Nasdaq futures fall off a cliff, wiping out 2024 rally
The weekend did not bring any calm to the markets. China’s retaliation in a form of 34% tariffs on all U.S. goods reinforced the scenario of a potential deterioration in international trade relations. At the same time, Trump continues to stand firm on his tariff policy, strengthening investors’ belief that a trade war is becoming increasingly real. Earlier today, the U.S. president stated he would not back down on tariffs imposed on Chine before narrowing its trade deficit.
China’s retaliation particularly hits American Big Tech companies, which heavily rely on supply chains, production, assembly and demand in Asian countries. The sell-off has also deepened among major U.S. banks, reflecting growing concerns about global economic conditions and activity amid recession risks.
The stock market has just experienced its worst quarter opening since the Great Financial Crisis of 2008. Futures on major indices (in Europe, Asia, and the U.S.) continue last week’s sell-off. The US500 is down nearly 5%, the US100 has lost over 5.5%, the US30 is down around 4%, and the DE40 is falling by over 5%. As a result, the German index has completely erased the gains accumulated since the beginning of 2025.
US100 has just ereased entire 2024 of gains. Source: xStation5
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