The market's biggest concern is tariffs, the endgame is unknown, says Oppenheimer's John Stoltzfus

Market Concerns & Tariffs - The market's biggest concern revolves around tariffs due to the uncertainty of their endpoint and potential effects on sectors, market capitalizations, and investment styles [1][2] - The EU tariffs are significant due to the EU being a major trade partner, and the lack of a livable agreement introduces volatility [4] - Europe is considering other trade partners to offset potential losses with the US [4] - A livable agreement between the US and the EU is expected to be reached, potentially at a lower rate than the discussed 15% [5] US Exceptionalism & Economic Resilience - Oppenheimer Asset Management believes US exceptionalism remains intact due to innovation in technology [6][7] - The US is seen as the "cleanest dirty shirt" in a "hamper of dirty shirts," highlighting its relative strength compared to other countries, particularly regarding technology [7] - The US consumer remains remarkably resilient despite multiple interest rate hikes and pauses [3] - No recession is expected [3] Global Market Dynamics - International markets have outperformed the US recently, driven by lower valuations and expectations of tariff agreements [6][7] - The rest of the world feeds into globalization [7] - Technology is deeply embedded in societies, businesses, and consumers worldwide [8]