European stocks plummet as reciprocal tariffs are implemented, while US markets see modest gains

From Morningstar: 2025-04-09 10:33:00

European equities plunged as reciprocal tariffs with 60 trading partners, including a 104% tariff on China, took effect. Stoxx Europe 600 index led lower by healthcare stocks. US markets saw modest gains. Trump announced major pharmaceutical tariffs. Schroders’s International Biotechnology Trust managers uncertain about impact. US levies 20% tariff on EU goods, China retaliates with 34% tariff. EU imposes 25% tariff on select US products. Bonds sell off, US 10-Year Treasury yields spike. Dollar weakens, crude oil prices slide. 1. The stock market reached new heights today with the S&P 500 closing at a record high of 3,500. This surge was driven by positive economic data and hopes for a coronavirus vaccine.

2. In other news, Hurricane Laura made landfall in Louisiana as a Category 4 storm, causing widespread destruction and leaving hundreds of thousands without power.

3. Tech giant Apple announced a new product launch event on September 15th, fueling speculation about potential iPhone 12 and Apple Watch updates.

4. The unemployment rate in the U.S. dropped to 8.4% in August, down from 10.2% in July. This marks a positive trend in the job market despite ongoing challenges from the pandemic.



Read more at Morningstar: European Stocks, Global Bonds Sell Off as Tariffs Bite