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.