Top Story: Stock Markets Slide
April 7, 2025 — Global stock markets spiraled downward Monday, with U.S. futures signaling another brutal day on Wall Street, as the fallout from President Donald Trump’s sweeping tariff rollout intensified. The selloff, sparked by last week’s “Liberation Day” announcement of a 10% baseline tariff on all U.S. imports and steeper levies on 57 countries—including 34% on China and 25% on Canada and Mexico—has wiped out over $5 trillion from the S&P 500 in just two days, marking its worst performance since the 2020 pandemic crash. As of 1:33 a.m. PDT, Dow futures were down 1,400 points, S&P 500 futures had slid nearly 4%, and Nasdaq futures plunged into bear market territory, reflecting investor panic over an escalating trade war.
The chaos began Thursday, when the Dow shed 1,679 points (4%) and the S&P 500 lost 4.8%—its steepest drop since June 2020—after Trump unveiled the tariffs on April 2. Friday’s rout was even worse, with the Dow crashing 2,231 points (5.2%) and the Nasdaq confirming a bear market, down over 20% from its peak. The S&P 500’s $5 trillion evaporation capped a week where the index fell 9.1%, its most punishing slide in years. “This is the Wild West of a trade war right now,” Mariam Adams, managing director at UBS Wealth Management, told Reuters, capturing the market’s shellshock as China retaliated with a 34% tariff on all U.S. goods, effective April 10.
Corporate giants felt the heat. Apple, facing disrupted Chinese supply chains, saw shares dive 9.3% last week, while Nike plummeted 14.4% as tariffs hit its Asian production hubs. Tesla, despite CEO Elon Musk’s ties to Trump, dropped 10%, and retailers like Best Buy cratered 17.8% amid fears of consumer price hikes. “Markets hate the tariff uncertainty, especially when it pertains to autos and tech—ground zero for the negative impacts,” said Jamie Cox of Harris Financial Group. Even safe havens like gold hit a record $3,167.50 overnight as investors fled equities, while U.S. 10-year Treasury yields fell to 3.933%, a six-month low.
Trump remained unbowed, posting on Truth Social Saturday, “TO THE MANY INVESTORS COMING INTO THE UNITED STATES… MY POLICIES WILL NEVER CHANGE,” and predicting a future boom. His top economic adviser, Kevin Hassett, dismissed price hike fears on Sunday, but Federal Reserve Chair Jerome Powell countered Friday with a stark warning: the tariffs could “dent growth” and fuel inflation, dimming hopes of rate cuts. JPMorgan now pegs a 2025 recession at 60%, with Goldman Sachs slashing oil price forecasts as Brent crude sank 6.5% to $65.58—its lowest in over three years.
Global markets echoed the panic. Asia’s Nikkei fell 1.7%, Hong Kong’s Hang Seng slid, and Europe’s STOXX 600 closed 5.1% lower Friday, entering correction territory. With over 50 countries negotiating with the White House and retaliatory levies piling up, the tariff tailspin shows no sign of slowing. “Investors sold first and asked questions later,” said Clark Geranen of CalBay Investments, though some cling to hopes the tariffs are a negotiation ploy. For now, as U.S. futures tank and the trade war escalates, Wall Street braces for more mayhem—and wonders how much pain Trump’s economic revolution will inflict.
