Wall Street’s major market indices plummeted on Thursday, alongside global markets in Europe and Asia, following U.S. President Trump's latest "Liberation Day" tariff policy. The move has sent shockwaves worldwide, with Société Générale warning that tariffs are not going to be good for the equity market.

“Tariffs is a lose/lose event for equities. But two elements could mitigate the pain: (i) we could be close to peak tariffs; (ii) central banks have buffer to cut rates,” Société Générale stated. 

As a result to the latest tariff news, traders have increased their expectations for a potential rate cut at the upcoming Federal Reserve's May meeting after President Donald Trump unveiled new extensive tariffs, stoking concerns about a possible global trade war. 

Moreover, making moves on Thursday has been the Treasury market with yields pushing lower as investors purchase bonds in a clear move to safety. 

The U.S. 10-Year Treasury yield (US10Y) has fallen 10 basis points down to 4.02% while the U.S. 2-Year Treasury yield (US2Y) dipped 11 basis points to 3.73%. 

See how yields trade across the entire curve here on Seeking Alpha’s bond page. 

Here are some popular exchange-traded funds linked to the fixed-income market: 

Treasury ETFs: (NASDAQ:TLT), (NYSEARCA:TLH), (NASDAQ:IEF), (NASDAQ:IEI), (NASDAQ:SHY), (NYSEARCA:SGOV), (NYSEARCA:SCHO), and (NYSEARCA:BIL). 

Fixed Income ETFs: (NYSEARCA:AGG), (NASDAQ:BND), (NASDAQ:VCIT), (NYSEARCA:MUB), (NASDAQ:MBB), (NYSEARCA:JNK), (NYSEARCA:LQD), (NYSEARCA:HYG), and (NYSEARCA:TIP).