To The Moon

Wall Street Declines as Tariff Concerns Persist

🇺🇸 S&P 500 Index: -1.12% 📉

🇺🇸 Nasdaq Index: -2.04% 📉

🇪🇺 Stoxx 600 Index: -0.67% 📉

🇯🇵 Nikkei 225 Index: +0.65% 📈

🇭🇰 Hang Seng Index: +0.60% 📈

🇨🇳 CSI 300 Index: -0.33% 📉

🇸🇬 Straits Times Index: +0.23% 📈

Market Overview

US stock markets closed lower, with the S&P 500 and Nasdaq dropping -1.1% and -2.0%, respectively. The decline came after the White House announced that President Donald Trump would unveil new tariffs on auto imports during a press conference.

The Hang Seng Index rose by 0.6%, while the CSI 300 Index declined by -0.3%. Morgan Stanley raised its year-end target for major Chinese stock indices for the second time this year, citing optimistic corporate earnings prospects and a favorable economic environment.

Upcoming Events

Thursday: The market will receive key data, including the US Final GDP Growth Rate and Initial Jobless Claims.

Friday: Japan will release Annual Housing Starts, while the US will publish the Core PCE Price Index, along with Personal Income and Spending data to conclude the week's economic updates.

Key Developments

1. President Donald Trump signed an official proclamation imposing a 25% tariff on auto imports, escalating the trade war to encourage US manufacturing and potentially paving the way for further tariff expansions next week.

Trump auto tariff

2. Trump stated that Russian President Vladimir Putin may be deliberately delaying a ceasefire agreement, but he still believes Putin is committed to reaching a deal.

Trump & Putin

3. CK Hutchison Holdings Ltd. $CK Hutchison Holdings LTD(CKHUF)$  plans to sell two Panamanian ports to a consortium led by BlackRock Inc. $BlackRock(BLK)$  , with the deal progressing as planned.

CK Hutchison

4. Canada and India are taking steps to ease diplomatic tensions, including considering the reappointment of ambassadors after last year's reciprocal expulsions.

Canada & India

5. Qualcomm Inc. $Qualcomm(QCOM)$   has launched global antitrust actions against Arm Holdings Plc $ARM Holdings(ARM)$  , as the longtime partners compete for dominance in the computing semiconductor market.

Qualcomm x Arm

Key Takeaway

Concerns over protectionist trade policies continue to weigh on the stock market.

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