Nowhere to Run…

The S&P 500 tested the 5,500 level again on Monday before a slight bounce. If this breaks lower, it's uncertain where the next level down takes us.

Market outlook:

• Treasury yields fall to six-week lows with 10-year down 8bps to 4.15%; markets shift focus to growth concerns as hedge funds position short equities and long Treasuries

• Oil holds gains with WTI above $71 after Trump threatens "secondary tariffs" on Russian crude buyers

• Gold hits fresh record at $3,160 per ounce as central banks and investors seek safe havens

• Berkshire Hathaway (BRK.A) is preparing to issue new yen bonds, the first since October's offering. This follows Buffett's pledge to increase Japanese trading house investments.

• China halts Hong Kong-based CK Hutchison's $23B port sale to BlackRock (BLK) consortium; April 2 deal likely to be missed amid rising US-China tensions.

Dear Reader:

Markets are on edge heading into tomorrow’s announcement, with futures down again in premarket as traders brace for what Trump is calling “Liberation Day.” This morning, the Washington Post reported 20% tariffs on most imports, but nothing was certain until Trump said it. We’ve seen p…