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The Kobeissi Letter
This clip will go down in history:
At 4:25 PM ET, S&P 500 futures were trading +1.7% higher.
At 4:26 PM ET, Howard Lutnick handed a poster outlining "reciprocal tariffs" to President Trump.
Stock market futures fell REAL-TIME as Trump read off tariffs name by name.
By 4:42 PM ET, the S&P 500 erased over -$2 TRILLION in market cap.
That's -$125 billion per minute.
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This clip will go down in history:
At 4:25 PM ET, S&P 500 futures were trading +1.7% higher.
At 4:26 PM ET, Howard Lutnick handed a poster outlining "reciprocal tariffs" to President Trump.
Stock market futures fell REAL-TIME as Trump read off tariffs name by name.
By 4:42 PM ET, the S&P 500 erased over -$2 TRILLION in market cap.
That's -$125 billion per minute.
"Reciprocal tariffs" are officially HERE:
President Trump just announced tariffs on 185 countries AT ONCE, one of the largest tariffs in US history.
S&P 500 futures erased -$2 TRILLION of market cap in under 15 minutes.
What just happened? Let us explain.
(a thread) https://t.co/S4pmsDweNB tweet
Offshore
Photo
The Kobeissi Letter
BREAKING: Losses in US stock market futures are accelerating with the Nasdaq 100 now on track to open -900 POINTS lower.
The S&P 500 has erased -$2.5 trillion in market cap in 2 hours. https://t.co/upy31ZUOOA
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BREAKING: Losses in US stock market futures are accelerating with the Nasdaq 100 now on track to open -900 POINTS lower.
The S&P 500 has erased -$2.5 trillion in market cap in 2 hours. https://t.co/upy31ZUOOA
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Offshore
Photo
The Kobeissi Letter
DOW FUTURES NOW -1,100 POINTS. https://t.co/48lgbF5Uq2
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DOW FUTURES NOW -1,100 POINTS. https://t.co/48lgbF5Uq2
"Reciprocal tariffs" are officially HERE:
President Trump just announced tariffs on 185 countries AT ONCE, one of the largest tariffs in US history.
S&P 500 futures erased -$2 TRILLION of market cap in under 15 minutes.
What just happened? Let us explain.
(a thread) https://t.co/S4pmsDweNB tweet
Offshore
Photo
The Kobeissi Letter
BREAKING: Gold prices surge above $3,200/oz for the first time in history as "reciprocal tariffs" are announced.
Gold's market cap is now above $21 TRILLION. https://t.co/5R1pzjdLkN
tweet
BREAKING: Gold prices surge above $3,200/oz for the first time in history as "reciprocal tariffs" are announced.
Gold's market cap is now above $21 TRILLION. https://t.co/5R1pzjdLkN
"Reciprocal tariffs" are officially HERE:
President Trump just announced tariffs on 185 countries AT ONCE, one of the largest tariffs in US history.
S&P 500 futures erased -$2 TRILLION of market cap in under 15 minutes.
What just happened? Let us explain.
(a thread) https://t.co/S4pmsDweNB tweet
Offshore
Photo
The Kobeissi Letter
BREAKING: Bitcoin falls below $83,000 as investors rotate out of risky assets following new tariff announcements. https://t.co/8enPjufXCV
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BREAKING: Bitcoin falls below $83,000 as investors rotate out of risky assets following new tariff announcements. https://t.co/8enPjufXCV
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Offshore
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The Kobeissi Letter
BREAKING: The odds of the US entering a recession in 2025 rise to a new high of 47%, per @Kalshi. https://t.co/8DNBqWS1nN
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BREAKING: The odds of the US entering a recession in 2025 rise to a new high of 47%, per @Kalshi. https://t.co/8DNBqWS1nN
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The Kobeissi Letter
Our thoughts on the outcome of "Liberation Day" in the US:
1. Just about all hopes of tariffs being "less widespread than expected" have been crushed today with new tariffs on 185 countries
2. The Trump Administration has been articulating EXACTLY what they were going to do for months
3. Now, the stock market is finally starting to believe what they are saying
4. On March 6th, President Trump said he was "not watching the stock market," but markets looked past it
5. The narrative quickly became "short-term pain for a long-term gain"
6. Today, President Trump doubled down on that view, raising tariffs on China to a whopping 54%
7. Minutes later, Treasury Secretary Bessent said "the stock market selloff is a Mag7 problem, not a MAGA problem"
8. With the Nasdaq 100 now set to open more than 900 points lower, the question is what's next?
9. In times of extreme volatility, we look to trade swings in sentiment
10. Short-term price action will not be based on fundamentals, it will be based on shifts in sentiment
For now, tariffs are set to go live on April 5th and 9th without a clear end in sight to the trade war.
Sentiment will become more polarized and positioning will follow, avoid catching a falling knife.
Don't fear the volatility, capitalize on it.
tweet
Our thoughts on the outcome of "Liberation Day" in the US:
1. Just about all hopes of tariffs being "less widespread than expected" have been crushed today with new tariffs on 185 countries
2. The Trump Administration has been articulating EXACTLY what they were going to do for months
3. Now, the stock market is finally starting to believe what they are saying
4. On March 6th, President Trump said he was "not watching the stock market," but markets looked past it
5. The narrative quickly became "short-term pain for a long-term gain"
6. Today, President Trump doubled down on that view, raising tariffs on China to a whopping 54%
7. Minutes later, Treasury Secretary Bessent said "the stock market selloff is a Mag7 problem, not a MAGA problem"
8. With the Nasdaq 100 now set to open more than 900 points lower, the question is what's next?
9. In times of extreme volatility, we look to trade swings in sentiment
10. Short-term price action will not be based on fundamentals, it will be based on shifts in sentiment
For now, tariffs are set to go live on April 5th and 9th without a clear end in sight to the trade war.
Sentiment will become more polarized and positioning will follow, avoid catching a falling knife.
Don't fear the volatility, capitalize on it.
tweet