Market Brief Trumps Tariffs Shock Markets
See a summary of the market themes and trends from today's US session!
Share this:
- FX: President Trump triggered a rush for safety midway through today’s US session when he tweeted that the US would impose 10% tariffs on $300B of Chinese goods that are not currently taxed. As a result, the safe haven yen was the strongest major currency on the day and the risk-sensitive Aussie was the weakest.
- AUD/JPY fell 2% on the day and is on track for its lowest close since 2010.
- See our preview for tomorrow’s NFP report.
- Commodities: Oil cratered on the surprise announcement, falling by more than 7% on the day. Gold shined, rising 1% as risk assets fell.
- US indices collapsed on the tariff headlines, dumping from +1% on the day to trade down by more than 0.5% across the board.
- Utilities (XLU) were the strongest sector, with their generally high dividends in demand as bond yields tanked. Energy stocks (XLE) were the weakest major sector, dragged down by the big drop in oil prices.
- Stocks on the Move:
- Verizon (VZ) managed to buck the broader weakness and gain about 0.5% after reporting strong Q2 earnings.
- Yum Brands (YUM, +4%) reported better-than-expected declines in earnings and revenue.
- General Electric’s (GE) CFO is stepping down after less than 2 years, prompting the stock to fall 4% on the day.
- FX: President Trump triggered a rush for safety midway through today’s US session when he tweeted that the US would impose 10% tariffs on $300B of Chinese goods that are not currently taxed. As a result, the safe haven yen was the strongest major currency on the day and the risk-sensitive Aussie was the weakest.
- AUD/JPY fell 2% on the day and is on track for its lowest close since 2010.
- See our preview for tomorrow’s NFP report.
- Commodities: Oil cratered on the surprise announcement, falling by more than 7% on the day. Gold shined, rising 1% as risk assets fell.
- US indices collapsed on the tariff headlines, dumping from +1% on the day to trade down by more than 0.5% across the board.
- Utilities (XLU) were the strongest sector, with their generally high dividends in demand as bond yields tanked. Energy stocks (XLE) were the weakest major sector, dragged down by the big drop in oil prices.
- Stocks on the Move:
- Verizon (VZ) managed to buck the broader weakness and gain about 0.5% after reporting strong Q2 earnings.
- Yum Brands (YUM, +4%) reported better-than-expected declines in earnings and revenue.
- General Electric’s (GE) CFO is stepping down after less than 2 years, prompting the stock to fall 4% on the day.
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
EUR/USD weekly outlook: Oil, inflation and NFP in focus
After coming under significant pressure in recent weeks, the EUR/USD came off its lows to finish the week on a positive note on Friday, albeit with only a mild rebound. That was not enough to prevent the exchange rate falling for the third consecutive week, as the US dollar and bond yields rallied across the board.
USD/JPY Weekly Outlook: Payrolls loom as US rates remain the dominant driver
Strong US growth and hawkish Fed pricing continue to support USD/JPY, while intervention risk appears to be kicking in at lower levels
EUR/USD Q4 2026 Outlook: Euro at a Crossroads as Fed, ECB Tighten 9 25 2026
EUR/USD enters Q4 at a pivotal inflection point as competing Fed-ECB policy paths and persistent inflation risks collide with major technical support.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.