Wall Street takes a beating amid tariff uncertainty, Ukraine agrees to a weeks-long ceasefire, and New York Governor Kathy Hochul claims the prison strike is over after she fires striking correction officers. Get the facts first with Morning Wire.Old Glory Bank: Go to https://oldglorybank.com/wire today to open your account and put your money in the hands of people you can ACTUALLY trust.
Chapter 1: What is causing the turmoil on Wall Street?
Uncertainty and doubt are sending shockwaves up and down Wall Street as major stock indexes take a dive.
All of the models pointed to the market being overbought. And so some of this is simply rebalancing.
What has investors so spooked? And is this detox period just a phase?
I'm Daily Wire Editor-in-Chief John Bickley with Georgia Howe. It's Wednesday, March 12th, and this is Morning One. Ukraine agrees to a weeks-long ceasefire after peace talks with the U.S. and dueling drone attacks with Russia.
Today, people will die in this war. They died yesterday, and sadly, unless there's a ceasefire tonight, they'll die tomorrow. The president wants that to stop.
And New York's governor claims the wildcat prison strike is over after firing thousands of picketing corrections officers.
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Chapter 2: What are the key reasons behind the market dip?
Markets continued to fluctuate Tuesday amid growing uncertainty surrounding tariffs and broad cuts to the federal government.
Daily Wire senior editor Cabot Phillips is here with the latest on the market downturn and what's behind it. Hey, Cabot, so Wall Street really taking a beating this week.
What are we looking at here? Yeah, most financial advisors will tell you not to look at your 401k too frequently. And that is especially sound advice this week. Since Monday morning, the Dow has fallen over 1,000 points, or over 2.5%. The S&P 500 has dropped about 2.7%, and the tech-heavy Nasdaq plunged by around 3%. The Nasdaq in particular had its worst day Monday since September of 2022.
Chapter 3: How are tariffs influencing the economy?
All right, so significant dips. The obvious question, what's causing this market turmoil? Well, it depends on who you ask. Many economists and lawmakers say the dip is a direct result of President Trump's tariffs, and in particular, the shifting nature of those policies. Markets hate uncertainty, and the on-again, off-again tariff threats do seem to have investors spooked.
For more on that, I spoke with E.J. Antoni, an economist at the Heritage Foundation.
It's largely because people are having trouble planning for the future. They don't know how the tariff game is eventually going to shake out. Now, some of that, you could argue, has to do with different folks in the administration not singing from the same hymnal. But I would argue a lot of it has to do with the fact that as soon as we're talking about reciprocal tariffs,
you now have a whole nother element that's completely outside of your control, which is what is the president of Mexico going to do? What is the governor of Canada going to do? We don't know. And because our reciprocal tariffs are based off of what those foreign leaders are going to do, we have to essentially wait and see.
You can't plan on anything because you don't know what that foreign leader is going to do. And our response, again, is dependent on what that foreign leader does.
Others, however, say the market has been artificially propped up for years by excessive government spending and inflationary policies that have allowed the market to grow at a pace that was never aligned with economic reality. So now, as Trump is implementing federal spending cuts and vowing to cut the deficit and lower inflation, many investors are seemingly selling off.
Here's Antoni to that point.
In a lot of ways, the market was simply just overbought. For literally years, we had government debt fueling both government spending as well as consumer spending, government handing out welfare payments, for example, that were funded by borrowing.
And all of those different things have helped to drive corporate earnings, but they didn't create any kind of sustainable growth within the private sector. And the result of that has been people thinking that this runaway so-called growth would last forever. And clearly that's not possible. It
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Chapter 4: What is the current status of the Ukraine ceasefire agreement?
So potentially a correction. That's the argument there. What's the message we're hearing from the White House?
They argue that the unrest is temporary, but ultimately necessary in order to reorient America's standing in the global economy. Trump World has used the phrase detox to describe their trade policies, saying we've got to break our reliance on foreign manufacturing and force our allies and adversaries to implement more favorable trade policies.
even if that does mean short-term economic disruptions. Here's Antoni with more on that so-called detox.
Anyone who has had too much to drink and woke up the next day and had to deal with a headache knows exactly what this feels like. And so the solution is not to say, hey, I felt better when I was drinking, so I should go back to alcohol, right? And yes, the detox is a painful period. But look, the sins of the past always catch up to you, be they moral or monetary.
What we're dealing with today is the result of all the runaway government spending and debt and other profligacies that we've had for several years now. So it will be painful to undo all of that mess, but that's the only way you get to long-term economic health.
This week, the White House published a list of a dozen companies that announced plans to invest hundreds of billions of dollars in the U.S., creating hundreds of thousands of new jobs. They say that it's proof the president's strategy is working and that our economy will be better prepared for the future as we decrease our reliance on foreign business.
But in the meantime, markets have been on a bit of a roller coaster. The White House certainly hoping things settle down soon.
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Chapter 5: How did the US facilitate the Ukraine ceasefire deal?
Meanwhile, I'll follow your advice and not look at my 401k for a bit. Yeah, it's tough. Yeah. Kevin, thanks for reporting. Anytime.
Ukraine agreed to a 30-day ceasefire with Russia on Tuesday after a long day of drone attacks on Russia and peace talks with the United States.
Here to break it all down is Daily Wire deputy managing editor Tim Rice. Hey, Tim, so let's start with this major news. What exactly did Ukraine agree to?
Chapter 6: What did Secretary of State Marco Rubio say about the ceasefire?
Yeah, good morning, John. After a day of negotiations in Saudi Arabia led by Secretary of State Marco Rubio, Ukraine agreed to a 30-day ceasefire with Russia. In exchange, the Trump administration immediately lifted its paws on aid to Ukraine. Now, this is obviously a huge step forward, but there's a catch. Russia still has to agree to the ceasefire, and it's not entirely clear if they will.
Here's Rubio talking about the deal yesterday.
Today, we've made an offer that the Ukrainians have accepted, which is to enter into a ceasefire and into immediate negotiations to end this conflict in a way that's enduring and sustainable and accounts for their interests, their security, their ability to prosper as a nation. We'll take this offer now to the Russians, and we hope that they'll say yes, that they'll say yes to peace.
The ball's now in their court.
Certainly a big development, and one that's especially shocking considering how the day began. Will you tell us about that drone strike?
Yeah, exactly. As you said, Ukraine launched a massive drone strike on Russia early Tuesday, a big show of strength targeted at Russian oil facilities. Russia said it shot down 337 drones, 91 of which were flying over Moscow. Hmm.
Russia is reporting that three people were killed and 18 were injured, and Ukraine says those casualties were caused by Russian air defense and insists it only struck oil production and distribution centers. The Ukrainian military says it hit, quote, a number of Russian strategic objects, enabling armed aggression. But more important than the attack itself is the timing.
Ukraine hasn't landed a drone attack on Moscow since September, and this huge assault on the Russian capital seems like an effort to signal Ukrainian strength as peace talks ramp up. Remember, this is coming on the heels of the explosive Oval Office meeting between Presidents Trump and Zelensky and the first round of talks between the U.S.
and Russia in Saudi Arabia, which did not include the Ukrainians. Rubio on Monday told reporters that while Ukrainians have suffered greatly during the war, it needed to accept that the war would not resolve without both sides making concessions. Now, obviously, the nature of those concessions remains to be seen.
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