U.S. stocks rose after President Donald Trump temporarily suspended tariffs on Mexico and Canada but not China on Tuesday, providing a break from escalating trade tensions and helping major indexes end two days of declines.
Interestingly, the S&P 500 rose 0.72%, the Dow Jones Industrial Average jumped 0.3%, and the Nasdaq Composite gained 1.35%. Investors got a short-term boost when the tariff news broke.
However, Wall Street’s performance soured the mood. Alphabet’s fourth-quarter results fell 3.4%, while AMD’s data center sales also fell short of projections by 4%.
Meanwhile, global financial markets continue to monitor US trade policy. South Korea's Kospi Index jumped more than 1%, while Japan's Nikkei Index rose 0.1%. Not only that, China's CSI 300 Index could not escape the pressure, falling 0.6%.
On the other hand, the cryptocurrency market also experienced a decline, for example Bitcoin (BTC) touched a price of US$91,166 per coin and experienced a liquidation of US$2.10 billion before Trump announced tariffs on the 3 countries on Monday (03/02).
The next day, gold prices actually jumped due to rising geopolitical concerns. Gold prices reached US$2,854 per ounce, and touched a record high after Trump imposed new tariffs of 10% on Chinese imports.
-# Image Source: Reuters