Top stories today:

1. S&P 500 futures -3% after Trump tariffs come in higher
2. Genspark Super Agent debuts to take on Manus.ai, Deep Research
3. Tesla Q1 sales -13%, worst since Q2 2022 amid backlash against Elon
4. Nintendo Switch 2 debuts at $450, available Jun. 5
5. Amazon said to make bid for TikTok U.S. buyout

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. S&P 500 futures -3% after Trump tariffs come in higher: China 34%, EU 20%

• At least 10% tariffs on all exporters to the U.S., Trump announced on Wed.

• Some 60 nations have received even higher duties.

• Sat.: 10% baseline charge effective.

• Apr. 9: the higher duties will come into effect.

• Russia has been an exception to the move.

• Apple led the drop in tech stocks after new tariffs announced.

• Trump’s approval rating fell to 43%, the lowest since his return to office.

Key U.S. assets underperformed after the tariff announcement

U.S. 10-year treasury yields slumped to the lowest in more than 5 months

Steel, aluminum, gold, and other metals are excluded from the “reciprocal” tariffs as U.S. relies on imports

• Gold briefly surged 1.1% to $3,167.84/ounce record before dipping as much as 0.6%.

Oil prices took a hit after the tariff announcement and was off by 3%+

Dollar sentiment soured in options amid spot slump

2. Genspark Super Agent launches to take on Manus.ai, OpenAI’s Deep Research

• Available through Genspark.ai.

• Can make reservations, convert videos into slides, and create Instagram Reels.

• Analyze data, design websites, and send emails.

The agent has combined 9 LLMs, 80+ toolsets, and 10+ datasets, MainFunc.ai said

3. Tesla Q1 sales -13%, worst since Q2 2022 amid backlash against Elon