Key Takeaways
- Trump doubled tariffs on Indian imports to 50%, escalating trade tensions over New Delhi’s purchases of Russian oil.
- U.S. stocks advanced, with the S&P 500 hitting a record high on expectations of a Federal Reserve rate cut.
- Oil prices climbed more than 1% after U.S. crude inventories fell.
- Bitcoin held above $112K, Solana surged past $200, and gold edged higher as investors weighed geopolitical risks.
Geopolitics & Market Sentiment
On August 28, 2025, markets recorded gains as optimism for a Federal Reserve rate cut lifted U.S. equities to new highs, even as President Donald Trump’s decision to impose a sweeping 50% tariff on Indian imports rattled global trade sentiment and raised fresh concerns about inflationary pressures.
On the diplomatic front, Trump’s tariffs on India, which doubled from 25%, came into effect just after midnight in Washington, punishing New Delhi for its continued purchases of discounted Russian oil.
The White House has argued that such flows indirectly help fund Russia’s war in Ukraine, but analysts warned the move could inflict lasting damage on U.S.–India relations, slash billions from Indian exports, and drive the country closer to alternative trade partners.
These measures leave India facing some of the steepest U.S. duties worldwide, alongside Brazil, and marks one of the sharpest breaks in bilateral ties in decades.
On the economic front, Wall Street showed resilience as the S&P 500 touched a fresh record high, fueled by investor confidence that the Fed will lower rates at its next meeting.
Meanwhile, U.S. Treasury yields retreated, falling to its lowest since May, reflecting bets on policy easing.
Nvidia posted stronger-than-expected quarterly revenue and raised its forecast for the next quarter. However, its shares fell 5% in after-hours trading as investors worried about high valuations.
Oil markets rebounded, with Brent rising 1.2% and WTI 1.4%, after U.S. crude inventories dropped more than expected, though traders weighed the impact of the India tariffs on global demand.
In Crypto, Bitcoin edged higher above $112,000 as traders positioned ahead of key U.S. inflation data later this week. Solana rose more than 6% to trade above $200 on institutional inflows, while Ethereum slipped below $4,600 despite continued strength in ETF demand.
Meanwhile, South Korea’s K Bank announced a partnership with BPMG to expand its global stablecoin operations, as the U.S. revealed its plan to start publishing GDP data on blockchain.
Additionally, JPMorgan invested $500 million in Numerai’s AI-driven hedge fund, while Metaplanet unveiled a new plan to raise $880 million, with $845 million earmarked for additional Bitcoin purchases.
Price movements
Global Indices
- S&P 500 Index (SPX): 6,481.41 (+0.24%)
- Dow Jones Industrial Average (DJI): 45,565.23 (+0.32%)
- Nasdaq Composite (IXIC): 21,590.14 (+0.21%)
- Nikkei 225 Futures (NK2251!D): 42,490.0 (−0.02%)
- Euronext 100 (N100-D): 1,599.84 (+0.12%)
- FTSE UK 100 (FTSE-): 9,252.7 (−0.53%)
Major Stocks
- Nvidia (NVDA): 181.60 (−0.09%)
- Tesla (TSLA): 349.60 (−0.59%)
- Microsoft (MSFT): 506.74 (+0.94%)
- Meta Platforms (META): 747.38 (−0.89%)
- Apple (AAPL): 230.49 (+0.51%)
- Amazon (AMZN): 229.12 (+0.18%)
Commodities
- Silver (XAGUSD): 38.5630 (−0.05%)
- Gold (XAUUSD): 3,396.495 (+0.10%)
- WTI Crude Oil (USOIL): 63.85 (+0.87%)
- Brent Crude Oil (BRENT3!): 68.10 (−3.68%)
Forex
- U.S. Dollar Index (DXY): 97.700 (−0.05%)
- EUR/USD: 1.1636 (−0.02%)
- GBP/USD: 1.3489 (−0.06%)
- USD/JPY: 147.390 (+0.05%)
Cryptocurrencies
- Bitcoin (BTCUSD): 112,103 (+0.28%)
- Ethereum (ETHUSDT): 4,580.99 (−0.43%)
- Binance Coin (BNBUSDT): 864.45 (+0.09%)
- Solana (SOLUSDT): 207.92 (+5.16%)
- BTC Dominance (BTC.D): 58.18% (−0.04%)
Read More: U.S. to Begin Publishing GDP Data on Blockchain in Bid to Modernize Federal Statistics
