Saturday, April 5, 2025

Good Morning! On this day in 1792, George Washington exercised the first presidential veto by refusing to sign a bill that called for an increase in the number of House seats allocated for northern states, stating that the measure was unconstitutional.

In a classic conflict between man and technology, a professional gambler has made a $1 million wager on the men's Final Four against an artificial intelligence engine. The gambler picked Duke, the AI went with Houston. We can't wait to see who'll win.

Today's sponsor is Masterworks, the leading art-investing platform offering an investment alternative to traditional markets.

Stocks Plummet as China Retaliates

The stock market fell again on Friday, with the Dow closing the day down 2,200 points and the S&P 500 dropping 10% in the past two days as new U.S. tariff policies continued to rattle investors.

China added to Friday's poor economic outlook by imposing 34% tariffs on U.S. goods starting April 10, matching tariffs announced by the White House earlier this week.

March's jobs report did bring good economic news Friday, as the U.S. added 228,000 jobs, beating expectations and highlighting a resilient labor market.

Federal Reserve Chair Jerome Powell remained cautious Friday, noting that key indicators "still show a solid economy" despite mixed economic signals.

Deadly Storms Continue in South

Powerful spring storms are expected to continue in the lower Ohio Valley and mid-South, with officials warning of up to 15 inches of heavy rainfall and life-threatening flash flooding.

Kentucky, Missouri, Tennessee, and Arkansas are among the states at high risk for excessive rainfall due to the slow-moving, "once in a generation" storm system.

Large hail, tornadoes, and damaging winds also pose a threat this weekend, heightening the risk of weather-related damage—especially downed trees from heavily saturated soil.

The storm system has already spawned tornadoes in Tennessee, Arkansas, and Missouri, caused floods, killed at least eight, injured dozens, and left over 116,000 customers without power nationwide.

South Carolina to Face UConn for Women's Title

The March Madness women's championship game is set: No. 2 UConn will face off against No. 1 South Carolina at 3 p.m. ET Sunday in Tampa.

South Carolina is defending its title, and UConn is looking for its first championship since 2016.

UConn won its Final Four match Friday night with an 85-51 thumping of UCLA, the biggest margin of victory in NCAA Final Four history. Star player Paige Bueckers, a senior, is looking for her first national title.

South Carolina beat Texas 74-57 in its Final Four match, starting off slowly but taking over with a 20-9 scoring advantage in the third quarter and never leading by less than 10 after that.

➤ A divided Supreme Court backed President Trump's plans to block $65 million in teacher development grants to the states. The emergency ruling was 5-4, with Chief Justice John Roberts siding with the three liberal justices. (More)

➤ House and Senate Democrats confirmed that Gen. Timothy Haugh, head of the NSA and Cyber Command, was fired by the Trump administration and replaced by Lt. Gen. William Hartman. (More)

➤ President Trump urged Federal Reserve Chair Jerome Powell to cut interest rates on social media Friday, saying this is the perfect time for a rate reduction. (More)

The Asset That's Moved Independently of Stocks—And Why Investors Have Bought In

With markets reportedly in turmoil—hedge funds giving up half their 2025 gains and retail investors yanking $1.2 billion from stocks in a single morning—where do investors look to diversify during market turmoil? Not just crypto. Not just gold. But blue-chip art.

Why? Because contemporary art has near-zero correlation to traditional markets, making it a powerful hedge for a slice of your portfolio. Even as tariff news began to rock markets, Sotheby's and Christie's recently hosted two headline auctions. And for the last 30 year period, Masterworks data shows this asset class appreciated at an annualized rate of 11.2%, outpacing the S&P 500 by 32%.

Masterworks, the leading art investing platform, allows investors to invest in shares of multimillion-dollar art offerings, featuring artists like Picasso and Banksy across their 450+ offerings so far. With 23 exits—all profitable—Masterworks has made art investing accessible to 68,000+ investors.

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Investing involves risk. Past performance is not indicative of future returns. See important disclosures at Masterworks.com/cd.

➤ Alex Ovechkin scored the 894th goal of his career last night, tying the legendary Wayne Gretzky for the most goals in NHL history. (See goal)

➤ The Los Angeles Dodgers have placed 2024 World Series MVP Freddie Freeman on the injured list following a shower accident that caused him to injure his ankle. (More)

➤ The Arizona Cardinals have made star tight end Trey McBride the highest-paid player at his position in league history after agreeing to terms on a four-year, $76 million contract. (More)

➤ Two-time WNBA MVP Elena Delle Donne has announced her retirement from the WNBA after 10 seasons. (More)

Today's March Madness section is brought to you by:

➤ The men's Final Four tips off tonight in San Antonio with all four No. 1 seeds matched up for the first time since 2008. Duke and Florida have emerged as early favorites to advance. (See Preview)

➤ A $1 million March Madness bet will be decided by today's Duke-Houston Final Four game, with a pro gambler backing Duke and an AI platform siding with Houston. (More)

➤ A Washington casino reported a 50% surge in bets this year—the largest since 2021—driven by growing interest in women's sports, especially during March Madness. (More)

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Daily Market Report 04/04/2025

▼	NASDAQ National Association of Securities Dealers Automated Quotations	15,587.79	-5.82%
▼	SPX S&P 500	5,074.08	-5.97%
▼	DJI Dow Jones Industrial Average	38,314.86	-5.50%
▲	BTC Bitcoin	$83,760.88	0.79%
▼	GOLD Per Ounce	$3,058.00	-1.26%

Bitcoin and Gold are traded 24 hours a day.

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Masterworks has opened access to this historically exclusive market, allowing everyday investors to invest in shares of blue-chip art offerings featuring legends like Picasso and Banksy, with 450+ offerings already in the Masterworks collection. Their track record? Every one of their 23 exits has turned a profit, with returns like 17.6%, 17.8%, and 21.5% annualized.

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Investing involves risk. Past performance is not indicative of future returns. See important disclosures at Masterworks.com/cd.

➤ The EU and U.S. launched trade talks Friday, as the European Commission drafted a "term sheet" with potential concessions but warned retaliatory tariffs remain an option. (See Details)

➤ European officials accused Russia of stalling ceasefire talks Friday, as Ukraine confirmed that a Russian missile strike on Kryvyi Rih killed at least 14 and injured more than 50. (More)

➤ South Korea's top court upheld President Yoon Suk Yeol's impeachment on Friday, reinstating Prime Minister Han Duck-soo as interim president and triggering a presidential election within 60 days. (More)

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Here are some of the dumbest expenses draining your wallet—and how to cut them out.

➤ Three family members on the train tracks in Bucks County, Pennsylvania, were killed Thursday when an Amtrak train traveling from Boston to Richmond, Virginia, struck them. (More)

➤ NASA's Perseverance rover captured a series of images of a 210-foot-wide Martian dust devil absorbing a smaller one, revealing a common weather phenomenon on Mars. (See Dust Devil)

➤ New data from the James Webb Space Telescope has doubled the odds of asteroid 2024 YR4 hitting the Moon, raising the likelihood from 1.7% to 3.8%. (More)

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Have you started your spring planting?

Yesterday's Results:

How do you make a decision?

All of these: 70%
Research: 12%
Gut instinct: 8%
Other: 6%
Seek advice: 4%

Daily Quote

"We're about to pick the kids up from school. They're going to be delighted they can go into the garden."

— Steve Harris on catching the Harris hawk, no relation, that had been terrorizing his English village for weeks