SPX daily
It was a bloodbath today, particularly for any company that has supply chains in southeast Asia or exposure to the consumer. There was barely a company that was spared.
The tariffs certainly aren't hitting all companies but the market is pricing in a recession risk. How far it needs to tilt towards that risk may depend on Friday's non-farm payrolls and comments schedule from Fed Chairman Powell at 11:25 am ET.
- S&P 500 -4.8% -- worst since June 2020
- Nasdaq Comp -6.0% - worst since March 2020
- DJIA -4.0%
- Russell 2000 -6.4% -- worst since June 2020
- Toronto TSX Comp -3.8%
- Mexican Bolsa +3.2%
Well, at least there isn't a pandemic.
The Russell 2000 is now down 20% from the highs, which is the usual definition of a bear market. It's at a 14-month low and is trading at the same levels as in late 2020.
Mexico didn't seem to mind the news and was bid late.
Some notable movers:
- Apple -10%
- Amazon -9%
- Meta -8.7%
- Tesla -5.7%
- Best Buy -17.6%
- Shopify -20.2%
- Restoration Hardware -39.5%
- Ralph Lauren -16.5%
- United Airlines -15.4%
- Nike -13.8%
- Citigroup -12.0%
That is a bloodbath, and a self-inflicted one. I imagine the White House is going to be dealing with some very angry constituents.
