On Monday morning, March 31, the S&P 500 and Nasdaq 100 futures fell by more than 0.5%, with more volatility likely this week, with Trump reciprocal tariffs on Wednesday and the number of U.S. ADP employment in March will also be announced on Wednesday. This Friday will usher in the release of US unemployment rate and non-farm employment data in March. Federal Reserve Chairman Powell will deliver a keynote speech on the same day.
"The market will now be fully affected by the massive tariff-related headlines coming, while also highly sensitive to any economic data on the subject of accelerating slowdown in economic activity and expected inflation to rise. Risk assets will fall further early this week, with cross-asset volatility going up."
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