John Tucker

Good morning, Nathan.

The Republican-led House has passed a resolution to rescind President Trump's tariffs on Canada.

Six Republicans joined nearly all Democrats in passing the measure.

Even if it does pass the Senate now, President Trump would veto it.

So this is all about sending a message.

The House vote signals a growing rift within the Republican Party with the midterm elections approaching.

The GOP and those members who voted for it have to face their constituents who are increasingly worried about affordability.

That Wednesday's vote happened at all actually represents a blow to House Speaker Mike Johnson, a top Trump ally who had spearheaded a block on bringing tariff-related bills to the floor for months.

The passage also comes as the president is privately weighing quitting the U.S.-Mexico-Canada trade pact that he signed during his first term.

Following the vote, Trump wrote on social media, any Republican in the House or the Senate that votes against tariffs will seriously suffer the consequences come election time, and that includes primaries.

In New York, I'm John Tucker, Bloomberg Radio.

The Dow, it closed at a record, helping push the S&P 500 to within a few points of a record.

NVIDIA, it rose 2.4%.

And Broadcom, it ended the session up 3.3%.

Stuart Kaiser is head of U.S.

equity trading.

It's a strategy at Citigroup Global Markets.

He was on Bloomberg Businessweek Daily.

I think what you're really seeing is within the tech trade, the shift has moved kind of away from the spenders and to the beneficiaries of that spending.

Well, the AI spending this morning showing up in the results for Taiwan Semiconductor Manufacturing.