Erin Delmore

Gone is the euphoria from yesterday's trading session when we saw all three major U.S. indexes rally to highs. Some not seen since 2020, some 2008. The NASDAQ, you have to go back to 2001. But sumi today is a different story. And the sell-off that we're seeing on Wall Street actually cuts in half those gains from yesterday. I want to draw a couple of goalposts for you.

Gone is the euphoria from yesterday's trading session when we saw all three major U.S. indexes rally to highs. Some not seen since 2020, some 2008. The NASDAQ, you have to go back to 2001. But sumi today is a different story. And the sell-off that we're seeing on Wall Street actually cuts in half those gains from yesterday. I want to draw a couple of goalposts for you.

So right at this moment, we're seeing the S&P down 232 points. Now, at the session high today, it was down 103 points. At the session low, 341 points. So that shows you're sitting right about in the middle of the trading session today. But I want to point out, we saw an accelerated sell-off after the White House confirmed that China's effective tariff rate had gone up to 145%.

So right at this moment, we're seeing the S&P down 232 points. Now, at the session high today, it was down 103 points. At the session low, 341 points. So that shows you're sitting right about in the middle of the trading session today. But I want to point out, we saw an accelerated sell-off after the White House confirmed that China's effective tariff rate had gone up to 145%.

There had been some question of whether the 125% increase was on top of the earlier issue 20% that the administration attributes to policing the fentanyl crisis. And sure enough, those stacked. So when we saw news that it was going to be 145% on China, we saw stocks sink even lower. Now, hear the president talk about strategy, because, Sumi, that is what investors want to hear.

There had been some question of whether the 125% increase was on top of the earlier issue 20% that the administration attributes to policing the fentanyl crisis. And sure enough, those stacked. So when we saw news that it was going to be 145% on China, we saw stocks sink even lower. Now, hear the president talk about strategy, because, Sumi, that is what investors want to hear.

What is the path ahead? He said that there was going to be a transition cost. He said that there were going to be even transition problems. So investors want to know, is the transition problem the gains that have been sliced off yesterday's rally, or are there more to come? And that uncertainty has everybody on pins and needles here.

What is the path ahead? He said that there was going to be a transition cost. He said that there were going to be even transition problems. So investors want to know, is the transition problem the gains that have been sliced off yesterday's rally, or are there more to come? And that uncertainty has everybody on pins and needles here.

They're treading carefully, Sumi, and that's because they don't know what to expect out of this White House. Now, what investors want to hear is a concrete plan forward, what the strategy is. What they're hearing are the tactics President Trump and his inner circle plans on negotiating with some 70-plus countries. but they're not hearing what the strategy is to get to the end game.

They're treading carefully, Sumi, and that's because they don't know what to expect out of this White House. Now, what investors want to hear is a concrete plan forward, what the strategy is. What they're hearing are the tactics President Trump and his inner circle plans on negotiating with some 70-plus countries. but they're not hearing what the strategy is to get to the end game.

And Sumi, I'll remind you, consumer spending powers 70% of the U.S. economy. It's an overwhelming number.

And Sumi, I'll remind you, consumer spending powers 70% of the U.S. economy. It's an overwhelming number.

So this fear that goods coming into the United States could cost more because of tariffs, then businesses would either absorb that cost or pass it on to consumers, which could suppress consumer spending, that is top of mind for every business leader thinking about the health of their firm in the months and the years to come even.

So this fear that goods coming into the United States could cost more because of tariffs, then businesses would either absorb that cost or pass it on to consumers, which could suppress consumer spending, that is top of mind for every business leader thinking about the health of their firm in the months and the years to come even.

So investors on tender hooks at the moment, still feeling jittery, a bit yippy as President Trump characterized it yesterday, and trying to figure out what concrete plan and strategy they can hear from the White House.

So investors on tender hooks at the moment, still feeling jittery, a bit yippy as President Trump characterized it yesterday, and trying to figure out what concrete plan and strategy they can hear from the White House.

So when I ask that, I get a couple of different reactions, and a lot of it does depend on where people sit on the political spectrum. President Trump's broad narrative about being tough on China, about leveling the playing field, about making sure that other countries are paying to be in the U.S.

So when I ask that, I get a couple of different reactions, and a lot of it does depend on where people sit on the political spectrum. President Trump's broad narrative about being tough on China, about leveling the playing field, about making sure that other countries are paying to be in the U.S.

market, are having fair, he calls fair, deals of trade with the United States, it's probably popular among his base. And people are willing to, as the president puts it, take a little bit of pain for long-term gain. But...

market, are having fair, he calls fair, deals of trade with the United States, it's probably popular among his base. And people are willing to, as the president puts it, take a little bit of pain for long-term gain. But...