The markets finally got their answer on tariffs. They didn't seem to like it.

The article discusses the impact of President Donald Trump's policies on the stock market, particularly focusing on the effects of tariffs and the ongoing trade war. Following Trump's lengthy address to Congress, the stock market experienced a downturn, erasing post-election gains. The S&P 500 closed below its Election Day level, and the US dollar also weakened despite expectations of benefiting from tariffs. The article highlights potential short-term pain from tariffs, with companies like Target and Best Buy warning of price increases. However, a resolution with Mexico and Canada might be imminent, which could stabilize the market.

In addition to market news, the article covers various topics, including concerns about Google's dominance despite competition from OpenAI's ChatGPT, challenges in the job market for software engineers, and the millennial homebuying paradox. It also touches on geopolitical issues, such as Trump's pause on military aid to Ukraine, and business developments like Shopify's funding cuts for DEI initiatives. The article concludes with a brief mention of upcoming events, such as the Federal Reserve's Beige Book release and Campbell's earnings report.

Key takeaways

The stock market experienced a sell-off due to concerns over tariffs, erasing post-election gains.
Goldman Sachs is planning to cut headcount earlier than usual, targeting underperformers.
Google continues to dominate search queries despite the rise of AI competitors like ChatGPT.
President Trump's pause on military aid to Ukraine raises concerns about the country's defense capabilities.

The markets finally got their answer on tariffs. They didn't seem to like it.

Key takeaways

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