[True Insight Institution View] US stocks retreated across the board under tariff impact, Stock Connect (for Hong Kong) continues to be suspended on Monday.

Market Commentary

Last night, U.S. stocks experienced a broad pullback under the impact of tariffs, with the S&P 500 index closing down about 1.0% and the Dow Jones Industrial Average falling over 1.7%, or about 800 points. This reflects a swift shift in market sentiment from the previous optimism about the Supreme Court overturning some of Donald Trump's tariffs to concerns over the new round of trade uncertainty brought by his weekend announcement of a "uniform increase of benchmark tariffs to 15%". The EU took a tough stance, stating "a deal is a deal," and demanded clarification from the U.S. administration on subsequent arrangements. Meanwhile, U.S. Customs stopped collecting the overturned tariffs, indicating that the interplay between the executive and judicial branches, as well as with counterparties, will be difficult to sort out in the short term.

The Stock Connect for Hong Kong shares will remain suspended on Monday.

Source: KGI Securities