US equity futures slumped and the yen surged early Monday in a sign of deepening turmoil across financial markets as investors began to price in the fallout from Donald Trump’s reciprocal tariffs.
S&P 500 contracts fell 4% after the benchmark suffered its worst two-day plunge since March 2020 on Friday, slashing over $5 trillion in value.
President Donald Trump’s top economic officials dismissed investors’ fears of inflation and recession, offering no apologies for the market turmoil sparked by sweeping global tariffs and defiantly insisting a boom is on the horizon.
On the heels of huge global stock market falls, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and others dug in on Sunday and declared that Trump would persist in his tariffs agenda, whatever markets may do.
Cameron Dawson, Chief Investment Officer at Newedge Wealth Management, says investors are selling the assets they can right now and market volatility will continue. Dawson and Bob Michele, Chief Investment Officer at JP Morgan Asset Management, spoke with Bloomberg’s Jonathan Ferro and Lisa Abramowicz.
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