Tariffs imposed by Trump cause QQQ and SPY to drop in pre-market

From StockTwits: 2025-02-03 07:12:15

JPMorgan predicts that a 25% tariff could push Canada and Mexico into recessions. The Invesco QQQ Trust (QQQ) and SPDR S&P 500 ETF (SPY) dropped in pre-market trading after Trump announced additional tariffs on imports from Canada, Mexico, and China. A Stocktwits poll with over 11,600 investors showed that more than half believe the tariffs could trigger a market downturn. Sentiment on QQQ and SPY ETFs turned ‘extremely bearish.’ QQQ fell 1.51% to $514.40 and SPY declined 1.32% to $593.85 in premarket trading. Experts warn of severe consequences for the global economy due to the tariffs. Larry Summers cautioned that tariffs could benefit China and harm U.S. competitiveness.



Read more at StockTwits: QQQ, SPY Slump After Trump Tariffs Dent Risk Appetite: Retail Turns Downbeat