- Markets broadly lower amid escalating trade war fears ahead of Trump's "Liberation Day" on Wednesday when new tariffs take effect. US100 fell 0.8%, US2000 dropped 0.65%, and US30 gained 0.56%. S&P 500 briefly entered correction territory, down 10% from February highs.
- Markets in Europe showed a similar trend. The German DAX lost 1.33% today, the French CAC 40 1.58%, and the British FTSE100 0.88%. The Polish WIG20 fell by over 2%.
- Australia’s central bank is set to keep interest rates unchanged on Tuesday as it waits out an election campaign fought on cost-of-living issues and girds for the economic impact of a US-driven upheaval in global trade.
- Gold continues its historic rally, reaching an all-time high of almost $3,150/oz before settling around $3,127. The precious metal is up 18% this quarter – on pace for its best quarterly performance since 1986. Bank of America forecasts $3,500/oz in the next 18 months, while JPMorgan analysts speculate $4,000 could be possible.
- Wall Street lowered forecasts with Goldman Sachs cutting S&P 500 year-end target to 5,700 from 6,200 and raising recession probability to 35% from 20%. Barclays and Yardeni Research also reduced targets, with Yardeni now seeing a 45% chance of recession.
- Tech stocks under pressure with Tesla falling 6% due to tariff concerns and potential impact of CEO Elon Musk's government role on sales. CoreWeave shares dropped 9% in their second day of trading after a disappointing IPO that raised just $1.5 billion versus an initial $4 billion target.
- AMD CEO remains bullish on AI demand despite market skepticism. Lisa Su told Yahoo Finance "the need for computers continues to be immense" as the company closed its $4.9 billion acquisition of ZT Systems to strengthen its hyperscale infrastructure business.
- Pharmaceutical sector hit hard with nearly £8bn ($10.2bn) wiped off market values after FDA vaccine chief Dr. Peter Marks was ousted by Health Secretary Robert F. Kennedy Jr. Moderna plunged 8% (leading S&P 500 decliners), while Pfizer, GSK, AstraZeneca, and other biotech firms also fell sharply.
- Energy market developments include US crude production falling by 305,000 barrels per day in January to 13.15 million bpd, the lowest level since February 2024 and largest monthly decline in a year.
- NYSE launches Texas exchange with Trump Media & Technology Group (DJT) as its first dual listing. NYSE Group President Lynn Martin stated the new offering "will allow companies to capitalize on the pro-business dynamics in Texas."
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