The Daily

• US futures fell sharply after President Donald Trump’s new tariffs kicked off and China retaliated.
• Treasurys sold off as investors dashed for the safety of cash.
• Trump’s new tariffs have sparked global market volatility and economic concerns.

China’s decision to impose 84% tariffs on US imports sent US futures and European stock markets tumbling again on Wednesday.

 » Read more about: Wall Street set to open lower after China claps back with higher tariffs  »

U.S. President Donald Trump’s “reciprocal” tariffs on dozens of countries took effect on Wednesday, including massive 104% duties on Chinese goods, as the European Union prepared retaliatory measures, escalating a global trade war, opens new tab.

Trump’s punishing tariffs have shaken a global trading order that has persisted for decades, raised fears of recession and wiped trillions of dollars off the market value of major firms.

 » Read more about: S&P 500 nearing a bear market: Trump’s reciprocal tariffs spur market carnage as they take effect  »

 » Read more about: 10 Tips for Balancing Family, Finances and Freedom in Your Retirement  »

Amid rising investor interest in debt mutual funds as a safer alternative during volatile equity cycles, Banking and PSU Debt Funds have emerged as a consistent performer category. These funds primarily invest in debt instruments issued by banks, Public Sector Undertakings (PSUs), and Public Financial Institutions (PFIs), offering both stability and returns.

Banking and PSU debt funds are categorised as short-term debt funds that offer competitive returns with minimal risk.

 » Read more about: Looking for reliable mutual fund gains? Banking & PSU funds make the case; check details for 5 best funds  »

 » Read more about: What Do Trump's Tariffs Mean For the Federal Reserve's Fight Against Inflation?  »

 » Read more about: Wipro, Persistent Systems, Coforge, Infosys: IT stocks sink as Jefferies turns cautious  »

BofA lowered the firm’s price target on Teck Resources (TECK) to $53 from $64 and keeps a Buy rating on the shares. The BofA Commodities team has refreshed its price forecasts and sees “solid base metal fundamentals drowned-out by a challenging macro backdrop,” which conversely benefits gold and silver,

 » Read more about: Teck Resources price target lowered to $53 from $64 at BofA  »

According to author and psychologist Robert Cialdini, appealing to authority is one of the top methods of persuasion. The idea is that people are more likely to believe something endorsed by someone they view as a trustworthy expert.

When it comes to financial matters, few Americans carry as much weight of authority as Warren Buffett.

 » Read more about: What Does Warren Buffett Really Think About President Trump's Tariffs? Not What You Might Have Seen on Social Media.  »

 » Read more about: What would a US-China trade war do to the world economy?  »

Out of the 11 stock market sectors, energy is the best-performing year to date — up 7.9% at the time of this writing compared to a 5.1% decline in the S&P 500 (SNPINDEX: ^GSPC).

The move may come as a surprise, given that the U.S. benchmark oil price,

 » Read more about: Energy Stocks Are Soaring. 3 High-Yield Oil Stocks to Buy Now.  »