Dow futures fall 1,500 points Sunday as Trump tariff market collapse worsens: Live updates

...a market wipeout to end last week:

The Dow posted back-to-back losses of more than 1,500 points for the first time ever, including a 2,231-point shellacking on Friday.

The S&P 500 dropped 6% on Friday for its worst performance since the outbreak of the pandemic in March 2020. The benchmark lost 10% in two days, pushing it to more than 17% below its February record, perilously close to a 20% bear market.

The Nasdaq Composite entered a bear market Friday — down 22% from its record — after losses on Thursday and Friday of nearly 6% apiece.

Investors did not receive the news over the weekend they were wishing for that the Trump administration was having successful negotiations with countries to lower the rates, or at the very least, was considering delaying the set of so-called reciprocal tariffs due to take effect April 9. The initial unilateral 10% tariff went into effect Saturday.

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[–] Dirt_Owl@hexbear.net 20 points 2 days ago* (last edited 2 days ago)

It was already too expensive to get anything sent from America, so this will be the final nail in the coffin for a lot of overseas buyers and small US businesses are about to lose a lot of overseas customers. I don't think American small business owners realise that a lot of their online sales come from foreigners. Well at least it was 10 years ago, before they started over charging.

A lot of American products are poorly made anyway, so I avoid them if I can (I mean, Australian products are poorly made too for the most part)

For all the shit China gets for exporting 'cheap and nasty' products, if you're not shopping from Temu or something most of the time it's either same or better quality than American or Australian made stuff.

[–] InevitableSwing@hexbear.net 22 points 2 days ago (2 children)

But there's no sugar to make the medicine go down.

[–] forcefemjdwon@hexbear.net 18 points 2 days ago

The sugar is the schadenfreude all the communists are experiencing right now.

[–] merthyr1831@lemmy.ml 1 points 1 day ago

there is in Cuba 👁️👄👁️

[–] InevitableSwing@hexbear.net 22 points 2 days ago* (last edited 2 days ago)

I wonder what's going to happen starting on Monday. The initial unilateral 10% tariff went into effect Saturday. And so-called reciprocal tariffs are due to take effect April 9.

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Edit

I just saw this.

Back to watching CNBC. "This is not a misprint: Dow futures with an implied drop of -4.5%." Each anchor has the vibe of a guy waking up from a years-long bender on the side of the highway with no phone and an empty bank account. Continues to be better TV than almost any show.

https://subium.com/profile/bencollins.bsky.social/post/3lm6lxmmcvc2v

[–] infuziSporg@hexbear.net 10 points 2 days ago

baby are you down down down down down

[–] GrouchyGrouse@hexbear.net 6 points 2 days ago

Investors did not receive the news over the weekend they were wishing for

Isn't the whole deal with these people that they are prognosticators of some kind? What did they think had happened to change this extremely obvious outcome?

[–] blobjim@hexbear.net 5 points 2 days ago (1 children)

wtf is the E-mini DOW

[–] InevitableSwing@hexbear.net 6 points 2 days ago

From my ~30 seconds of google research - I think it's what ordinary people simply call "Dow Jones futures" which - as I understand it - is trading done when the exchanged is officially closed in NYC.

I take no responsibility for what I just said. Haha.

The E-mini Dow Jones Industrial Average Index tracks the Dow Jones Industrial Index (DJIA) futures.

[–] Acute_Engles@hexbear.net 3 points 2 days ago

I'm sure this will affect me in a negative way but as someone who's never had a dollar (i think my pension is in there but i don't have much anyway) in the stock market it's pretty neat to see the line go down so much.

[–] roux@hexbear.net 2 points 1 day ago (1 children)

I should take my now $9000 401k out maybe.

[–] XxFemboy_Stalin_420_69xX@hexbear.net 3 points 1 day ago (1 children)

nah the tax penalties on taking it out early are brutal. unless you urgently need the money right now it's better to leave it. idk how old you are but the chances are the market will recover before you're old enough to withdraw without the penalty (59)

[–] roux@hexbear.net 3 points 1 day ago

I actually just checked and I have a lot more than I though because turns out, Biden did a good job and making the Wall Street astrology numbers go up. I do need to think about folding in my new job's 401k but I don't think they do matching. It's still growth though.

I have a TRS(or whatever school district employees get] that I will probably take out since it''s not gonna number go up any time soon.