June S&P 500 E-Mini futures (ESM25) are down -2.33%, and June Nasdaq 100 E-Mini futures (NQM25) are down -2.71% this morning, pointing to a continued selloff on Wall Street following U.S. President Donald Trump’s announcement of sweeping tariffs, while investors await the key U.S. payrolls report and remarks from Federal Reserve Chair Jerome Powell.
President Trump on Wednesday unveiled the most aggressive U.S. tariffs in a century, fueling fears of an escalating trade war and economic slowdown. Economists anticipate that the tariffs will drive prices and dampen economic growth, potentially even triggering a recession. JPMorgan has raised the likelihood of a global recession this year to 60%. In addition, UBS Global Wealth Management downgraded U.S. equities to Neutral from Attractive and lowered its year-end S&P 500 target by nearly 10% to 5,800, cautioning that reciprocal tariffs could trigger more market volatility.
