Finance
Wall Street fears Trump’s tariffs will wipe out 2024’s stock market gains
Stocks sank on Friday as the reality of an all-out trade war following President Trump’s sweeping tariffs set in, fueling Wall Street strategists’ worst fears about how far the S&P 500 (^GSPC) could fall in 2025.
Amid a $2.5 trillion wipeout in markets on Thursday, strategists had warned stock indexes could face further downside should the trade war escalate. On Friday morning, that fear became a reality.
Stock losses accelerated before the bell after China said on Friday it would impose additional tariffs of 34% on all US products from April 10 — matching the extra 34% duties imposed by Trump on Wednesday.
By 11 a.m. ET, The Dow Jones Industrial Average (^DJI) pulled back 3.5%, or about 1,400 points, on pace to close in correction territory. Meanwhile, the S&P 500 (^GSPC) sank about 3.8% as the broad-based benchmark was headed for its worst week since 2020. The tech-heavy Nasdaq Composite (^IXIC) also dropped 4.2%.
Friday’s losses extended a $2.5 trillion wipeout as markets digested President Trump’s launch of the most aggressive tariff plan in a century.
As of 12:38:15 PM EDT. Market Open.
^GSPC ^DJI ^IXIC
“If high tariff rates stay in place, negotiations are drawn out over a multi-month period and additional measures are taken with key trading partners, the risk of a recession/our bear case is likely to rise more materially,” Morgan Stanley chief investment officer Mike Wilson wrote in a note to clients on Thursday night. Wilson’s bear case projects the S&P 500 to end at 4,600, a level not seen on the benchmark index since December 2023.
The recent move in markets has already pushed some strategists to become less confident in stocks’ ability to rebound from the recent crash. In a note early Friday morning before China’s reciprocal tariffs were announced, RBC Capital Markets head of US equity strategy Lori Calvasina lowered her year-end S&P 500 target to 5,550 from a prior target of 6,200. That target of 6,200 had already been lowered from 6,600 less than a month ago.
“Our old bear case for the index this year has become our new base case,” Calvasina wrote.
As of Friday morning, it doesn’t appear the administration is backing down from its firm tariff stance. In a Truth Social post on Friday, Trump wrote, “MY POLICIES WILL NEVER CHANGE. THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!”
At this point, with the administration holding firm and other trade partners retaliating rather than negotiating, some on Wall Street don’t see the tariff turmoil ending anytime soon.
Read more: What Trump’s tariffs mean for the economy and your wallet
Regions Financial Corp. has completed its acquisition of Montgomery-based investment banking firm The Frazer Lanier Company, expanding its municipal finance and corporate investment banking services.
The Birmingham-based financial company announced Thursday that the acquisition has officially closed. Founded in 1976, Frazer Lanier provides investment banking services specializing in municipal and corporate securities and has served corporations, cities, counties and local boards throughout its history.
According to Regions, the acquisition is intended to strengthen the bank’s capital markets capabilities while enhancing services for public sector and institutional clients across its multi-state footprint.
Frazer Lanier has built its business by serving as an underwriter or placement agent for tax-exempt and taxable bonds, helping public entities and organizations access financing.
“Two of our top priorities at Regions Bank are strategically expanding our services and investing in top-tier banking talent,” John Turner, chairman, president and CEO of Regions Financial Corp., said in a news release. “By welcoming experienced bankers from Frazer Lanier to the Regions family, we are connecting Regions’ clients with even greater capabilities while advancing our long-term strategy for growth.”
As part of the acquisition, Frazer Lanier will be integrated into Regions Bank’s Capital Markets division within the company’s Corporate Banking group.
Brian Willman, head of Corporate Banking for Regions, said the two organizations share a similar approach to serving clients.
“Frazer Lanier has built trust by staying close to clients and helping them navigate important decisions,” Willman said. “Together, we can expand that model by bringing more ideas, more capabilities and more connectivity to clients across our markets.”
Regions said the acquisition will expand its municipal finance and investment banking capabilities, strengthen its services for cities, counties and other public entities, and provide clients with broader access to financing and capital markets solutions.
Financial terms of the acquisition were not disclosed.
MOBILE, Ala. (WALA) – A Mobile County grand jury has indicted the former finance director for the city of Semmes on ethics and theft charges.
Heather Renee Davis, who also previously served as city clerk for the city of Satsuma, faces a 12-count indictment. Ten of the counts are ethics violations.
Allegations
Prosecutors allege Davis improperly used her public positions in Semmes and Satsuma for personal gain, including misappropriating public money and resources.
Two counts accuse her of first-degree theft by deception involving amounts over $2,500. One count is tied to the city of Semmes and one to the city of Satsuma.
Arrest and bond
Jail records show Davis was arrested and later released after posting a $60,000 bond.
Copyright 2026 WALA. All rights reserved.
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