Global Selloff Deepens, Oil Prices Tumble Amid Trump's Tariff Fallout - Global Markets Today While US Slept

On Thursday, April 3, U.S. markets experienced their steepest one-day losses in years, driven by President Trump’s tariff on U.S. imports, which sparked concerns of a global trade war and potential recession.

Investors fled to safer assets as countries like China and the EU threatened retaliation. Amid the market chaos, traders now expect multiple Federal Reserve rate cuts, with June seen as the likely starting point.

In economic data, U.S. initial jobless claims dropped by 6,000 to 219,000 for the week ending March 29, beating estimates of 225,000. The trade deficit narrowed to $122.7 billion in February, lower than the previous month’s $130.7 billion and the forecasted $123.5 billion. The ISM services PMI fell to 50.8 in March, down from 53.5 in February and below the expected 53.

Most S&P 500 sectors closed lower on Thursday, led by losses in consumer ...

https://www.benzinga.com/markets/forex/25/04/44643296/global-selloff-deepens-oil-prices-tumble-amid-trumps-tariff-fallout-global-markets-today-while-us-s