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“As has been often noted but seldom heeded, selling during a selling panic is rarely an effective strategy.” – Bill Miller

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Last Monday it was DeepSeek, this Monday it’s tariffs that have US equity futures trading down 1-2% ahead of the open.  With President Trump ordering tariffs on imports from China, Mexico, and Canada over the weekend, below are price charts of ETFs covering these three countries plus the US (SPY).  We include where each ETF is currently trading in the pre-market so you can see how big this morning’s declines are relative to the last six months of action.  Yes, all four are set to open quite a bit lower, but all four will also still be above their lows seen over the last month or so.  Mexico (EWW) is the only ETF of the group that will be near six-month lows if it opens at current levels.