Stocks Swing Ahead of Tariff Announcement – US Market Wrap

A new wave of volatility hit global markets just days before President Donald Trump’s tariff rollout, with stocks erasing losses in the final stretch of a volatile quarter. As equities recovered, bonds retreated from session highs. Gold reached a record high.

Stocks in New York, London, and Tokyo all experienced sharp fluctuations. While the S&P 500 recovered from a 1.7% drop, US stocks experienced their worst quarter since 2022. Defensive groups led gains on Monday. Energy producers joined an oil rally after Trump suggested that the United States may work to reduce Russian crude shipments. Megacaps remain under pressure.

Bonds and stocks have risen for the first time in three months since the pandemic began in March 2020. The dollar, which was once a safe haven during market downturns, hasn’t been acting that way lately. The dollar had its worst start to a year since 2017.

The Trump administration’s ambiguous messaging on what new tariffs will be announced Wednesday and how they will be announced has traders perplexed as they attempt to position themselves around the market’s biggest risk in years.

On Wednesday, Trump will hold an event in the White House Rose Garden to announce his reciprocal tariff push. His top spokesperson stated that the announcement would include “country-based” tariffs, but that the president is also “committed” to implementing sectoral duties at a later time.

The S&P 500 increased by 0.6%. The Nasdaq 100 showed little change. The Dow Jones Industrial Average gained 1%. Tesla and Nvidia led the losses in megacaps, while Apple gained. Newsmax stock skyrocketed in its debut session. Vaccine stocks fell sharply after a top regulator left the US Food and Drug Administration.
The yield on 10-year Treasuries fell three basis points to 4.22%. The dollar gained 0.2%. Gold rose above $3,100 for the first time.