How Does it Feel on Liberation Day Number Two?
Liberation Day was April 2. The lead image shows the results for Friday, April 4.
S&P 500 Down 10 Percent in Two Days
I hope you are feeling liberated now that the S&P 500 Loses 10% in 2 Days.
- The Dow Jones Industrial Average dropped 2,231.07 points, or 5.5%, to 38,314.86 on Friday, its biggest decline since June 2020 during the pandemic. This follows a 1,679 point decline on Thursday and brings the drawdown from its record to more than 14%.
- The S&P 500 nosedived 5.97% to 5,074.08, also the biggest decline since March 2020. The benchmark shed 4.84% on Thursday and is now off more than 17% off its recent high.
- The Nasdaq Composite, home to many tech companies that sell to China and manufacture there as well, dropped 5.8%, to 15,587.79. This follows a nearly 6% drop on Thursday and takes measure down by 22% from its December record, a bear market in Wall Street terminology.
- The selling was broad with only 14 members of the S&P 500 higher on the day. Major market indexes closed at their lows of the session.
- The iShares Semiconductor ETF (SOXX) headed for its worst week in more than two decades as President Donald Trump’s tariff policies wreaked havoc on technology stocks.
- The fund has dropped more than 16% this week, hurt in part by Friday’s slide of nearly 7%. If that holds, this would mark the biggest weekly loss for the ETF since September of 2001, when it plunged more than 25%.
- In late afternoon trading, the S&P 500 energy sector was down 8.6%, according to FactSet. A decline in oil prices is likely contributing to the the selling for that group. Meanwhile, economically sensitive financials dropped 7%.
A few days ago someone asked me what Liberation Day meant. I said be prepared to be liberated from your money.
Winning Big Trump Quotes from Today
- TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE. THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!
- CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO! [see link below for discussion]
- GREAT JOB NUMBERS, FAR BETTER THAN EXPECTED. IT’S ALREADY WORKING. HANG TOUGH, WE CAN’T LOSE!!!
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Expect more liberation, perhaps after a dead cat bounce next week.