Plus: Fighter jet of the future | Friday, April 04, 2025
 
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By Mike Allen · Apr 04, 2025

Happy Friday afternoon! Today's newsletter, edited by Sam Baker, is 618 words, a 2.5-min. read. Thanks to Sheryl Miller for copy editing.

 
 
1 big thing: No relief in sight
 
A line chart that tracks the daily performance of the S&P 500, Nasdaq Composite, and Russell 2000 from April 5, 2024, to April 4, 2025. All three indices are down over the course of the year, led by an 11.2% decline in the Russell.
Data: Financial Modeling Prep; Chart: Axios Visuals

Markets continued their free fall for a second straight day today, while the Fed indicated it's not likely to provide the interest-rate cuts President Trump wants.

  • Trump's steadfast belief in tariffs is being tested from all sides.