There has been a round trip in a number of risk assets on the Trump tariff story and the subsequent denial. Stock markets have largely held up but that could be changing as we enter the latter parts of the day.
The S&P 500 is up 33 points to 5975 after rising as high as 79 points, or 6021.
The index is now into the opening gap.
SPX 10 minutes
This is an early signal for the incoming administration: If you’re going to trade on tariff headlines, you’re going to have a bad time.