Good morning,
An abbreviated note this morning – I am attending a two-day investor conference for one of our private investment companies.
Recall my “Concession” Morning Note last Friday describing what I believe is a brief period of headline imbalance until the end of the 90-day tariff freeze. The imbalance tilts toward good news since bad tariff headlines are theoretically suspended for the duration of the freeze. The S&P 500 Index has been able to hold on to some of the positive momentum of April’s strong bounce-back rally. During the week so far, the S&P has been off .40% – with the still elevated volatility readings, which is a win.
The White House says we are entering a weekend of non-stop negotiations with China – we may see a quiet Friday as investors hold their breath.
Hope you have a nice weekend.
Be well,
Mike
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