SPX

Fitch Ratings warns US tariffs may temporarily trim deficit but deliver dire consequences

• Tariffs will not be enough to put the U.S. on a sustainable fiscal path.

S&P 500 briefly turns negative after giving back a 4% gain

• Not a pretty picture

S&P 500 falls into the opening gap

• S&P 500 halves gain

Proposed U.S. shipping rules could disrupt trade and ports, industry warns - From April 17

• Steep fees—up to US$1.5 million per port call—on vessels made in China or owned by carriers with such ships

Moody’s: Tariff shock sends global business sentiment into crisis territory

• "Signal recession"

US Chamber of Commerce weighing a lawsuit to block new Trump global tariffs

• Arguing that Trump is improperly using emergency powers

ICYMI - "Global bank chiefs hold talks over Trump tariffs crisis"

• "Executives from Bank of America, Barclays and Citi were among the participants in a weekend call to discuss the unfolding chaos over President Trump's tariffs blitz, Sky News learns."

Bessent says expects no trade deals by April 9, tariffs to hit then

• US Treasury Secretary Bessent is one of Trump's minions

BoA slashes target - warns Trump tariffs could shave 10% off 2025 S&P 500 earnings

• Target 5600 with trading range between 4,000 and 7,000

Rough open for stocks as S&P 500 falls 3.4% to enter a technical bear market

• The index is now down more than 20% from its February closing high

Goldman Sachs raises US recession probability to 45%, cuts 2025 growth forecast

• Goldman Sachs' “Countdown to Recession” cites Trump's tariff risks and rising uncertainty

Druckenmiller: ‘I do not support tariffs exceeding 10%’

ICYMI - JPMorgan forecasts US recession in late 2025 as Trump tariffs bite

• Via a note from JPM

Recap - Trump shrugs off stock market collapse - "sometimes you have to take medicine"

• Trump comments from his plane, flying back from weekend golfing

Trump crash - Trump says sometimes markets have to take the medicine

• No relief offered by Trump - he is embracing the Trump stock market crash