Pre-Market Report – Monday 7 April: US markets fall hard | Gold and oil fall, China reopens

Wall St had a second major sell-off overnight as portfolio liquidations increased and China responded to US tariffs. A significant escalation in the trade war. Dow Jones down 2231 points, closing on the low again. S&P 500 down 6% and the Nasdaq down 5.8%. Retaliatory measures from China included 34% of additional tariffs, rare earth export controls and adding 11 US companies to a ‘unreliable entity’ list. Concerns that other countries will follow this precedent soured market sentiment further. All sectors lower, Energy and Financials the worst.

• For the week, Dow Jones down 3269 points. S&P 500 down 9.1% and the Nasdaq down 10%. Biggest falls since Covid for all three major indices. The ASX 200 was down 3.9% for the week.
• The non-farm payroll release was lost in the tariff dominated headlines. 228k jobs added beat estimates of a 135k increase. It’s still a pre-tariff economic number and recession fears outweighed any positive impact.

SPI down 331 - US Futures in Sunday trading down another 5% - Trump administration doubles down

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