IXIC: Nasdaq Composite Dives 4.3% as Trump Has Traders Playing Red Light Green Light

From “we’re so back” to “it’s so over,” the seesawing in US stocks shows how trillions can come and go.

🌊 Nasdaq Ebbs and Flows

• The Nasdaq Composite index IXIC fell 4.3% on Thursday, a day after traders celebrated Trump’s 90-day tariff pause on most countries but not China. Maybe that “not China” part actually didn’t sit too well with the markets as the Asian country is a huge exporter to the US and nearly all tech companies rely on it for their products.
• In this light, all Magnificent Seven members headed to the deep South with Tesla TSLA leading the way. Shares of the EV maker fell 7.3% for the day, giving back about a third of its gains from just a day earlier.

💼 China Is at 145%

• Trade war fears were quickly back on the menu as the White House said that China was actually staring at a total tariff rate of 145%. Also, Donald Trump isn’t yet finished with slamming other countries over their intentions for the US.
• “We were taken advantage of by almost everybody,” he said while seated at a table with his top officials, including Tesla CEO Elon Musk, who’s leading the DOGE department. “I look at deals where it’s so one-sided.”

🔴🟢 Red Light, Green Light

• Elsewhere, the S&P 500 tumbled 3.4% on Thursday, wiping out one-third of its gains from a day earlier. The Red Light, Green Light game is bound to continue today with stock futures showing investors might be hopeful today (for a change, right?).
• Futures contracts tied to the Nasdaq were up by 1%, followed by a 0.9% gain in S&P 500 futures. Futures on the Dow Jones were up about 0.7%.
• Earnings season is about to get kicking today with reports from Wall Street’s biggest players JPMorgan JPM, Wells Fargo WFC and Morgan Stanley MS.