In This Article:
Here are some of the stories Wall Street is watching on Thursday, April 10.
Stock futures (ES=F, NQ=F, YM=F) fell after the major indexes posted massive gains on Wednesday as the trade war with China continues to heat up. However, the European Union has decided to pause its plan to levy US imports following President Trump's announcement of a 90-day hold on his tariff plan.
Inflation continued to cool in March, with headline CPI data falling 0.1% from February. Core CPI rose 0.1% from the prior month compared to economist expectations of 0.3%.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
First up, US stock futures falling this morning after President Trump's tariff U-turn, sparking a massive market reversal. Stocks closed out Wednesday's trading session with the biggest surge since 2020. The S&P climbing 9% on the day as the tech heavy Nasdaq 100 logged its biggest gain since October 2008. The Dow rising by nearly 3,000 points. Plus the bond market route easing from its sell-off, which the president said he was looking at when he made his decision to pause tariffs.
The tariff pause for dozens of trading partners will last for 90 days. The European Union, though, delaying its retaliatory tariffs as it focuses on trade talks with the US amid the pause. But notably, not exempt, China. They're going to now see trade levies of 125%. Meanwhile, China's 84% tariff on US goods takes effect today as the US-China trade war heats up.
And the March inflation report coming out this morning. CPI data last month showing inflation dropped month over month, with Wall Street actually expecting a gain. Core CPI also coming in cooler than expected, but the relief may be short-lived as investors are expecting widespread tariffs to contribute to price pressures going forward.