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The U.S. dollar weakened against safe-haven currencies including the yen and the Swiss franc while the euro strengthened on Wednesday as markets grappled with tit-for-tat measures by major countries in response to U.S. tariffs. President Donald Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including massive 104% duties on Chinese goods. EU countries also approved on Wednesday the bloc's first countermeasures against U.S. tariffs.

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Firms that deal with housing products are facing a major EPS hit from the trade war, Bank of America wrote Tuesday.

SEOUL (Reuters) -South Korean battery maker Samsung SDI, is cutting by 14% the price of new shares it will sell to raise 2 trillion won ($1.4 billion), as the global markets' selloff triggered by U.S. tariff fears hit corporate deals across Asia. Samsung SDI indicated on Wednesday it plans to sell its new shares at 146,200 Korean won ($98.41) each, down from the 169,200 won announced last month. A growing number of deals are being impacted by the volatility sweeping global markets in the aftermath of U.S. President Donald Trump's tariffs package.

Shares of cannabis company Tilray Brands (NASDAQ:TLRY) fell 19.7% in the afternoon session after the company reported weak fiscal third-quarter 2025 results that missed analysts' sales and EBITDA estimates, signaling ongoing challenges in growing its top line.

Shares of fast food chain El Pollo Loco (NASDAQ:LOCO) jumped 15.3% in the morning session after Biglari Capital offered to acquire the company. Reports revealed LOCO was evaluating the proposal, indicating that a deal was likely to be done. Importantly, Biglari already held approximately 15% of LOCO's shares, making it a significant stakeholder with vested interest in the company's direction.

Goldman Sachs expects a 30% decline in the stock market, which would send the S&P 500 to about 4,300, or 18% lower from current levels.

The benchmark index fell 1.6% on Tuesday marking a $5.8 trillion loss in market value since President Donald Trump unveiled hefty global tariffs against U.S. trading partners on Wednesday. Because I think things are very seized up, meaning things are not moving because the businesses, especially, don't know what decisions to make.

Stocks spiked Tuesday, with news of possible trade deals between the US and other countries helping investors claw back some of the worst losses since 2020.

The S&P 500 fell 1.6% on Tuesday, April 8, 2025, as investors braced for new tariffs to take effect.