Some billionaire investors, who have been pressuring Trump to back off his punishing tariffs, were elated that the president hit pause. On Tuesday President Trump announced the U.S. would commit to a total 104% tariff on imports from China, starting at midnight on Wednesday. According to their calendars, the Nasdaq and the New York Stock Exchange are both closed on Friday, April 18, in observance of Good Friday. The bond market is also off today after closing early yesterday at 2 p.m. EST, as indicated by the Securities Industry and Financial Markets Association holiday schedule. “Tariffs will remain top of mind over the coming few months, yet investors are likely to refocus their short-term attention on the Q earnings reporting period,” said CFRA Research’s Stovall in a Monday note.

Prices had fallen dramatically below $57 a barrel Wednesday before recovering. Brent crude, the global benchmark, also fell 4% to around $63 a barrel. Also on Thursday, Beijing’s retaliatory 84% tariffs on US imports to China went into effect.

Tesla, Alphabet highlight earnings rush as tariff fallout drives markets

Trump’s universal 10% tariff that went into effect Saturday remains in place, as do 25% tariffs on auto imports, 25% tariffs on steel and aluminum and 25% tariffs on some goods from Canada and Mexico. Trump also pledged to go forward with additional tariffs on pharmaceuticals, lumber, semiconductors and copper. There will always be transition difficulty — but in history, it was the biggest day in history, the markets. So we’re very, very happy with the way the country is running. We’re trying to get the world to treat us fairly,” Trump said in the Cabinet Room. Through that lens, the market’s reaction makes sense.

Car dealer: ‘Afraid’ buyers are rushing to purchase cars ahead of tariffs

“Powell reiterated that the Fed is likely to remain in wait-and-see mode as it assesses the effect of tariffs on the economy,” analysts at Morgan Stanley said in a Monday note. The sell-off on Monday was widespread, as nearly every company in the Dow and the S&P 500 closed lower. All three major indexes are coming off of a week in the red and are on pace for their worst month since 2022.

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Wall Street strategists continue to cut their stock market forecasts as Trump tariff fears become reality

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About 88% of traders expect the Fed to hold rates steady, according to the CME FedWatch tool. The market on Monday was reacting negatively to Trump’s pressure on Fed Chair Powell and the lack of a trade deal announcement after the Trump administration met with officials from Japan last week, Stovall said. Trump on Monday continued his tirade against Powell, calling him a “major loser” in a social media post pressuring the central bank leader to lower interest rates. FTSE 100 from 4 points and more 24-hour markets than anywhere else. Find out more about why you should trade indices with IG. Sign up for CNN Business’ newsletter for the top stories you need to know.

Trump said he plans to target “all countries” with reciprocal tariffs from the start, dampening hopes for a more limited push. A report from The Washington Post this weekend suggested the president is pushing advisers to go even “bigger” in imposing the levies. Markets wrapped up March on a woeful note after a rough month and quarter beset by Trump’s fast-evolving tariff policy. Last week was the fifth in six weeks that the Nasdaq Composite and S&P 500 ended the week in the red. The benchmark index is down over 4.5% to start the year while the Nasdaq has lost over 10%, finishing with their worst quarters since 2022. All markets are scheduled to follow regular operating hours the day after Easter, on April 21.

Wall Street this week will also digest a slate of first-quarter earnings results. Investors will likely be attuned to chief executives’ guidance and forecasts for the year amid heightened tariff uncertainty. Gold on Monday surged more than 3% and hit a fresh record high above $3,400 a troy ounce. The yellow metal has been on a tear this year as investors flock to safe havens. Gold is up about 30% this year, outpacing its gain of 27% across 2024. The Fed’s board of governors is scheduled to meet the first week of May to determine its next decision on its benchmark interest rate.

  • As Yahoo Finance’s Josh Schafer notes, the stock market remains largely at the mercy of Trump’s tariffs.
  • US oil fell again Thursday to below $60 a barrel, near where oil was in April 2021.
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  • The yellow metal has been on a tear this year as investors flock to safe havens.
  • The diatribe came as the European Central Bank cut its benchmark interest rate and after Powell spoke last week of the potential economic consequences of Trump’s tariff agenda.

Those tariffs placed hefty levies between 11% and 50% on dozens of countries. The S&P 500 fell 3.46% and the Nasdaq Composite slid 4.31%. The S&P 500 was coming off its best day since 2008, and the Nasdaq on Wednesday posted its second-best daily gains in history.

Realtime Prices for Dow Jones Stocks

  • Alphabet (GOOGL), which fell 2.31% on Monday, is expected to report earnings on Thursday.
  • Earnings season is coming up and could provide a fresh catalyst for the market to rise.
  • EST, as indicated by the Securities Industry and Financial Markets Association holiday schedule.
  • China says it remains willing to negotiate with the United States, but a spokesperson for the Chinese Commerce Ministry also reiterated Thursday that China will not back down if Trump chooses to further escalate the trade war.
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“The tariffs were higher than expected, and therefore markets hadn’t fully priced in this magnitude. Wall Street is essentially repricing,” Farr said. “The question is how much repricing is still to come.” dowmarkets Earnings season is coming up and could provide a fresh catalyst for the market to rise. But importantly, first-quarter earnings data won’t reflect the impacts of the new tariffs on companies’ bottom lines. Major markets erased all gains made on Tuesday following another day of global uncertainty over tariffs imposed by President Donald Trump.

Some of the biggest-name megacaps have led the decline. Nvidia (NVDA) fell Monday as it has neared a 20% loss so far this year, while Tesla (TSLA) has lost more than 35%. Trump’s new focus on Powell comes after the Fed chief delivered a stark warning about the potential effects of tariffs on the economy. Unlock stock picks and a broker-level newsfeed that powers Wall Street. “The message from price action can be much more transparent than what you may read about in the financial press or see on television,” LPL said.

Trump lambasted Powell for not cutting interest rates — a complaint he has levied multiple times against the Fed chair. The diatribe came as the European Central Bank cut its benchmark interest rate and after Powell spoke last week of the potential economic consequences of Trump’s tariff agenda. Use this to see how IG client accounts with positions on this market are trading other markets.

The US dollar index, which measures the dollar’s strength against six foreign currencies, slumped more than 1% to its lowest level in more than three years. The three major indexes slumped throughout the day before pulling back slightly in the afternoon. Information is provided ‘as is’ and solely for informational purposes, not for trading purposes or advice. For exchange delays and terms of use, please read disclaimer (will open in new tab).

Tesla (TSLA), which slumped 5.75% on Monday, is scheduled to report earnings after the bell on Tuesday. Alphabet (GOOGL), which fell 2.31% on Monday, is expected to report earnings on Thursday. The yield on the 10-year Treasury rose above 4.4% on Monday, up from Thursday. US trading was closed Friday in observance of Good Friday.