US Equity Handover: Indices Tumble on Trump’s Tariff Tantrum

See a summary of the top stock themes and trends from today's US session!


  • US indices closed roughly 1.5% lower across the board to break their widely-watched 200-day moving averages (see here and here for more).
  • The high-yielding REIT (XLRE) and Utility (XLU) sectors were the only two to rise on the day. Energy (XLE) was the weakest sector, losing more than 1.5% today.
  • President Trump’s decision to impose escalating tariffs on Mexican imports roiled risk appetite, taking bond yields sharply lower, with the benchmark 10-year treasury yield falling to 2.15%.
  • US data: Core PCE (April) came in at 1.6% y/y as expected. Traders nonetheless have increased bets that the Fed will cut interest rates this year, with the market pricing in90%+ odds of at least one rate cut this year.
  • Auto stocks were particularly hard hit by the tariff announcement: Ford (F) -2.3%, General Motors (GM) -4.3%, Fiat Chrysler (FCAU) -5.8%

*There are no high-impact earnings releases scheduled for Monday’s Asian session*

Macroeconomic Calendar

*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.

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