Global stock markets don't know where to go as Fed report uses the word 'uncertainty' 80 times

Photo: NEW YORK, NEW YORK - APRIL 22: Traders work on the floor of the New York Stock Exchange during morning trading on April 22, 2025 in New York City. Stocks rose as the market opened following a rough day on Wall Street amid U.S. President Donald Trump’s latest criticism of Federal Reserve Chair Jerome Powell. The Dow Jones opened up over 500 points, the S&P 500 gained 1.2%, and the Nasdaq opened 1.3%. (Photo by Michael M. Santiago/Getty Images)

• Investors are struggling to figure out how to deal with the uncertainty of the Trump administration’s ever-changing tariff policies. U.S. stock indexes closed up yesterday following news that it would compromise on some aspects of its tariff agenda. But trading in Asia and Europe was mixed this morning, and futures contracts for the S&P 500 are trending down pre-market. The most recent Fed Beige Book mentioned the word “uncertainty” 80 times—more than during the COVID pandemic.

U.S. stock indexes had a good day on Wednesday: The S&P 500 was up 1.67%. The Nasdaq Composite rose 2.5%. The Dow was up 1%. Trump Media & Technology Group had a particularly good day—up 11.54%. But Asia and Europe decided this morning they aren’t joining the party.

Here’s a snapshot of today’s trading: