华尔街见闻·2025-04-07 03:09Core Viewpoint - The article discusses the significant market turmoil triggered by aggressive tariff policies announced by the Trump administration, leading to a sharp decline in global stock markets and heightened investor anxiety [1][9][10]. Market Impact - The S&P 500 index experienced its largest two-day drop since March 2020, with over $5 trillion in market value lost in just two days [1]. - The Nasdaq Composite index fell into bear market territory, while the Dow Jones Industrial Average entered a correction phase [1]. - On Monday, S&P 500 futures dropped by as much as 5.4%, and Nasdaq 100 futures fell by 6.2% [1]. Asian Market Reaction - Major Asian indices suffered significant losses, with the Nikkei 225 and Topix indices both down over 5% [2]. - The Taiwan Weighted Index opened down 5.4% and later expanded its losses to 9.8% [3]. - The Hang Seng Index opened down 9.28%, with the Hang Seng Tech Index falling 11.15% [4]. Commodity and Currency Movements - WTI crude oil futures fell below $60 for the first time since April 2021, while copper prices dropped over 8% [5]. - Non-US currencies weakened, with the Australian dollar declining by 1% and the Japanese yen rising due to safe-haven demand [5]. Historical Context - The market's reaction has drawn comparisons to the "Black Monday" crash of 1987, with analysts warning of potential further turmoil [6][10]. - The recent declines are noted as the fourth largest "double-day drop" since World War II, following similar events in 1987, 2008, and during the COVID-19 pandemic [7][8]. Investor Sentiment - Market commentators express deep concern over the potential for a recession, with some suggesting that the current situation could lead to severe economic downturns if tariffs are not reconsidered [11][12]. - Investors are reportedly anxious, with many seeking to reduce risk exposure amid the uncertainty surrounding tariff impacts [15][16]. Government Response - In contrast to market fears, Trump administration officials have maintained a calm demeanor, asserting that the economy will prosper despite the turmoil [18][19]. - Treasury Secretary Mnuchin emphasized that the long-term market returns remain strong, despite recent volatility [19]. Economic Outlook - Analysts are increasingly worried about the implications of rising tariffs on economic growth, with predictions of a 60% chance of a global recession [24]. - The uncertainty surrounding tariff rates is causing businesses to struggle with planning and investment decisions [24].