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The US stock market suffered a heavy setback after Trump announced new tariffs, experiencing a "black opening" in March. The three major US stock indexes fell over 2% at one point in the closing hours, and the Nasdaq index ultimately closed down over 2%, erasing all gains since last year’s election. The S&P 500 Index dropped nearly 1.8%, marking the largest single-day decline of the year. Technology stocks were hit hardest, with NVIDIA falling nearly 9%, its largest drop since the DeepSeek impact. Cryptocurrency concept stocks saw a peak and then a retreat, with MicroStrategy surging 15% at the beginning only to turn downward. Chinese concept stocks fell for three consecutive days, with Li Auto down 11%, NIO dropping over 8%, and Xpeng Motors nearly 6% lower.
In the bond market, as concerns about the economic outlook intensified, US Treasury yields continued to decline, with the ten-year US Treasury yield hitting a new low since last December, pushing Treasury prices to a new high for the year. The USD fell over 1% after the announcement of US manufacturing data, retreating from a two-week high. Trump confirmed that on Tuesday, a formal 25% tariff will be imposed on Canada and Mexico, causing the Canadian dollar and Mexican peso to swiftly decline, both hitting four-week lows. Canada is prepared with a series of retaliatory measures, including imposing tariffs on $155 billion worth of US goods. Meanwhile, US manufacturing activity has shown signs of fatigue, with the February ISM manufacturing PMI dropping to 50.3, nearing stagnation. New orders and employment indicators have shrunk, and the materials purchasing price index surged to its highest level since June 2022, highlighting inflation pressures and stagflation risks...