Futures traders are navigating a minefield as new tariffs send shockwaves across equities, commodities and Treasuries.
Markets Hate Surprises — Especially This Big
Jim Cagnina, senior market analyst at NinjaTrader, isn’t surprised by the ripple effect. “Markets are inherently averse to uncertainty — especially at the scale we’re seeing with the new tariff regime,” he said in an exclusive interview with Benzinga.
With inflation, raw material volatility and global supply chain risks rising, the market’s mood has clearly shifted to “risk-off.”
The S&P 500 futures are already down nearly 15% from their February peak, and Treasuries are feeling the pressure too. “U.S. Treasuries are also selling off big time with the 10 year yield tapping 4.5% in overnight trading,” Cagnina noted, calling out the “48-basis-point move” seen last week, as one of the sharpest he’s seen in years.
As volatility hits the bond market, ETFs like the iShares 7-10 Year Treasury Bond ETF (NYSE:IEF) or ProShares UltraShort 20+ Year Treasury …