Is the Tariff Announcement A Bearish Gamechanger?
What’s in Today’s Report:
- Is the Tariff Announcement A Bearish Gamechanger?
- Jobs Report Preview
Global markets are sharply lower as S&P 500 futures fall three percent in response to President Trump’s worse than feared reciprocal tariff announcement.
President Trump announced baseline 10% tariffs on virtually all imports and dramatically higher tariffs on numerous major trading partners, dramatically intensifying the global trade war and spiking global recession concerns.
Today focus will remain on trade and any hint that the announced tariffs could be negotiated lower will help stocks bounce, while the administration dismissing negotiations will only add more downward pressures to markets.
Away from trade, there are several important economic reports today including Jobless Claims (E: 226K) and the ISM Services PMI (E: 53.0). If those numbers disappoint, the selling will get worse as recession fears surge. Finally, there are two Fed speakers today, Jefferson (12:30 p.m. ET) and Cook (3:30 p.m. ET), although they shouldn’t move markets.
