Stocks Closed Mostly Lower Yesterday, But Well Off Their Worst Levels Of The Day

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Stocks Closed Mostly Lower Yesterday, But Well Off Their Worst Levels Of The Day

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks Closed Mostly Lower Yesterday, But Well Off Their Worst Levels Of The Day Stocks closed mostly lower yesterday with only the Nasdaq eking out a small gain. But all of the indexes closed well off their worst levels of the day. The S&P 500 was down as much as -4.71%, but then rebounded to trade up by 3.48%, before quickly falling back into the red. It managed to trade above water a couple more times throughout the day before finally settling with modest losses by the close. Tariff uncertainty continues to roil the market. After China said they would impose 34% retaliatory tariffs against U.S. goods, President Trump said he would levy additional tariffs on China of 50%, if they do not withdraw the 34% tariffs. China announced those 34% tariffs last week in response to the 34% tariffs the U.S. placed on China, which was in response to the large tariffs China already had in place on the U.S. President Trump had previously said that if any country retaliates by raising their tariffs, the U.S. would raise their tariffs as well. China's 34% tariffs are expected to go live on April 9. If not withdrawn, the U.S. will place the additional 50% tariffs on China that same day. And China's requested tariff talks with the U.S. will be terminated. It was reported that roughly 50 different countries have already phoned the White House seeking to negotiate on tariffs. Hopefully, the uncertainty of the tariff rollout will soon give way to clarity as each country's tariff situation is either eased, or explained why not. Not much in the way of economic reports yesterday. But after last Wednesday's tariffs announcement, and Friday's Employment Situation report, the market earned a well-deserved breather. Today we'll get the NFIB Small Business Optimism Index. Wednesday gives us last month's FOMC minutes. On Thursday we'll get another look at inflation with the Consumer Price Index (CPI – retail inflation). And then on Friday we'll get the Producer Price Index (PPI – wholesale inflation). But the main focus this week will be on tariffs. Especially as the April 9 deadline nears. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research
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