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US indices extended losses as the S&P 500 fell 1.4%, Nasdaq 100 slid 2%, and Dow Jones Industrial Average dropped 1.3%, with the benchmark S&P 500 now approaching a 10% correction from its February peak after shedding approximately $5 trillion in value.
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Trump's escalation of trade tensions, including threats of 200% tariffs on European alcoholic beverages and confirmation of April 2 reciprocal tariffs, overshadowed encouraging inflation data showing February's producer prices came in cooler than expected.
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Fed recession probability model sits at 29.76%, just shy of the 30% threshold that historically signals a downturn, while investor bearish sentiment remains at extreme levels not seen since March 2009, according to AAII polling.
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Intel shares surged over 13% after appointing industry veteran Lip-Bu Tan as its new CEO, while Adobe plummeted more than 13% on disappointing guidance despite beating quarterly expectations.
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Gold continued its record-setting rally, climbing 1.5% to $2,978.92 per ounce with Macquarie forecasting a rise to $3,500 by Q3, as investors seek safe havens amid global uncertainty.
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Treasury yields eased with the 10-year dropping 3 basis points to 4.28%, while crude oil fell 1.6% to $66.58 per barrel, remaining near three-year lows.
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Reports emerged that Trump family representatives held discussions about potentially investing in Binance's US operations through World Liberty Financial, adding to the president's growing cryptocurrency interests.
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European markets declined with Germany's DAX falling 0.7% and France's CAC 40 sliding 0.8% in response to the escalating tariff dispute, while natural gas futures initially plunged on Putin's suggestion of potential energy cooperation with the US.
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Former Treasury Secretary Steven Mnuchin downplayed recession risks, characterizing the current 5-10% market selloff as a "natural correction" in an overvalued market rather than a sign of economic trouble.
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Trump's special envoy Steve Witkoff is reportedly in "serious discussions" with Russia about ending the Ukraine war, while domestically a government shutdown looms as Democrats and Republicans remain at odds over funding.
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The cryptocurrency market is also overwhelmed by the border market sentiment. Bitcoin declines to 80700 USD or by 3.45%. Moreover, earlier recording even steeper declines below 80000 USD level.
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Ethereum remains weak comparing to other major cryptocurrencies. The second-largest crypto project records a 3.00% decline to 1850 USD, which is almost 55% lower than the local peak in December 2024.
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