Gary Black Tracker
2025.04.08 21:36

S&P 500 -12.1% and NDX -12.7% over the past 4 days, its worst 4-day run since the 2008-09 financial crisis. On Friday we enter 1Q earnings season, where visibility has been extinguished and CEOs will likely express uncertainty in forward guidance that captures the higher tariffs, which greatly increases recession odds. Over the past four days, AAPL -23.0%, TSLA -21.5%, and NVDA -12.8% as investors crunch out COGS tariff impacts for AAPL and NVDA, and reprice TSLA’s 90x P/E for higher recession risks.

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