While the rally since 2022 has been supported by rising earnings, equities have now become reliant on the prospects of a single technology to a degree rivaling the “dot com” era. With concentration and valuation at record levels, the stage is being set for future volatility.
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After “Liberation Day” kicked the tariff panic into high gear, a 90 day tariff pause stabilized markets and revived hope in tariffs as merely a temporary bargaining tactic. Whether or not this turns out to be true, confidence in US assets has been shaken and even assuming new trade deals, lingering economic uncertainty could weigh on growth for some time.