Trump has been quiet on the tariff front today and with that it’s no surprise that equities have a bid. The S&P 500 has extended its gain to 2% and the gap lower at yesterday’s open is now almost closed.

It can all change with a tweet so beware.

Some people were pointing out that late yesterday there were bids in Vietnam-related equities like Nike (which has huge factories there). The speculation is that that there could be progress towards a deal there, though there are no real headlines along those lines.

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