Market Beats | Pope Francis Dies at 88; Zuckerberg, Execs Sold Billions Before Market Drop; Trump Attacks Powell, Rattling Markets; China Halts New Investments in US Private Equity; JD.com to Hire 100,000 Riders; Analyst Issues Warning Ahead of Tesla Earnings

—— Pope Francis Dies at 88; Zuckerberg, Execs Sold Billions Before Market Drop; Trump Attacks Powell, Rattling Markets; China Halts New Investments in US Private Equity; JD.com to Hire 100,000 Riders; Analyst Issues Warning Ahead of Tesla Earnings

1. Pope Francis Dies at 88;

Pope Francis, the 88-year-old spiritual leader of the world’s 1.3 billion Catholics who sought to steer the Church toward greater compassion and inclusion, has died, the Vatican announced Monday.

The pontiff passed away at 7:35 a.m. in Rome, following a series of health complications. He had been hospitalized in mid-February with bronchitis, which developed into pneumonia in both lungs. Despite his condition, he met with US Vice President JD Vance on Sunday — his final official engagement.

Elected in 2013 as the 266th pope, Francis was the first Latin American and the first Jesuit to assume the papacy. He took the name “Francis” in homage to St. Francis of Assisi, embracing humility, simplicity, and care for the marginalized.

Throughout his tenure, he advocated for a more merciful and socially conscious Church — championing action on poverty, migration, climate change, and inclusivity toward LGBTQ+ individuals. “The Church should be a field hospital,” he once famously said.

Yet Francis also faced significant criticism for what many viewed as insufficient progress in addressing the Church’s long-running sexual abuse scandals. Despite efforts to increase accountability, systemic reform remained elusive.

Details on his funeral arrangements will be released by the Vatican in the coming days.

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2. Zuckerberg, Execs Sold Billions Before Market Drop

A wave of high-profile insider stock sales from executives at Meta, Oracle, and JPMorgan Chase occurred just before President Donald Trump’s sweeping tariff announcements sent markets into a tailspin, public filings show.

Meta Platforms Inc. CEO Mark Zuckerberg sold roughly 1.1 million shares through his philanthropic Chan Zuckerberg Initiative and related foundation, reaping $733 million in proceeds during January and February, according to data from the Washington Service, which tracks insider transactions. The sales came while Meta’s stock was trading above $600, peaking at over $736 on Valentine’s Day. Since then, the stock has dropped 32% amid a broader tech and equity selloff.

Oracle Corp. CEO Safra Catz also sold heavily, unloading about 3.8 million shares for $705 million prior to a more than 30% decline in Oracle’s stock. Bloomberg’s Billionaires Index has now valued her net worth for the first time at $2.4 billion, based on her remaining holdings and portfolio.

JPMorgan Chase & Co. CEO Jamie Dimon sold approximately $234 million in stock during the same quarter. His current estimated net worth stands at $3 billion, according to Bloomberg.

The timing of these insider sales — occurring just before tariff-driven market volatility — has raised scrutiny from analysts and observers, though there is no indication that regulators have launched any formal investigations.

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3. Trump Attacks Powell, Rattling Markets

U.S. stocks tumbled Monday as President Donald Trump intensified his verbal attacks on Federal Reserve Chair Jerome Powell, sparking renewed concerns over the central bank’s independence. The dollar declined alongside long-dated Treasury yields.

The S&P 500 Index fell nearly 2%, while the Nasdaq 100 dropped almost 2.5%. On his social media platform, Trump called for “preemptive cuts” to interest rates and disparaged Powell as a “loser.” According to his economic advisers, the president is exploring whether Powell can be removed from office before his term ends next year.

All 11 sectors in the S&P 500 closed lower. Market sentiment was further weighed down by confusion over Trump’s trade policies. Since announcing sweeping tariffs on most U.S. trading partners — only to pause many of them a week later — the S&P 500 has dropped nearly 9% and is now down 16% from its February record.

“Fading optimism on trade deals and concern over the Trump administration’s recent comments on Fed Chair Powell are a reminder that market recoveries are rarely a straight line,” said Mark Hackett, chief market strategist at Nationwide.

Among notable movers, Nvidia Corp. sank 5%, Delta Air Lines Inc. dropped 4.5%, and Constellation Energy fell 6%.

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4. China Halts New Investments in US Private Equity

Chinese state-backed funds are suspending new investments in US private equity, according to several people familiar with the matter, as geopolitical tensions between Beijing and Washington rise sharply over trade.

Seven private equity executives with knowledge of the situation said Chinese sovereign and state-linked funds have recently stopped committing capital to private equity firms headquartered in the United States. Three of the sources confirmed that the moves are being made under pressure from the Chinese government.

In some cases, Chinese funds are also asking to be excluded from deals involving US companies — even if those transactions are managed by buyout firms based outside the United States — reflecting a deeper reassessment of risk tied to US exposure.

The shift comes as President Donald Trump escalated his tariff campaign against China over the past three weeks, imposing duties as high as 145% on Chinese goods. Beijing responded with retaliatory tariffs of up to 125%, triggering fresh concerns about long-term disruption in economic and capital ties between the world’s two largest economies.

Multiple buyout executives said Chinese investors have reversed course on US exposure, halting new fund commitments and in some cases walking away from planned allocations that had not yet been finalized.

According to two people familiar with the matter, China Investment Corporation (CIC), the country’s $1.3 trillion sovereign wealth fund, is among those retreating from new allocations to US private equity. Other state-linked funds have taken similar steps.

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5. JD.com to Hire 100,000 Riders

JD.com Inc. plans to recruit 100,000 full-time delivery riders over the next three months, the company announced, intensifying its challenge to food delivery market leader Meituan.

The move comes in response to what JD claims is a rival platform restricting riders from taking JD delivery orders. In a WeChat statement, the Beijing-based firm said it will ensure riders affected by such bans still receive enough orders to maintain their earnings, and it will also help their family members find jobs to boost household income.

JD is aggressively expanding beyond its core online retail business to compete in China’s massive food delivery industry. With 1.4 billion people and growing demand for on-demand services, the sector has become a battleground between JD and Meituan.

Both companies announced in February they would begin enrolling their riders in China’s social security system, marking a shift in the treatment of gig economy workers.

“JD will never force part-time riders to choose only one platform,” the company said. “We encourage all riders to freely take orders across platforms to maximize their income.”

A Meituan spokesperson didn’t immediately comment, but the company pointed to a post on its official WeChat account stating it does not prohibit riders from working with other platforms.

JD’s rider hiring spree marks a significant escalation in the delivery war, with broader implications for labor rights, competition practices, and platform governance in China’s gig economy.

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6. Analyst Issues Warning Ahead of Tesla Earnings

Tesla Inc. shares dropped 6% on Monday, leading declines in the S&P 500 Index, as investors raised fresh concerns over CEO Elon Musk’s expanding role in the U.S. government and growing uncertainty around the company’s long-promised low-cost electric vehicle.

Dan Ives, an analyst at Wedbush Securities, said Musk should step away from his position at the Department of Government Efficiency (DOGE) and fully recommit to Tesla. “Tesla is facing a ‘code red’ moment,” he wrote in a note to clients on Sunday, just ahead of the company’s first-quarter earnings report due Tuesday.

“Musk needs to leave the government, take a major step back on DOGE, and get back to being CEO of Tesla full-time,” Ives said. “Tesla is Musk and Musk is Tesla… and anyone who thinks the brand damage Musk has inflicted isn’t real should speak to car buyers in the U.S., Europe, and Asia.”

Tesla’s shares have lost roughly 44% of their value this year as backlash against Musk — including his political activities and polarizing public persona — has weighed on consumer sentiment and global sales.

Adding to investor concerns, Reuters reported Friday that Tesla will delay the launch of its long-awaited budget electric vehicle by several months, citing people familiar with the matter. The model, expected to be a stripped-down version of the top-selling Model Y SUV, had been viewed as a key product to reinvigorate demand.

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7. US Mortgage Rates See Biggest Weekly Jump in a Year, Threatening Spring Home Sales

US mortgage rates rose for the first time in four weeks, posting the largest weekly gain since April 2024 and threatening to cool the housing market during the crucial spring buying season.

The average rate for a 30-year fixed loan climbed to 6.83% from 6.62% the previous week, Freddie Mac said in a statement Thursday.

The surge comes as global tariff tensions — particularly between the US and China — have rattled equity markets and pushed up yields on 10-year US Treasuries, which serve as a benchmark for mortgage pricing.

“When [the 10-year yield] rises, mortgage rates typically follow suit,” said Jiayi Xu, an economist at Realtor.com. “Looking forward, competing economic forces are pulling mortgage rates in opposite directions, making it increasingly difficult to predict where they’ll land.”

Demand is already showing signs of weakening. According to data from Redfin Corp., home-purchase contracts in the four weeks ending April 13 fell 0.8% from a year earlier.

“Consumers are feeling anxious about the economy and the rising cost of living, potentially leading them to adopt a ‘wait-and-see’ approach regarding significant purchases like homes,” said Kara Ng, senior economist at Zillow Home Loans.

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