S&P 500 Futures Sink as Bonds Jump on US Tariffs: Markets Wrap

A tariff offensive Donald Trump billed as key to America’s long-term prosperity went down badly in markets late Wednesday, setting off a rout in equities that had rallied on hopes the program would be less draconian.

S&P 500 futures sank over 3.5% while contracts on the Nasdaq 100 slid 4.5%. Treasury futures surged alongside bonds in Australia and New Zealand, with the flight to haven also lifting the Japanese yen. Trump said he will apply a minimum 10% tariff on all exporters to the US and slap additional duties on around 60 nations. That includes substantially higher rates on ...