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The S&P 500 index crashed by almost 5% on Thursday as the market reacted to Donald Trump's tariffs on imported goods. It plunged to a low of $5,400, its lowest level since August last year and 12% below its highest level this year, meaning that it is in a deep correction.
Major U.S. equities indexes plummeted a day after President Donald Trump announced widespread "reciprocal" tariffs on US trading partners around the globe.
To date, the index follows a Fibonacci-based impulse pattern. A break below $5,398 can target $ 5,140 ± 20 before a rally to $ 6,700+ can commence.
The new tariff regime will significantly impact S&P 500 earnings, leading to lower earnings estimates and margin contraction from the current 13.5%. Most earnings growth is expected from margin expansion, not sales growth, but margins are unlikely to hold due to the uncertainty created.
US stocks suffered a sharp selloff on Thursday as President Donald Trump's latest round of tariffs raised fears of a global trade war and economic slowdown. The S&P 500 plunged more than 4%, marking its worst day since September 2022 and pushing it back into correction territory.
U.S. dollar remained under strong pressure after the release of the report.
The US indices have all dropped after the latest Tariff announcements have been released. At this point, the markets are at least trying to stabilize a bit, so I am on the lookout for whether or not we can continue to find some buying.
US shares are set to tank sharply after President Trump's 'reciprocal' tariffs announcement last night. Dow Jones futures are down 2.8%, while those for the S&P 500 are pointing to a 3.4% plunge and the tech-heavy Nasdaq 100 is set to tumble 3.9% lower.
The economy shows signs of weakening with rising unemployment, increasing consumer delinquencies, and a spike in business bankruptcies, indicating higher recession probabilities. Reliable indicators like the inverted yield curve, widening credit spreads, and outperforming consumer staples sector suggest a recession is likely within the next 12 months.
As economic concerns and trade tensions mount, strategists are lowering their outlooks for the S&P 500. A Q2 rebound is less likely for the index.