November 15, 2024 at 09:05PM
The shine of the election has run into uncertainty about tariffs and elevated P/Es. Pretty much all the gains after the open on post-election morning are now gone and the S&P 500 is now threatening the opening gap while the Nasdaq has already taken a decent bite.
Trump’s cabinet picks are leaning heavily on “promises made, promises kept” and the market is wondering about the biggest promises: 60% tariffs on China, 10% across the board and mass deportations of 11m illegal immigrants.
Closing changes:
S&P 500: -1.3%
Nasdaq Comp: -2.2%
DJIA: -0.7%
Russell 2000: -1.5%
Toronto TSX Comp: -0.7%
On the week:
S&P 500: -2.1%
Nasdaq Comp: -3.1%
Russell 2000: -4.0%
Toronto TSX Comp: +0.5%
This article was written by Adam Button at www.forexlive.com.