The Rundown - Tesla Expands into Saudi Arabia, SEC Receives Dogecoin ETF Proposal

Episode Date: April 10, 2025

Stock market update for April 10, 2025.

Public.com presents the rundown, your daily market update in five minutes. My name is Zaid Admani, and today is Thursday, April 10th. In today's episode, we dive into the historic day on Wall Street as investors celebrated Trump's tariff pause. We also discussed why the president decided to back off on tariffs and why we might not be out of the woods just yet. Then stick around to the end of the show to find out about a new crypto ETF that might be hitting the market soon. We get a great show for you today. Let's go. There was euphoria in the stock market yesterday

after President Trump announced a 90-day pause on all reciprocal tariffs for every country except China. We're going to talk about the details of these new tariff policies in a bit and why Trump changed his mind. But this announcement was a huge sigh of relief for investors and they celebrated. The S&P 500 was up 9.5%, which is the biggest jump. since 2008. The NASDAG added more than 12%, the second largest gain ever. And I normally

don't care about the Dow, but I got to bring it up because it was up nearly 3,000 points. And beyond just the indices, some of these mega cap stocks were trading like meme coins. Tesla was up 22% and video was up 19%. Apple was up 15%. I mean, absolutely insane moves for companies of that size. So shout out to everyone that bought the dip over the last few days. know that's not easy to do when the markets are melting down, but it seems to have paid off. I guess Trump wasn't wrong when he tweeted out yesterday morning that it was a great time to buy. Now, I wouldn't say that we're totally out of the woods yet, you know, despite the historic pump in the markets yesterday, all the major indices are still lower than they were before

the Liberation Day press conference on April 2nd. And Trump hasn't paused all tariffs. There's still going to be a 10% baseline tariff on all imports. That's not going away. and the tariff freight on Chinese imports was increased to 125%. Treasury Secretary Scott Bessent said that this was because China retaliated to the initial reciprocal tariffs announced last week. So the trade war with China continues, and despite the reciprocal tariffs coming off for all the other countries, the tariff freight in the U.S. is still at the highest it's been since the 1940s.

So we'll have to see what kind of impact that has on the economy. Now, we did get some good news this morning. The March CPI report dropped. and it measured inflation at 2.4% last month, which is down from the 2.8% measured in February. So that's pretty encouraging to see inflation doesn't seem to be ticking back up just yet. But then again, the tariffs just went into effect, so the effects of these tariffs might not be felt for a couple more months. We'll have to see if this positive inflation report keeps the market rally going for the rest of the week, or if the concerns of a trade war with China and these 10% baseline tariffs will end up spooking investors again.

But like I always say, leave the doom scrolling to us and just subscribe to the podcast. We'll update you guys on everything you need to know every morning here on the rundown. Hopefully it'll be less doom scrolling moving forward. But nonetheless, we'll stay on top of our timelines and keep you guys in the loop. Man, my screen time has been wild this week. Let's talk about why President Trump ultimately changed his mind on tariffs. I think there were two big reasons. The bond market blowing up and Jamie Diamond.

You know, on yesterday's episode, we talked about the bond market freaking out, yields were moving higher, which doesn't usually happen when the stock market drops. It's a very concerning sign, and that seems to have caught the attention of the president. In fact, Trump even admitted yesterday that he decided to pause tariffs because the markets were getting yippy. Those were his words. Take a listen. I thought that people were jumping a little bit out of line.

They were getting yippy, you know. They were getting a little bit yippy, a little bit afraid. Now, on top of the sell-off in the bond and stock market, it might have been comments from JP Morgan's CEO, Jamie Diamond, that ultimately pushed Trump over the top. According to reporting from the Wall Street Journal, Trump saw Jamie Diamond's interview on Fox Business. In that interview, Jamie Diamond said that he thought a recession was a likely outcome because of the tariffs. And when Jamie Diamond talks, people tend to listen.

The dude is one of the goats of Wall Street. And in fact, Trump admitted that Jamie Diamond's comments caught his attention. According to more reporting from the Wall Street Journal, Trump wanted to make sure that his policy didn't trigger a depression. So ultimately, the president blinked. Now, as I said earlier, I don't think we're out of the woods yet. There's still a ton of uncertainty. But for now, I'm just happy that Jamie Diamond did that interview

and that Trump was in front of a TV when that interview aired. So Jamie Diamond might have just saved the world's economy. Let's shift gears and talk about Tesla. We haven't talked about them in a while. Well, they're making some big news this morning. They're finally launching in Saudi Arabia. And this could be pretty significant because Tesla is counting on the Middle East. as its next growth market.

Currently, there's not that many EVs sold in the region. According to PWC, only 1% of car sales in Saudi Arabia were electric cars in 2024. But the kingdom's leadership has said they want EVs to make up about 30% of sales by 2030. So Tesla is hoping to meet that demand. Now, there's a lot of challenges when it comes to EVs in that market. Like the super hot desert temperatures lowers battery range. And there's wide ranges of deserts in Saudi Arabia with very very, very little charging infrastructure.

So that might lead to range anxiety and could make EVs a tough sell for consumers there. But you know, Tesla is not the first EV company to enter Saudi Arabia. The Chinese EV giant BYD started selling cars there last year. And then Lucid Motors, which is partially owned by the Saudi Investment Fund, has been operating there as well.

So we'll see if Tesla ends up having some success there. They're kind of counting on that region to help boost its slipping sales in other parts of the world, like Europe and China. And the Middle East, I mean, it's a lucrative market for cars. I also find it kind of funny that Tesla is counting on an oil-rich country to boost EV sales. I mean, the prices of gas are cheaper over there than water is. Let's talk about some stocks making moves today.

Shares of Dexcom are up this morning after the medical device maker received an approval from the FDA. See, Dexcom makes a device called a CGM, which diabetics wear to monitor their blood sugar. The FDA approved Dexcom to allow patients to wear their devices for up to 15 days. Previously, the device had to be changed out every 10 days. So the 15-day mark makes Dexcom the leader in the CGM space, and as a result, the stock is up 7% this morning in reaction to that news. You know, this is actually a pretty big news from me personally because I'm type 1 diabetic and I wear a Dexcom to monitor my blood sugar.

So going from 10 days to 15 days, I mean, that is huge. Now, a ton of companies are back in the red this morning, but one of the hardest hit is U.S. Steel. Their shares are falling after Donald Trump said he doesn't want U.S. Steel going to Japan. The president's comments come as Nippon Steel, a Japanese firm, is attempting to close on its $14 billion bid to buy U.S. Steel. This has been happening for over a year now. Nippon received pushback from the Biden administration,

and it looks like the Trump administration might not let this deal go forward either. As a result, shares of U.S. Steel are down north of 10% this morning on this news. Let's wrap the show with a fun fact. A doge coin ETF might be coming soon. This is a totally real headline. Investment firm 21 shares filed with the SEC to gain approval for this doge coin base ETF, which aims to track the performance of the meme coin. We've had Bitcoin ETFs for a while now. They're very popular. There's also an Ethereum ETF. So we'll see if the SEC ends up approving this. If they do, then we're going to have a flood of ETFs for pretty much every meme coin. I mean, there's a real possibility that we have a fart coin ETF. I can't believe I

just said that. Well, all right, guys, that's the rundown for today. This week just keeps on getting crazier. I have no idea how the last two trading days are going to go, but as always, we'll keep you guys in the loop of all the madness that's happening. I also want to thank you guys for the continued support. The podcast has seen a lot of growth of the last few days. So everyone has taken the time to give us a five-star rating on Apple or Spotify or leaving a comment on Spotify. All that engagement is helping us out and it's helping other people find the show. You guys are awesome.

Thank you guys again for listening. Huge shout out to Mike and Connor for all the help behind the scenes. And we'll see you guys back here tomorrow. This is the rundown. Your real-time resource for news events and trends in the markets. All views presented in the show reflect the opinions of the guests. You should not take any mention of a publicly traded security as recommendation to buy, sell or hold that security. Run-down guests are not financial advisors and are not affiliated with public holdings or its subsidiaries.

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