Market Summary — Wednesday, April 9th

? Market Summary — Wednesday, April 9th

U.S. Equity Markets Close Lower as Tariff Concerns Dampen Investor Sentiment

U.S. stock markets fell sharply on Tuesday, erasing earlier gains after news broke that the Trump administration would proceed with a 50% tariff hike on Chinese imports, further fueling fears of a deepening trade war.

? Major Index Performance:

• Nasdaq Composite: ▼ 2.2% to 15,267.9

• S&P 500: ▼ 1.6% to 4,982.8

• Dow Jones Industrial Average: ▼ 0.8% to 37,645.6

All 11 sectors of the S&P 500 ended in the red, with materials leading the losses.

? Key Market Drivers:

? Tariff Tensions Escalate

• A White House official confirmed to CNBC that the U.S. will move forward with 50% additional tariffs on China, effective 12:01 a.m. ET Wednesday.

• The total tariff rate on Chinese goods would rise to 104%.

• China’s commerce ministry vowed to “fight to the end”, signaling prolonged trade friction.

?️ President Trump Remarks

• Trump hinted at potential trade negotiations with South Korea and China, but stated,

  “China wants to make a deal badly, but they don't know how to get it started. We are waiting for their call.”

? Treasury Yields Rise:

• 10-year yield: ▲ 13.4 bps to 4.29%

• 2-year yield: ▲ 1.6 bps to 3.75%

? Corporate Headlines:

⚖️ Big Tech Under Fire

• Reports suggest the European Union will soon deliver rulings on Apple (▼5%) and Meta (▼1.1%) for violating tech competition laws.

? Healthcare Stocks Rally

• Humana (▲11%) led the S&P 500 after Medicare announced higher payment rates for 2025.

• CVS Health (▲5.9%) and UnitedHealth Group (▲5.4%) also posted strong gains. CVS also announced a new CFO.

⚡ Energy & Materials:

• Albemarle (▼12.6%) saw the steepest drop in the S&P 500 after UBS downgraded the lithium producer on cost concerns and softening demand.

• Enphase Energy (▼11.2%) fell amid pressure on renewable energy stocks tied to trade uncertainties.

?️ Defense Sector Gains

• Following the White House’s $1 trillion defense budget proposal for FY2026:

  • Lockheed Martin (LMT), General Dynamics (GD), and RTX (RTX) all gained over 2%.

? Commodities:

• Gold: ▲ 0.6% to $2,991.90/oz

• Silver: ▲ 0.3% to $29.68/oz