What a difference a month makes… Back in early April, stocks were crashing into a bear market on fears that President Trump’s “Liberation Day” tariffs would freeze global trade, reignite inflation, and send the economy spiraling into a recession. After April 2’s tariff blitz, stocks fell 10% in two days; something that’s happened only a handful of times in the past 100 years.
Since then – thanks to tariff rollbacks, resuming trade flows, and a restabilized global economy – the market has staged one of its sharpest short-term rallies ever as the S&P 500 climbed nearly 20% in just over 20 days.
This rally is showing no signs of fatigue just yet… and we don’t think it will anytime soon.
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