The Dow Jones Industrial average fell for a third day following President Donald Trump’s tariff rollout with the president threatening even higher rates against China on Monday.
The session was a wild one as traders tried to speculate when the market would bottom from Trump’s tariff turmoil, with the Dow Jones Industrial average posting its largest intraday point swing ever recorded.
- The Dow Jones Industrial average dropped 476 points, or 1.3%. The 30-stock average had fallen more than 1,200 points during its Monday session low. It then swung 2,595 points from low to high, in a record reversal.
- The S&P 500 shed 0.6%, but was down 4.7% at the lows of the session. It briefly entered bear market territory during the session, but was last off about 18% from its recent high.
- The Nasdaq Composite was off by just 0.2%, as investors stepped in to buy some megacap tech stocks such as Nvidia and Palantir. Earlier on Monday, the tech-heavy Nasdaq had lost more than 3%.
Stocks mounted a short-lived rally at one point that took the Dow Jones Industrial average into positive territory. Speculation of some sort of tariff pause circulated on social media, contributing to the pop. The White House, however, told CNBC that any talk of a 90-day pause was “fake news” and major averages retreated once again.
The S&P 500 has lost more than 10% the last three sessions in its worst stretch since the outbreak of Covid in 2020. Despite the sell-off, the White House has remained defiant, reiterating that the set of shockingly high tariffs unveiled Wednesday evening would take effect April 9, as scheduled. China retaliated on Friday and other countries are readying their own counter-tariffs.
Trump threatened China on Monday with even higher tariffs via Truth Social: “If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose additional tariffs on China of 50%, effective April 9th. Additionally, all talks with China concerning their requested meetings with us will be terminated!”
Trump also reiterated to reporters later Monday that no pause in the tariff plan was being looked at.
“The president is losing the confidence of business leaders around the globe…this is not what we voted for,” wrote Bill Ackman, billionaire head of Pershing Square, on X. “The President has an opportunity on Monday to call a time out and have the time to execute on fixing an unfair tariff system. Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down.”
The administration said at least 50 nations had reached out to start negotiations. Vietnam has offered already to cut tariffs on the U.S. to zero, according to Trump, but trade advisor Peter Navarro told CNBC on Monday that wasn’t enough and that “it’s the non-tariff cheating that matters.” This suggests negotiations could be drawn out longer than Wall Street would like.
Fears grew on the Street that the sell-off would feed on itself with hedge funds forced to sell down equities and other risky assets to raise cash needed meet margin calls. The CBOE Volatility Index, Wall Street’s fear gauge, surged to the 50 level Monday, an extreme level seen mostly only during bear markets.
“Margin calls are going out as we speak,” said Chris Rupkey chief economist at FWDBONDS. “For a third straight day investors in U.S. equity markets have turned (a) huge thumbs down on the White House Liberation Day tariffs which have rocked Wall Street.”
Apple shares fell more than 5% at their lows of the session after Trump’s threat to double-down on China tariffs. The stock last traded down around 3%.
Dow sets new record for largest intraday point swing
The Dow on Monday saw its largest gap in points between session highs and lows on record.
The blue-chip average traded up as high as by around 892 points and as low as about 1,703 points in the red, as of shortly after 3 p.m. ET. That 2,595.24-point swing is the widest in the 30-stock index’s history, according to a CNBC data analysis.
The previous record was set in March 2020, when the average recorded a gap of 1,904.39 points.
Monday’s rocky trading comes as investors continue to assess the economic outlook following President Donald Trump’s tariff announcement last week. Stocks staged a short-lived rally in Monday morning trading following speculation of some type of tariff pause on social media, but the White House confirmed to CNBC that any discussion of a 90-day delay was “fake news.”
— Alex Harring, Nick Wells
U.S. crude oil losses deepen on recession fears
U.S. oil prices fell about 2% on Monday, adding to last week’s steep losses on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
U.S .crude oil fell $1.29, or 2.08%, to close at $60.70 per barrel, while Brent lost $1.37, or 2.09%, to settle at $64.21. The latest price action comes after U.S. crude and Brent closed down more than 10% last week.
Futures tied to U.S. West Texas intermediate crude hit a session low of $58.95 per barrel, the lowest level since 2021. Global benchmark Brent fell to an intraday low of $62.51.
— Spencer Kimball
10-year Treasury yield rallies above 4.15%
Such a rapid move in the benchmark Treasury has spooked equity investors in the past, but it doesn’t appear to be hurting the stock market today.
“I think this bounce today is somewhat reaffirming in that markets aren’t anticipating a free fall,” said Mona Mahajan, head of investment strategy at Edward Jones.
The 10-year yield could continue to push higher before it becomes an economic issue, said Ben McMillan, chief investment officer at IDX Advisors.
“Anything north of 4.4, 4.5, and then the U.S. has to really be concerned about rolling that debt and the ongoing deficit,” McMillan said.
— Jesse Pound
Chip stocks can fall 20% if tariffs cause recession, Citi says
If President Donald Trump’s tariffs push the U.S. economy into a recession, chip stocks could have at least another 20% to fall, according to Citi.
“We believe the biggest risk to the semi sector is a recession resulting from tariffs,” Chris Danely, a managing director at the bank, wrote to clients in a recent note. “If the tariffs continue for another month, we believe is it highly likely the supply chain will ‘freeze up’ given uncertainty, drastically lower order rates/inventory, and result in lower guidance across the board – similar to Covid.”
However, like during the Covid pandemic, Danely said investors can expect a “sharp rebound” once supply chains and tariff impacts become more stabilized and formulaic.
— Alex Harring
CEOs think the U.S. is ‘probably in a recession right now,’ says BlackRock’s Fink
CEO’s have a dim outlook of the U.S. economy even before the full tariffs announced by President Trump last week, according to BlackRock CEO Larry Fink.
“Most CEOs I talk to would say we are probably in a recession right now,” Fink said at an event for the Economic Club of New York.
“One CEO specifically said the airline industry is a proverbial bird in a coal mine — canary in the coal mine — and I was told that the canary is sick already,” Fink added.
— Jesse Pound
Stocks making the biggest moves midday
Check out some of the companies making headlines in midday trading:
- U.S. Steel — Shares advanced nearly 9% after President Donald Trump ordered the review of Japan’s Nippon Steel’s proposed takeover of U.S. Steel. The president instructed the Committee on Foreign Investment in the United States to aid in “in determining whether further action in this matter may be appropriate.”
- Automakers — Shares of automakers continued to fall as investors worried about the lack of any deals tied to President Trump’s tariff policy. Stellantis pulled back more than 6%, while Ford Motor fell 5%. General Motors slipped 3% following a Bernstein downgrade of the stock to underperform from market perform.
- Tesla — Stock in Elon Musk’s electric vehicle company slipped 5%. Devout Tesla bull Dan Ives slashed his price target on the EV firm, citing concern over Musk’s political ties to the White House.
Read the full list here.
— Brian Evans
Some Magnificent Seven stocks outperform
Investors snapped up some Magnificent Seven names and not others, while the stock market continued to sell off Monday in a volatile trading session.
As of midday trading, shares of Alphabet, Amazon, Meta Platforms and Nvidia were up more than 1%, each. On the other hand, the S&P 500 itself was down more than 1%.
Other Magnificent Seven companies were punished during the selloff. Apple shares pulled back more than 5%, while Tesla shares slid more than 4%. Microsoft was down by about 1%.
— Sarah Min
Restaurant stocks fall as investors worry about a potential recession
Investor concerns about weaker consumer spending and a possible recession weighed on restaurant stocks in morning trading.
McDonald’s, Chipotle, Darden Restaurants and Starbucks were among the restaurant companies that saw their shares drop as the markets continue to process the Trump administration’s tariffs.
While industry analysts don’t expect the new tariffs to weigh heavily on restaurants directly, they expect that higher prices on other goods would put pressure on consumer spending and sentiment more broadly. For example, Starbucks would face some higher costs for its coffee beans, but the more significant risk may be lower demand for the coffee chain’s drinks at a time when its U.S. business is already trying to bring back customers.
— Amelia Lucas
Russell 2000 falls to lowest level since 2023
The Russell 2000, a small-cap index that some expected to surge under President Donald Trump, on Monday fell to lows last seen in late 2023.
The Russell 2000 slid nearly 2% in midday trading. At session lows, the index hit levels that it hasn’t dropped to since November 2023.
Monday’s declines mark the latest sign of trouble for the index, which officially entered bear market territory last week as investors worried Trump’s tariffs would hamstring businesses. That’s a sharp turn, given the Russell 2000 had rallied in November with traders expecting small-caps to benefit from Trump’s preference for deregulation.
The index has tumbled more than 10% over the last five trading days, bringing its year-to-date loss to more than 19%.
— Alex Harring
Apple sinks 5% on additional China tariffs threat
Apple shares tumbled 5% to their lows of the session after President Donald Trump wrote in a post on Truth Social that he would enact additional 50% tariffs on China, unless Beijing abandons its retaliatory tariffs on the U.S.
— Hakyung Kim
Trump threatens to hike tariffs on China even higher
Stocks moved lower again during Monday’s volatile session after Trump threatened to hike tariffs on China.
The president said on Truth Social that the U.S. would impose an addition 50% tariff on China if the trading partner does not remove its 34% counter-tariff, announced late last week.
“Additionally, all talks with China concerning their requested meetings with us will be terminated!,” Trump wrote.
— Jesse Pound
Overwhelmingly negative breadth during 3-day rout
Few stocks have managed to see any gains during the post-tariff announcement rout over the past 3 trading sessions.
Every single Nasdaq 100 stock is lower, while only five S&P 500 stocks are in the green during that span (Molina Healthcare, Lamb Weston, Marketaxess, First Solar and Dollar General).
About two-thirds of both the S&P 500 and Nasdaq 100 are down 10% or more.
44 S&P 500 stocks have seen drops of 20% or more – with the biggest laggards being APA -30%, Western Digital -27%, Microchip -26%, Micron -26% and Devon Energy -25%.
— Robert Hum
S&P 500 notches largest intraday swing between loss to gain since Nov. 2008
On Monday morning, the S&P 500 swung from being down 4.71% at the session low, before quickly rising to as much as 3.40% at the session high — all in the span of around 35 minutes.
The range on this swing amounted to around eight percentage points, marking the largest intraday range for the S&P 500 since March 13, 2020. Unlike this time, the one from March 2020 was an all-positive swing.
The last time the stock benchmark swung intraday from a substantial loss to gain with a similar range was Nov. 13, 2008.
— Robert Hum, Lisa Kailai Han
Stocks reverse course, jump higher midday morning
Stocks briefly jumped sharply midday Monday morning before slipping back into negative territory.
The S&P 500 jumped as much as 2.9%, while the Nasdaq Composite climbed 2.6%. The 30-stock Dow Jones Industrial Average had advanced 705 points, or 1.7%.
All three major indexes fell back into the red shortly afterward.
— Hakyung Kim
Dow & Nasdaq Composite wipe out 2024 gains
With a third straight rout in the markets, the Dow and Nasdaq Composite have now wiped out last year’s gains.
Last year, the Dow rose 4,855 points and the Nasdaq rallied 4,299 points.
The Dow is now down 5,660 points this year (down 13%), while the Nasdaq has slumped more than 4,400 points (down 23%).
The S&P 500 – which is down 17% year to date, is about 100 points away from wiping out its 2024 gains.
— Robert Hum
Market volatility likely to ‘remain elevated’ over coming weeks, UBS says
Stocks may continue to face pressure in the near term in the wake of President Donald Trump’s new tariffs announcement, according to UBS’ David Lefkowitz.
“Equity volatility is likely to remain elevated in the coming weeks, driven by uncertainty around President Trump’s tariff strategy and potential retaliation by other countries,” the CIO head of U.S. equities wrote in a Monday note. “Markets are not yet fully pricing a US recession, suggesting additional near-term downside risk.”
Beyond that, however, Lefkowitz expects that structural growth themes like artificial intelligence and tariff moderation will support market recovery in the long term, saying that the S&P 500 can reach 5,800 by the end of 2025. That reflects more than 14% upside from Friday’s closing level.
— Sean Conlon
Stocks open lower Monday
Stocks began Monday in the red, with the S&P 500 following the Nasdaq Composite to enter bear market territory.
The broad market index fell 3.5%. The Dow Jones Industrial Average slipped around 3.1%, while the tech-heavy Nasdaq Composite declined 3.7%.
— Hakyung Kim
Leon Cooperman says buckle up, bottom is not in yet
Billionaire investor Leon Cooperman said the bottom is not in yet as stocks are set to continue their downward spiral. The chair and CEO of the Omega Family Office believes Trump’s tariffs are a “mistake” and they will tip the U.S. economy into a recession.
“I think there’s too much confidence in the system … and we’re correcting that right now. It’s very clear to me the president has decided the best way to get inflation, interest rates down is to take a recession,” the investor said Monday on CNBC’s “Squawk Box.”
“I would be careful,” he added. “I would sell strength in the market and only buy weakness. And I’m not really buying much weakness, because I don’t really trust the environment.”
— Yun Li
Jamie Dimon says Trump tariffs will boost inflation, slow growth
JPMorgan Chase CEO Jamie Dimon said in his annual letter that Trump’s tariffs will likely boost prices on both domestic and imported goods, weighing down a U.S. economy that had already been slowing. He is the first CEO of a major Wall Street bank to publicly address Trump’s sweeping tariff policy as global markets crash.
“Whatever you think of the legitimate reasons for the newly announced tariffs – and, of course, there are some – or the long-term effect, good or bad, there are likely to be important short-term effects,” Dimon said. “We are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products.”
Dimon said whether tariffs will cause a recession remains in question, but they will undoubtedly slow down growth.
— Yun Li, Hugh Son
Acting SEC Chair says stock market is working ‘exactly as designed’
Acting Securities and Exchange Commission Chair Mark Uyeda said on “Squawk Box” that that his regulatory agency does not have concerns about market function after the steep selloff last week.
“Last Friday, we saw the largest amount of equity trading volume that we’ve had in the history of the markets. And from what we can tell so far, everything worked exactly as designed,” Uyeda said.
When asked about the potential impact of more market losses, Uyeda said that the SEC’s focus is on an “orderly” market but that stock valuations are “ultimately up to investors.”
— Jesse Pound
S&P 500 losses approaching Great Depression record
If the S&P 500 ends at least 4% Monday — which would mark its third straight day of a losses of 4% or greater — this would mark the first time since the Great Depression in 1933 it has notched such large back-to-back consecutive losses, according to the Carson Group’s Ryan Detrick.
This would also be only the third time in history the broad market index has finished 4% or lower for three straight days, all of which were during the Great Depression.
— Hakyung Kim, Adrian van Hauwermeiren
See the stocks moving before the bell
These are some of the stocks making notable moves in Monday’s premarket:
- Tesla — Stock in the electric vehicle company sank nearly 7% amid the broader market wreckage. Wedbush analyst Dan Ives, a notorious Tesla bull, cut his price target on the stock, saying it has “self created brand issues.”
- Caterpillar — The blue-chip name fell more than 4%, one of several machinery stocks struggling following UBS downgrades. UBS said machinery demand could take a hit if President Donald Trump’s tariffs catalyze a global trade war and higher prices.
- Dollar Tree — The value-focused retailer was able to side step the premarket carnage, rising more than 1% on the back of Citi’s upgrade to buy from neutral. Citi said Dollar Tree is a “dark horse winner” in a global trade war.
Click here for the full list.
— Alex Harring
Dollar continues to weaken
The dollar index, which measures the greenback against a basket of currencies, inched down 0.1% Monday morning. It has weakened 1.2% in April after President Donald Trump’s retaliatory tariffs rollout amid rising uncertainty surrounding the U.S. economy.
The euro appreciated around 0.8% against the dollar Monday, bringing it 1.4% higher versus the greenback for the month. Although it is normally viewed as less of a safe-haven currency than the dollar, prospects of increased government spending in the Euro area and a potential peace deal in Ukraine have boosted the currency.
— Hakyung Kim
Sharp drop in oil prices is historically a recession event, Morgan Stanley says
The sharp drop in oil prices last week was of a magnitude that is rarely seen outside of recessions, according to Morgan Stanley equity analyst and commodities strategist Martijn Rats.
“The Brent futures contract was first traded on 5 June 1988. Over the 9,675 trading days since then, two-day declines of 12.5% or larger happened only 24 times before. Of those, 22 are associated with recessions,” Rats said in a note to clients Monday.
The two times that were not associated with recession were in 2003 after the U.S. invasion of Iraq and in 2022, when oil prices were coming off of a much higher starting level, the note said. .
Brent futures were down another 2.5% on Monday, trading just under $64 per barrel.
— Jesse Pound
Citi upgrades Dollar General to neutral on limited tariff risks
Citi sees a more balanced risk/reward payoff for Dollar General going forward.
In a Monday note, the bank upgraded shares of the discount retailer to a neutral rating from sell. Simultaneously, analyst Paul Lejuez hiked his target price for the stock to $101 from $69.
Alongside fellow off-price retailer Dollar Tree, Lejuez believes that Dollar General will be relatively insulated from the mounting global trade war.
“In the near-term DG does not have the same tariff risk as most others in our retail universe, and may benefit from consumers trading down (given its mindshare for value),” he wrote. “Taking a 12-month view, we no longer believe a Sell rating is warranted, as consumables-based businesses are likely to fare better than those selling more discretionary products.”
Lejuez added that only around 10% of Dollar General’s products will likely be affected by tariffs, compared to between 50% to 100% for its competitors. That’s partially because most of what Dollar General sells belong to the food or consumables categories.
Shares of Dollar General have rallied 22% so far this year.
— Lisa Kailai Han
Short term bounce ahead, but ‘this isn’t over yet,’ says HSBC
The market has entered oversold territory after last week’s steep selloff, according to HSBC chief multi-asset strategist Max Kettner.
“So we can make a case for a ‘Turnaround-Tuesday’-style, very short-term bounce. We’d argue it’s particularly the Mag 7 that would benefit from this the most,” Kettner wrote in a note on Monday.
However, Kettner added that ongoing tariff uncertainty means “this isn’t over yet.”
“The one thing about which we’ve been wrestling with ourselves in recent days is whether we’re actually bearish enough,” said Kettner.
He added that large cap tech is still the preferred equity position during another leg lower.
“In fact, preferring US tech over US small caps should benefit in both a rebound and a further correction, given the latter is much more challenged from a profitability perspective,” Kettner said.
— Hakyung Kim
Tesla tumbles 4% premarket
Tesla shares slid 4.4% Monday morning amid an ongoing broader market meltdown over tariff concerns.
The electric vehicle stock has shed 7.6% in April alone, and more than 40% in 2025, as CEO Elon Musk’s political activities have raised controversies and incited boycotts and protests globally.
Along with other automakers, Tesla’s supply chain also faces headwinds from the new tariffs imposed by President Donald Trump.
Wedbush analyst Dan Ives downgraded shares, citing the brand crisis and trade war pressure.
“The economic tariff Armageddon unleashed by the Trump Administration is a double whammy for Tesla in our view,” Ives wrote.
— Hakyung Kim
Raymond James upgrades Jetblue to outperform on low risk of bankruptcy
Raymond James sees a better outlook ahead for shares of Jetblue Airways.
In a Monday note, analyst Savanthi Syth upgraded the airline stock to an outperform rating from market perform. Syth’s $5 price target implies that shares of Jetblue could rise 27% from their Friday close of $3.94.
Shares of Jetblue have plunged 50% this year. The stock fell more than 25% in a single day in January for its biggest daily loss ever, after Jetblue guided for a disappointing financial outlook.
But going forward, Syth is more optimistic for the company’s future.
“We are tactically upgrading JBLU from Market Perform to Outperform following the recent selloff (alongside the market in response to reciprocal tariff announcements) given our view of low bankruptcy risk and an M&A floor, especially against a backdrop of negative buy-side and sell-side sentiment,” the analyst wrote. “Importantly, we are not aware of M&A discussions, but believe JetBlue’s assets (notably at JFK/FLL and the fleet order book) make it an attractive target.”
— Lisa Kailai Han
Baird downgrades Starbucks to neutral but emphasizes bullish long-term view
Baird is moving to the sidelines when it comes to Starbucks.
In a Sunday note, analyst David Tarantino downgraded the coffee chain to a neutral rating. He accompanied the move by slashing his price target for the stock to $85 from $114.
Shares of Starbucks are down 10% this year. Tarantino’s updated forecast implies that the stock could rise less than 4% from here.
While the analyst is bullish on Starbucks over the long run, he pointed to increasing odds of an economic slowdown as a catalyst for his downgrade.
“We remain highly confident that turnaround efforts under CEO Brian Niccol eventually will prove successful (leading to bullish longer-term setup), but simply are concerned that macro headwinds could prove to be an offset in the near term, creating risk to F2025-2026E EPS estimates and investor sentiment,” he wrote. “Importantly, we still have a favorable view of the long-term growth fundamentals for SBUX, and as a result, we continue to view the stock as a core holding for large-cap growth investors that can look through possible short-term noise.”
— Lisa Kailai Han
Trump wants Fed rate cuts, says there is ‘no inflation’
President Donald Trump again called for the Federal Reserve to lower rates, insisting Monday that inflation has disappeared as his aggressive reciprocal tariffs are set to take effect.
“Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place,” Trump wrote in a Truth Social post.
Along with his hectoring of the central bank, the president chastised China for its retaliatory move last week to add 34% on its tariffs of U.S. goods.
“They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past ‘leaders’ are to blame for allowing this, and so much else, to happen to our Country,” Trump added.
—Jeff Cox
Wall Street’s fear gauge skyrockets
Early Monday, the CBOE Market Volatility Index, otherwise known as ‘The VIX,’ was surging, with it touching 60 at one point. Wall Street’s fear gauge, which is based on the prices of put and call options on the S&P 500, was showing extreme levels of fear.
During the March 2020 Covid market plunge, the VIX traded in the 60-to-80 range before the stock market rebounded.
-John Melloy
Hong Kong stocks lead sell-off in Asia-Pacific markets as trade war worries fuel risk-off sentiment
Asia-Pacific markets extended their sell-off Monday as fears over a global trade war sparked by U.S. President Donald Trump’s tariffs fueled a risk-off mood.
Hong Kong markets led losses in the region, with the Hang Seng Index declining 13.22% to 19,828.30 while the Hang Seng Tech index plunged 17.16% to 4,401.51. Mainland China’s CSI 300 plummeted 7.05% to 3,589.44, making this its largest one-day drop since last October.
Japan’s benchmark Nikkei 225 fell 7.83% to hit an 18-month low at 31,136.58,while the broader Topix index plummeted 7.79% to 2,288.66. Earlier in the day, trading in Japanese futures was suspended due the market hitting circuit breakers.
In South Korea, the Kospi index plunged 5.57% to 2,328.20, while the small-cap Kosdaq declined 5.25% to 651.30.
Australia’s S&P/ASX 200 fell 4.23%, to end the day at 7,343,30. The benchmark slid into correction territory with an 11% decline since its last high in February, in its previous session.
India’s benchmark Nifty 50 dropped 4.08% while the broader BSE Sensex lost 3.91% as at 1.50 p.m. local time.
— Amala Balakrishner
European markets tank at the open
European stocks dropped sharply after Monday’s opening bell, as the fallout from U.S. President Donald Trump’s so-called reciprocal tariffs continued.
The Stoxx 600 surpassed a 6% loss shortly after trading began, before pulling back slightly to a loss of around 5.9% by 8:26 a.m. in London. Germany’s DAX index, home to some of the region’s biggest companies, initially shed more than 10% before paring some of those losses to trade around 7% lower.
— Chloe Taylor
Jim Cramer on the sell-off: ‘I’m not going to panic’
CNBC’s Jim Cramer stressed that, even in the face of Sunday’s futures sell-off, most investors should not bail on the market.
“I’m not going to panic. I’m not going to say, ‘Get out now.’ I think you have to stay the course here,” Cramer said on CNBC’s special live broadcast. Cramer was reiterating the advice he gave CNBC Investing Club members earlier Sunday in his weekly column. “Let’s just be a little cooler. Recognize that there is going to some pain. You can’t dodge it,” Cramer added on CNBC.
— Kevin Stankiewicz
New Trump comments
Stock futures were not helped by new comments by President Trump to reporters Sunday evening. The president said unless the China trade deficit is solved, there will be no deal, according to Reuters headlines. On the market sell-off, the president told reporters that sometimes you need to take medicine, according to Reuters.
Dow futures were last down 1,600 points.
-John Melloy
Oil crosses below $60 a barrel on growing recession fears
U.S. oil prices dropped below $60 a barrel on Sunday on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.
Futures tied to U.S. West Texas intermediate crude fell more than 3% to $59.74 on Sunday night. The move comes after back-to-back 6% declines last week. WTI is now at the lowest since April 2021.
— Tanaya Macheel
Bitcoin drops below $80,000 as cryptocurrencies join global market rout
Bitcoin slid under $80,000 on Sunday evening, joining the broader market rout after showing resilience last week.
The price of the flagship cryptocurrency was last lower by 5% at $78,647.33, according to Coin Metrics. Other cryptocurrencies suffered bigger losses overnight. Ether and the token tied to Solana tumbled about 10% each.
The flagship cryptocurrency usually trades like a big tech stock and is often viewed by traders as a leading indicator of market sentiment, although last week it bucked the broader market meltdown – holding between $82,000 and $83,000 and rising to end the week as stocks tumbled and even gold fell.
Bitcoin is off its January all-time high by about 28%. It is expected to continue moving in tandem with equities, absent a crypto-specific catalyst, as global recession fears overshadow any regulatory tailwinds crypto was expected to benefit from this year.
— Tanaya Macheel
Commerce Secretary Lutnick says White House will not postpone tariffs
Commerce Secretary Howard Lutnick said Sunday that the Trump administration will remain steadfast in its reciprocal tariffs on major U.S. trading partners even in the face of a global stock market sell-off.
“The tariffs are coming,” Lutnick said on CBS’s “Face the Nation” Sunday. “He announced it, and he wasn’t kidding. The tariffs are coming. Of course they are.”
The White House is not considering an extension of the start deadline, he added.
“There is no postponing. They are definitely going to stay in place for days and weeks,” Lutnick said. “The president needs to reset global trade. Everybody has a trade surplus and we have a trade deficit.”
— Tanaya Macheel, Hakyung Kim
