S&P 500 slides, heads for worst week since September: Live updates
CNBC reports:
“ The S&P 500 gyrated on Friday, with the benchmark headed for its worst week since September as the salvo of trade policy actions unnerved investors.
The broad index lost 0.7%, as did the Nasdaq Composite. The Dow Jones Industrial Average ticked 250 points, or 0.6%, lower.
A weaker-than-expected jobs report released Friday raised further concerns about an economic softening and sent Treasury yields lower. Nonfarm payrolls increased by 151,000 jobs in February, less than the consensus forecast for 170,000 from economists polled by Dow Jones. The unemployment rate ticked higher to 4.1%.
That came as stocks have been on a roller-coaster ride this week with President Donald Trump's tariff policies worrying investors about future U.S. growth and inflation. Trump said on Thursday that a swath of goods from Canada and Mexico that are covered by the North American trade agreement known as USMCA would be exempt from the announced duties until April 2.
That move effectively walked back much of the original plan. But the market has still sold-off this week, with uncertainty mounting amid constant updates and a lack of clarity around what to expect longer term.
"The stock market is moving in lockstep with tariff headlines, and that is likely to keep volatility very elevated for the foreseeable future, as the market does not like uncertainty," said Glen Smith, chief investment officer at GDS Wealth Management. "While we expect the market to find its footing and recover from the tariff-driven selloff, investors should brace for continued choppiness until these uncertainties clear."
This market rout put the three major averages on course for their worst weeks this year. The Dow has slid just over 3%, now poised to notch its worst week since March 2023.
The S&P 500 and Nasdaq Composite have dropped around 3.9% and 4.4%, respectively, so far this week, on pace for their biggest declines going back to September. The Nasdaq is officially in correction territory, which means the tech-heavy index closed 10% off its recent high.
Treasury Secretary Scott Bessent acknowledged to CNBC on Friday that the economy could be starting "roll a bit." However, Bessent said that was due to a transition from the policies of the previous administration. Bessent said any tariffs implemented would be a "one-time price adjustment" and not spark lasting inflation.
"The week confirmed that tariffs remain a wildcard for market confidence," said Mark Malek, investment chief at Siebert Financial. "Traders are exhausted from the back-and-forth."”
My Commentary:
Disregard Bessent’s remarks. Blaming the previous administration for the obvious carnage tRUMP has caused is just deflection. The TRUTH is that tRUMP’s wild flip flops on tariffs and irrational speeches are making investors extremely nervous. Jittery investors sell off and sit on the sidelines as the markets enter recessions and inflation sky rockets.
tRUMP “enomics” is an invitation to the next Great Depression!
His slashing of federal jobs is going to bring our government to a standstill and drive unemployment to heights not seen since the Great Depression.
There’s no three dimensional chess here folks, only irrational actions of an inept POTUS are driving this carnage!
“ The S&P 500 gyrated on Friday, with the benchmark headed for its worst week since September as the salvo of trade policy actions unnerved investors.
The broad index lost 0.7%, as did the Nasdaq Composite. The Dow Jones Industrial Average ticked 250 points, or 0.6%, lower.
A weaker-than-expected jobs report released Friday raised further concerns about an economic softening and sent Treasury yields lower. Nonfarm payrolls increased by 151,000 jobs in February, less than the consensus forecast for 170,000 from economists polled by Dow Jones. The unemployment rate ticked higher to 4.1%.
That came as stocks have been on a roller-coaster ride this week with President Donald Trump's tariff policies worrying investors about future U.S. growth and inflation. Trump said on Thursday that a swath of goods from Canada and Mexico that are covered by the North American trade agreement known as USMCA would be exempt from the announced duties until April 2.
That move effectively walked back much of the original plan. But the market has still sold-off this week, with uncertainty mounting amid constant updates and a lack of clarity around what to expect longer term.
"The stock market is moving in lockstep with tariff headlines, and that is likely to keep volatility very elevated for the foreseeable future, as the market does not like uncertainty," said Glen Smith, chief investment officer at GDS Wealth Management. "While we expect the market to find its footing and recover from the tariff-driven selloff, investors should brace for continued choppiness until these uncertainties clear."
This market rout put the three major averages on course for their worst weeks this year. The Dow has slid just over 3%, now poised to notch its worst week since March 2023.
The S&P 500 and Nasdaq Composite have dropped around 3.9% and 4.4%, respectively, so far this week, on pace for their biggest declines going back to September. The Nasdaq is officially in correction territory, which means the tech-heavy index closed 10% off its recent high.
Treasury Secretary Scott Bessent acknowledged to CNBC on Friday that the economy could be starting "roll a bit." However, Bessent said that was due to a transition from the policies of the previous administration. Bessent said any tariffs implemented would be a "one-time price adjustment" and not spark lasting inflation.
"The week confirmed that tariffs remain a wildcard for market confidence," said Mark Malek, investment chief at Siebert Financial. "Traders are exhausted from the back-and-forth."”
My Commentary:
Disregard Bessent’s remarks. Blaming the previous administration for the obvious carnage tRUMP has caused is just deflection. The TRUTH is that tRUMP’s wild flip flops on tariffs and irrational speeches are making investors extremely nervous. Jittery investors sell off and sit on the sidelines as the markets enter recessions and inflation sky rockets.
tRUMP “enomics” is an invitation to the next Great Depression!
His slashing of federal jobs is going to bring our government to a standstill and drive unemployment to heights not seen since the Great Depression.
There’s no three dimensional chess here folks, only irrational actions of an inept POTUS are driving this carnage!
