Day traders' after-market lounge April 9

Thanks afternoon crew. Ugly afternoon fade. Likely US bond market ructions rattling institutional investors.


End-of-day summary:

Aussie shares reversed most of yesterday's rebound as US tariffs came into effect, including a revised 104% cumulative tariff on Chinese imports.

The ASX 200 dropped 135 points or 1.8% to its fourth loss in five sessions since US President Donald Trump's "Liberation Day" reciprocal tariff announcement. The new tariffs on all trading partners kicked in at 2pm AEST.

Resource stocks led the retreat after crude prices hit four-year lows and iron ore touched multi-month lows. Santos, Rio Tinto and Fortescue all lost at least 4%. CSL was another major drag, falling 4.96% to its lowest since November 2023.

Defensive stocks resisted the sinking trade. Winners today included Healius, A2 Milk, Guzman Y Gomez and Insurance Australia Group.

US stock futures sank as a bond rout accelerated this afternoon, briefly sending the yield on 10-year US treasuries from around 4.3% to 4.5% in a matter of hours. Westpac's head of financial markets strategy Martin Whetton said the sharp intraday move "is not normal". S&P 500 futures were down 2.26% at the Australian market close.

US stocks swung from strong gains to losses overnight as the White House dashed hopes that compromises might be reached before the tariffs kicked in. The Dow finished 0.84% after being up as much as 3.9%. The S&P 500 shed 1.57%.