Markets Tank on Tariff Policy; Services PMI and Guess? Beat

Market Overview - The U.S. stock market experienced one of its worst trading days recently, with major indexes closing at session lows due to newly imposed tariffs on trading partners, leading to increased market uncertainty [1][2] - The Dow Jones Industrial Average fell by 1,679 points, a decrease of 3.98%, while the S&P 500 dropped 274 points, or 4.84%. The Nasdaq saw a significant loss of 1,050 points, down 5.97%, and the Russell 2000 fell by 134 points, a decline of 6.59% [2] Economic Indicators - The final S&P U.S. Services PMI for March was reported at 54.4, slightly above estimates and 10 basis points higher than the previous month. The ISM Services index remained above the 50% threshold at 50.8%, although it was lower than the expected 52.9% and the prior month's 53.5% [3][4] - Analysts anticipate a potential drop in the ISM Services index in the upcoming month, given its proximity to the 50-level [4] Company Performance - Specialty retailer Guess? reported fiscal Q4 earnings of $1.48 per share, exceeding Zacks consensus estimates by 7 cents, with revenues of$932 million surpassing the anticipated $899 million [5] - The company has adjusted its full-fiscal year guidance to reflect growth of 3.9$1.32-$1.76 per share, down from a previous expectation of$2.02 per share [6] - Despite an 11% sell-off prior to the earnings report, Guess? shares showed only a slight decline in late trading [6] Labor Market Expectations - The upcoming nonfarm payroll report is expected to show the addition of 135,000 to 140,000 jobs, with the unemployment rate remaining steady at 4.1% [7] - Wage growth is anticipated to remain stable both month-over-month and year-over-year, indicating a healthy labor market despite mild job losses reflected in weekly jobless claims [8]