Stocks plunged today, erasing a big chunk of yesterday's market rebound as investors digested the remaining threats from President Trump's tariff frenzy.

• The escalating trade war with China has taken center stage, with the White House clarifying today that tariffs on the country's goods are now 145%.

By the numbers: Red ink was everywhere at the close, even though stocks rebounded well off session lows:

• The Dow closed down 1,015 points, or 2.5%, to 39,594.
• The S&P 500 index shed 3.5% to 5,268 after yesterday posting the third largest single-day percentage increase since 1939.
• The tech-heavy Nasdaq lost 4.3% to 16,387.
• The small-cap Russell 2000 plummeted 4.3%.

Larger economic fears wiped out some traditional safe havens.

• 10-year Treasury yields — which reportedly spooked Trump into the tariff pause yesterday — rose again, hitting 4.43%. That's over 40 basis points higher than where they were Friday.
• The U.S. dollar weakened. Oil prices fell. And gold futures rose 3.6%.

What they're saying: Investors are worried that the Trump administration has "arguably shown a greater tolerance for causing a recession than many might have thought," writes Thomas Mathews, head of markets, Asia Pacific, at Capital Economics.

WeightWatchers is reportedly preparing for a bankruptcy filing.

• WW International — the company's corporate name — is considering the move in the coming months "as part of a plan to hand control of the business to its creditors," WSJ reported today.
• Zoom in: The company could still restructure its debt outside of court, but Chapter 11 bankruptcy "is more realistic" as it aims to stay in business, according to the report.

The big picture: WeightWatchers has been trying to reinvent itself for years, having shifted its emphasis to wellness in the late 2010s and more recently embraced weight-loss drugs.

• It's posted six straight full-year revenue declines and three straight nine-digit net losses.

Go deeper

🛒 Inflation was notably cooler than expected in March, as President Trump began ratcheting up the global trade war. Overall CPI dropped as energy prices plummeted, while the core measure that excludes food and energy rose just slightly. (Axios)

💵 Amazon CEO Andy Jassy expects certain product sellers on the platform to pass the increased costs of tariffs on to consumers. Meanwhile, Amazon has conducted "strategic forward inventory buys" to get ahead of increased duties. (CNBC)

👠 Prada agreed to acquire Versace from Capri Holdings in a deal that will create an Italian fashion powerhouse. The transaction values Versace at $1.4 billion. (AP)

🇨🇳 Packages from the likes of low-cost Chinese retailers Temu and Shein are facing another tariff hike from President Trump. Trump recently moved to close that loophole, and now he's making it even harder for those packages to be sold to American consumers. (Axios)

🚙 CarMax shares plunged after the used car retailer withdrew its financial goals amid the trade war. (Bloomberg)

There's at least one place where people aren't following the stock market drama — and it's because they literally can't.

• The Masters.

State of play: Augusta National Golf Club bans patrons from bringing cellphones onto the grounds of the first major golf tournament of the year.

• Which means that finance types attending the practice rounds earlier this week and today's first round have been unable to live-track the ups and downs.
• "It's a respite from negativity," real estate investor Steven Vernon III told WSJ while attending Wednesday. "It feels so good to be surrounded by a bunch of people who disconnected."

The intrigue: The phone ban leads to an unusual sight: fans absorbing the atmosphere and watching the tournament instead of mindlessly snapping photos, taking videos and scrolling on their phones.

• "Anyone here who urgently needs to get in touch with the outside world is forced to rely on banks of courtesy landlines situated at various spots around the course," WSJ says.

💭 Nathan's thought bubble: Now if only Masters tickets weren't just about the hardest to get in sports.

"I've heard of worse things."