The “Magnificent Seven” stocks sank, extending a market rout that has wiped off around $2 trillion from their combined value as investors worry about the financial fallout of U.S. President Donald Trump’s global tariff war. Apple traded around 1-year low.
Shares of Apple crashed 6.3% in the last session. The Ultimate Oscillator is giving a negative signal.
Support: 171.29 | Resistance: 208.94
Investors bought into safe havens such as the dollar, yen and Swiss franc as concerns about a global recession heightened following U.S. President Donald Trump’s sweeping tariffs on trading partners, leading global markets down.
The European Commission proposed counter-tariffs of 25% on a range of U.S. goods on Monday in response to President Donald Trump’s tariffs on steel and aluminium. The tariffs on some goods will come into effect May 16 and others later in the year.
Oil prices plunged to settle at their lowest in three years as China ramped up tariffs on U.S. goods, escalating a trade war that has led investors to price in a higher probability of recession. China, the world’s top oil importer, announced it will impose additional tariffs of 34% on all U.S. goods.
The Oil-Dollar pair plummeted 6.9% in the last session. The Ultimate Oscillator’s is giving a negative signal.
Support: 53.115 | Resistance: 72.016
Global stock markets extended their recent rout, with S&P 500 companies wiping out $5 trillion in stock market value since Trump unveiled sweeping tariffs. The Nasdaq confirmed it was in a bear market, ending more than 20% below its record high close.
Tariff-stunned markets face another week of potential tariff turmoil, with fallout from President Donald Trump’s sweeping import levies keeping investors on edge after the worst week for U.S. stocks since the onset of the coronavirus crisis five years ago.
