The first trading day of U.S. President Donald Trump’s trade war with Canada and Mexico brought no shortage of drama to Wall Street.
The S&P 500 index tumbled 2% shortly after the open Tuesday, wiping out its $3.4 trillion advance since Election Day on Nov. 5. An afternoon rebound briefly erased the damage, but a late bout of selling left the index at its lowest level since Nov. 4, the day before Trump was elected.
Meanwhile, yields on 10-year Treasuries swung 11 basis points from trough to peak, the dollar slid and Bitcoin staged a rebound. Traders who had been expecting two Federal Reserve rate cuts this year are now pricing in three, with more than 50% odds the first will come in May.
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