In a Year That Has Been So Improbable, the Impossible Has Happened!
A new layer of uncertainty is added to global trade and the economy
Highlights
• A new layer of uncertainty is added to global trade and the economy
• The Trump administration may have lost its leverage for deals
• Jobless claims data show weakness emerging in the labor market
• Money math points to inflation at 2%
Key Takeaways
• AI Already Priced In: Yesterday’s market action was really interesting and informative. Nvidia shoots the lights out, and Salesforce beats estimates and raises guidance. And all the former can do is close up +3.3% (well off the highs), and the latter closed down -3.3%. That is a message from Mr. Market that a whole lot of the positive AI news is already in the price.
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