Trump’s surprise announcement of new tariffs on China sent equities tumbling. The S&P 500 ETF (NYSEARCA: SPY) closed the day down 2.7% and broke below its 10- and 20-day SMA, a warning sign for short-term momentum. The big talking point came in the after-hours on Friday, though. When Bitcoin, Ethereum, and the broader cryptocurrency market experienced flash crashes, an overleveraged event occurred, wiping out a sea of positions and retail crypto accounts.
Then, just two days later, on Sunday, de-escalation. Comments from Trump and Vice President JD Vance emphasized de-escalation with China and commitments toward working together to achieve favorable outcomes in the future.
