in his father&#8217;s policies, which seems unlikely.



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<li><a href="https://www.benzinga.com/money/vatom-adv">Invest in the Future of Digital Engagement. Own a Piece of the $100 Billion Metaverse Today for Just $500.</a></li>



<li>Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a></li>
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Personal Finance

Trump Family Now Reportedly Selling Ethereum At A Loss 2 Months After Eric Said 'It's A Great Time To Add ETH'

Robert F. Kennedy Jr., the nation&#8217;s top health official, questioned whether society should bear the cost of healthcare for individuals who engage in unhealthy habits, such as smoking or consuming doughnuts.



What Happened: In an interview <a href="https://www.cbsnews.com/news/rfk-jr-sweeping-cuts-health-programs-employees-exclusive-interview/">with</a> CBS News, Kennedy asked, "If you're smoking three packs of cigarettes a day, should you expect society to pay when you get sick?"



He emphasized that while Americans have the freedom to make such choices, the question remains whether society should cover the resulting health care costs.



Public health experts expressed concern, suggesting Kennedy&#8217;s remarks could imply limiting access to health care based on personal behavior.



See Also: <a href="https://www.benzinga.com/25/04/44777097/gm-halts-electric-van-production-in-ontario-amid-sluggish-sales-1200-employees-affected">GM Halts Electric Van Production In Ontario Amid Sluggish Sales: 1,200 Employees Affected</a>



Meanwhile, the Department of Health and Human Services (DHHS) clarified that Kennedy aims to empower individuals with better health options, not to shame them.



His comments, they said, reflect a broader strategy to align public health outcomes with smart incentives.



Amid these discussions, Kennedy&#8217;s department has faced criticism for recent layoffs affecting programs aimed at reducing smoking, raising questions about the impact on public health efforts.



Why It Matters: This debate comes on the heels of <a href="https://www.benzinga.com/markets/25/03/44550801/rfk-jr-spreading-misinformation-and-lies-fdas-top-vaccine-official-walks-out-sparking-debate-on-safety-an">RFK Jr.&#8217;s previous controversies</a> surrounding health policies. Recently, Peter Marks, the FDA&#8217;s top vaccine official, resigned due to Kennedy&#8217;s stance on vaccine misinformation.



Marks was integral in the COVID-19 vaccine rollout, and his departure has sparked concerns about the politicization of health decisions.



Additionally, Kennedy has been proactive in addressing health issues by <a href="https://www.benzinga.com/markets/equities/25/03/44209953/rfk-jr-takes-on-food-giants-calls-meeting-with-pepsico-and-general-mills">engaging</a> with major food companies. In March, he called a meeting with executives from PepsiCo Inc. and General Mills Inc., urging them to address their role in public health challenges.



Earlier in February, a media report stated that the Trump administration is <a href="https://www.benzinga.com/25/02/43999106/trumps-officials-to-re-consider-modernas-590-million-bird-flu-vaccine-funding-hhs-cites-biden-administrations-failed-oversight">planning to reconsider</a> $590 million in funding for Moderna Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) bird flu vaccine, with RFK Jr.&#8217;s HHS slamming the Biden administration for a lack of oversight.



Read Next:



<ul>
<li><a href="https://benzinga.com/25/04/44774499/wall-street-panic-extends-to-main-street-as-us-china-trade-war-escalates-bond-vigilantes-make-a-comeback-this-wee">Wall Street Panic Extends To Main Street As US-China Trade War Escalates, Bond Vigilantes Make A Comeback: This Week In Markets</a></li>
</ul>



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: Shutterstock

Health Care

MRNA

RFK Jr Asks If Taxpayer-Funded Healthcare Should Be Accessible To People Smoking 'Three Packs A Day'

Cryptocurrency markets are trading higher on Friday, amid Florida passing a Bitcoin reserve bill.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$83,687.73</td><td>+5.5%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$1,565.31</td><td>+3.3%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$120.10</td><td>+8.4%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.03</td><td>+4.3%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.1599</td><td>+4.6%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001220</td><td>+5.7%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume decreasing by 12.3% and daily active addresses grow ingby 5.6%. Transactions greater than $100,000 are down from 11,411 to 10,6343 in a single day. Exchanges netflows are down by 467.5%.</li>



<li>Coinglass data reports 98,702 traders were liquidated in the past 24 hours for $242.45 million.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/top-stories/25/04/44758705/ripple-sec-move-to-end-legal-dispute-as-both-sides-withdraw-appeals">Ripple, SEC Move To End Legal Dispute As Both Sides Withdraw Appeals</a></li>



<li><a href="https://in.benzinga.com/markets/cryptocurrency/25/04/44764584/solana-jumps-as-janover-adds-5m-to-treasury-strategy-doubling-down-on-crypto-pivot">Solana Jumps As Janover Adds $5M To Treasury Strategy, Doubling Down On Crypto Pivot</a></li>



<li><a href="https://in.benzinga.com/markets/cryptocurrency/25/04/44764578/why-is-bitcoin-up-today-btc-climbs-past-83k-as-florida-passes-historic-bitcoin-reserve-bill">Why Is Bitcoin Up Today? BTC Climbs Past $83K As Florida Passes Historic Bitcoin Reserve Bill</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44747802/block-fined-40-million-by-new-york-regulator-over-cash-app-compliance-failures">Block Fined $40 Million By New York Regulator Over Cash App Compliance Failures</a></li>
</ul>



 Top Gainers:



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Onyxcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">XCN</a>)</td><td>$0.02533</td><td>+53.4%</td></tr><tr><td>Fartcoin (CRYPTO: FARTCOIN)</td><td>$0.9031</td><td>+29.7%</td></tr><tr><td>AB (CRYPTO: AB)</td><td>$0.01340</td><td>+24.2%</td></tr></tbody></table></figure>



Trader Notes: Crypto traders are watching Bitcoin's price action closely as it attempts to break free from a persistent downtrend—and many believe this time could be different. 



Jelle highlighted that Bitcoin is trying to break out of a downtrend it&#8217;s failed to escape seven times before. The big question: will bulls finally push through the $84,000 resistance?



Ali Martinez raised caution, asking whether Bitcoin&#8217;s recent bounce was the completion of a W pattern, and if so, is an M pattern, a bearish reversal on deck?



<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">If the first <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> move up was a &quot;W,&quot; are we about to see an &quot;M&quot;? <a href="https://t.co/59QCxjev28">pic.twitter.com/59QCxjev28</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1910742138427760916?ref_src=twsrc%5Etfw">April 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Mayne noted that Bitcoin is testing a key 12-hour order block (H12 OB). A flip of this resistance into support could generate serious upside momentum, making for what he calls "a very fun weekend."



Rekt Capital emphasized that a true breakout isn't confirmed yet—Bitcoin needs a daily close above the downtrend and a successful retest to validate the move.



Meanwhile, Titan of Crypto spotted a potential Inverse Head &amp; Shoulders pattern playing out. If confirmed, the long-term measured move projects a target near $125,000 by 2025.



<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/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Inverse Head &amp; Shoulders Pattern &#x1f9e0;&#x1f4c8; Still looks like a clean retest for now. If the pattern plays out, <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> could reach $125,000 in 2025. Let's see. <a href="https://t.co/HvR0cdZYmM">pic.twitter.com/HvR0cdZYmM</a>&mdash; Titan of Crypto (@Washigorira) <a href="https://twitter.com/Washigorira/status/1910760473378578662?ref_src=twsrc%5Etfw">April 11, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/25/04/44763111/rising-tariff-tensions-deepen-global-fragmentation-experts-say-bitcoin-and-stablecoins-gaining-strategic-importance">Bitcoin, Stablecoins Will Gain From Trade War, Experts Say: &#8216;The Map Is Being Redrawn&#8217;</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

$BTC

$DOGE

$ETH

$SHIB

$SOL

$XCN

$XRP

Bitcoin, Ethereum, XRP, Dogecoin Rally And 'Could Be In For A Very Fun Weekend' If One Key Level Flips

Even as President Donald Trump paused the reciprocal tariffs for 90 days on Wednesday, he later confirmed in a conversation with reporters at his Oval Office that pharmaceutical companies would face tariffs.



What Happened: The rally in pharma stocks was short-lived after the stocks reversed course on Thursday. When a reporter asked President Trump if he would go ahead and levy tariff duties on pharmaceutical stocks, he said, &#8220;Yeah, well, I will be because we want them coming back.&#8221;



&#8220;You know, we realized during COVID-19 that we don&#8217;t make our drugs and our pharmaceuticals in this country. So, I realized that, and it was a big realization,&#8221; he added.



Citing the emergency during COVID-19, he stated that he wanted the pharma companies to produce drugs in the U.S.



&#8220;We had to go to China to get drugs, we had to go to other places, we don&#8217;t make it. That&#8217;s because we let them leave, and now if they want to come back, we&#8217;re going to put tariffs on the pharmaceutical companies, and they&#8217;re going to all want to come back,&#8221; Trump said.



The pharma stocks tumbled on Thursday after Trump&#8217;s confirmation of tariffs.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Pharma Stocks</td><td>Thursday&#8217;s Performance</td><td>YTD Performance</td><td>One Year Performance</td></tr><tr><td>Eli Lilly And Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>)</td><td>-4.35%</td><td>-7.35%</td><td>-5.09%</td></tr><tr><td>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>)</td><td>-3.14%</td><td>-2.92%</td><td>3.99%</td></tr><tr><td>Bristol-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>)</td><td>-6.10%</td><td>-11.15%</td><td>2.73%</td></tr><tr><td>Regeneron Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>)</td><td>-5.26%</td><td>-23.60%</td><td>-40.63%</td></tr><tr><td>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>)</td><td>-3.87%</td><td>-18.87%</td><td>-18.03%</td></tr><tr><td>Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>)</td><td>-3.66%</td><td>10.36%</td><td>47.71%</td></tr><tr><td>Merck &amp; Co Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>)</td><td>-5.32%</td><td>-21.80%</td><td>-38.53%</td></tr><tr><td>Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>)</td><td>-3.33%</td><td>8.54%</td><td>4.23%</td></tr><tr><td>Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>)</td><td>-1.51%</td><td>3.24%</td><td>-0.07%</td></tr></tbody></table></figure>



See Also: <a href="https://www.benzinga.com/markets/equities/25/04/44755181/pentagon-slashes-5-1-billion-in-accenture-deloitte-booz-allen-contracts-thats-a-lot-of-consulting">Pentagon Slashes $5.1 Billion In Accenture, Deloitte, Booz Allen Contracts: &#8216;That&#8217;s A Lot Of Consulting&#8217;</a>



Why It Matters: Despite a 90-day pause on reciprocal tariffs, base global tariffs of 10% and China tariffs of 125%, along with sector-specific tariffs of 25% on steel and aluminum, auto, and auto parts remain in place. Adding to it, the President hinted that he could soon announce tariffs on pharmaceutical companies.



Here are some of the pharmaceutical industry-linked exchange-traded funds that could be impacted.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Pharma ETFs</td><td>YTD Performance</td><td>One Year Performance</td></tr><tr><td>VanEck Pharmaceutical ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PPH#NASDAQ">PPH</a>)</td><td>-7.02%</td><td>-7.51%</td></tr><tr><td>iShares US Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)</td><td>-7.04%</td><td>-6.08%</td></tr><tr><td>Invesco Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PJP#NYSE">PJP</a>)</td><td>-10.13%</td><td>-4.37%</td></tr><tr><td>SPDR S&amp;P Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPH#NYSE">XPH</a>)</td><td>-14.05%</td><td>-11.45%</td></tr><tr><td>KraneShares MSCI All China Health Care Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KURE#NYSE">KURE</a>)</td><td>2.88%</td><td>0.35%</td></tr><tr><td>First Trust Nasdaq Pharmaceuticals ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXH#NASDAQ">FTXH</a>)</td><td>-11.54%</td><td>-10.18%</td></tr><tr><td>Direxion Daily Pharmaceutical &amp; Medical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PILL#NYSE">PILL</a>)</td><td>-41.35%</td><td>-43.86%</td></tr></tbody></table></figure>



Price Action: After Thursday&#8217;s fall, following Wednesday&#8217;s rebound, the Nasdaq 100 index was 17.46% lower than its previous high of 22,222.61 points. The S&amp;P 500 index was down 14.31% from its record of 6,147.43 points, and the Dow Jones declined 12.16% from its 52-week high of 45,073.63 points.



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended lower on Thursday. The SPY was down 4.38% to $524.58, while the QQQ declined 4.25% to $446.18, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



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<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44728276/spy-qqq-call-volumes-spiked-minutes-before-tariff-pause-announcement-alexandria-ocasio-cortez-demands-disclosure-from-congress-members" target="_blank" rel="noreferrer noopener">SPY, QQQ Call Volumes Spiked Minutes Before Tariff Pause Announcement: Alexandria Ocasio-Cortez Demands Disclosure From Congress Members</a></li>
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Photo courtesy: Shutterstock

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Eli Lilly, AbbVie, Bristol Myers, Regeneron, And Other Pharma Companies Slide As Donald Trump Confirms Tariffs On Pharma Companies

Leading consulting giants Accenture Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>), Deloitte, and Booz Allen Hamilton Holding Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAH#NYSE">BAH</a>) are facing significant contract reductions as the U.S. Department of Defense (DoD) announced a sweeping $5.1 billion cut in IT services and other contracts deemed &#8220;wasteful spending.&#8221;



What Happened: Defense Secretary Pete Hegseth issued these cuts on late Thursday as part of a broader effort to streamline the department&#8217;s budget and redirect funds toward warfighting capabilities and improved healthcare for service members and their families.



&#8220;We need this money to spend on better health care for our warfighters and their families, instead of $500 an hour business process consultant,&#8221; Hegseth said. &#8220;That&#8217;s a lot of consulting.&#8221;



According to the memorandum, Secretary Hegseth detailed the specific areas targeted for cuts, emphasizing a shift away from reliance on external consultants for services that can be performed by the DoD&#8217;s workforce.



&#8220;That&#8217;s with a &#8216;B&#8217;; $5.1 billion in DOD contracts for ancillary things like consulting and other nonessential services,&#8221; Hegseth said while recording a video of the announcement from his office.



He specifically highlighted several major contracts being terminated, including:



<ul>
<li>$1.8 billion in consulting contracts awarded by the Defense Health Agency to various private sector firms, including Accenture, Deloitte, and Booz Allen, for services the DoD believes its civilian workforce can handle.</li>
</ul>



<ul>
<li>A $1.4 billion Air Force contract with Accenture for reselling third-party enterprise cloud IT services, which the department intends to fulfill directly using existing procurement resources.</li>
</ul>



<ul>
<li>A $500 million Navy contract for business process consulting for administrative offices.</li>
</ul>



<ul>
<li>A $500 million contract with the Defense Advanced Research Projects Agency (DARPA) for IT help desk services was deemed &#8220;completely duplicative&#8221; of existing services provided by the Defense Information Systems Agency (DISA).</li>
</ul>



See Also: <a href="https://www.benzinga.com/government/regulations/25/04/44728276/spy-qqq-call-volumes-spiked-minutes-before-tariff-pause-announcement-alexandria-ocasio-cortez-demands-disclosure-from-congress-members">SPY, QQQ Call Volumes Spiked Minutes Before Tariff Pause Announcement: Alexandria Ocasio-Cortez Demands Disclosure From Congress Members</a>



Why It Matters: The announcement builds upon a <a href="https://www.benzinga.com/markets/equities/25/03/44434720/defense-secretary-slashes-580-million-in-wasteful-spending-targets-overdue-overpriced-projects">previous $580 million in cuts</a> announced on March 20, bringing the total savings identified under the Department of Government Efficiency or DOGE initiatives to &#8220;nearly $6 billion in wasteful spending over the first six weeks,&#8221; Hegseth added.



Beyond IT services, the remaining $0.9 billion to reach the $5.1 billion total comes from the termination of 11 additional contracts across the DoD.



These contracts target consulting services related to diversity, equity, and inclusion (DEI), climate change initiatives, the department&#8217;s response to the COVID-19 pandemic, and other &#8220;non-essential activities.&#8221;



To ensure the continued efficiency of the DoD&#8217;s IT operations, Secretary Hegseth has directed the DoD Chief Information Officer (CIO), in coordination with the DOGE team, to develop a 30-day plan for:



<ul>
<li>In-sourcing IT consulting and management services to the department&#8217;s civilian workforce. </li>



<li>Negotiating the most favorable rates for software and cloud services. </li>



<li>Completing an audit of DoD software licensing by April 18, 2025, to eliminate unnecessary expenditures.</li>
</ul>



Price Action: Shares of Accenture were down 18.23% on a year-to-date basis, whereas it declined by 12.29% over a year. Booz Allen Hamilton, on the other hand, was down 15.07% YTD and 24.54% over a year.



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended lower on Thursday. The SPY was down 4.38% to $524.58, while the QQQ declined 4.25% to $446.18, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Read Next:



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<li><a href="https://www.benzinga.com/government/regulations/25/04/44732982/donald-trump-reduced-himself-to-a-paper-tiger-says-peter-schiff-after-comparing-tariff-rollout-and-pause-to-the-hindenburg-of-trial-balloons">Donald Trump &#8216;Reduced Himself To A Paper Tiger,&#8217; Says Peter Schiff After Comparing Tariff Rollout And Pause To The &#8216;Hindenburg Of Trial Balloons&#8217;</a></li>
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Photo courtesy: Shutterstock

Pentagon Slashes $5.1 Billion In Accenture, Deloitte, Booz Allen Contracts: 'That's A Lot Of Consulting'

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