03-04-2025
- Business
- Wall Street Journal
Investors Scramble to Position for Trump's Tariffs
Investors across Wall Street found themselves caught off guard by Trump's tariffs, which were far worse than many anticipated.
Many of them rushed to rejigger portfolios early Thursday, driving sharp swings in everything from big technology stocks to ultrasafe Treasurys and oil prices. The S&P 500, now down around 11% from its record high, and is on track to close at a new 2025 low.
Investors often know how to navigate most market-moving events, like a Federal Reserve meeting or a report on inflation. The tariffs have been different.
'I'm bewildered,' said Sarah Ketterer, chief executive and portfolio manager at Causeway Capital Management. 'We're sailing into some seriously uncharted waters.'
Money managers said they were growing more pessimistic about the economy after the Wednesday announcement, and were struggling to gauge how countries around the world would respond.
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