By Dow Jones Newswires Staff
U.S. stock futures and global equities markets tumbled along with the dollar and Treasury yields following the Trump administration's sweeping tariffs, which were harsher than expected.
--S&P 500 stock futures were last down around 3% and Dow Jones Industrial Average futures were off 2.2% premarket.
--Stock markets across Asia, the target of some of President Trump's highest tariffs, fell. The Nikkei Stock Average dropped 2.8% with chip makers and financials leading the falls. Chinese shares ended lower, though perhaps not as low as some had expected, weighed by home-appliances, consumer-products and hardware stocks. South Korea's benchmark Kospi fell 0.8% to close at 2486.70, paring some of its early losses.
--At the open in Europe, the Stoxx 600 index fell 1.3% with bigger falls in sub-indexes for tech, banks and industrial goods. Sporting goods, luxury and autos were all hit. On the upside, Novartis shares rose 1.5% and GSK shares were up 1.15% after medicines got an exemption from the tariffs.
--At the open, the U.K.'s FTSE 100 lost 1.3% after the country got the lowest-tier 10% tariff. France's CAC 40 fell 2.2% and Germany's DAX fell 2.4%.
--The dollar fell to a near six-month low. The tariff outcome "was worse than expected and it raises the risk for a U.S. recession," Danske Bank analyst Stefan Mellin said in a note. The DXY dollar index fell to a low of 102.728 against a basket of major currencies.
--The Canadian dollar rose to a five-week high against the U.S. dollar and the Mexican peso hit a one-week high after the two countries were exempt from further tariffs. Trump had previously announced a 25% levy on a large share of Canada and Mexico imports.
--U.S. Treasurys rallied. The 10-year Treasury yield dropped 15 basis points to 4.047%.
--In commodities, gold futures hit a new record high earlier in the session of $3,196.60 a troy ounce. Oil headed the other way as global demand fears mounted; in early European trade, Brent crude dropped 3.2% to $72.53 a barrel, while West Texas Intermediate was down 3.4% at $69.24 a barrel.
--Notably, Tesla shares fell more than 8% in after-hours trading, to $260.10.
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
April 03, 2025 03:50 ET (07:50 GMT)
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