灌水的力量杠杠的； 估计影响大美鸡地皮2%

Tariffed.?Global markets went into risk-off mode following President Donald Trump’s Wednesday evening tariff announcements, with losses outsized in the U.S.

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The SP 500 sold off?-4.8%, erasing $2.4 trillion of market cap and marking the worst one-day performance since 2022. Sectors with stretched valuations sold off the most, with the tech sector lower by?-6.7%, the Magnificent 7 off by?-6.7%?and the tech-heavy Nasdaq 100 down?-5.4%.

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International equities didn’t fare much better. In Europe, stocks fell?-3.6%, while Chinese (Hang Seng?-1.5%) and Japanese (TOPIX?-3.1%) equities also declined.

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On top of all the equity moves, investors had to digest a decline in U.S. services activity, which points to declining business sentiment even before the tariff announcement.

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Investors bought fixed income to hedge growth slowdown risks, and yields across the Treasury curve rallied. The 2-year (3.68%) and 10-year (4.03%) were lower by 18 basis points and 10 basis points, respectively. Futures markets increased their expectations of interest rate cuts this year by a full 25 basis points.

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The dollar weakened on growth concerns. The greenback declined?-1.8%?versus the euro,?-1%?relative to the Canadian dollar and?-1.3%?against the Mexican peso.

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In commodities, oil (?-6.4%) sold off below $70 per barrel as OPEC+ unexpectedly tripled its planned May oil supply increase. The move, likely influenced by U.S. pressure to lower prices and offset Iranian sanctions, marks a shift in OPEC+’s strategy. Gold (?-0.6%) declined from its all-time high levels amid broad market selling.

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This morning, China announced that it will impose a retaliatory 34% tariff on all U.S. imports starting April 10. As of 6:30 am EDT, U.S. equities are extending their losses with SP 500 futures down?-2.3%.