May 9, 2025

Markets:

Dow Jones Industrial Average futures gave up most of their earlier gains after President Donald Trump reaffirmed his support for steep tariffs on China ahead of this weekend’s trade talks between the two nations.

Despite implementing a 90-day pause on increased tariff rates for most countries last month, Trump has kept the 145% tariff on China in place. Recent speculation suggested the administration might lower that rate to help ease tensions and restart negotiations. Bloomberg reported earlier that a reduction to below 60% could come as soon as this week.

However, Trump’s latest comments on Truth Social appeared to dismiss those expectations. It remains unclear whether he was referring to a long-term tariff rate or a temporary stance during ongoing talks.

Despite the uncertainty, market sentiment improved following Thursday’s announcement of a preliminary trade agreement between the U.S. and the U.K.—the first such deal since Trump’s “reciprocal” tariff policy was introduced. Traders are optimistic this could pave the way for similar deals with other major economies, though the 10% tariff on the U.K. may become a global benchmark.

For the week, the S&P 500 is down 0.4%, the Nasdaq is off by 0.3%, and the Dow is up 0.1%, on pace for its third consecutive weekly gain.

Portfolio:

It’s been a strong week, and we’re continuing to build on an impressive start to May. There’s a lot to like beneath the surface across multiple sectors and individual names. It’s surprising how many still search for reasons to short this market rather than embracing the massive technological and AI-driven transformation currently underway.

This is a cycle with the potential to create generational wealth.

As we head into the final session of the week, we’re holding setups in QUBT, TSLL, and SOUN.

As for Bitcoin—the squeeze is on. The broader move into this space is beginning. Stick to the plan. Silence the noise. Be ready.