The S&P 500’s Safety Nets Are Gone

Published on April 4, 2025

President Donald Trump’s new reciprocal tariff policy is straightforwardly bad for the US economy and markets. The only conceivable reason that the S&P 500 Index was down just 4% on Thursday is that investors still don’t believe it will stick. Unfortunately, there’s no quick way out of this quagmire.

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Where Will Consumers Go?

April 4, 2025
Investors crushed the stocks of consumer discretionary companies on Thursday in response to President Donald Trump’s tariff announcement, making little distinction between home goods companies such as Williams-Sonoma Inc., apparel names including Nike Inc. or restaurants such as Cheesecake Factory Inc.

US Treasuries Surge as Trade War Overshadows Solid Jobs Data

April 4, 2025
Traders boosted their bets on Federal Reserve interest-rate cuts this year and US Treasuries rallied as a solid report on American jobs failed to calm markets.