US equity close: The shine wears off

The shine of the election has run into uncertainty about tariffs and elevated P/Es. Pretty much all the gains after the open on post-election morning are now gone and the S&P 500 is now threatening the opening gap while the Nasdaq has already taken a decent bite.

Trump’s cabinet picks are leaning heavily on “promises made, promises kept” and the market is wondering about the biggest promises: 60% tariffs on China, 10% across the board and mass deportations of 11m illegal immigrants.

Closing changes:

• S&P 500: -1.3%
• Nasdaq Comp: -2.2%
• DJIA: -0.7%
• Russell 2000: -1.5%
• Toronto TSX Comp: -0.7%

On the week:

• S&P 500: -2.1%
• Nasdaq Comp: -3.1%
• Russell 2000: -4.0%
• Toronto TSX Comp: +0.5%