Retirees keep their eyes on the economy as Trump's tariffs roil financial markets
  • April 4, 2025

Retirees keep their eyes on the economy as Trump's tariffs roil financial markets

When retired school counselor Don Herneisen meets up with friends each week for breakfast at a hole-in-the-wall restaurant, the conversation often turns to the economy. With financial markets in turmoil as President Donald Trump unveiled his latest tariffs this week, the popularity of that topic is unlikely to change anytime soon. “There’s political uncertainty, there’s economic uncertainty, and if you’re retired, you don’t much like uncertainty at this point,” said Herneisen, 77, as he and his wife made a stop at Union Station in Kansas City, Missouri, on Friday while visiting family.

Shell-shocked markets brace for more tariff tumult
  • April 4, 2025

Shell-shocked markets brace for more tariff tumult

NEW YORK (Reuters) -Tariff-stunned markets face another week of potential tariff turmoil, with fallout from President Donald Trump's sweeping import levies keeping investors on edge after the worst week for U.S. stocks since the onset of the coronavirus crisis five years ago. Investors will look for signs the stock market may be close to at least a short-term bottom after Trump's tariffs rocked global asset prices this week. The benchmark S&P 500 lodged its biggest weekly drop since March 2020 and the Nasdaq Composite on Friday ended down more than 20% from its December record high, confirming the tech heavy index is in a bear market.

Trading Day: Trump tariffs wipe $5 trillion off Wall Street
  • April 4, 2025

Trading Day: Trump tariffs wipe $5 trillion off Wall Street

One of the most pivotal weeks in years - even decades - for the global economy closed on Friday to the sound of the Nasdaq crashing into a bear market as investors fear U.S. President Donald Trump's trade war will tip the world into recession. Less than 48 hours after Trump raised tariff barriers to the highest in over a century, China on Friday said it would slap additional 34% duties on all U.S. imports, escalating the global trade war to new, dangerous heights. Any hopes investors had of Federal Reserve Chair Jerome Powell coming to the rescue by signaling a readiness to cut interest rates - as Trump had appeared to pressure him into doing in a social media post earlier in the day - were dashed, as Powell stressed the "elevated risks" to both growth and inflation.

Nasdaq confirms it is in bear market, ending more than 20% below record close
  • April 4, 2025

Nasdaq confirms it is in bear market, ending more than 20% below record close

The index ended down 5.8% on Friday, after China announced additional tariffs of 34% on U.S. goods in retaliation for steep tariffs Trump announced against China on Wednesday. The Nasdaq Composite index ended down 962.82 points at 15,587.79, versus its December record close of 20,173.89. Along with the S&P 500 and the Dow Jones Industrial Average, the Nasdaq also on Friday marked its deepest two day selloff since March 2020, at the height of the COVID-19 pandemic.