S&P 500 Losing Momentum—Yields Dive as Traders Brace for “Liberation Day”

Global financial markets remain uneasy as the Trump administration weighs implementing 20% across the board tariffs tomorrow. That’s no April Fool’s joke, which is why the defensive posturing has continued: stocks are oscillating between gains and losses; bond yields are lower across the curve; the Japanese yen is the top-performing major currency; and gold prices touched another all-time high.

The U.S. backdrop to the equity market remains turbulent with investors concerned about how tariffs will affect the economy. The White House is expected to announce reciprocal tariffs later this week. S&P 500 futures (/ESM5) were down 0.25% at the opening bell. Yesterday, prices dropped to the lowest levels since September before recovering throughout the trading day. Newsmax (NMAX) is up 43% in its second day of trading. Shake Shack (SHAK) rose 2% after an upgrade from Loop Capital.