iSAM Expands UK Presence with Move to New London Headquarters

A big day today—Non-Farm Payrolls are coming at a crucial time with elevated uncertainty, the S&P 500 testing below the 200 MDA, and Powell set to speak this afternoon. Trump is signalling that he is not focused on U.S. equity performance as he maintains his hard stance on tariffs, but many investors believe policies will be reversed if further market pain ensues.

Equities came under pressure again yesterday but managed to recover as Trump announced delays to tariffs in the afternoon. Positive sentiment has continued this morning, particularly for Asian stocks—the Hang Seng China Enterprises Index jumped 3.3%, buoyed by the tariff delays and investors’ expectations of more supportive measures from the Chinese government as the 5% target for expansion remains in place.

Equities continued their jitters yesterday on the US open, but there was some light at the end of the tunnel, with Lutnick hinting that some tariffs may be walked back—signalling hopes that Trump’s aggressive narrative is more of a negotiation tactic for a quicker resolution rather than an escalating tariff retaliation.