US stocks soar as Trump slashes reciprocal tariffs for 90 days

Monday’s fake news is Wednesday’s rocket fuel for the stock market.

The S&P 500, Nasdaq 100, and Russell 2000 surged after President Donald Trump said he was reducing the reciprocal tariff to 10% for 90 days for nonretailiating countries (which obviously excludes China from relief, as he announced that levies were hiked to 125%).

In listing policy options the Trump administration could have pursued that would’ve been less disruptive for markets, Neil Dutta of Renaissance Macro Research emphasized a more focused approach on China — which has a massive trade surplus and trade practices that have drawn the ire of most major economies — rather than the across-the-board approach outlined during the Rose Garden acnnouncement last Wednesday.

“Starting a trade skirmish with Canada and Mexico first instead of China was pointless,” he wrote.

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Lawmakers slip hemp THC ban in funding bill

A bill to fund the government low-key banned weed seltzers.

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Cisco’s AI orders from hyperscalers accelerate

The networking equipment maker has underperformed rivals amid an explosion in AI-related data center investment.

The S&P 500 ekes out a gain with almost no help from megacap tech

Despite five of the Mag 7 stocks closing lower, the S&P 500 managed to post a gain after struggling for direction.

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Gold gets to be a meme stock again

A ton of volatile retail darlings are getting crushed on Wednesday.

And the hot momentum-seeking money seems to be flowing out of those speculative pockets of the market and back into gold.

Daily call volumes in the SPDR Gold Shares ETF had already outstripped 1 million by 1:10 p.m. ET on Wednesday, roughly triple their 334,000 average over the last 10 full sessions.

As of 1:30 p.m. ET, retail traders had poured $82.4 million into commodity ETFs, per JPMorgan strategist Arun Jain — inflows that are in the 95th percentile relative to their one-year average.

Retail had been exiting gold in late October, per JPMorgan data, after a torrid run in the price action and trading activity in precious metals were exactly what you’d expect from a meme stock.

Analysts shrug off Oklo’s deeper-than-expected loss

They’re giving the company — which still has zero revenue and widening losses — credit for getting crucial support and approvals from the US government.

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