As the rally in technology stocks boosts market sentiment, investors continue to assess the impact of Trump's new tariffs. ๐น S&P 500 futures: +0.3% ๐น Nasdaq 100 futures: +0.3% ๐น Dow futures: +0.2% ๐ Bond Market 10Y return: 4.26% (flat) 2Y return: +1bp โก 3.75% ๐ Thursday Summary S&P 500: -0.08% (Eli Lilly earnings pressured) Nasdaq: +0.35% ๐ Mag-7: +0.40% ๐ (All-time high) ๐ฌ Deutsche Bank โ Jim Reid: โTrumpโs chip tax exemptions and the easing of Russia-Ukraine tensions have tempered optimism. Tariffs have taken effect, but the market reaction has been weak.โ ๐ฐ Other Developments Trump tariffs officially began last night Fed Governor Waller is emerging as a candidate for chairman after Powell Today's data agenda is quiet; St. Louis Fed President Musalem will speak #SP500 #Nasdaq #DowJones #TrumpTariffs #BondMarket #Fed #Markets