Global stocks fell Friday as Trump reignited trade war fears. S&P 500 down 0.67%. Nasdaq down 1%. Dow down 256 points. Indices opened at the low, rising for most the session. VIX up 10%. The main headline: ‘here we go again’. Trump threatened 50% tariffs on EU goods after Bessent said the current deals weren’t good enough. He had been quiet since returning from the Middle-East…too quiet. Does support the narrative this new administration wants volatility. The EU exports ~€500bn to the US each year. Mostly pharmaceuticals, autos, chemicals and aircraft.

Tech and discretionary spending stocks were the biggest losers. Defensives the best. Bond yields mixed. Both the US30Y and 10Y fell while the 2Y was unchanged. 

SPI down 30 - Gold and Oil up - WTC makes big acquisition. US Markets closed tonight.

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