Bloomberg Businessweek

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Less than 24 hours after President Donald Trump backtracked on his once-in-a-century trade war to prevent a meltdown in financial markets, frantic selloffs hit US stocks, bonds and the dollar yet again as fears of a worldwide recession engulfed Wall Street.

The S&P 500 Index ended the day down 3.5% as investors seized on Wednesday’s historic rebound to sell. Long-term Treasuries sank, sending yields soaring after a brief respite. The dollar tumbled for a third day as traders liquidated US assets in favor of haven currencies like the Swiss franc, which surged by the most in a decade. Meanwhile, oil prices fell further.

In a measure of how volatile markets have become since Trump announced his plan to impose punitive tariffs on dozens of America’s trading partners, the S&P 500’s gyrations in the past two trading have rivaled those unleashed by the pandemic and the 2008 financial crisis.

The moves, in the end, all pointed toward the same sobering conclusion: Trump’s chaotic tariff rollouts — regardless of where they eventually settle — is rapidly undermining confidence in the US economy and threatening to keep markets on edge for the next three months as traders wait to see how it will all play out.
Today's show features:

• Bloomberg Intelligence Chief Equity Strategist Gina Martin Adams on markets
• Ryan Detrick, Chief Market Strategist with The Carson Group
• Mike Siegel, Goldman Sachs Global Head of Insurance Asset Management & Global Head of Liquidity Solutions and Bloomberg TV Global Finance Correspondent Sonali Basak

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China Beige Book International Chief Operating Officer Shehzad Qazi examines President Donald Trump's latest salvos in the US-China trade war and discusses the odds of an economic decoupling between  the two superpowers. 

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump’s pledge to pause tariffs on some trading partners ignited the biggest burst of buying Wall Street has seen since 2008. Trump announced a 90-day pause on higher reciprocal tariffs that hit dozens of trade partners after midnight, while raising duties on China to 125%.

After narrowly avoiding a bear market, the S&P 500 staged a historic bounce from a selloff that wiped out trillions from global share prices amid the specter of a full-blown trade war that fueled fears of a US recession. The equity benchmark soared 9.5%, the most since the global financial crisis, while the Nasdaq 100 surged 12% as euphoria gripped markets after four days of bruising, high-volume trading. Nearly every stock in major gauges rose.

Treasuries staged a tentative return to normalcy as investors dumped havens on fear of missing out on the great risk rebound. Two-year US yields briefly spiked past 4% as traders pared expectations for Federal Reserve rate cuts this year.

Today's show features:

• Vincent Cignarella, Bloomberg Markets Live Macro Strategist
• Brent Schutte, Chief investment Strategist at Northwestern Mutual Wealth Management
• Danielle DiMartino Booth, CEO & Chief Strategist at QI Research

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ICYMI: Bloomberg News finance reporter Max Abelson explains how the Trump administration's economic policies, particularly when it come to tariffs, are causing global financiers to brace for soured loans, canceled deals, and job losses.

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Another volatile day on Wall Street pushed the S&P 500 Index back to the brink of a bear market as the Trump administration doubled down on its plans to enact hefty tariffs that threaten to send the American economy into a recession.

The S&P 500 fell 1.6% in a fourth straight session that has seen moves of at least 4% from peak to trough. The index powered higher by as much as 4% in early trading on optimism that President Donald Trump would negotiate lower rates on key allies.

Meanwhile President Trump’s tariffs are rattling US consumers, who are stocking up on everything from cars to olive oil and iPhones. The behavior offers some good news for businesses that are rushing to figure out how to respond to the upheaval caused by Trump’s global trade war.

Today's show features:

• Vincent Cignarella, Bloomberg Markets Live Macro Strategy
• Wendy Schiller, professor of political science at Brown University
• Swamy Kotagiri, Magna International Chief Executive Officer

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ICYMI: Trillium economist and portfolio manager Cheryl Smith joins to discuss her outlook on Trump's trade war and how long she sees volatility affecting markets. 

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Tesla Inc.’s stock extended losses Monday, dropping below a price at which Commerce Secretary Howard Lutnick predicted they’d never fall to again.The shares plunged as much as 9.2% to $217.41 as of 9:41 a.m. in New York, amid a broader selloff in global equity markets. Lutnick said during a Fox News interview on March 19 — when Tesla closed at $235.86 — that viewers should buy the stock, saying “it’ll never be this cheap again.” Chief Executive Officer Elon Musk told Tesla employees the following day that they should hang on to their shares.

Meanwhile waves of volatility shook broader markets anew, with stocks, bonds and commodities getting whipsawed by another deluge of headlines around President Donald Trump’s trade war that only reinforced the clouds hanging over the outlook for investing and the economy.
Traders looking for equities to snap back after a selloff of trillions of dollars were faced with a series of twists and turns on Monday. While the S&P 500 moved away from the threshold of a bear market, its bottom-to-top intraday reversal was the biggest since 2020 when Covid upended global trading. Treasuries weakened, with yields across all maturities higher by over 10 basis points — a stark turnaround from the plunge earlier in the day.
Today's show features:

• Dan Ives, Global Head of Technology Research at Wedbush Securities
• Bloomberg News Equities Americas Team Leader Eric Weiner
• Bloomberg News Cross-Asset Reporter Isabelle Lee

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

With markets melting down, we get perspective on how business leaders are navigating the President Donald Trump's sweeping tariffs. We speak with Wayfair CFO Kate Gulliver and Bloomberg News senior editor Nina Trentmann joins for a conversation with Optical Foundry CEO Rob Rich.

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

In every corner of the financial markets, from stocks to bonds to commodities, investors sent Donald Trump the same unmistakable message: The trade war he unleashed is threatening to set off a worldwide recession — and fast.
With China retaliating less than 48 hours after the US president rolled out his punitive tariffs, traders are pricing in what increasingly looks like a negative-feedback loop as Trump shows little signs of backing down.

The frantic two-day selloff unleashed by Trump’s decision left little unscathed, hammering stock prices in Asia, Europe and the developing world, and prompted investors to race into havens like government bonds.

It hit the US hardest, worsening Friday after Federal Reserve Chair Jerome Powell said the trade-policy shift is likely to slow growth and spur inflation — a vexing combination that could prevent the central bank from cutting interest rates deeply enough to offset the toll.

As traders dialed back rate-cut bets, the S&P 500 Index tumbled 6%, capping the steepest two-day slide since the pandemic hit the US in March 2020 and wiping out some $5 trillion of value. The tech-heavy Nasdaq 100 also posted a similar drop, leaving it down more than 20% from its mid-February peak.

Today's show features:

• Peter Berezin, chief global investment strategist at BCA Research
• Bloomberg News Chief Correspondent Global Macro Markets Liz McCormick
• Bloomberg News Technology Reporter Kurt Wagner & Bloomberg News Senior Editor for Technology & Strategic Industries Michael Shepard
• Alan Guarino, Vice Chairman at Korn Ferry

Hosts: Carol Massar and Tim StenovecProducer: Justin Milliner

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Hosted by Carol Massar and Tim Stenovec

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