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It was really only a matter when, not if, tariff fears cast a pall over Wall Street and global markets again, and so it proved on Wednesday as investors braced for U.S. President Donald Trump's latest announcement on auto tariffs. Earlier, British finance minister Rachel Reeves delivered an update on the country's fiscal and economic health, and as I will explore below, it's a challenging outlook for sterling and UK bonds. Tech is the worst-performing sector inthe S&P 500, losing 2.5%, and with tariff and inflation fearsflaring up, consumer cyclicals lose 1.7%.

The S&P 500 fell 1.1% on Wednesday, March 26, 2025, as tech stocks faltered and the White House prepared to announce tariffs on car imports.

Barclays analysts on Wednesday became the latest to cut their projection for the S&P 500, citing the uncertainty around the Trump administration's tariffs and their potential impact on the U.S. economy.

(Bloomberg) -- Jefferies Financial Group Inc.’s fiscal first-quarter earnings declined amid a drop in investment-banking and capital-markets revenue, with activity hurt by uncertainty around US policy and geopolitics. Most Read from BloombergThey Built a Secret Apartment in a Mall. Now the Mall Is Dying.Why Did the Government Declare War on My Adorable Tiny Truck?How SUVs Are Making Traffic WorseTrump Slashed International Aid. Geneva Is Feeling the Impact.Paris Votes to Make 500 More Streets Ca

Customer experience solutions provider Concentrix (NASDAQ:CNXC) met Wall Street’s revenue expectations in Q1 CY2025, but sales fell by 1.3% year on year to $2.37 billion. The company expects next quarter’s revenue to be around $2.38 billion, coming in 0.6% above analysts’ estimates. Its non-GAAP profit of $2.79 per share was 7.8% above analysts’ consensus estimates.

Office furniture manufacturer Steelcase (NYSE:SCS) met Wall Street’s revenue expectations in Q1 CY2025, with sales up 1.7% year on year to $788 million. The company expects next quarter’s revenue to be around $772.5 million, coming in 3.7% above analysts’ estimates. Its non-GAAP profit of $0.26 per share was 26.2% above analysts’ consensus estimates.

Office furniture manufacturer MillerKnoll (NASDAQ:MLKN) missed Wall Street’s revenue expectations in Q1 CY2025, with sales flat year on year at $876.2 million. Next quarter’s revenue guidance of $930 million underwhelmed, coming in 3% below analysts’ estimates. Its non-GAAP profit of $0.44 per share was in line with analysts’ consensus estimates.

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Pet-focused retailer Petco (NASDAQ:WOOF) met Wall Street’s revenue expectations in Q4 CY2024, but sales fell by 7.3% year on year to $1.55 billion. On the other hand, next quarter’s revenue guidance of $1.49 billion was less impressive, coming in 4.2% below analysts’ estimates. Its GAAP loss of $0.05 per share was significantly below analysts’ consensus estimates.

Nvidia stock sank after the Financial Times reported Chinese regulators are encouraging firms to use data center chips that meet strict environmental requirements. The guidelines exclude Nvidia's H20 chip, its processor compatible with US export controls for the Chinese market.