Yates Craig Published on: 04/04/2025
All major markets broke down in a big way on Thursday. SPY dropped 4.93%, QQQ fell 5.35%, IWM slid 6.42%, and SMH led the plunge, closing down 8.65%. The Magnificent 7 took a beating as well—AAPL, AMZN, and META all dropped roughly 9%. There was blood in the streets as the market scrambled to price in the impact of Liberation Day and Trump’s reciprocal tariffs. While it’ll take time to truly understand the effect of these tariffs, the market's initial reaction made one thing clear: if they’re implemented as laid out in the Rose Garden, the outlook isn’t bullish. The odds of a recession are skyrocketing—and if nothing changes with the tariffs, 2025 is going to get a lot bumpier.
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