Morning Report 11 Apr 25: US stocks plunge as trade war escalates

After a historic rally, Wall Street has posted significant declines amid escalating trade tensions, as the Trump administration raised tariffs on Chinese imports for a second consecutive day. The S&P 500 gave back gains from its best single-day performance in 17 years, while technology stocks—especially in the semiconductor sector—suffered steep losses. Investor sentiment turned risk-averse, with many moving away from the US dollar in search of safe-haven assets. Gold surged 3.5%, while oil prices slipped lower. Closer to home, SPI futures suggest the ASX 200 is set to open lower on Friday.

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