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S&P 500 posts worst quarterly performance since 2022 amid Trump tariff uncertainty
The S&P 500 recorded its worst quarterly performance since 2022 on Monday, with Reuters attributing the slump to ongoing uncertainty about US President Donald Trump's trade policies. The tariff concerns weighed heavily on US equity markets throughout the first quarter.
The S&P 500 dropped 4.6% last quarter, dragged down primarily by a tech sector selloff. Tesla and Nvidia led the declines, plunging 36% and 20% respectively. Despite this, most of the index's eleven sectors posted gains, led by energy's 9.3% increase.
Due to tariff uncertainty, Goldman Sachs has raised the probability of a US recession from 20% to 35% while cutting its year-end S&P 500 target to 5,700. The bank also anticipates more interest rate cuts by the Federal Reserve.
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