Bear Market

Wall Street got mauled last week.

President Trump’s fresh batch of tariffs—and China’s announcement of a 34% retaliatory tariff on all U.S. products—spooked investors. The Nasdaq slipped into bear territory Thursday (meaning it’s down 20% from its peak); the S&P 500 posted its worst week since 2020; and the Dow fell more than 1,500 points on two consecutive days for the first time ever. In total, over $6T in value was lost.

Fed Chairman Powell said the tariffs’ economic impacts will likely be “significantly larger than expected” and cause “at least a temporary rise in inflation.” For now, the Fed is maintaining its wait-and-see approach on interest rates; Trump urged Powell to “stop playing politics” and cut rates immediately.

Meanwhile, the U.S. added a better-than-expected 228,000 jobs in March; unemployment ticked up to 4.2% (from 4.1%).

RADIATE HOPE
No matter what happens to the economy, God will remain in control. In the midst of uncertainty on earth, set your hope on the abundance we will enjoy with Christ when he comes.

“Blessed be the God and Father of our Lord Jesus Christ. Because of his great mercy he has given us new birth into a living hope through the resurrection of Jesus Christ from the dead and into an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you.”
1 Peter 1:3-4 (CSB) (read full passage)