S&P 500 and Nasdaq reversed off intraday record highs to close -0.41% / -0.57% as ServiceNow plunged 18% on a margin cut, snapping XLK’s 16-day streak. Trump ordered the Navy to “shoot and kill” Iranian boats in Hormuz; WTI spiked +4.35% to $97 as Brent held flat — a rare $9 spread. Meta cut 8,000 jobs and Microsoft launched its first-ever buyout (MSFT -3.97%) to fund AI capex. IBM -8.25% and AXP -4.31% on beat-and-fade; UNP +8.77%, CMCSA +7.73%. Intel crushed AMC. Spirit Airlines heads to court April 30 with 90% US government ownership on the table.
MIB: Oil Shock Meets Software Selloff as Meta and Microsoft Fund AI With Layoffs
MIB: Rebound Day — Meta-AMD Deal Calms AI Fears, Novo Nordisk Enters Price War, & All Eyes Turn to Nvidia
Meta commits up to $100B to AMD GPUs (AMD +9.4%), reversing Monday’s AI selloff. S&P 500 bounced 0.77% from Monday’s “tariff disaster.” Novo Nordisk fell another 3% and announced 50% drug price cuts (dragging LLY -2.2%). PayPal surged 6.74% on Stripe acquisition reports. Bitcoin heading for worst February since 2022 crypto winter. All eyes on Nvidia earnings Wednesday.
MIB: Sell America — Tariff Chaos & AI Disruption Send S&P Negative for 2026
SCOTUS struck down Trump’s IEEPA tariffs 6-3 — hours later he imposed a new 15% global tariff under Section 122, sending the S&P 500 -1.04% to 6,837 and negative for 2026. IBM cratered 13.0%, its worst day since October 2000, and CrowdStrike fell 11.3% as Anthropic’s AI coding platform upended legacy tech and cybersecurity. Gold hit a new all-time record above $5,164 on a ‘Sell America’ rotation. Fed’s Waller called a March rate cut a ‘coin flip’ as tariff chaos scrambles the inflation outlook. J.P. Morgan raised recession odds to 35%.
