🚀 Stock Market Enters Correction Territory

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Stocks tumbled Thursday, with the S&P 500 entering correction territory, down 10.1% from its peak, as Trump’s escalating tariff threats rattled markets. The Dow fell 537 points, marking its worst week since June 2022, while the Nasdaq dropped nearly 2%, now over 14% below its high. Trump’s vow to impose 200% tariffs on EU alcoholic imports further fueled investor anxiety, overshadowing cooler-than-expected inflation data. With the Russell 2000 nearing bear market status, traders worry that trade policy uncertainty could derail corporate confidence and complicate the Federal Reserve’s rate path.

2. Trump reaffirmed his commitment to aggressive tariffs Thursday, vowing, “I’m not going to bend at all,” even as markets plunged into correction territory. He dismissed economic concerns, insisting the U.S. had been “ripped off for years” and that disruptions would be short-lived. His escalating trade war, including a planned 200% tariff on EU alcohol in response to a whiskey tariff and a threat to double steel and aluminum duties on Canada, has rattled investors and trading partners alike.

3. Trump’s renewed talk of annexing Greenland drew swift backlash Thursday, with Greenland’s outgoing Prime Minister Mute Egede declaring, “Enough is enough,” and calling for a unified political rejection of the idea. Trump, in a meeting with NATO’s Mark Rutte, insisted the U.S. needs Greenland “for international security” and claimed annexation “will happen.” Rutte distanced NATO from the discussion, while Greenland’s newly elected Demokraatit party reaffirmed its push for independence, rejecting both Danish and American control. Denmark, which has governed Greenland since the 14th century, has not formally responded.

4. Headlines

   1. Tariffs are expected to add ~$10k to the cost of a new home in the United States.

   2. Trump administration is being sued for removing TSA officers collective bargaining rights.

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