The U.S. unveiled sweeping new trade measures, including a 35% tariff on Canadian imports and penalties targeting other key partners, triggering a drop in equity futures across both U.S. and European markets.

During this turmoil, the U.S. dollar strengthened against major peers, lifted by risk aversion, resilient labor market data, and modest gains in Treasury yields. Investors sought safety in traditional hedges: gold hovered near recent highs, while silver broke above $37, fueled by dovish signals from the Fed minutes and fading dollar strength.

Commodities reflected the shifting sentiment. Oil prices bounced, with WTI reclaiming the $67 level and Brent near $68.90, as fresh Houthi attacks in the Red Sea reignited supply fears. Still, gains were tempered by OPEC's downward revision of global demand, particularly in China, and renewed worries over trade’s drag on economic growth.

Check out today's market analysis below for more updates.