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All three of the major indexes (^DJI, ^GSPC, ^IXIC) sank at the open, with the Dow falling more than 1,000 points. The move comes after President Trump's reciprocal tariffs rattled Wall Street. Morning Brief Anchor Julie Hyman and Markets and Data Editor Jared Blikre break down the action at the close.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
Stocks are dropping sharply right from the gate. That's after we got the tariff announcement from President Trump late yesterday after the market closed. That was much worse than most market participants had anticipated, and as Maddie pointed out earlier, they're hard pressed to find any kind of positive or not even not negative reaction amongst all of the analysts and strategists and economists notes this morning. There is deep consternation about the announcements that we got on tariffs that on many countries from China to Vietnam, many of them in Asia, even the EU are higher than anticipated. The Dow out of the gate here falling by 1160 points. That's a drop of two and three quarters of a percent. The S&P 500 down 3 and a quarter percent, and the Nasdaq composite is down 4.3% as well. And really we are seeing selling across the board here this morning, even the places that have been refuges for investors in recent months like gold are falling. One of the few places that's catching a bid, treasuries this morning, that's pushing yields down. Jared Blickery has got a deeper look at what's going on here. Hey Jared.
Thank you, Julie. I have a bunch of Thomson superlatives here, but I just want to start by showing the price action year to date with the Nasdaq one, excuse me, Nasdaq composite here. You can see it's opening at the lowest levels of the year. In fact, you'd have to go back to September to find where these markets were trading, and that goes for the Dow and the S&P 500 too. And by the way, let's check out the S&P 600, that's small caps. That is nearing a bare market, so we'll keep an eye on that. Russell 2000, very similar situation. Julie, you just mentioned the bond market, so I'll show you the 10-year T-note yield. That is dropping the most since August, 18 basis points. That was Yen Armageddon back then. That was kind of a one-off event that had to do with the Japanese Yen. Well, this is very much globally centric here, and we can also see the US dollar falling as well. Dixie is down the most since November of 2022, and I've been talking about how the dollar and yields have been going in the opposite direction, not today. They are both going down significantly. And let's check out some of the sector maps, and then we'll get into some heat maps. This is what is happening today. So you're seeing a little bit of green. Staples, utilities, health care in the green, consumer discretionary, that's Amazon and Tesla, then you have tech and energy, all of those down by more than 4%. And energy has kind of been a bright spot this year. If we take a real quick look at the year-to-date totals, let's see if energy is still in the green, and might take a little bit of time to load this. So, if that's not going to pull up here, I'm just going to move on because I do want to show you the Nasdaq 100. We're seeing a lot of deep, deep sell-off here. Apple down 8%. Well, there we go. Apple down 8%, that is worth about 200 over $250 billion in losses if we were to carry that into the close, and that's on a market cap basis. Also seeing Amazon helping to lead down there. Tesla, which got a nice bump up yesterday, that's down 4%. And then we can take a look at some of the industries within tech. Here's software, IGV, that's a software ETF, that is about to enter a bare market. So software stocks in a bare mark are almost in a bare market. We got to wait till the close. Semiconductors have been in a bare market for several weeks, if not a month or so. You can see Nvidia down 5% here, a lot of these names down a little bit more than that. Arm down 6%. And then let's take a look inside small tech. This is disruption. And this is where we're really seeing a lot of losses, deep losses. Shopify, very retail centric, that's down 15%, Roku down almost 10%, you down about 8% there. And then let's take a look at the futures market because we're seeing a lot of red there. Silver leading the way down, 7.8%. It is falling the most since February of 21. We can also see crypto having a negative reaction, but not outside. Bitcoin is a relative leader here. It is only down 2.89%, so that's not a that's not a terrible thing for Bitcoin. If you want to see a couple of green screens here, let's see if I can find, yes, some consumer staples. Here's beverage. So we're seeing Coca-Cola and Pepsi. I did mention staples, the sector overall catching a bid. So we're seeing that's kind of continue here. We can also see food stocks, a little bit of green there. So these defensive moves aren't are kind of like a ray of hope here. Sometimes when you see deep sell-offs and everything including the staples gets sold off, that's indicative of panic selling. We are not seeing panic selling just yet, and I'll send it back to you with a little bit of green behind me.