The S&P 500 is down nearly 10% in two trading days, with futures tumbling ahead of Monday’s market open, following the announcement last week of reciprocal tariffs as high as 49% on U.S. trading partners.
Equity markets fell another 4% to 5% Friday, after China announced 34% retaliatory tariffs on U.S. exports. Friday’s drop came on the heels of a rout on Thursday that produced the worst one-day losses since 2020 as uncertainty set in.
A flight-to-quality trade pushed investors to U.S. Treasuries, driving the yield on the 10-year bond below 4% for the first time since early October.
In a note to clients, Wedbush Securities analyst Daniel Ives warned that the announced tariffs could set the U.S. tech industry back a decade, while reducing tech earnings by at least 15%, raising costs by nearly 50% for consumers.
“The economic pain that will be brought by these tariffs are hard to describe and can essentially take the U.S. tech industry back a decade in the process while China steamrolls ahead,” Ives wrote.“50% China tariffs, 32% Taiwan tariffs, would essentially cause a shut-off valve from the U.S. tech landscape and in the process cause [the price of] every electronic to go up 40%-50% for consumers.”
The automotive industry is also expected to be hit hard by tariffs. With a separate 25% tariff on automotive imports already in effect, Cox Automotive, which runs AutoTrader and Kelley Blue Book, said it anticipates higher prices, lower new vehicle sales and less availability of cheaper cars, which in turn will increase the prices of used cars.
Deutsche Bank expects used car prices to increase between 7% and 19%, and while obviously not good for consumers, the bank sees a silver lining for downstream companies like rental and used car companies, which could benefit from higher prices on resale vehicles.
The tariffs also are producing headwinds for the retail sector, according to Deutsche Bank.
“Our key take from Wednesday’s announcement is that tariffs will likely pose a significant profitability headwind to virtually the entire U.S. retail sector. While there was uncertainty around the magnitude of tariffs and the list of countries heading into the announcement, we think the outcome—and broad-based nature of the tariffs— was far worse than expected,” wrote Deutsche Bank analyst Krisztina Katai.
The Trump administration is also considering more sector-specific tariffs, including on semiconductors, pharmaceuticals, and other critical minerals, according to J.P. Morgan Asset Management.
The Winners
But which sectors can be defensive against a trade war? “Health care services, which includes hospitals and residential care facilities, are supporting employment growth [and are] likely less sensitive to tariffs,” said Jeffery Roach, economist at LPL Financial, in a report.
J.P. Morgan Asset Management wrote that domestically oriented companies and companies that are service-oriented and that have higher pricing power are likely to fare better.
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Allspring Global Investments, announced that Kate Burke will assume the role of chief executive officer, effective July 1, 2025. She has served as president since 2023 and is a director on the company’s board. Once Burke takes the reins as CEO, current CEO Joe Sullivan will continue to serve as executive chair of the board.
Prior to joining Allspring, Burke served as the chief operating officer and chief financial officer at AllianceBernstein.
“Since joining the team in 2023, Kate has established herself as a skilled leader who combines deep experience in asset management and an understanding of the power of people to build culture and deliver results. She has a strong client orientation, a passion for operational excellence, and a focus on maintaining strong investment performance. I am proud to pass the torch to her as she leads Allspring into the future,” Sullivan said, in a statement.
Wellington Management Names Head of US Wealth
Wellington Management named Christina Kopec Rooney as the head of U.S. Wealth, based in New York. She will lead Wellington’s efforts to enhance its offerings for the wealth channel and drive growth in the U.S. market.
Rooney joins Wellington from Goldman Sachs Asset Management (GSAM), where she served as managing director and head of commercial and digital strategy for global third-party wealth.
“We are thrilled to welcome Christina to Wellington,” said Scott Geary, vice chair and head of global wealth at Wellington Management, in a statement. “Her extensive experience and proven track record in the asset management industry make her well-suited to drive our U.S. wealth strategy forward. We are confident that Christina’s leadership will help us deliver value to our clients and further grow our presence in the US wealth market.”
Penelope Adds Wagner, Crain and Kottler to Advisory Team
Retirement services platform Penelope added three senior advisors to its team: Marcia Wagner, founder of The Wagner Law Group; Kevin Crain, executive director of the Institutional Retirement Income Council; and Lisa Kottler, partner in strategic growth and innovation at KWP
“There are 34 million businesses in the U.S., yet only around 700,000 offer a 401(k)—leaving the vast majority of employees underserved,” said Jean Smart, CEO and founder of Penelope. “As states roll out new retirement mandates, [small and medium businesses] are looking for trusted partners to navigate the changes. The addition of Marcia, Kevin and Lisa to our team could not come at a better time. Their deep expertise will help us continue to expand our retirement platform, powered by a modern tech stack that takes advantage of AI. Together, we’re delivering innovative, compliant, and easy-to-use solutions that empower businesses and their employees to build a better financial future.”
WTW Makes Health, Wealth & Career Appointments
WTW announced appointments on its Health, Wealth & Career leadership team, following the retirement of Marco Boschetti as global leader of retirement.
Imran Qureshi
Imran Qureshi took over from Boschetti as retirement business leader on April 2. Emory Todd will succeed Qureshi as the integrated and global solutions business leader and Michelle Acciavatti will replace Todd as North America HWC leader.
Qureshi brings more than 25 years of client and leadership experience to the retirement business. With an actuarial background and extensive multinational work, he understands the environment and opportunities for organizations in the retirement space. Qureshi will continue to hold his role as WTW’s North America leader and sit on the company’s executive team.
Emory Todd
Todd, who has also been with WTW for more than 25 years, has held consultancy and leadership roles in the work and rewards business, served as the HWC growth leader for North America and led the company’s U.S. West region. He will bring his knowledge of client issues and his ability to make connections across HWC businesses to the IGS leadership position.
Michelle Acciavatti
Acciavatti, who is an actuary and has been with WTW for more than 30 years, has held client relationship manager and leadership roles, most recently as WTW’s Midwest Region reader. As North America HWC leader, Acciavatti will be responsible for driving revenue growth across the geography, bringing new solutions to market and ensuring clients benefit from the full value of HWC insights and offerings.
Rick Sherwood will succeed Acciavatti as WTW’s Midwest Region leader alongside his role as North America leader of the IGS business. Sherwood will bring his track record of growing client relationships to his dual role where he will support both market growth in the Midwest and growth of the IGS business in North America.
Qureshi, Todd and Acciavatti are based in the U.S. and will all serve on the HWC Global Leadership team, reporting to Julie Gebauer, president of health, wealth and career.
PBGC Attorney Camille Castro Joins The Wagner Law Group
Camille Castro has joined The Wagner Law Group’s Washington, D.C. office as of counsel. With more than a decade of experience in pension and employee benefits law, Castro comes to the firm after working at the Pension Benefit Guaranty Corporation.She brings brining a unique understanding of federal pension insurance programs and the intricacies of government regulations that impact plan sponsors, fiduciaries, and participants, the law firm said.
In her role at the PBGC’s Office of the Advocate, Ms. Castro served as a liaison between participants, plan sponsors and the PBGC. She assisted plan sponsors in resolving disputes with the agency involving distress terminations, post-termination negotiations, PBGC premiums, standard terminations, and other issues arising under Title IV of ERISA.
She also advised participants with benefit entitlement claims, questions about PBGC policies and procedures, and other complex benefits administration questions. She created the PBGC Office of the Advocate’s Pension Plan Tracing Service, designed to assist participants with historical pension plan research and related benefit claims and served as technical point of contact for a study commissioned by the advocate on pension plan de-risking.
Employee Fiduciary Names Cindy Dash President
Cindy Dash
Cindy Dash has been appointing president of retirement plan provider Employee Fiduciary. Dash comes joined to the company after a long tenure at Broadridge.
“Cindy’s extensive leadership experience in scaling operations and technology platforms makes her the ideal person to lead Employee Fiduciary into its next phase of growth,” saidEric Droblyen, CEO of Employee Fiduciary, in a statement..“Her expertise aligns perfectly with our mission to provide high-quality, transparent, and low-cost 401(k) plans and our future growth plans into new markets. We’re continuously investing in improvements—like ourrecent website redesign—to better serve businesses and advisers. I am excited to welcome Cindy to the team and look forward to the impact she will have on our clients and company.”
Oliver Nisenson to Join PGIM Fixed Income as Head of Asset-Based Finance
Oliver Nisenson is joining PGIM Fixed Income as head of asset-based finance, effective May 15. In this newly created role, he will be responsible for oversight and leadership of the firm’s global private ABF platform within its $131 billion securitized products business.
Joining PGIM Fixed Income from Blackstone Credit and Insurance, Nisenson will report to Gabriel Rivera and Edwin Wilches, co-heads of securitized products.
“PGIM has been a leading investor in both the public and private asset-based finance markets for more than 30 years. As such, we believe we have a unique value proposition to offer clients as the divide between public and private fades and client demand for asset-based financing and tailored investment solutions accelerates,” said John Vibert, president and CEO of PGIM Fixed Income, in a statement. “We are excited to welcome Oliver to lead and expand our private ABF team. His expertise in this space will be valuable to our team and to our clients.”
Alan Synnott Joins Mercer as Global Head of Real Assets
Alan Synnott
Mercer appointed Alan Synnott as global head of real assets in its wealth practice, reporting to Hooman Kaveh, global chief investment officer. Synnott joins Mercer from BlackRock, where he served as managing director and global head of product strategy for real assets.
Synnott will be based in Dublin and will work closely with Mercer’s global investment platform, global alternatives and regional investment teams.
“It is a privilege to join Mercer and work alongside a global team of experts across infrastructure, real estate and natural real assets,” said Synnott in a statement. “These strategies are playing an increasingly central role in the portfolios of large asset owners, serving as a potential source of capital growth, income, diversification and stability. I look forward to being a partner to our clients as we tailor strategies to meet their objectives.”
Principal Asset ManagementAppoints Matthew Peron as Deputy CIO of Equities
Matthew Peron
Principal Asset Management appointed has namedMatthew Peron as deputy CIO of equities and portfolio manager, a newly established leadership role.
Peron will serve as a strategic partner to George Maris, chief investment officer and global head of equities, and other senior leaders across global equity strategies to provide investment leadership, drive innovation, and advance portfolio outcomes to elevate overall client outcomes, the company said. Peron will also be co-portfolio manager for the firm’s international equity strategies, including the international equity, diversified international, and European portfolios, comprising $26 billion in assets under management.
“We are excited to welcome Matthew Peron to our team. His deep expertise across equities and investment leadership will advance our high-performance culture and strengthen our ability to deliver exceptional investment outcomes for clients across our global portfolios,” said Maris, in a statement.
