| Company | Value | Change | %Change |
|---|
“The market remains wary of tariff headlines despite there still being little detail on what will be implemented,” said Skylar Montgomery Koning, a currency strategist at Barclays Plc told Bloomberg.
The dollar fell to a session low, down 0.7%, and both S&P500 and Nasdaq gained over a percent each.
An MSCI gauge for emerging market currencies gained 0.3% as of 2:20 pm local time in New York, according to a Bloomberg report. The safe haven appeal pushed the Japanese Yen up by as much as 1.1% to the US dollar, while the Canadian dollar touched a new high for the year.
The fresh threat of tariffs came hours before the Trump’s scheduled meeting with the Indian Prime Minister Narendra Modi where the two world leaders are expected to discuss bilateral trade including the levies on the mutual exports. Live updates here.
It was the best day for S&P500 in a month, which gained 1.83% on Jan 15. The yield on 10-year US Treasuries fell nine basis points to 4.53%.
Here’s how some of the marquee stocks performed in trade on Feb 13:
| Stock | Feb 13 |
| Nvidia | +3.2% |
| AppLovin (Best US tech stock of 2024) | +24% |
| Tesla | +5.9% |
| MGM Resorts | +17.5% |
| Arm Holdings | +8% |
| Robinhood | +11% |
The president signed a measure directing the US Trade Representative and Commerce secretary to propose new levies on a country-by-country basis. Trump also said he aims to offset non-tariff trading barriers like value-added taxes. Howard Lutnick, Trump’s nominee to lead the Commerce Department, told reporters all studies should be complete by April 1.
“On the surface, the several specific mentions of VAT definitely put a target on the Eurozone,” said Helen Given, a foreign-exchange trader at Monex. “But there is little information, though, on any specifics and no clarity.”
Despite Trump’s threat, the euro rose 0.7% to $1.0457, the strongest level since Jan. 30. The currency is up for a third session, its longest winning streak this year. The British pound advanced 0.9%. The Swiss franc was also among top performers in the Group of 10, rising 1.2% to trade at 0.9031 per US dollar.
“This announcement sounds again more like a negotiating tool more than an actual policy,” said Marco Oviedo, a strategist at XP Investimentos. “In the end, we will probably not see much in the way of tariffs.”
With inputs from news agencies
(Edited by : Sriram Iyer)
First Published: Feb 14, 2025 3:23 AM IST
