(BLOOMBERG) Market meltdown The carnage in financial markets worsened on Monday with stressed-out investors abandoning hopes that President Donald Trump would change his tariff policy. Stocks tumbled, taking the three-day wipeout in global equity value to about $9.5 trillion S&P 500 futures indicate the benchmark will flirt with bear market levels when Wall Street starts trading. Treasuries rallied, pushing the 10-year yield to 3.9%. From Shanghai to London, investors bailed on any kind of risky asset. A rundown of notable moves: Japan’s Nikkei 225 Stock Average slid into a bear market. The Nikkei has fallen more than all other major Asian indexes this month as the yen’s strength threatens to erode the profits of exporters. A gauge of Chinese shares listed in Hong Kong tumbled 14%, putting it into a bear market. Hong Kong’s Hang Seng Index had its biggest drop since 1997, wiping out all of its gains for the year. The S&P 500 looks set to open around 4,945 points, just above the level of 4,915 that would mark a 20% drop from its Feb. 19 record. The yield on the US two-year bond, among the most sensitive to monetary policy, fell as much as 22 basis points to 3.43%. German bonds also rallied hard, sending the two-year bund yield as much as 20 basis points lower to just above 1.60%, the lowest since October 2022. MSCI’s emerging-market stock index dropped 7.9%, erasing its gain for the year and notching its biggest intraday drop since 2008. Brent crude fell by almost 4% to $63.01 a barrel, a four-year low, before paring losses, while West Texas Intermediate was near $60. Cryptocurrencies, an asset class that Trump has been promoting, wiped out almost all their gains since his election win in November. Bitcoin tumbled below $75,000 for the first time since Nov. 7 before paring the drop. Trump is giving no sign of backing down on his trade war. “I don’t want anything to go down, but sometimes you have to take medicine to fix something,” he said. —Ruth Carson and Abhishek Vishnoi + + + Medicine, did he check first with Bobby BrainWorm about that?
That might not work out the way you think. I like you Vanzandt, but sometimes you love being l'enfant terrible a bit too much
@schizo said QQQs were going to $400 on Liberation Day, QQQs were $480 and hit $398 in PreMarket. What a call!