Midas had a thing with gold, republicon Krasnov has it with krap.

Nothing too unusual about that.

Bloomberg is reporting that the markets reversed -1% in after-markets trading during the speech. Their analysts think it is because there will be no carve-outs or exemptions.

Unless they've reversed again, I think Bloomberg is probably right.

Off 206 now, about 0.5%

I guess Bloomberg's guessing is about as good as anyone's (with Trump involved, guessing is about all you can hope for).

It will be interesting (but not necessarily predictive) to watch Asian and European markets overnight.

Dow Futures
41,368.00
- 1,124.00
2.65%

S&P 500 Futures
5,488.50
- 223.75
3.92%


NASDAQ Futures
18,826.50
- 931.50
4.71%

Maybe this is on purpose.

But it seems like the administration is deliberately trying to drive down prices. The stock market will tank tomorrow because of these tariffs, residential real estate will likely decline because of the mass layoffs of Civil Service employees, farms will be put in danger because of the reciprocal tariffs and the cancellation of USAID contracts, etc. The idea seems to be to drive down values across the economy. The question is who will benefit from the reduced prices? I'm sure it won't be Joe or Jane Doe.