The S&P 500 Index ($SPX) (SPY) today is up +0.60%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.40%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.33%. June E-mini S&P futures (ESM25) are up +0.67%, and June E-mini Nasdaq futures (NQM25) are up +1.24%.
Stock indexes have erased early losses to trade higher at midday 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 early 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.
