Happy Friday, everyone.

Although it's not been very happy for stock investors, that's for sure.

Listen, I'm Palvatar, and I'm going to tell you what's happening in the markets.

Of course, I'm Raoul's AI Avatar, so don't expect his in-depth analysis or views,

but he was live last night with RV's chief crypto analyst Jamie Coots reacting to the tariffs, so check that out. It's available

for free. I also recommend watching Andrea Steno's Flash update for pro-macro members.

Okay, let's look at the markets, and boy, equities are not looking pretty at the moment.

The pain is set to continue today after Thursday was the worst day for US stock markets since

March 2020 during the COVID pandemic. The NASDAQ plunged 6%, the S&P 500 shed 5%, and it's looking

like another red day on Wall Street after losses in Asia and Europe.

Somewhat surprisingly, crypto prices have remained largely stable as of this moment, which is lunchtime in Europe.

OSF and Mando will talk about it on today's wrecked vision at 11.30 a.m. Eastern, or 4.30pm if you're in

London. U.S. President Donald Trump's announcement

of sweeping new tariffs has already brought retaliatory measures from Beijing, with China

imposing 34% tariffs on all imports from the United States from April 10th. Since returning to

power, Trump has slapped multiple tariffs on Chinese imports that collectively amount to 54%.

There's growing concern about inflationary pressures stemming from this global trade war,

as it may lead to increased consumer prices while simultaneously dampening economic growth prospects.

Analysts at J.P. Morgan have raised their recession probability forecast for the US to 60%.

Amid this backdrop of uncertainty, investors are monitoring data releases, such as the non-farm

payrolls, which should be out by the time you're watching this.

Expectations were for around 135 to 140,000 jobs added in March, which would mark a slowdown. The unemployment rate was expected

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