Live: Nasdaq Composite Falls 2% Premarket | NVIDIA (Nasdaq: NVDA) Down 3%
Live Updates Live Coverage Updates appear automatically as they are published. Treasury Check 8:38 am by Eric Bleeker One of the big factors in Trump’s u-turn on tariffs was surging yields in the 10-Year Treasury market. This morning yields stand at about 4.31%. That’s about 20 basis points lower than yields peaked at yesterday before […] The post Live: Nasdaq Composite Falls 2% Premarket | NVIDIA (Nasdaq: NVDA) Down 3% appeared first on 24/7 Wall St..
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Treasury Check
One of the big factors in Trump’s u-turn on tariffs was surging yields in the 10-Year Treasury market. This morning yields stand at about 4.31%.
That’s about 20 basis points lower than yields peaked at yesterday before Trump’s Truth Social post on the tariff pause.
Yesterday saw one of the most dramatic surges in stock market history. After most indexes opened the day down, a 1:18 p.m. ET post by Donald Trump on Truth Social sent stocks soaring. Eventually, the Nasdaq Composite closed up 12.16%, leaving it within striking distance of where the index traded before Trump announced his reciprocal tariffs on April 2nd.
Yet, the optimism that swept the markets yesterday is taking a pause this morning. Let’s look at where major indexes stand as of 8:25 a.m. ET:
- Nasdaq Futures: Down 2.29%
- S&P Futures: Down 1.83%
- Dow Futures: Down 1.34%
Here are some of the morning’s biggest stories.
Risks Remain
Plenty of reporting is now emerging to detail the thought process behind Trump’s sudden change of direction on tariffs. A few factors seem to be in play:
- The market sell-off clearly impacted Trump’s thinking, but it may have been surging yields on 10-Year Treasuries that finally forced Trump to take action. Reports from various media sources points to Treasury Secretary Scott Bessent becoming worried as Treasury yields jumped more than 50 basis points across a two day period. A key objective of the Trump Administration has been lowering rates to reduce deficits and make lending more affordable across America.
- Influence all came from powerful business leaders. JPMorgan (NYSE: JPM) CEO Jaime Dimon appeared on Fox Business Wednesday morning and appealed for negotiations in an interview that had a major impact on Donald Trump’s thinking.
Yet, despite the 90-day pause on tariffs that were announced yesterday, plenty of risks remain.
For example, tariff rates remain extremely elevated relative to historic levels. Not only does China now face tariffs far in excess of 100%, but countries that saw a pause on reciprocal tariffs still face a 10% tariff during this negotiation window.
In addition, Trump wants to be part of individual negotiations with countries. Its like volatility in the coming months could be driven be negotiation announcements. For example, a deal with Japan would likely send markets higher while any reports that negotiations are reaching a stalemate would lead to further sell-offs.
Stocks on the Move This Morning
Given the above, its not surprising to see markets take a breather after yesterday’s furious rally. In general, stocks that saw the biggest gains yesterday will see losses in excess of the general market today.
- NVIDIA (Nasdaq: NVDA): Is down 3% after jumped nearly 19% yesterday.
- Apple (Nasdaq: AAPL): Is down 3.44% premarket as concerns about a broader trade war with China continue weighing on the stock.
- Microsoft (Nasdaq: MSFT): Is down a more muted 1.49% as it continues to be less impacted by tariff headlines relative to other Magnificent 7 stocks.
The post Live: Nasdaq Composite Falls 2% Premarket | NVIDIA (Nasdaq: NVDA) Down 3% appeared first on 24/7 Wall St..
