Market Overview - The U.S. stock market opened lower, with the S&P 500 erasing gains since the U.S. elections, resulting in a market capitalization loss of $3.4 trillion [1] - The dollar index experienced a significant drop before the market opened [2] Stock Performance - Major U.S. bank stocks fell collectively, with Citigroup down over 6%, Wells Fargo and Bank of America down over 5%, Morgan Stanley down nearly 5%, and Goldman Sachs down over 4% [3] - Tesla's stock dropped nearly 6%, reaching its lowest point since November 6 of the previous year, with an estimated 30,688 vehicles sold in China in February, a year-on-year decrease of 49.2% [4] - Best Buy's stock fell approximately 14%, marking its largest decline since May 2022 [5] Commodity Market - Brent crude oil prices fell below $70 per barrel, the lowest since October of the previous year, while WTI crude oil saw a daily decline of 2.0% [6] - Natural gas futures in the U.S. continued to rise, reaching the highest level since December 2022 [6] Economic Forecasts - The Atlanta Fed's GDPNow model projected a contraction of 2.825% for the U.S. GDP in Q1 2025, the worst forecast since 2020 [8] - The model's previous forecast for Q1 GDP was a contraction of 1.5%, down from a growth prediction of 2.33% just a month prior, indicating a significant downward revision [9] European Market - European stock markets also experienced collective declines, with notable drops in indices such as Italy's FTSE MIB (-3.33%) and Germany's DAX (-2.87%) [10][11] Shipping and Trade - Domestic commodity futures saw widespread declines, with the European shipping index dropping 14%, falling below the 2100-point mark [13] - Analysts noted that the failure of price increases in March led to airlines lowering prices to attract cargo, with Maersk reducing its March end-of-month quote to $2000, the lowest in the market [14] - The new tariff policies are expected to negatively impact short-term export demand, leading to a comprehensive weakening of demand expectations [15]