President Trump’s announcement of a 90-day pause to ‘reciprocal but not really reciprocal’ tariffs led to one of the all-time great Nasdaq rallies as the index soared 10%.
The day afterwards it gave a big chunk back before embarking on a fresh effort to make new highs following a weekend suspension of electronics tariffs. However the administration attempted to walk that back and it’s now looking more like a double top at 17,200.
Nasdaq daily
The Nasdaq Composite is down 3.9% today and trading at session lows. It didn’t get any help from Nvidia’s disclosure that it faces new restrictions on China chip sales in yet-another sign of chaotic policymaking. Shares of NVDA are down 10%.
