TMTB EOD Wrap
I will be traveling on the road traveling on Monday - TMTB will be back on Tuesday.
QQQs finished down 28bps after being up 1.6% at one point. Everyone was enjoying their nice ramp of a Friday until the White House came out around 1:30pm saying Trump Tariffs are on for Feb 1st instead of the rumored March 1st that was out pre-market. Bloomberg:
President Donald Trump intends to move ahead with plans on Saturday to impose 25% tariffs on Mexico and Canada and a 10% levy on China, the White House said, denying a report that he planned to delay the implementation by a month.
“I saw that report, and it is false,” White House Press Secretary Karoline Leavitt told reporters on Friday during the press briefing. “I was just with the President in the Oval Office, and I can confirm that tomorrow the Feb. 1 deadline that President Trump put into place” remains, she added.
Trump also added he will “absolutely” impose tariffs on the EU too. How do you like 2025 so far? Not only do we have Chinese LLMs, macro releases, and earnings to worry about, but add political and tariff risks on top of that. A lot different than last year. Good politico article around Trump and Tariffs if you want some nice romantic Friday night evening reading.
Chinese stocks -3.5% got dinged on the news after a week where we saw strength following Deepseek’s release. Treasuries were also sold with 2 year up 2bps and 10/30 yr yields up 6bps. BTC slumped 3%+, some pointing to the Elliott Crypto letter below getting passed around:
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