| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 42,001.76 | 417.86 | 1.00% |
| S&P 500 | 5,611.85 | 30.91 | 0.55% |
| Nasdaq | 17,299.29 | -23.7 | -0.14% |
| VIX | 22.03 | -0.25 | -1.12% |
| Gold | 3,160.80 | 10.5 | 0.33% |
| Oil | 71.67 | 0.19 | 0.03% |
US MARKET
tocks swung wildly Monday, with the S&P 500 Index falling as much as 1.7% early on before clawing that back and inching into the green in afternoon trading in New York. The broad equities benchmark is on track for its worst quarter since 2022, as investors brace for President Donald Trump to present his plan for sweeping global tariffs in two days. Exactly what that will look like remains a mystery.
At the close, the S&P 500 pared earlier losses, to trade 0.2% higher, while the Dow climbed over 300 points and the Nasdaq 100 lagged, dropping 0.4%. Market jitters drove traders toward defensive assets, like Coca-Cola and Walmart, which gained over 2% each. Tech stocks bore the brunt of selling pressure, with Nvidia and Microsoft sliding 2.5% and 1.6%, respectively. Automakers saw mixed performance—Tesla dropped 2.3% amid concerns over higher input costs, while General Motors and Ford climbed 0.7% and 2.9%, respectively, as some investors viewed them as potential beneficiaries of the new tariffs.
Amid all the concern about the economic impacts of tariffs, Goldman Sachs Group Inc.’s David Kostin cut his S&P 500 target and now expects the benchmark to end the year around 5,700 versus his previous estimate of 6,200. Additionally, he has lifted its 12-month recession probability to 35% from 20%. That’s in line with other firms slashing forecasts for US economic growth. Of course, April 2 is the so-called ‘Liberation Day’. Or is it ‘Execution Day’??
LOCAL MARKET
The S&P/ASX 200 Index tumbled 1.74% to close at 7,843 on Monday, hitting an over one-week low and taking cues from a negative lead on Wall Street as investors prepared for new US tariffs this week. Concerns over President Donald Trump’s aggressive trade policies and potential retaliation from major trading partners fuelled fears of a slowdown in global economic growth.
Heavyweight iron ore miners led the decline, with BHP Group (-3.8%), Fortescue (-4%), and Rio Tinto (-4.8%) suffering sharp losses. Bank stocks also fell, including NAB (-0.4%), ANZ Group (-1.9%), and Westpac Banking (-1%). The benchmark index dropped 4.03% in March, declining for the second straight month.
The RBA is set to release a monetary policy statement at 2.30pm with governor Michele Bullock hosting a press conference at 3.30pm. The RBA is widely expected to hold the cash rate steady at 4.10%. Policymakers are waiting for first-quarter CPI on April 30 and wages growth on May 14.
Given the overnight performance of the US market, Australian shares are set to open higher though a sustainable rebound is not expected. ASX futures are pointing up 0.5%.