The S&P 500 Index ($SPX) (SPY) today is down -0.51%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.73%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.18%. June E-mini S&P futures (ESM25) are down -0.60%, and June E-mini Nasdaq futures (NQM25) are up +0.10%.
Stock indexes are under pressure today as US reciprocal tariffs kick in. The tariffs have sparked a crisis of confidence in the dollar, prompting the selling of dollar assets. The tariffs have also sparked stagflation concerns and pushed up bond yields, as the 10-year T-note yield today jumped to a 1-1/2 month high of 4.511%. Stock index futures extended their losses today when the trade rift deepened when China retaliated against the new US tariffs by imposing 84% tariffs on US goods. The yuan sank to a 17-year low today against the dollar on the latest tariff news. Europe today also announced retaliatory tariffs.
