...you don’t price a revolution in a day.

"If Nvidia does not deliver on earnings growth, an expensive S&P 500 becomes much more expensive."

NVDA suffered the largest single-day stock market cap loss in history...

"Is AI dead or is one of the greatest buy-the-dip trades in recent memory?" - JPM

The macro narrative may feel incredibly narrow, but the market experience is one of a clear uptick in breadth...

“It is early days but nothing that President Donald Trump has said or done has caused a bad reaction in financial markets."

Once again, it was Trump's words and deeds that drove most of the action...

"There’s a lot of hope, a lot of good news already priced in the US markets."

...but, the tailwinds from falling implied volatility are starting to fade for stocks...

"There was just relief that as of day one, we didn’t get the tariffs that were expected"

'Trump' trades held in well on the first day...

"The market is going to settle to a cadence of the domestic agenda. For now there is an evaluation."

...'inflation' surprising bigly to the downside and yuuuge 'growth' surprise to the upside...

“Even equity managers were more concerned over rates than earnings"

"If we continue getting numbers like this, it’s reasonable to think rate cuts could happen in the first half of the year,"

"What we want to see is pretty much a Goldilocks scenario of decent growth in the US but no strong re-acceleration."

...gold, bitcoin, stocks, bonds, and crude oil all surge higher as the dollar dips.

“We need to see a more welcome print on the inflation front today”

...stocks continue to trend with falling rate-cut expectations...

"A slower and steadier tariff approach would perhaps remove a degree of upside inflation risk and a degree of downside growth risk."