Tariffs Take Markets for a Wild Ride

A recent article from Forbes Magazine highlighted the dangers of AI-Driven Phishing and Deep Fakes.

The following resources are intended to help you protect yourself from these and other digital threats. They include insights from the National Council on Aging, Incode, J.P. Morgan, and the Internet Crime Complaint Center (IC3), each providing valuable perspectives on how deepfakes are being used to perpetrate fraud. 

Resources:

• Understanding Deepfakes: What Older Adults Need to Know - National Council on Aging: https://www.ncoa.org/article/understanding-deepfakes-what-older-adults-need-to-know/
• What Are AI Scams? A Guide for Older Adults - National Council on Aging: https://www.ncoa.org/article/what-are-ai-scams-a-guide-for-older-adults/
• Top 5 Cases of AI Deepfake Fraud From 2024 Exposed | Blog - Incode: https://incode.com/blog/top-5-cases-of-ai-deepfake-fraud-from-2024-exposed/
• AI Scams, Deep Fakes, Impersonations … Oh My - J.P. Morgan: https://www.jpmorgan.com/insights/fraud/fraud-protection/ai-scams-deep-fakes-impersonations-oh-my
• Criminals Use Generative Artificial Intelligence to Facilitate Financial Fraud: https://www.ic3.gov/PSA/2024/PSA241203

Stay informed and protect yourself by understanding the latest developments in this evolving threat landscape.

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Stocks continued their slide through a volatile week. U.S. trade policy drove much of the market’s movement, broadening investors' concerns about economic growth and inflation.

The Standard & Poor’s 500 Index declined 3.10 percent, while the Nasdaq Composite Index dropped 3.45 percent. The Dow Jones Industrial Average slid 2.37 percent. By contrast, the MSCI EAFE Index, which tracks developed overseas stock markets, rallied 2.85 percent.^1,2

Tariffs Take Effect

Big price swings and tariff uncertainty loomed over the entire week. Stocks opened lower out of the gate after the White House confirmed the planned 25 percent tariff on Mexican and Canadian goods would go forward. Soft manufacturing and construction data also put broad downward pressure on markets. Meanwhile, European stocks continued to rally on anticipated defense spending.³

Stocks fell further as tariffs affected Canada, Mexico, and China. Each country announced retaliatory tariffs of their own, further fanning inflationary fears among investors. By Tuesday's close, all three averages were down 3 percent on the week, and the S&P had given up its post-election gains.⁴

Markets rebounded midweek after the White House announced a one-month reprieve from tariffs for North American automakers complying with the existing United States-Mexico-Canada Agreement (USMCA). The recovery rally built momentum as the administration hinted that exemptions for other sectors could follow.⁵

However, as trade policy fatigue rose again, the rebound reversed—despite the White House pausing more tariffs on Canadian and Mexican imports until April 2. Comments from the Treasury secretary defending U.S. tariffs and downbeat economic reports put further pressure on share prices. The Nasdaq entered correction territory, and for the first time in five years, the S&P 500 hit its sixth consecutive day of +/-1 percent price swings.⁶

Stocks continued to fall after an underwhelming February jobs report. Later, markets rebounded after Federal Reserve Chair Jerome Powell said that the economy “continues to be in a good place” and that the Fed was holding firm on current rates. The S&P, Dow, and Nasdaq all finished Friday in the green despite being down for the week.⁷

Under the Hood

The Institute for Supply Management (ISM) published fresh manufacturing data on Monday. Although headline numbers were decent, a closer look revealed that new orders dropped in January from a years-long high into correction territory while deliveries and prices paid jumped.⁸

This Week: Key Economic Data

Tuesday:  Job Openings. NFIB Small Business Optimism Index.

Wednesday:  Consumer Price Index (CPI). Federal Budget. Treasury Announcement.

Thursday:  Producer Price Index (PPI). Initial Jobless Claims.

Friday:  Consumer Sentiment.

^{Source: Investors Business Daily - Econoday economic calendar; March 7, 2025
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.}

This Week: Companies Reporting Earnings

Monday:  Oracle Corporation (ORCL)

Wednesday:  Adobe Inc. (ADBE)

^{Source: Zacks, March 7, 2025. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.}

“Surround yourself with people only who are going to take you higher."

– Oprah Winfrey

Once upon a time, the villagers noticed that the days seemed to slip away too quickly. Their elder, Althea, explained that the Earth’s tilt made days longer in summer and shorter in winter. They needed a way to better align their time with the sunlight.

A clever inventor, Ezra, suggested changing the clocks twice a year: moving them forward in spring and back in fall. This, calleddaylight saving time, would give people more sunlight in the evening to work and enjoy outdoor activities.

Though initially unsure, the villagers soon saw the benefits. They had longer days in summer for work and more restful nights in winter. Over time, the practice spread, helping people make better use of daylight and balance their daily lives.

Are Medical and Dental Expenses Tax-Deductible?

If you file your taxes using itemized deductions, you may be able to deduct medical and dental expenses for yourself, your spouse, and your dependents. According to the IRS, you may deduct only the total medical expenses exceeding 7.5% of your adjusted gross income.

Some types of medical care expenses that may be deductible include:

• Payments for the diagnosis, cure, treatment, and prevention of a disease
• Payments to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and nontraditional medical practitioners
• Paying for inpatient hospital care or nursing home care
• Fees associated with inpatient treatment for alcohol or drug addiction
• Payments to participate in a weight-loss program for a specific disease diagnosed by a doctor (such as obesity)

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional. 

Tip adapted from IRS⁹

Perfect Your Pigeon Pose

If you sit a lot at work or have tight hips, the pigeon pose (a popular pose in yoga) might help. It’s a simple pose that anyone can do, even if you don’t have experience practicing yoga. Here’s how to do it:

• First, start on all fours with your hands shoulder-width apart and your knees hip-width apart.
• Next, bring your right knee close to your right wrist and get your shin parallel to the mat's top.
• Then, bring your left leg back behind you and rest on the mat with your thigh, knee, and shin touching it.

Some find sitting in this pose with their chest upright enough. To increase the intensity of the pose, they lean forward, rest their forearms on the mat, and rest their heads on their hands.

Tip adapted from Healthline¹⁰

What binds two people together yet touches only one person at a time?

Last week’s riddle: Lidia immediately went bankrupt after the car she was pushing around stopped in front of a hotel. It sounds sad, but she wasn’t upset. What was she doing?
Answer: She was playing Monopoly.

Lady Franklin Fjord Polar Bear  
Nordaustlandet, Svalbard, Norway

Footnotes and Sources

^{1. The Wall Street Journal, March 7, 2025}

^{2. Investing.com, March 7, 2025}

^{3. The Wall Street Journal, March 3, 2025}

^{4. CNBC.com, March 4, 2025}

^{5. CNBC.com, March 5, 2025}

^{6. CNBC.com, March 6, 2025}

^{7. MarketWatch.com, March 7, 2025}

^{8. The Wall Street Journal, March 4, 2025}

^{9. IRS.gov, September 26, 2024}

^{10. Healthline, October 3, 2024}