The sharp declines in U.S. equity indexes over the past week were unsettling, but far from unprecedented. Historically, similar sell-offs have occurred at least 14 other times in the past century under strict definitions of what constitutes a "waterfall decline" — and many more times under a broader criterion. Market shocks tend to trigger aggressive risk repricing, and last week’s tariff announcement was a prime example. Few expected the sheer magnitude of the tariffs announced, making them a true shock to the system. Initially, markets responded quite rationally, trimming exposure to risk in an orderly fashion. However

After last week’s eyebrow-raising selloff and a roller coaster session on Monday, U.S. equities attempted to claw back a portion of their recent losses yesterday. Markets initially cheered potential trade deals that could be around the corner for Japan and South Korea, also noting headlines suggesting the Trump administration may be willing to admit that negotiating could be necessary. However, another bout of volatility halted Wall Street’s advance after a White House official stated the U.S. will proceed with levies on China as high as 104% (they went into effect at midnight last night). Tuesday’s choppy session ended with

The announcement of higher-than-anticipated tariffs during President Donald Trump’s self-proclaimed “Liberation Day” last week rattled markets, briefly pushing U.S. equities into a bear market — characterized by a decline of 20% or more — just months after major indexes reached record highs. Since the announcement on April 2, nearly every sector and industry has traded lower.

The "Tariff Policy Fallout: Defensive Sectors Leading the Charge" chart highlights the performance of the best- and worst-performing industry groups since the S&P 500 all-time high, reached on February 19. The auto

After much anticipation, the tariff band-aid was finally ripped off yesterday. Unfortunately for those expecting the news to be relatively painless, they were left disappointed with discomfort as the White House rolled out 10% universal tariffs on all imports coming into the country, with additional duties levied on countries operating with large trade deficits with the U.S. Speaking from the Rose Garden yesterday, President Trump declared it was “Liberation Day” as the new trade policies represent our country’s “declaration of economic impendence.”

The size, scope, and structure of the tariffs caugh