Trump tariffs sink markets–again
For the second-straight day, markets around the world tanked as a result of Trump’s April 2 tariffs which hit globally. At the epicentre was Wall Street, where the three major indices plunged 5.5-6% on Friday alone. It was the Dow’s third-worst session in history, rivaling the pandemic. For the week, the Dow sank nearly 8%, but the Nasdaq and S&P tanked close to 10%. It was the worst two-day drop for these two indices since March 2020, the depth of the pandemic. The VIX leapt 48% to over 44.
Once more, losses were widespread and deep: Tesla -10.35%, Intel -11.21%, Nvidia -7%, Palantir -11.39% and GE Healthcare -15.99%. The U.S. 10-year yield faded to 4.017%, but Bitcoin gained 1.9% to US$83,875.
To make matters worse, OPEC+ suddenly raised output, plunging WTI crude by 6.3% to US$62.70, the lowest in three years. Gold declined US$78 to US$3,306. The TSX sank another 4.66% or nearly 1,100 points, though fared better than Wall Street by losing only 6.3% over the week. All sectors fell. Key names: Suncor -8.82%, Baytex -17.14%, Vermilion Energy -15.15%, Whitecap Resources -9.99% and New Gold -14.6%.
💾 NVIDIA Corporation (NVDA-Q) -7%
💾 Palantir Technologies (PLTR-Q) -11.39%
👨⚕️ GE HealthCare Technologies Inc (GEHC-Q) -15.99%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.9%
🛢 Suncor Energy Inc (SU-T) -8.82%
🛢 Baytex Energy Corp (BTE-T) -17.14%
🛢 Vermilion Energy Inc (VET-T) -15.15%
🛢 Whitecap Resources (WCP-T) -9.99%
🥇 New Gold Inc. (NGD-T) -14.6%
