XLY slipped Thursday as investors took profits following Wednesday's tariff-driven consumer stock rally. Cooling inflation supported sentiment, but Amazon, Tesla, and others retreated after sharp previous gains.
Wall Street saw a tentative tech rebound early Wednesday, as investors begin to shrug off escalating U.S.-China trade tensions following a steep market selloff.
U.S. stocks staged a broad-based rally on Monday, snapping a volatile losing streak after President Donald Trump hinted at a more diplomatic approach to tariff negotiations.
U.S. stocks surge after Trump hints at trade progress, easing fears of disruption. S&P 500 up 3%, tech-heavy Nasdaq 100 outperforms. Semiconductors lead sector rally.
BlackRock CEO Larry Fink disagrees with Chamath Palihapitiya, who said the impact of Trump's tariffs is confined to Wall Street's wealthy investors, but spares Main Street Americans.
Retailers and consumer-facing companies are reeling more prominently as they fear the potential hike to consumer prices of their products will directly hurt sales.
SPX price is currently sitting below a confluence of two levels around 5130 and 5200. The next confluence levels lie from approximately 4500 to 4630 and 4800.
The provision allowed products less than $800 to enter the U.S. without duties and inspection, and was widely used by e-commerce sites like Temu and Shein.
President Donald Trump's sweeping new trade tariffs sent shockwaves through global markets on Thursday, triggering a massive sell-off that echoed the COVID-19 pandemic-era routs, as investor risk appetite vanished in a flash.
