After progress with the U.K. and China, President Trump said the U.S. will stop negotiating individual trade deals and will soon notify countries of new tariffs for doing business in the U.S.
Despite this, markets held steady, with stocks slightly up Friday afternoon. However, consumer sentiment remains near record lows, with inflation fears above 7%, according to a University of Michigan survey. Housing data also disappointed, with starts up just 1.6% and permits down 4.7%.
Still, investors remain optimistic, citing strong earnings and easing U.S.-China tensions. Goldman Sachs' Alexandra Wilson-Elizondo noted that with tariffs sidelined for now, focus may shift to budget and tax issues
Despite these, US market held its ground with S&P500 even closing +0.7% higher at 5,958 and on the cusp of hitting 6k, rising an incredible +12.5% in just a month.
From extreme pessimism to nonchalant apathy, this market disconnect from fundamental reality is a clear sign of a final Melt-Up that is typically characterised by complacent optimism and complete disregard to ongoing adversities.
