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The number of Americans seeking unemployment benefits fell modestly last week, remaining within the same range of recent years. Jobless claim filings fell by 6,000 to 219,000 for the week ending March 29, the Labor Department said Thursday. Weekly applications for jobless benefits are considered a proxy for layoffs, and have remained mostly in a range between 200,000 and 250,000 for the past few years.

Bessent appears to be more interested in bringing down borrowing costs to stave off a potential sovereign debt doom loop than in the $1.5 trillion drop in equities.

News of the day for April 3, 2025

Trump’s sweeping tariffs have sent tech stocks tumbling.

Shares of surprise tariff avoiders like pharmaceuticals and drinks firms and rate-sensitive stocks such as real estate were among the few to post gains in Europe on Thursday, as fears of a global recession sent wider markets tumbling. The broad STOXX 600 dropped to its lowest in two months and was last down 1.2%, but U.S. index futures fell more, around 3%, as President Donald Trump’s drastic trade tariffs sent investors out of stocks into the safety of bonds and gold. Among the gloom in the stocks world, surprise bright spots appeared, particularly in those sectors where investors had been bracing for high tariffs, but did not see their worst fears materialise.

(Bloomberg) -- President Donald Trump’s shake-up of the global trading system is hurting US assets more than those in many of the big economies he has just slapped with additional tariffs.Most Read from BloombergMetro-North Is Faster Than Acela on NYC-New Haven Route After Signal UpdatesLondon Clears Final Hurdle for More High-Speed Trains to EuropeLocal Governments Vie for Fired Federal WorkersChicago School District Agrees to Minimum 16% Teacher Pay RaiseUS equity index futures tumbled more th

Global stocks are slumping Thursday after President Donald Trump imposed sweeping reciprocal tariffs on U.S. trading partners that were worse that investors expected and raised fears of a growing trade war.