Brian Stewart

september levels one i guess you'd call it a standout in terms of how well it's holding up today is microsoft it's only down one percent today but it's just off a 52-week low down 10 so far this year so it's already kind of priced in some of this action so we're seeing kind of a broad-based focused on consumer and technology stocks as like i said we're just adjusting to the reality and kind of trying to figure out what the reality is going to be going forward

I mean, not economically. I think if you want to take that as a signal as to the process by which these tariffs were arrived at. It seems to be there was a spreadsheet somewhere and there was equations used and sort of spit out. And there wasn't sort of a review process to see sort of the reality of the situation on the ground and what this would mean and what this... meant.

I mean, not economically. I think if you want to take that as a signal as to the process by which these tariffs were arrived at. It seems to be there was a spreadsheet somewhere and there was equations used and sort of spit out. And there wasn't sort of a review process to see sort of the reality of the situation on the ground and what this would mean and what this... meant.

I mean, not economically. I think if you want to take that as a signal as to the process by which these tariffs were arrived at. It seems to be there was a spreadsheet somewhere and there was equations used and sort of spit out. And there wasn't sort of a review process to see sort of the reality of the situation on the ground and what this would mean and what this... meant.

And so if you want to look at it as a glimpse as to the Trump administration's process to putting these in place, and if you're an optimist, maybe that points to the idea that this is just an opening gambit, that we were setting a number. We need that number to be justified in some sort of way. So here it is. And then now we're going to talk to the individual countries.

And so if you want to look at it as a glimpse as to the Trump administration's process to putting these in place, and if you're an optimist, maybe that points to the idea that this is just an opening gambit, that we were setting a number. We need that number to be justified in some sort of way. So here it is. And then now we're going to talk to the individual countries.

And so if you want to look at it as a glimpse as to the Trump administration's process to putting these in place, and if you're an optimist, maybe that points to the idea that this is just an opening gambit, that we were setting a number. We need that number to be justified in some sort of way. So here it is. And then now we're going to talk to the individual countries.

Obviously, you can't talk to an uninhabited island, but those tariffs aren't going to affect consumers anyway. So we'll kind of see how things shake out. Generally speaking, looking back at past administrations, they've been very responsive to the stock market. That's one of the kind of main signals that...

Obviously, you can't talk to an uninhabited island, but those tariffs aren't going to affect consumers anyway. So we'll kind of see how things shake out. Generally speaking, looking back at past administrations, they've been very responsive to the stock market. That's one of the kind of main signals that...

Obviously, you can't talk to an uninhabited island, but those tariffs aren't going to affect consumers anyway. So we'll kind of see how things shake out. Generally speaking, looking back at past administrations, they've been very responsive to the stock market. That's one of the kind of main signals that...

presidential administrations have used to determine popularity in the absence of, you know, when elections are far away, if you want to sort of judge popular opinion, stock market is one of the indexes that they use. So traditionally, historically, a move like today would have the White House discussing internally next moves. I'm not sure how responsive the Trump administration is.

presidential administrations have used to determine popularity in the absence of, you know, when elections are far away, if you want to sort of judge popular opinion, stock market is one of the indexes that they use. So traditionally, historically, a move like today would have the White House discussing internally next moves. I'm not sure how responsive the Trump administration is.

presidential administrations have used to determine popularity in the absence of, you know, when elections are far away, if you want to sort of judge popular opinion, stock market is one of the indexes that they use. So traditionally, historically, a move like today would have the White House discussing internally next moves. I'm not sure how responsive the Trump administration is.

We just don't know. The administration's new. It hasn't changed policy much in response to previous stock market dips so far this year. So it remains to be seen exactly what the next steps are.

We just don't know. The administration's new. It hasn't changed policy much in response to previous stock market dips so far this year. So it remains to be seen exactly what the next steps are.

We just don't know. The administration's new. It hasn't changed policy much in response to previous stock market dips so far this year. So it remains to be seen exactly what the next steps are.

So just to review the action yesterday. So Tesla was down early in the day based on the delivery numbers. As you pointed out, there was a bounce back later and the stock was higher, ended higher before being down today, kind of after the tariff announcement. I think part of that was there was already an expectation in the market that the Q1 deliveries were going to be bad.

So just to review the action yesterday. So Tesla was down early in the day based on the delivery numbers. As you pointed out, there was a bounce back later and the stock was higher, ended higher before being down today, kind of after the tariff announcement. I think part of that was there was already an expectation in the market that the Q1 deliveries were going to be bad.

So just to review the action yesterday. So Tesla was down early in the day based on the delivery numbers. As you pointed out, there was a bounce back later and the stock was higher, ended higher before being down today, kind of after the tariff announcement. I think part of that was there was already an expectation in the market that the Q1 deliveries were going to be bad.

They were worse than expected. And so you saw a dip, but a lot of that had already been priced into the stock. And so I don't know that deliveries were ever going to have a lingering impact on the stock price. I think that was always going to be sort of the jumping off point for whatever was coming next. I do think that Politico story did provide a catalyst on the upside.