NEWS
The Great $4 Trillion Day: Are We Back?

Holy guacamoly, now that’s a rebound. The market printed green seconds after President Trump tweeted that he was pausing tariffs on nearly every country with a tariff rate over 10%.

It wasn’t all good. China tariffs were raised to 125%, placing tech import firms like Apple in a losing trade position. Our largest trading partners, Canada, Mexico, and most likely the EU, still face higher tariffs, but on Green Wednesday, the market did not seem to care. 👀

Today's issue covers Trump’s insider hint we all missed, pharma pill pinching, and the end of this season’s forward guidance. 📰

Here’s the S&P 500 heatmap. All sectors closed green, with technology (+24%) leading and real estate (+2%) lagging.

And here are the closing prices: 

STOCKS
We’re Gonna Insider Trade So Much We’ll Get Tired Of It 🐻 

The day started like most others: fear and loathing, slow index gains while we awaited a rain of tweets that would likely shake things up. China responded overnight with 84% more tariffs, and Jamie Dimon said on Fox Business that, yeah, he is pretty sure we are trending toward a Recession. ⚠️ 

Well, it turns out the president might have heard Dimon, and shortly after gave what could be the largest insider (outsider?) trading tip in history:

It seemed like just another Trumpism, signed with his initials or maybe his stock ticker, DJT. Even on Stocktwits, less than half of the readers believed it was real. 😵‍💫 

Shortly after, the 10-year Treasury Bond sale went surprisingly steady. Bond markets, something Trump has always clashed with, were selling off this week in a way that could signal a longer-term bear market. The U.S. 30-year yield rose 0.50 in three days, marking its fastest sell-off since 1982. 😨 

Then came the turn. ⏪️ 

Right after 1 pm ET, the president posted that China and countries that had fought back would be hit, but countries that called him were free from large tariffs for now. As Trump clarified in front of the White House, he had watched as the stock and bond market got scared and “yippy.” Then, every sector of the market went green.

Chip stocks hit their best day ever: Apple had its best day since 1998, and the Philadelphia Semiconductor Index saw its best day in history. Speaking of personal bests, the Dow saw its biggest one-day point gain in history.

The Nasdaq hit its best day since 2001 and its second-best day of all time, though still 14% lower than recent highs. The S&P 500 added $4.3T on its 9% climb, according to Bloomberg.

There are still reasons for pause. Ten percent tariffs on everyone are still five times more than we have seen in decades, and Canada, Mexico, the EU, and China still face high charges. Semiconductors and tech made overseas were already down 30%+ from recent highs. 📊 

Based on last year’s import numbers, trade tariffs with China will result in ~$550 billion in extra taxes this year. While Goldman Sachs analysts cut their recession likelihood, there is still a risk: the world has 90 days to negotiate with Trump, or the levies will come back.

P.S. We are collecting the craziest charts from today’s historic day on Wall Street. Drop it in this thread for a chance to win a ticket to the Cashtag Awards. 🤩 

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