The shine of the election has run into uncertainty about tariffs and elevated P/Es. Pretty much all the gains after the open on post-election morning are now gone and the S&P 500 is now threatening the opening gap while the Nasdaq has already taken a decent bite.
Trump’s cabinet picks are leaning heavily on “promises made, promises kept” and the market is wondering about the biggest promises: 60% tariffs on China, 10% across the board and mass deportations of 11m illegal immigrants.
Closing changes:
S&P 500: -1.3%Nasdaq Comp: -2.2%DJIA: -0.7%Russell 2000: -1.5%Toronto TSX Comp: -0.7%
On the week:
S&P 500: -2.1%Nasdaq Comp: -3.1%Russell 2000: -4.0%Toronto TSX Comp: +0.5%
This article was written by Adam Button at www.forexlive.com.
