Global Markets Rally Amidst Turmoil As Traders Eye Relief Following $9 Trillion Tariff Sell-Off

Wall Street Looks to Rebound as Futures Rise After $9T Tariff Selloff, Bitcoin Outperforms Big Tech

Wall Street is poised to rebound from a brutal selloff on Monday, with futures pointing to a higher open on Tuesday. The Dow Jones Industrial Average plummeted by over 2,200 points, or 7.6%, on Monday, wiping out nearly $9 trillion in market value.

The sharp selloff was triggered by the White House announcing a 25% tariff on $200 billion worth of Chinese goods, sparking concerns about a global trade war. However, futures are indicating a reversal of fortunes, with the S&P 500 and Dow Jones Industrial Average set to open higher.

Bitcoin, which has historically been a safe-haven asset during times of market volatility, outperformed many big tech stocks on Monday. The cryptocurrency surged by over 10% to reach a new high above $12,000. Meanwhile, big tech stocks like Apple, Amazon, Google and Facebook suffered significant losses.

The rebound in futures is being driven by a combination of factors, including the Federal Reserve's commitment to keeping interest rates low, as well as the possibility of a trade deal between the US and China. The White House's announcement of a tariff on Chinese goods has been met with criticism from many quarters, including some lawmakers and business leaders.

Despite the rebound in futures, many investors remain cautious, citing the risks associated with a global trade war. The selloff on Monday was the worst since the 2008 financial crisis, and many are worried about the impact on the global economy.

In the meantime, bitcoin continues to defy expectations, with its surge above $12,000 sparking renewed interest in the cryptocurrency. The rise of bitcoin has been driven by a combination of factors, including its perceived store of value and its potential as a hedge against inflation.