Stocks suffered a steep selloff today, as investors grappled with the potential long-term and global consequences of President Trump's sweeping tariff initiatives. Casting a minimum 10% levy on a large number of countries, Trump said the tariff implementation is "going very well," despite U.S. trade counterparts looking to amplify retaliation efforts.

The Dow plummeted 1,679 points while the S&P 500 re-entered correction territory, with both indexes clocking their worst single-session decline since June 2020. The tech-heavy Nasdaq, meanwhile, outdid its peers with its worst percentage drop since March 2020. Wall Street's "fear gauge," the Cboe Volatility Index (VIX), rose to its highest level since August.

COMMODITIES NOT EXEMPT FROM TARIFF TERROR

An unexpected agreement to raise crude output by 411,000/day from the Organization of the Petroleum Exporting Countries and its allies (OPEC+), pushed prices lower for black gold. May-dated West Texas Intermediate (WTI) crude settled $4.90 lower or 6.9%, at $67.11 per barrel for the day. 

Gold retreated from yesterday's rise near record highs, as import worries increased. At last glance, June-dated gold is off $36.20, or 1.4% looking to settle near $3,121.70 an ounce.

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