Traders aren’t acting as if there’s still a trade war with China
An odd thing is happening amid frenzied buying of US stocks following President Donald Trump’s decision to water down reciprocal tariffs for 90 days for nonretaliating countries — a group which obviously excludes China.
A Goldman Sachs basket of Russell 1000 stocks with the most sales exposure to China (excluding semiconductor stocks) is now outperforming that benchmark as well as the SPDR S&P 500 Trust after trailing both heading into the midday announcement.
As Wedbush analyst Dan Ives noted, “China remains the key obstacle to figure out and this greatly impacts the US tech industry.”
