American Bitcoin

With "Liberation Day" on the horizon, assets across the board went through a whirlwind of prices yesterday. The S&P 500 and Nasdaq-100 both dropped sharply at their opening, before paring those losses back.

Daily Updates:

• As “Liberation Day” looms, assets across the board once again went through a rollercoaster of prices yesterday. The S&P 500 fell nearly 1.7% intraday, officially hitting its lowest point all year (and down 10.5% from its mid-Feb high) before paring back those losses and ending the day 0.55% higher. The tech-heavy Nasdaq-100 closed flat after an initial 2.5% sell-off at the start of the day. 

• The uncertainty around President Trump’s tariffs, who has claimed he initially plans to target “all countries” with his April 2 tariffs and not just the “Dirty 15” countries, comes following a hotter-than-expected PCE inflation report last week and a final revision to the March University of Michigan Consumer Sentiment Survey. That showed consumers expect prices to rise at an annualised rate of 4.1% over the next 5-10 years: the highest level since February 1993 (see that in the Charts of the Day below).