The market is fresh off a fourth-straight loss
Stock futures are firmly lower this morning, following the market's fourth-straight loss. U.S. tariffs of 104% on China went into effect after midnight, and in response, Beijing raised its retaliatory tariff on the U.S. to 84%. In an interview with Fox Business Network today, Treasury Secretary Scott Bessent said it was "unfortunate" that China doesn't want to come and negotiate, as "they are the worst offenders in the international trading system."
Levies on other countries went into place as well, and, per President Trump, a "major" tariff on pharmaceutical imports is coming.
Continue reading for more on today's market, including:
- How the SPX performs after a bear market, historically, per Schaeffer's Senior Quantitative Analyst Rocky White.
- CarMax gearing up for its fourth-quarter report.
- Plus, 3 individual stocks rising premarket.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.4 million call contracts and over 1.1 million put contracts exchanged on Tuesday. The single-session equity put/call ratio came in at 0.77, while the 21-day moving average remained at 0.59.
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Target Corp (NYSE:TGT) is down 2.6% in premarket trading, pressured by renewed weakness in the retail sector following the latest tariff developments. Should these losses hold, TGT will open at
five-year lows. Since the start of the year, the equity is down 34.3%.
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Walmart Inc (NYSE:WMT) is off 0.8% before the bell, after the
retail giant pulled its first-quarter operating income guidance for more flexibility amid tariff-related uncertainty. On the charts, the stock is quite removed from its mid-February record highs, down 9.5% year-to-date.
- Constellation Energy Inc (NASDAQ:CEG) received an upgrade from Citigroup to "buy" from "neutral." The firm cited a compelling risk/reward layout after the stock's recent slide.
- Inflation data and big bank earnings this week.
Yuan Hits Record Low Compared to Dollar
Asian markets closed mixed as tariffs move into effect. South Korea’s Kospi shed 1.7% and is now in bear market territory. The yuan in China is weakening, hitting a record low compared to the U.S. dollar. For the day, the region’s Shanghai Composite added 1.3%, while Hong Kong’s Hang Seng tacked on 0.7%. In Japan, the Nikkei suffered the steepest loss, falling 3.9%.
Indexes in Europe are lower at midday, with sentiment weakening as tariff tensions continue. At last check, London’s FTSE 100 is 3.3% lower, France’s CAC 40 is off 3.6%, and Germany’s DAX is leading the losses with a 3.7% drop.