Liberation Day Takes a Reprieve as Investors Turn "Yippy"

Donald Trump’s tariff pause triggers a staggering equity rally…

Highlights

• Donald Trump’s tariff pause triggers a staggering equity rally…

• … but key technical tests are ahead

• Early earnings reports look discouraging

• The Treasury market shows signs of settling down

Key Take Aways

• S&P 500 Relief Rally Nearly Unprecedented In Size: Dow futures are in the red to the tune of over -500 points but, as we have seen time and again, they are not the best indicator of where we close in turbulent times. This follows on the heels of the third-best day the S&P 500 has experienced over the past 75 years (+9.5%). In these early hours, it does not look like we are seeing any follow-through, but rather selling into strength.