Here’s your morning news rundown—but first, a quick thank you. If you believe in this kind of journalism, please consider subscribing or becoming a supporter. Today is going to be a very busy news day, so you will likely get several updates in real time. Expect another update in about an hour to an hour and a half depending on how the United States market opens.
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Now, let’s get into the news.
U.S. stock index futures continue to decline. The S&P 500 E-mini futures are down by 1.6%, NASDAQ futures have dropped by 1.9%, and Dow futures are down by 1.7%.
Global markets have experienced a sharp decline this morning, with stock markets seeing significant drops across the board. Hong Kong led the decline with a drop of 13.6%, followed by Taiwan at 9.6% and Japan at 9.5%. Italy saw an 8.4% decrease, while Singapore and Sweden both dropped by 8% and 7%, respectively. China and Switzerland each experienced a 7% decline, with Germany and Spain following closely at 6.8% and 6.4%.
The Netherlands and Australia both fell by 6.2%, while France dropped by 6.1%. The UK saw a decrease of 5.2%, with Malaysia and the Philippines down by 4.5% and 4.3%, respectively. India and Russia saw losses of 4.1% and 3.8%, while Saudi Arabia and Turkey experienced drops of 3.3% and 2.8%.
JPMorgan has lowered its S&P 500 target to 5,200, down from 6,500, and has set the worst-case scenario at 4,000.
Donald Trump is begging the Federal Reserve to cut interest rates today.
JPMorgan CEO Jamie Dimon has stated that tariffs will lead to higher prices and slow down economic growth.
The Federal Reserve has announced a "closed board meeting" for today given concerns over a potential recession and a stock market crash.
According to Reuters, Jaguar and Land Rover are temporarily halting shipments to the U.S. due to the impact of tariffs.
The Thai Stock Exchange has announced a temporary ban on short selling of shares.
See you soon.
— Aaron
