1️⃣ Weak economic data raises recession concerns💥✅

U.S. GDP unexpectedly shrank by 0.3% in the first quarter, while the market expected a 0.4% increase. In addition, the ADP report showed that private sector jobs increased by only 62,000 in April, far below the expected 115,000, indicating a slowdown in the labor market and heightened concerns about a recession.

2️⃣ Disappointing tech company earnings

Several large tech companies released disappointing earnings reports, causing their stock prices to fall sharply. For example, AMD fell nearly 20%, Nvidia fell 4%, and Tesla fell 6%. These poor earnings results deepened concerns about the future prospects of the technology industry.

3️⃣ Uncertainty in trade policy✅

👉Former President Trump recently⏩announced a new round of tariffs, sparking concerns about an escalation in the trade war. In response, Canada announced a 25% retaliatory tariff on American cars that do not comply with the United States-Mexico-Canada Agreement (USMCA), further exacerbating the uncertainty of the global trade situation.