{"id":220857,"date":"2025-03-27T09:30:00","date_gmt":"2025-03-27T13:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=220857"},"modified":"2025-03-27T11:02:25","modified_gmt":"2025-03-27T15:02:25","slug":"mixed-up-by-tariff-news","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/mixed-up-by-tariff-news\/","title":{"rendered":"Mixed up by tariff news"},"content":{"rendered":"\n<p>It was a tough day yesterday for the mega-cap stocks, so by extension, it was a tough day for the stock market. To be fair, it was tougher for the market cap-weighted indices than the equal-weighted indices. The market cap-weighted S&amp;P 500 declined 1.1%, whereas the equal-weighted S&amp;P 500 declined only 0.2%.<\/p>\n\n\n\n<p>There isn&#8217;t much conviction in the equity futures market this morning, so things are set up for a lull in the price action across the broader market when the opening bell rings.<\/p>\n\n\n\n<p>Currently, the S&amp;P 500 futures are down eight points and are trading 0.2% below fair value; the Nasdaq 100 futures are down 52 points and are trading 0.2% below fair value, and the Dow Jones Industrial Average futures are up 19 points and are trading in line with fair value.<\/p>\n\n\n\n<p>Once again, there is a tariff cloud hanging over the market. After yesterday&#8217;s close, President Trump announced that there will be a 25% tariff on all imported passenger vehicles starting April 3 and select auto parts starting May 3. These tariffs, he said, will be permanent.<\/p>\n\n\n\n<p>He made some other tariff news, too:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Reciprocal tariffs on all countries will be announced April 2, but he said they will be very lenient, and people may be pleasantly surprised.<\/li>\n\n\n\n<li>The president warned Canada and the EU that they will face large-scale tariffs, far larger than currently planned, if they work together on a response that does economic harm to the U.S.<\/li>\n\n\n\n<li>The president suggested he could possibly cut tariffs on China as an incentive to get a TikTok sale done.<\/li>\n\n\n\n<li>The president said he anticipates tariffs on lumber and pharmaceuticals.<\/li>\n<\/ul>\n\n\n\n<p>There is a lot in that mix, and maybe &#8220;mix&#8221; is the right word. Market participants are mixed up as to how all of this will translate for the global economy and earnings growth; accordingly, their investing conviction is lacking.<\/p>\n\n\n\n<p>There was a spate of &#8220;hard data&#8221; released this morning that was mixed relative to expectations.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The third estimate for Q4 GDP was revised up to 2.4% (Briefing.com consensus 2.3%) from 2.3%, aided by an upward revision to government spending. The Q4 GDP Price Deflator was revised down to 2.3% (Briefing.com consensus 2.4%) from 2.4%.\n<ul class=\"wp-block-list\">\n<li>The key takeaway from the report is that it shows a nice expansion in activity during the fourth quarter that was underpinned by consumer spending; however, the report&#8217;s impact on the market is muted by its dated nature (we&#8217;re just days away from being done with the first quarter).\u00a0<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Initial jobless claims for the week ending March 22 decreased 1,000 to 224,000 (Briefing.com consensus 225,000). Continuing jobless claims for the week ending March 15 decreased 25,000 to 1.856 million.\n<ul class=\"wp-block-list\">\n<li>The key takeaway from the report is that initial jobless claims &#8212; a leading indicator &#8212; continue to idle at levels consistent with an otherwise solid labor market.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>The Advance International Trade in Goods deficit for February narrowed to $147.9 billion from a downwardly revised $155.6 billion (from -$153.3 billion); Advance Retail Inventories increased 0.1% following an upwardly revised 0.1% increase (from -0.1%) in January; and Advance Wholesale Inventories jumped 0.3% following an upwardly revised 0.8% increase (from 0.7%) in January.\n<ul class=\"wp-block-list\">\n<li>The key takeaway from the report is that the goods deficit, while outsized, narrowed on account of exports being $7.0 billion more than January exports and imports being $0.6 billion less than January imports.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>The 2-yr note yield is unchanged at 4.01%, and the 10-yr note yield is up three basis points to 4.37%.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted on March 27, 2025 &#8211; <a href=\"https:\/\/www.briefing.com\/page-one\">Mixed up by tariff news<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It was a tough day yesterday for the mega-cap stocks, so by extension, it was a tough day for the stock market. <\/p>\n","protected":false},"author":60,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,6,8,9,22,3],"tags":[18908,14340,910,761],"contributors-categories":[13589],"class_list":{"0":"post-220857","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-macro","7":"category-north-america","8":"category-region","9":"category-securities","10":"category-stocks","11":"category-traders-insight","12":"tag-imported-passenger-vehicles","13":"tag-mega-cap-stocks","14":"tag-sp-500","15":"tag-tariff","16":"contributors-categories-briefing-com"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mixed up by tariff news | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"It was a tough day yesterday for the mega-cap stocks, so by extension, it was a tough day for the stock market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/220857\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mixed up by tariff news | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"It was a tough day yesterday for the mega-cap stocks, so by extension, it was a tough day for the stock market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/mixed-up-by-tariff-news\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-27T13:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-27T15:02:25+00:00\" \/>\n<meta name=\"author\" content=\"Patrick J. 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