Market Highlights

Global markets plunged as Trump’s aggressive tariff escalation unraveled the “America First” trade, wiping out $2 trillion from the S&P 500 and sending the dollar tumbling alongside risk assets. Fears that the steepest U.S. tariffs in a century will choke growth sparked a rush into havens like Treasuries and the yen, while investors await Powell’s speech and the upcoming U.S. jobs report for clarity on the economic outlook.

Markets plunged after Trump announced a sweeping tariff plan imposing at least a 10% duty on all U.S. imports, with steeper rates for major partners like China and the EU, dashing hopes of a more measured approach. S&P 500 and Nasdaq futures tumbled, Treasuries and the yen surged on haven demand, and global equities sold off as fears of a trade war and supply chain disruptions rattled investors and forced strategists to cut U.S. stock forecasts.

Global markets remained volatile as investors braced for Trump’s imminent tariff rollout, with equities erasing earlier losses in a jittery session that closed out the S&P 500’s worst quarter relative to global peers since 2009. Uncertainty over the size and scope of the upcoming tariffs kept pressure on stocks, lifted gold to near-record levels, and drove cautious positioning, while concerns over an AI bubble and inflationary risks continued to weigh on sentiment.

Markets swung wildly ahead of Trump’s upcoming tariff announcement, with global stocks rebounding late in a volatile session while bonds and gold remained elevated amid lingering uncertainty. Despite a late-day rally, U.S. equities closed out their worst quarter relative to global peers since 2009, as investors remained cautious amid fears of an AI bubble, unclear trade policy, and slowing momentum.

Stocks plunged and gold hit a record high as weak U.S. consumer sentiment, rising inflation expectations, and looming tariffs fueled fears of a deeper economic slowdown. With global markets extending a four-day selloff and tech megacaps slumping, investors rushed to safe havens, sending Treasury yields lower and prompting forecasts of multiple rate cuts from both the Fed and ECB.

Stocks fell as renewed U.S. auto tariffs reignited trade war fears, overshadowing stronger-than-expected GDP data and pushing gold to a record high on safe-haven demand. Global investors trimmed risk exposure ahead of Trump’s upcoming tariff announcement, while inflation concerns deepened with short-term Treasuries outperforming and Tokyo inflation accelerating, boosting the yen.

Wall Street’s calm streak ended as big tech stocks dragged major indexes lower, with renewed fears of a trade war and inflation dampening investor sentiment. Trump’s move to impose a 25% tariff on auto imports rattled global markets, pushing down automakers and European futures, while investors grew increasingly cautious amid uncertain U.S. trade policy and a patient Fed stance.

A broad tech rally lifted U.S. stocks on Tuesday, though gains eased as investors weighed economic risks, sliding consumer confidence, and the threat of a trade war, while bond yields fell and oil declined on ceasefire news. Asian markets were muted Wednesday amid ongoing uncertainty over U.S. tariffs, even as copper hit a record and the MSCI Asia Pacific Index edged up 0.2%.

U.S. stocks surged in one of their strongest sessions this year, led by a 2.2% jump in the Nasdaq 100, as markets welcomed signs that upcoming U.S. tariffs may be narrower than feared, boosting tech megacaps like Tesla and Nvidia. Meanwhile, Chinese equities lagged amid renewed concerns over a tech bubble and choppy trading, while global markets remained cautious despite relief from Trump's more measured trade stance.

A late-session tech rally helped U.S. stocks erase earlier losses, with the S&P 500 recovering from a 1% drop amid record trading volume driven by massive options expirations. Optimism grew on signs that Trump’s upcoming tariffs may be more targeted than feared, lifting U.S. and European futures, though global sentiment remains fragile amid warnings of broader economic fallout.