Stocks Fall Sharply Amid Slew of Tariff Updates
Yesterday's bounce was short-lived, as uncertainty surrounding global trade policy sent stocks reeling yet again. The latest of President Donald Trump's tariff updates included a tariff delay on goods under the USMCA trade agreement until April 2. In response, the three major indexes ended the day with triple-digit losses, with the Nasdaq slipping into correction territory. Notably, bank stocks are headed for their worst week since August, per the performance of the SPDR S&P Regional Banking ETF (KRE) and SPDR S&P Bank ETF (KBE).
Continue reading for more on today's market, including:
- Marvell's lackluster outlook dragged chip stocks.
- Macy's stock hit a 52-week low after soft guidance.
- Plus, behind MDB's pullback; ZS' post-earnings bounce; and more inflation data next week.
5 Things to Know Today
- In response to U.S. tariffs and an increase in military spending, the European Central Bank (ECB) cut interest rates once again. (The Wall Street Journal)
- U.S. mortgage rates marked their largest weekly drop since mid-September. (Bloomberg)
- MongoDB stock dropped over 20% today.
- Cloud stock upgraded following beat-and-raise.
- Inflation data and retail earnings coming next week.
Oil Snaps Losing Streak
Oil prices rose on the day, snapping a four-day losing streak. The most active April-dated West Texas Intermediate (WTI) crude rose 5 cents, or 0.1%, to close at $66.36 a barrel.
Gold futures inched lower today amid rising Treasury yields, settling at $2,926.60.
