The S&P 500 Index ($SPX) (SPY) today is down -5.49%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -4.68%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -6.25%. June E-mini S&P futures (ESM25) are down -5.82%, and June E-mini Nasdaq futures (NQM25) are down -6.65%.
Stock indexes today are trading sharply lower, giving back some of Wednesday's massive rally. Despite President Trump's action on Wednesday to announce a 90-day pause on reciprocal tariffs to 56 countries, the markets are still concerned about the effects of US trade policies on the global economy since many tariffs remain in place. The tariffs have caused consumer confidence to plummet and have prompted many companies to suspend their capital spending plans, a negative factor for GDP growth. Also, the US-China trade war escalated after China retaliated Wednesday and imposed 84% tariffs on US goods; meanwhile, the White House clarified that tariffs on Chinese goods now stand at 145%, up from 104%. On the positive side, the EU today announced a 90-day pause in its retaliatory tariffs on US goods announced earlier this week.
