Ever since Donald Trump’s chaos started wrecking the economy…..
U.S. stock indices opened sharply lower, with major indices like the Nasdaq 100 potentially facing their longest losing streak since 2022. This trend is compounded by investors navigating a challenging tariff landscape. FedEx (FDX, Financial) reported an over 11% drop in share price due to revised annual earnings forecasts amid economic uncertainties. At the time of reporting, the Dow Jones Industrial Average fell nearly 350 points, while the Nasdaq Composite and the S&P 500 recorded declines of approximately 160 points and 0.8%, respectively. The Philadelphia Semiconductor Index dropped over 2%.
Before U.S. markets opened, futures for major indices decreased, driven by disappointing corporate earnings and ongoing trade tensions. S&P 500 futures fell about 0.3%. FedEx reported an 8% pre-market plunge after lowering its profit forecast due to inflation and uncertain shipping demand. Similarly, Nike (NKE) saw shares drop roughly 7% pre-market as it also projected lower profits due to tariffs on products from China and Mexico.
The weak corporate earnings amplify concerns over the global economic outlook, especially with new reciprocal tariffs expected soon. Although the Federal Reserve signaled potential rate cuts, economists worry inflation due to tariffs might constrain central bank support for economic growth….
Update….
The market moves up from the early 400 popints drop to around 100 as I post this…
Trump tries to deal with the Tariff worries….
President Trump said there will be “flexibility” on his reciprocal tariff plan, even as he seemed to oppose the idea of making exceptions for the forthcoming duties, CNBC reports.
Said Trump: “People are coming to me and talking about tariffs, and a lot of people are asking me if they could have exceptions. And once you do that for one, you have to do that for all.”
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