Here's a concise Market Intelligence Brief synthesizing the core themes from today’s events and Thursday, April 3, 2025 - Market Recap & Macro Pulse 🔻 Equities: Deepest Selloff Since 2020 $S&P 500(.SPX)$ : -4.8% $NASDAQ(.IXIC)$ : -6.0% Dow: -4.0% (-1,679 pts) Market cap wiped: ~$3.1 trillion VIX: Elevated, stuck in “no-man’s-land” (uncertainty, but not peak fear) The tariff barrage has upended market assumptions, pricing in a materially higher recession probability. Analysts and traders, caught flat-footed by the scale of the action, scrambled to reprice risk across all sectors. Fair value on the S&P 500 is estimated near 4,900—but that’s assuming no further shocks. With market structure frag