Stocks, Dollar Drop as Trade Jitters Hit Sentiment: Markets Wrap
(Bloomberg) — Stocks and the dollar fell amid uncertainty over the scope of future US trade policy, clouding sentiment and raising the prospect of renewed volatility.
S&P 500 futures dropped 0.6% as investors assessed the possible fallout from a new 15% global tariff after the Supreme Court struck down President Donald Trump’s emergency levies. Currency traders sought refuge in the Swiss franc and yen. Gold headed for the highest level this month. Bitcoin briefly slid below $65,000.
The tariff ruling is adding fresh uncertainty to markets already unsettled by concerns over artificial intelligence disruption and US-Iran tensions. Investors will also watch Trump’s State of the Union address on Tuesday for trade and other policy priorities ahead of this year’s mid-term elections, as well as Nvidia Corp.’s earnings on Wednesday.
“Markets quickly realized that the ruling might not change much in the near term and will rather increase uncertainties,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management. “Donald Trump is not known to avoid a fight or give up easily.”
European stocks dipped 0.3%, led by losses in the technology sector. Nasdaq 100 contracts fell 0.7%. Tech stocks led gains in Asia amid hopes the ruling will be particularly beneficial for two of the region’s biggest economies — China and India — which were hit the hardest by Trump’s tariff onslaught. Treasuries were little changed.
“Global trade uncertainty is back as an issue for investors and that’s bad news for US assets. The dollar’s slide has the potential to extend, and the S&P 500’s underperformance relative to peers will become more entrenched as investors price in the impact.”
—Garfield Reynolds, MLIV Asia Team Leader. Click here for the full analysis.
Corporate Highlights:
Chairman Chey Tae-won of SK Hynix Inc.’s parent SK Group pledged to grow production of AI memory chips to meet a surge in demand from the global data center buildout. Enel SpA plans to deepen its commitments in the US and Europe over the next three years, with a fresh wave of investments in renewable energy projects such as wind power and battery storage. Stocks
The Stoxx Europe 600 fell 0.3% as of 8:28 a.m. London time S&P 500 futures fell 0.5% Nasdaq 100 futures fell 0.7% Futures on the Dow Jones Industrial Average fell 0.4% The MSCI Asia Pacific Index rose 0.6% The MSCI Emerging Markets Index rose 1% Currencies
The Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.3% to $1.1818 The Japanese yen rose 0.3% to 154.64 per dollar The offshore yuan rose 0.2% to 6.8831 per dollar The British pound rose 0.3% to $1.3518 Cryptocurrencies
Bitcoin fell 2.8% to $65,687.93 Ether fell 3.4% to $1,883.66 Bonds
The yield on 10-year Treasuries was little changed at 4.08% Germany’s 10-year yield was little changed at 2.73% Britain’s 10-year yield was little changed at 4.35% Commodities
Brent crude fell 0.9% to $71.08 a barrel Spot gold rose 0.4% to $5,129.23 an ounce This story was produced with the assistance of Bloomberg Automation.
This story was produced with the assistance of Bloomberg Automation.
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