Good morning from the Financial Times.
Today is Wednesday, March 12, and this is your FT news briefing.
US equities were all over the place on Tuesday and Nissan is paving the way for a new CEO.
Plus, Citigroup is trying to dominate the buy now, pay later field, but it's.
Kind of like, you know, Blockbuster trying to go into streaming, right?
This isn't their main business.
I'm Marc Filippino and here's the news you need to start your day.
It was like we saw two completely different stock markets yesterday.
In the first part of the day, The S&P 500 entered correction territory,
meaning it had fallen 10% since its peak that it hit less than three weeks ago.
The correction came after the US announced it would double the tariffs on steel and aluminum imports from Canada.
White House Press Secretary Caroline Levitt defended the moves.
First of all, when it comes to the stock market, the numbers that we see today,
the numbers we saw yesterday, the numbers we'll see tomorrow, are a snapshot of a moment in time.
And as President Trump has said, we are in a period of economic transition.
But Tuesday's market activities had a dramatic outcome.
Act 2.
By the closing bell, the S&P 500 had a major bounce back,
but still ended the day down 3/4 of a percent.
The rebound happened around the same time as the news that Ukraine is willing to sign a 30 day ceasefire with Russia.