Overview

• The S&P 500 entered correction territory, down over 10% from its February high, with $4 trillion in market value erased from U.S. stocks.
• President Trump threatened 200% tariffs on European alcoholic products, escalating trade tensions with the European Union's retaliatory measures on U.S. goods.
• Investors are closely watching the Federal Reserve's upcoming meeting for signs of potential interest rate cuts to address economic slowdown concerns.
• China announced measures to boost consumer spending, which lifted Asian and European markets despite the ongoing U.S. stock market slump.
• A potential U.S. government shutdown appears to have been averted with progress on a stopgap funding bill, providing temporary relief to market sentiment.