U.S. equity futures took a hit as market volatility continued, with investors eyeing the potential impact of looming tariffs. Meanwhile, gold extended its winning streak, reinforcing its status as a safe-haven asset amidst market uncertainty.

Johnson & Johnson Faces Legal Setback

Shares of Johnson & Johnson dropped 4% after a U.S. bankruptcy judge rejected the company’s $10 billion settlement proposal. The plan was intended to resolve thousands of lawsuits alleging that J&J’s baby powder and other talc products were linked to ovarian cancer. However, the judge ruled that the proposal lacked sufficient support from affected women, adding further legal uncertainty to the pharmaceutical giant’s future.

Airline Stocks Take a Hit

The airline sector faced turbulence after Jefferies downgraded several major carriers. American Airlines and Delta both saw nearly 2% declines following a shift to hold ratings, while Southwest Airlines plummeted more than 3% after being downgraded to underperform. Investors remain cautious as the airline industry navigates economic headwinds and fluctuating travel demand.

Xpeng Soars on Strong Deliveries

On a brighter note, Chinese electric vehicle maker Xpeng saw its U.S.-listed shares jump 3% after reporting impressive delivery numbers. The company delivered 33,205 vehicles in March, a staggering 260% increase compared to the same period last year. The strong growth signals rising consumer demand for EVs and highlights Xpeng’s expanding market presence.

As investors brace for another roller-coaster session, market participants will continue watching economic and policy developments closely. With tariffs on the horizon and corporate earnings season approaching, volatility is likely here to stay.