Morning Movers: Markets tumble as sweeping tariffs spark trade fears

Stock futures have declined sharply in pre-market trading as global financial markets experience significant volatility following President Donald Trump’s announcement of sweeping new tariffs. The U.S. has imposed a baseline 10% tariff on all imports, with higher rates targeting specific countries: an incremental 34% on Chinese goods, 20% on European Union products, and 25% on imports from Japan and South Korea. ​Major technology and retail companies, including Apple, Amazon, and Nike, are among those most affected due to their reliance on global supply chains. ​

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Oil prices have fallen by over 3%, with Brent crude trading at $77.45 per barrel and West Texas Intermediate at $73.21 per barrel. The decline is attributed to concerns that the tariffs will dampen global economic growth and reduce fuel demand. Conversely, gold prices initially surged to a record high of $3,167.57 per ounce, but prices have since retreated to $3,090.00 per ounce due to profit-taking. ​

Investors are increasingly concerned about the potential for a global recession and stagflation – a combination of stagnant economic growth and rising inflation – stemming from the escalating trade tensions. The CBOE Volatility Index has reached a three-week high, indicating heightened investor anxiety. 

In pre-market trading, S&P 500 futures fell 3.6%, Nasdaq futures fell 4.28% and Dow futures fell 2.96%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly. 

UP AFTER EARNINGS –

• Lamb Weston (LW) up 5%
• Bassett Furniture (BSET) up 5%
• Lindsay (LNN) up 1%
• Penguin Solutions (PENG) up 1%

DOWN AFTER EARNINGS –

• MSC Industrial (MSM) down 7%
• Acuity Brands (AYI) down 2%
• Conagra Brands (CAG) down 1%

LOWER AS ANALYSTS DISCUSS TARIFF IMPACTS –

• Apple (AAPL) down 7%
  
• Wayfair (W) down 19%
• Five Below (FIVE) down 18%
• Deckers Outdoor (DECK) down 15%
• Lululemon (LULU) down 14%
• Dollar Tree (DLTR) down 12%
• Citi (C) down 5%
• Morgan Stanley (MS) down 5%
• Goldman Sachs (GS) down 5%
• JPMorgan (JPM) down 4%

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