Yesterday’s overview 📉📈👀
– Major U.S. equities indexes plummeted a day after President Donald Trump announced widespread “reciprocal” tariffs on US trading partners around the globe.
The dramatic adjustment of trade policy triggered updates to economic forecasts by many financial firms, with economists pointing to increased inflation and recession risks.
In total, some 185 counties are impacted by the tariffs, and the new duties set the effective US tariff rate at its highest level in over 100 years.
– The S&P 500 tumbled 4.8%, the Dow 4%, the Nasdaq 6% and the Russell 2000 small cap index 6.6%. That’s the worst day for the S&P 500, Dow and Russell 2000 since June 2020, and the Nasdaq’s steepest fall since March 2020. Megacap tech stocks were clobbered. The MSCI World index falls 3.4% for its biggest loss in nearly three years. The dollar index posted its biggest fall in over two years, sliding 1.6%.
The 10-year Treasury yield fell about 14 basis points to close at 4.05%, its lowest level since October 2024.
– Dell Technologies ($DELL) stock suffered the steepest drop in the S&P 500 on Thursday, plummeting 19%. Shares of fellow manufacturer HP ($HPQ) dropped 15%.
– Intel ($INTC) and Taiwan Semiconductor Manufacturing Company ($TSM) have tentatively agreed to form a joint venture that would run the U.S. company’s foundry business.
– Numerous stocks with defensive characteristics, including several names in the health care sector, managed to push higher despite the turbulent market environment.
A shift toward stocks with a better chance of withstanding a potential recession also helped boost shares of discount retailer Dollar General ($DG), which advanced 4.7%.
USA today 🇺🇸
– Investors may be hoping for a sense of calm to descend on markets, but the latest U.S. payrolls report will be released today and a few hours later Fed Chair Jerome Powell delivers a speech on the economic outlook.
– Investors over the next days will also be looking out for any retaliation to tariffs, or potential new renegotiations with the US.
UK today 🇬🇧
– Stocks in London are set to open lower again this morning, as investors continue to digest the impact of US “Liberation Day” tariffs and the UK government deliberates its response.
Europe today 🇪🇺
– European stocks look set to extend losses from the previous session today amid concerns that a trade war could fuel inflation and dent global economic growth.
– The official data published by the Federal Statistics Office showed this morning that Germany’s Factory Orders showed no growth in February, suggesting that the country’s manufacturing sector is stagnating.
Over the month, contracts for goods ‘Made in Germany’ arrived at 0% in February after plunging by a revised 5.5% in January. Data missed the estimates of 3.5%.
Asia today 🇨🇳🇮🇳🇯🇵🇭🇰🇦🇺
– Asian shares slid further today after U.S. President Donald Trump’s tariffs sent shudders through financial markets at a level of shock unseen since the COVID-19 pummeled world markets in 2020.
Some of this week’s most anticipated earnings 📊👀
USA 🇺🇸
Today – no notable events
UK 🇬🇧
Today – no events
Some of this week’s most anticipated ex div dates 💰📥👀
USA 🇺🇸
Today – JP Morgan ($JPM), Bristol-Myers Squibb ($BMY), American Express ($AXP)
UK 🇬🇧
Today – no events
Commodities today 🪨⛏️🔋⛽️
– Gold hovered above $3,110 per ounce today, poised for its fifth consecutive weekly gain after repeatedly breaking its all time highs, driven by risk aversion stemming from US tariffs.
– WTI crude oil futures fell toward $66 per barrel today, building on a more than 6% drop from the previous session, weighed down by continued pressure from the OPEC+ hike and global trade concerns.
– US natural gas futures rose to $4.15/MMBtu, the highest in two weeks, due to lower production and higher demand forecasts.
– Copper futures declined to around $4.75 per pound this morning, heading for a 7% weekly loss, as US President Donald Trump’s sweeping tariffs and expected retaliation from key trading partners fueled global recession concerns.
– Spodumene, the mineral resource of lithium, has stayed at the price of $817 per tonne for the third straight day today.
Forex today 💱💵💴
– GBP/USD briefly clipped the 1.3200 handle for the first time in six months yesterday, climbing into fresh highs as the Greenback turns sour across the board.
– The EUR/USD pair trades in positive territory for the third consecutive day around 1.1080 during the early European session today bolstered by the broader US Dollar weakness.
Crypto today 🪙🔗
– Bitcoin crashed by 3.5% in the last 24 hours as it approached the crucial support at $80,000. Similarly, Ethereum price dropped to $1,765, while XRP fell below the key support at $2.
The total market capitalization of all cryptocurrencies declined by 4% to $2.6 trillion, meaning investors have lost over $1 trillion in recent months.
Needless to say it’s been a wild week, everything down, no asset spared. Remember this is all temporary and while most investors think short term and panic sell, we accumulate on current holdings and patiently wait for new opportunities to open up.
Personally I am staring at $NVDA share price like it was food and I haven’t eaten in a week, need to get myself some 😂
Stay positive, stay focused on your long term goals and objectives, don’t forget to unwind this weekend and enjoy the simple things in life.
Have a great break and see you on Monday! 🫶🍻
