Here are three of the stories Wall Street is watching on March 31, 2025.
Tariff fears are weighing on stocks. Tech stocks, in particular, have gotten hit hard, off to the worst start of the year since 2022. The declines have caused Goldman Sachs to cut its S&P 500 (^GSPC) target again.
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Let's get you the three things that you need to know today. First up, US stock futures are sinking this morning as investors brace for the Trump administration's tariff deadline. President Trump said he plans to start his reciprocal tariff push with quote all countries, curving any speculation that he could limit the initial scope of the levies. Trump set to launch so-called reciprocal tariffs on April 2nd, a centerpiece of his plan to rebalance global trade and boost US manufacturing while collecting tariff payments to fund his domestic policy priorities.
And the tariff uncertainty prompting Goldman Sachs to cut its target for the S&P 500 for second time this month. The strategist seeing the benchmark ending the year around 25,700 versus their previous estimate of 6200. The bank's economists also raising their forecast for a recession this year to 35% from 20. They also see the Fed cutting rates three times this year as tariffs weigh on economic growth.
Plus investors are preparing for the start of the second quarter after the tech trade saw its worst start to the year since 2022 with the magnificent seven cohort down 16% year to date. The group of tech stocks extending declines this morning with the broader market as investors brace for reciprocal tariffs.
