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Any lingering doubts surrounding tariffs were scattered to the wind yesterday, as Donald Trump made it abundantly clear that such measures would indeed go ahead on the 4th of March. The Dollar welcomed the update with open arms, climbing 0.77% against the usual basket and registering its strongest day of the year so far. The rise in the Greenback was counterbalanced by a fall in gold, which sunk to $2,877 an ounce by yesterday’s close.
US stock markets certainly felt the pressure during Thursday’s session. The Dow, being relatively isolated from the tech sector, escaped somewhat unscathed with a mere 0.45% drop. The S&P 500 and Nasdaq Comp meanwhile faced losses of 1.6% and 2.8% respectively. The latest earnings report from Nvidia (NVDA) did nothing to help matters. The report was fairly balanced overall, but investors were not impressed by some of the forecasts within, leading to an 8.5% drop in the chipmaker’s share price.
President Trump’s update on tariffs hit Asian markets hard this morning. In Japan, the Nikkei 225 is down almost 3% at the time of writing. The Korean Kospi index is down by a similar amount. In Hong Kong, the Hang Seng index is also down by over 2% after hitting a record high just yesterday. Chinese goods are expected to be subject to additional 10% levies starting next week, but the new tariff structure is expected to affect countries far and wide.
The carnage is currently extending to cryptocurrencies, which saw Bitcoin wick all the way down to $79k early this morning. This now represents a 25% fall from the all-time high established less than six weeks ago.
A busy start to a potentially busy day. It will take a while for the dust to settle with regards to the new tariff regime and markets may feel a little jittery in light of recent developments. Traders will also have to contend with the release of the latest PCE Price Index once the US session opens later today. Eyes open.
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