On Tuesday, April 8th, U.S. markets closed sharply lower as the S&P 500 plunged below 5,000 for the first time in nearly a year, capping a four-day loss of $5.83 trillion—the steepest since the index’s inception in the 1950s. Early gains evaporated as hopes for delayed U.S. tariffs faded, and looming 104% duties on Chinese goods fueled mounting fears of a global economic downturn.

In economic data, the NFIB Small Business Optimism Index fell by 3.3 points to 97.4 in March, marking its lowest level since October 2024 and missing expectations of 101.3.

All sectors within the S&P 500 ended Tuesday in the red, with consumer discretionary, materials, and energy stocks leading the day’s declines.

The Dow Jones Industrial Average declined 0.84% to 37,645.59, the S&P 500 dropped 1.57% to 4,982.77, and the Nasdaq Composite fell 2.15% to close at 15,267.91.

Asia Markets Today

Eurozone at 05:45 AM ET

• The European STOXX 50 was down 2.77%.
• Germany’s DAX declined 2.85%.
• France’s CAC 40 fell 2.77%.
• U.K.’s FTSE 100 index traded lower by 2.50%.
• European shares fell sharply on Wednesday as steep U.S. tariffs reignited trade war concerns, dragging markets lower and pushing the STOXX 600 closer to bear territory. Rate-sensitive banks, pharmaceutical giants, energy and mining stocks led the decline.

Commodities at 05:45 AM ET

U.S. Futures at 05:45 AM ET

Dow futures were down 0.40%, S&P 500 futures declined 0.22%, and Nasdaq 100 futures rose 0.21%.

Forex at 05:45 AM ET

• The U.S. Dollar Index declined 0.64% to 102.31, USD/JPY was down 0.70% to 145.23, and USD/AUD declined 0.95% to 1.6626.
• The U.S. dollar slumped after President Trump’s steep tariff hike on China intensified recession fears. Markets now expect deeper Federal Reserve rate cuts, pressuring the greenback. The Dollar Index fell to levels not seen since September 2024, while safe-haven currencies like the yen and euro strengthened.

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