Whipsaw Markets Overnight

• Market participants likely went to bed with concern, as S&P futures pointed to heavy losses ahead.
• Surprisingly, the S&P 500 swung sharply—down nearly 5.00% intraday before rebounding to finish just 0.2% lower.
• Volatility and uncertainty persist as Trump continues to implement his tariff agenda.
• The scale and speed of these policy shifts are creating an environment that’s incredibly difficult for investors, businesses, and forecasters to navigate.
• This uncertainty has triggered widespread risk aversion, slowing deal flow and forcing many to adopt a ‘wait and see’ approach.
• With the scope and duration of these tariffs still unclear, markets will likely remain volatile as participants have to stay defensive.