Bonds & Stocks
Stocks got hammered across the board as concerns about the impacts of a trade war on the global economy spurred a flight to short-term bonds, gold and haven currencies. Oil slumped. The S&P 500 fell 1.9%. The Nasdaq 100 lost 1.7%. The Dow Jones Industrial Average slid 1.7%. A gauge of the Magnificent Seven megacaps sank 2.8%. The Russell 2000 slid 2.4%. The yield on 10-year Treasuries dropped four basis points to 4.11%.
Economy
President Donald Trump delivered on his threat to hit Canada and Mexico with sweeping import levies and doubled an existing charge on China, spurring swift reprisals that plunged the world economy into a deepening trade war.
World
President Donald Trump ordered a pause to all US military aid to Ukraine, turning up the heat on Volodymyr Zelenskiy days after an Oval Office blowup with the Ukrainian president left support from his country’s most important ally in doubt.