Good Morning! Hertz shares jumped 56% after Bill Ackman disclosed a stake. Nvidia, caught in the U.S.-China trade war, took a $5.5 billion hit. Dimon warned the conflict “risks eroding the U.S.’s credibility” and urged China trade talks.

Figma filed for an IPO, Tesla’s California EV market share fell below 50% for the first time, and the Trump admin asked the IRS to revoke Harvard’s tax-exempt status.

Plus: JPMorgan is suing customers over an infinite money glitch, and why your nice personality may be running your life.

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_{SQUEEZ OF THE DAY}

Powell Breaks Silence

Jerome Powell finally spoke about tariffs in a Chicago speech yesterday. And Wall Street didn’t like what it heard.

Powell expressed concern that the new wave of Trump-era tariffs could leave the Federal Reserve cornered. He warned that the scale of tariffs currently being floated by the White House goes beyond the Fed’s worst-case scenarios and could trigger stagflation.

The Fed is now preparing for a scenario of both rising prices and rising unemployment, which could severely limit its policy options. Powell said there’s a “strong likelihood” of both occurring, creating a potential no-win situation.

“We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension,” Powell said. If the Fed raises rates to curb inflation, it risks worsening job losses. But if it cuts rates to support employment, it could fuel even more inflation.

Markets sold off sharply: Dow fell 700 points (-1.73%), the S&P 500 dropped 2.24%, and the Nasdaq sank 3.07%.

Takeaway: The Fed has to balance two key objectives: controlling inflation and maximizing employment. Jerome Powell said the quiet part out loud in Chicago yesterday - tariffs could threaten the Fed’s soft landing (slowing inflation without triggering a recession). Investors should brace for continued market volatility as the economic implications of these tariffs unfold.

_HEADLINES

Top Reads

• Hertz shares surge after Bill Ackman takes big stake in the rental car firm (CNBC)

• Nvidia to record $5.5 billion charge tied to processors exported to China (CNBC)

• Nvidia says it follows export laws ‘to the letter’ (CNBC)

• JPMorgan’s Jamie Dimon urges Trump to engage with China (NYP)

• Trump’s tariff gamble put to the test as China chokes off critical mineral supplies (Fox)

• Trump tariffs face Main Street lawsuit (Axios)

• ‘Pink tariffs’ cost women more than $2 billion a year (CNN)

• Retail sales soared in March in pre-tariff spending binge (Axios)

• Figma files for an IPO, after failed $20 billion takeover (Axios)

• Tesla slumps below 50% share of California's electric car market (YF)

• JPMorgan Chase sues more customers in ‘infinite money glitch’ (CNBC)

• Chinese e-commerce sites Temu and Shein to raise prices due to tariffs (YF)

• The American EV dream still relies on China (Axios)

• OpenAI in talks to pay about $3 billion to acquire AI coding startup Windsurf (CNBC)

• Trump admin asks IRS to revoke Harvard's tax-exempt status (Fox)

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_{CAPITAL PULSE}

Markets Rundown

Market Update

• U.S. equity markets dropped sharply, driven by tech sector weakness and hawkish Fed comments.

• NVIDIA shares fell over 6% after a $5.5 billion charge due to U.S. export license requirements for chips to China.

• Fed Chair Powell noted tariffs will slow growth and raise prices, with the Fed ready to act if inflation persists.

• S&P 500 declined 2.2%, Nasdaq fell 3.1% amid a risk-off market mood.

• Asian markets mostly lower despite China’s strong Q1 GDP; European markets also down.

• Retail sales rose 1.4% in March (above expected 1.3%), driven by a 5.3% surge in motor vehicles and parts.

• Control-group retail sales up a solid 0.4%, showing broad spending strength.

• Consumer sentiment hit the lowest since June 2022, but healthy labor markets should prevent a spending slump.

• S&P 500 Q1 earnings expected to grow 7%, full-year 2025 at 10%, though tariffs may impact margins.

• 10-year Treasury yield dropped to 4.29%.

Movers & Shakers

• (+) Hertz ($HTZ) +56% after Bill Ackman announced a $46.5M investment in the rental car company.

• (–) Tesla ($TSLA) -5% because of a tech sell-off; loss of market share in California.

• (–) Nvidia ($NVDA) -7% after the chipmaker warned of higher costs from China export controls.

Private Dealmaking

• KKR acquired Datagroup for around $500 million

• Lyft acquired taxi app FreeNow for $200 million

• Karvak, a used-car marketplace, raised $127 million

• Glycomine, an orphan disease biotech, raised $115 million

• Science Corp, a neurotech startup, raised $104 million

• Hellocare, a virtual care platform, raised $47 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{NEIGHBORHOOD WATCH}

Real Estate Digest

Mortgage rates have declined for the twelfth straight week, with the average 30-year fixed staying below 7%.

Bond market volatility may cause short-term fluctuations, but purchase applications are on the rise, pointing to a spring homebuying season that’s shaping up to be stronger than last year.

Latest News

• Stocks may have ridden the elevator down, but real estate is on the way up

• Homes in these former US boomtowns are now easier to own

• Here’s how long the average New Yorker rents their apartment

• Manhattan rents just won’t budge

New Listings

• 30 Huntting St Southampton, NY 11968: 6 Bed / 9 Bath - $9,495,000

• 781 Fifth Avenue Apt: 2001 New York, NY: 4 Bed / 2 Bath - $3,495,000

• 221 Monroe Dr West Palm Beach, FL: 6 Bed / 5.5 Bath - $9,800,000

• Santa Gertrudis de Fruitera Balearic Islands Spain:  5 Bed /  4 Bath - $10,431,665

• Einstein St 15 Apt: 444 Tel Aviv-Yafo, Israel: 4 Bed /  2.5 Bath - $3,189,480

Whether you're looking to buy, sell, rent, or invest, we've got you covered. Don't miss out—fill out this form to get started.

_{BOOK OF THE DAY}

The Art of Saying No

The Art of Saying No by Damon Zahariades is a direct, empowering guide for anyone who feels overwhelmed by the constant demands of others.

If you're exhausted by coworkers, friends, or family members who assume your time and energy are always available, this book offers a way out.

Zahariades provides a clear, step-by-step approach to setting boundaries and saying no with confidence, without guilt or unnecessary conflict.

You'll learn how to decline requests with grace, communicate your limits effectively, and gain the respect of those around you.

This isn’t about being rude or dismissive—it’s about protecting your time, honoring your values, and reclaiming control of your life.

A must-read for anyone tired of being taken for granted.

“Saying no to people is one of the most important skills you can develop.”

_{DAILY VISUAL}

Pre-tariff Shopping Spree

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NYC Family Office Summit

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Why you need to be there:

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_{DAILY ACUMEN}

Break Idea Cycles

We keep watching the same online content—like productivity tips or motivational quotes—even though we already know it.

It feels safe, makes us feel right, and small twists make it seem new.

It’s a cycle, like being stuck running on a treadmill that never stops, chasing the same old stuff.

To break out, look for better ideas in books or real experiences, not social media.

Don’t follow the crowd—find your own path.

Trust you know enough to start.

Stop gathering more and just act.

Get off the treadmill, focus on your own way forward, and use what you already have to succeed.

_{ENLIGHTENMENT}

Short Squeez Picks

• 5 strategies high net worth families use to build wealth

• Why your nice personality may be running your life

• How to buy a year of happiness

• Why your brain loves an organized space

• How to get what you need at work without a title change

_{MEME-A-PALOOZA}

Memes of the Day