Steve Rattner: Despite Trump's trade war, markets keep rising

Market Performance & Trends - Despite tariff threats, the Russian Ruble's value increased, and the Moscow stock exchange rose sharply [1] - Since the last US election, the S&P 500 has increased by 84% [2] - Seven stocks, representing about 35% of the market, have been driving the market's performance [3][4] - Without the "magnificent seven" stocks, the S&P 500 would only be up 33% [4] Individual Stock Performance - Tesla is up 26% since the election [5] - Meta is up 26%, driven by AI [5] - Amazon is up 13%, but down slightly since the inauguration due to tariffs [6] - Google is up 7%, but down since the inauguration due to competition in the search business from AI companies [7] Economic Impact of Tariffs & Policies - Economists are lowering their estimates of a recession; predictions are closer to 30% [9][10] - Tariffs have not had a significant effect on inflation, which is around 28% for core inflation and 4% including food and energy [13][14] - Interest rates have been relatively stable since the election, providing a tailwind to the market [16]