All three major indexes fell sharply after tariffs went into effect
A trade war was the talk of the town today, as other countries imposed and/or discussed
retaliatory tariffs on the U.S. after President Trump's tariffs went into effect at midnight. Stocks shook off some of the jitters by the afternoon, with the Nasdaq even rising triple digits in what ended up being a dead-cat bounce. To close, all three major benchmarks finished in the red, with the Dow dropping over 600 points for a second consecutive session.
Continue reading for more on today's market, including:
- What to know about this safe-heaven asset.
- Chip stock to buy on the dip after pullback from highs.
- Plus, WBA pops on private equity buzz; Kroger CEO resigns; and DKNG flashing bull signal.
5 Things to Know Today
- There are a few sectors in particular feeling the heat from tariffs. These include auto, homebuilding, aerospace, and more. (Reuters)
- BlackRock (BLK) has set its sights on the Panama Canal, agreeing to buy majority stakes on both sides for $22.8 billion, which will put key ports under American ownership. (The Wall Street Journal)
- Walgreens to be taken private in billion-dollar deal.
- Kroger CEO departs ahead of quarterly earnings report.
- DraftKings stock pulled back to a historically bullish trendline.
Oil, Gold Respond to Global Trade Concerns
Oil futures fell today, extending yesterday's tumble after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced plans to lift output. Trade war concerns weighed on the commodity as well, with the most active April-dated West Texas Intermediate (WTI) crude dropping 11 cents, or 0.2%, to $68.26 a barrel. It's also worth noting May-dated Brent crude fell to its lowest level since September before finishing at its lowest level since November.
Gold prices rose today, boosted by escalating trade concerns and a weaker U.S. dollar. Gold futures rose 0.8% to settle at $2,925.10.