My top 10 things to watch Wednesday, April 2 1. President Donald Trump’s “liberation day” is here. The White House is expected to announce so-called reciprocal trade tariffs on all countries at 4 p.m. ET this afternoon. The perception of every firm I listen to is that the market is now overvalued, and Trump is ushering in a bear market. 2. The Dow , the S & P 500 and the Nasdaq are all headed for lower opens ahead of the president’s expected announcement on tariffs. U.S. companies added more jobs than expected in March, according to ADP’s payroll report, despite worries about trade policy and federal job cuts. The government’s March employment report is out Friday. 3. As shareholders in Home Depot , the Club has been watching mortgage rates for signs of declines to spark housing turnover. Mortgage rates, however, were little changed the last month, which kept home loan demand muted . History shows housing activity picks up when 30-year fixed-rate mortgages go below 6.5%. They are slightly above that level. 4. Bank of America is warning about how the banks may have a muted tone when they report earnings later this month. The analysts, citing Washington policy noise, lowered price targets on many banks including Club name Wells Fargo . 5. The headaches for government-downsizing point-man Elon Musk continue. Tesla electric vehicles made in China fell 11.5% in March as competition rises, and its total first-quarter deliveries were weaker than expected. Tesla has been experiencing customer-backlash the U.S. and Europe over Musk’s politics. Shares fell this morning, extending year-to-date declines of 30%. Tesla has been the worst “Magnificent Seven” in 2025. 6. TKO Group’s UFC has signed a wide-ranging sponsorship deal with Club name Meta Platforms , bringing CEO and jiu-jitsu practitioner Mark Zuckerberg closer to Dana White, the head of the combat-sports brand and board member at the tech giant. Meta stock, roughly flat in 2025, has been the best Mag 7 stock this year, a dubious honor. 7. BofA said SensorTower data showed that App Store revenue grew 15% in second quarter. That would be positive for Club name Apple , which has been the subject of mixed calls from Wall Street analysts. Apple, while down roughly 11% year to date, has been among the better-performing Mag 7 stocks. 8. Citi actually likes the way the Johnson & Johnson situation on talc litigation is playing out, but I am exhausted by it — because even as I know things should work out well, the 7.5% decline in J & J shares yesterday were shocking. RBC Capital says the risk is manageable. 9. Susquehanna likes GE Vernova , starting the energy equipment company with a positive rating and a $370-per-share price target. The analysts cited the need for natural gas to power all the data centers being built to handle artificial intelligence workloads. 10. What was once Pennsylvania’s largest operating coal plant has been imploded to make way for a campus of AI data centers powered by nat gas, according to The Wall Street Journal . GE Vernova will provide seven gas-fired turbines for the project. We’re hopeful Club name Coterra Energy benefits from growing nat gas demand. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Trucks coming from Mexico enter the United States to an inspection station after crossing the border in Otay Mesa, California, on April 1, 2025.
Sandy Huffaker | AFP | Getty Images
My top 10 things to watch Wednesday, April 2
1. President Donald Trump’s “liberation day” is here. The White House is expected to announce so-called reciprocal trade tariffs on all countries at 4 p.m. ET this afternoon. The perception of every firm I listen to is that the market is now overvalued, and Trump is ushering in a bear market.
2. The Dow, the S&P 500 and the Nasdaq are all headed for lower opens ahead of the president’s expected announcement on tariffs. U.S. companies added more jobs than expected in March, according to ADP’s payroll report, despite worries about trade policy and federal job cuts. The government’s March employment report is out Friday.
3. As shareholders in Home Depot, the Club has been watching mortgage rates for signs of declines to spark housing turnover. Mortgage rates, however, were little changed the last month, which kept home loan demand muted. History shows housing activity picks up when 30-year fixed-rate mortgages go below 6.5%. They are slightly above that level.
