Morgans AM - Wednesday, 9 April 2025

A late session slide erased earlier strong gains on US equity markets to cap another volatile session after Beijing vowed to "fight to the end" in response to President Trump's threat of imposing new 50% tariffs unless China rapidly removed its retaliatory measures - Dow settled -320-points or -0.84% lower, having been up as much as +1,461-points or +3.85% at its session peak – marking the biggest erased percentage gain since April 2020. Apple Inc (down -4.98%) extended its decline into a fourth straight session, with White House press secretary Karoline Leavitt saying that President Trump “absolutely” wants iPhones to be manufactured in the U.S. (the company currently assembles a large majority of its products in China). The Times of India reported that Apple transported five planes full of iPhones and other products from India to the US in just three-days during the final week of March to avoid a 10% reciprocal tariff that took effect on 5 April. Nike Inc (-4.21%) also fell over >4%. Nvidia Corp (fell -1.37%)