1 April | S&P 500

Piper Sandler analyst says US stocks could gain bullish momentum from Trump's tariff announcement

Piper Sandler analyst says US stocks could gain bullish momentum from Trump's tariff announcement

The US stock market began to recover from a significant drop driven by expectations of the introduction of new import tariffs on April 2. The S&P 500 Index rose slightly after falling more than 1.5% in early trading on Monday.

According to Craig Johnson of Piper Sandler, such momentum may be a sign of a double bottom pattern in the market. This would mark the end of the current downtrend and the beginning of a new uptrend. Technical data supports the likelihood of such a scenario, Johnson says.

Last week's trading volume across the NYSE, Nasdaq and American Exchange was at its lowest level since the week ended January 14. Investors are in a wait-and-see mode ahead of Donald Trump's announcement on tariffs, and this creates uncertainty in the market, the analyst notes.

Johnson believes that the American president's speech on April 2 will remove this uncertainty, attract investors back to the stock market and increase the securities’ prices. He adds that April is traditionally a bullish month for the S&P 500.

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