⁠The Kobeissi Letter
BREAKING: S&P 500 futures extend decline to -100 points as "reciprocal tariffs" officially go live.

That's a -380 point drop over the last 12 hours in one of the largest bull traps in history. https://t.co/ckf7aRw2GS

The BULL trap:

We just witnessed the biggest bull trap of 2025 with the S&P 500 erasing a ~4.5% rally in ~3 hours.

Between 10:30 AM ET and 3:15 PM ET, the S&P 500 erased -$2.3 TRILLION of market cap.

Bull traps are TEXTBOOK signs of a bear market.

(a thread) https://t.co/sGIqMRluiE - The Kobeissi Letter
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⁠The Kobeissi Letter
RT @TKL_Adam: Something is breaking as we speak:

The 10-year note yield just extended its 3-day rally to +15% and broke above 4.50% for the first time since February 20th.

Last time yields were this high?

The S&P 500 was +1,200 points higher than it is now.

Something doesn't add up here. https://t.co/doARKI2g3j
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⁠The Kobeissi Letter
BREAKING: S&P 500 futures fall to a new low of the day, now down -120 points. https://t.co/qugbDg6gsm
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⁠The Kobeissi Letter
BREAKING: Japan's stock market falls nearly -4.5% to a new low of the day as US tariffs officially go live. https://t.co/wIbqW5ijkR
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⁠The Kobeissi Letter
We now have:

1. Rapidly rising long-term interest rates

2. GDP set to decline for multiple quarters

3. Inflation data back on the rise

4. Largest wave of tariffs in 100+ years

5. Consumer sentiment at pandemic-levels

6. Stock market in a bear market

What does the Fed even do here?
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⁠Finding Compounders
Seth Klarman on why market efficiency doesn’t exist https://t.co/FFzzhIbkPU
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⁠The Kobeissi Letter
BREAKING: China’s Central Bank asks state-owned banks to reduce US Dollar purchases in response to 104% tariffs imposed at midnight.
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⁠The Kobeissi Letter
BREAKING: Delta Air Lines, $DAL, withdraws its 2025 guidance and says the trade war is hurting bookings. https://t.co/MHIafLbr9r
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⁠The Kobeissi Letter
BREAKING: CHINA ANNOUNCES ADDITIONAL TARIFFS OF 84% ON US GOODS BEGINNING APRIL 10TH.

WOW.
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⁠The Kobeissi Letter
BREAKING: US stock market futures collapse over -100 points as China imposes additional tariffs of 84% on US goods.

China was not joking about “fighting until the end.” https://t.co/71zYEvd3VZ
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⁠The Kobeissi Letter
This is absolutely insane:

At 12:01 AM ET, additional tariffs of 50% were imposed on Chinese imports to the US.

7 hours later, China just announced NEW tariffs of 50% on US imports, in addition to the 34% already announced.

This brings their total tariff rate up to 84%, matching the 34% and 50% increases Trump imposed.

The Trump Administration has pledged to retaliate against ALL tariff increases on the US.

We expect another increase in US tariffs on China in the coming days.

We are witnessing the World War 3 of trade wars.
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