The S&P 500 is now firmly in correction territory
Stocks suffered a steep selloff today, as investors grappled with the potential long-term and global consequences of President Trump's sweeping tariff initiatives. Casting a minimum 10% levy on a large number of countries, Trump said the tariff implementation is "going very well," despite U.S. trade counterparts looking to amplify retaliation efforts.
The Dow plummeted 1,679 points while the S&P 500 re-entered correction territory, with both indexes clocking their worst single-session decline since June 2020. The tech-heavy Nasdaq, meanwhile, outdid its peers with its worst percentage drop since March 2020. Wall Street's "fear gauge," the Cboe Volatility Index (VIX), rose to its highest level since August.
Continue reading for more on today's market, including:
- 3 gold stocks bucking the selloff today.
- Tariff news adds more headwinds for Target stock.
- Plus, Nike underwater; Apple stock leading the way lower; and a volatility primer.
5 Things to Know Today
- Disability advocates are taking action against the Social Security Administration with a lawsuit, in an attempt to block funding cuts under recent DOGE efforts. (CNBC)
- One of the many impacted sectors from tariffs will be apparel and footwear, with prices of Nike Jordans and Adidas Sambas expected to rise notably. (Reuters)
- Blue-chip retail stock drowning in tariff tensions.
- China supply fears send Apple stock spiraling.
- Options trading with different concepts of volatility.
Commodities Not Exempt From Tariff Terror
An unexpected agreement to raise crude output by 411,000/day from the Organization of the Petroleum Exporting Countries and its allies (OPEC+), pushed prices lower for black gold. May-dated West Texas Intermediate (WTI) crude settled $4.90 lower or 6.9%, at $67.11 per barrel for the day.
Gold retreated from yesterday's rise near record highs, as import worries increased. At last glance, June-dated gold is off $36.20, or 1.4% looking to settle near $3,121.70 an ounce.