NEWS
Thursday Took Us For Nearly $2T: Is It Over?

The market fell on Thursday and gave back a third of everything it gained the day before, after the bear market really started to show its teeth. A 20-24% average tariff rate across every nation is not good for business, even if it is better than something worse.

Bank earnings are tomorrow, and half of Stocktwits users think in this economy the result will be bearish. 👀

Today's issue covers de-dollarization, industries hurting despite the pause, and one sign that inflation was falling. 📰

Here’s the S&P 500 heatmap. 1 of 11 sectors closed green, with consumer staples (+0.04%) leading and technology (-9%) lagging.

And here are the closing prices: 

STOCKS
When Bonds Are A-Rockin’ Don’t Come A-Knockin’ 😉 

If one thing has become clear, it’s that international investors are shifting money away from U.S. assets like Treasury bonds and toward stability-enhancing alternatives. Gold hit an all-time high despite low inflation and jobless claim numbers.

What’s going on? Well, longer-term treasuries are still selling off, and that shows fear that the pain is not over yet. The US 10-year treasury note yield fell after the tariff pause but was climbing back toward 4.5 at the time of writing.

Thankfully, the normal 10-year sale Wednesday was followed by a solid 30-year sale today, according to Rick Santelli, On-Air Editor at CNBC. The market was working just fine, it was just worried the U.S. was not as stable as hoped.

Where is capital going? Well, for one thing, the Euro: it climbed the most today as it has for years, according to MarketReader Chief Jens Nordvig:

According to the Wall Street Journal, traders also pushed gold futures to a new all-time high, the biggest move up in front-month contracts since 2020. Edward Harrison, Senior Editor at Bloomberg, wrote yesterday that the Trump administration's sudden knee-jerk moves on trade are undermining the country's position as a good, old, trustworthy place to keep your dollars safe.

He saw the spike in Swiss Francs, Euros, and Yen vs. the dollar as a sign that people wanted out. According to George Saravelos, head of FX strategy at Deutsche Bank, Trump singled China as the main target, but they are also best equipped to fight a financial war against the U.S.

Even the Stocktwits community seemed convinced that, in the face of a trade war, Chinese equities were in for more gain. Unfortunately, Fox Business Correspondent Charles Gasparino reported late Thursday that the Trump administration was testing the appetite to delist Chinese firms from U.S. exchanges. 🧧

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