Big shifts in global government policy are rattling markets.
In the U.S., the dollar weakened and stocks dropped, reversing course after the rally that followed a partial rollback of tariffs Wednesday. Tech stocks stumbled, with Broadcom, Nvidia and Palantir among notable decliners.
Investors are unnerved by the day-to-day changes in the White House’s tariff policy, with delays and exemptions on the table.
Overseas, investors dumped government bonds, as Germany’s plans for a huge increase in spending rippled through markets. German bond yields extended Wednesday’s historic surge, while Japanese long-term yields hit their highest levels since 2009.
In recent market action:
Major stock indexes fell. The S&P 500, the Dow industrials and the Nasdaq Composite each dropped roughly 1%.
Global markets were mixed. The Stoxx Europe 600 edged lower. Asian indexes largely rose, with Hong Kong’s Hang Seng up 3.3%, driven by gains in Chinese tech stocks.
U.S. Treasury yields ticked higher, on pace to rise for a third straight session.
Bitcoin traded around $90,000.
Coming up Thursday:
Broadcom and Costco are due to report earnings this afternoon.