| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 41,218.83 | -98.6 | -0.24% |
| S&P 500 | 5,650.38 | -36.29 | -0.64% |
| Nasdaq | 17,844.24 | -133.49 | -0.74% |
| VIX | 23.64 | 0.96 | 4.23% |
| Gold | 3,342.60 | 20.3 | 0.61% |
| Oil | 57.15 | 0.02 | 0.04% |
US MARKET
Wall Street’s mood remained bound to the repercussions of Donald Trump’s trade war (are you bored? I’m bored), with stocks moving away from session lows amid hopes the US will strike deals with some top commercial partners soon. As investors awaited any breakthroughs in tariff talks, the S&P 500 trimmed about half of a slide that earlier topped 1%. Trump said he will be making a “big announcement” before his trip to the Middle East — though he did not say what it will be about. Treasury Secretary Scott Bessent said many countries have good offers, while the Financial Times reported the UK and the US are set to sign a deal this week.
The S&P 500 and Nasdaq fell 0.5% and 0.6%, respectively, the Dow Jones dropped over 300 points. Trump’s backtracking on earlier promises of imminent trade deals, saying “we don’t have to sign deals,” contradicted recent remarks by Treasury Secretary Scott Bessent and dimmed hopes for tariff relief. Meanwhile, a tense exchange between Trump and newly elected Canadian Prime Minister Mark Carney highlighted diplomatic strains, with Carney declaring, “Canada is not for sale,” to which Trump quipped, “Never say never.” The Fed is expected to hold rates steady, though traders will listen closely to Powell’s outlook on the economy as tariffs loom large. Tech giants were trading lower, with Meta down 1.5%, and Tesla shares slid over 2% amid weak European sales.
The steep recovery in equities over the past two weeks is typical of bear-market rallies, and the erratic swings mean almost every investor will experience pain whichever direction the market suddenly moves. Following a historic winning run for stocks, Goldman Sachs Group Inc. strategists say current valuations leave little room for the recent rally to continue. For JPMorgan Chase & Co. strategists, US assets are “not a good place to hide.” At HSBC, Max Kettner remains tactically cautious as “fundamentals remain dire.” So, what are we left with? Despite that sage advice, where else is the market going. It’s not a problem until it becomes a problem. Well, I’m not the marginal buyer. Watch the Dollar and Watch the Bond Market.
Let’s be honest. If you know what’s going on in the markets, then you’re the only one. Not Public Markets. Not private Markets. I don’t see safety.
Overview of the Australian Market
The S&P/ASX 200 Index shed 0.08% to close at 8,151 on Tuesday, marking its second straight session of losses as global trade tensions and weak economic data weighed on sentiment. Trump stated he has no plans to speak with Xi Jinping this week, though he expressed openness to reducing the steep 145% tariff on Chinese goods. Trump also announced a 100% tariff on foreign-produced films and hinted at potential levies on pharmaceuticals within two weeks.
Locally, sentiment was further dampened by disappointing Australian building permits data and signs of slowing growth in China’s services sector—both key indicators for Australia’s trade-reliant economy.
Financials led the market lower, with steep declines in major banks including Westpac (-2.1%), NAB (-1.5%), and ANZ Group (-0.8%). Technology and mining stocks also came under pressure. In contrast, gold miners outperformed on stronger bullion prices, with Northern Star Resources climbing 4.2% and Evolution Mining surging 5.4%.
