Market Overview - The S&P 500 is attempting to hold the 6,600 level, which is significant as it is close to the 20-day moving average, a key support area since the tariff announcements [2][4] - Recent market activity indicates a rotation towards more defensive positioning, with profit-taking observed [4] Tariff Implications - The U.S. government is set to implement 100% tariffs on all branded prescription drugs, excluding generics, which may benefit companies like Eli Lilly and JNJ that are expanding manufacturing in the U.S. [6][8] - The pharmaceutical industry imported approximately $213 billion worth of prescription drugs in 2024, indicating a substantial impact from the new tariffs [9][10] - If generics are included in future tariff considerations, it could negatively affect both consumers and manufacturers, as generics are a significant volume driver for profitability [9] Industry-Specific Impacts - The furniture sector is facing 50% tariffs on kitchen cabinets and bathroom vanities, and 30% tariffs on upholstered furniture, primarily affecting imports from China and Vietnam [12][13] - Heavy-duty trucks are subject to 45% tariffs, which may not have an immediate impact due to a decline in demand over the past few years [14][15] TikTok Deal Developments - The Trump administration has approved a deal involving TikTok, with the entity valued at around $14 billion, significantly lower than market expectations [17][18] - The deal includes Oracle and aims to secure U.S. data and algorithms, which is seen as a significant achievement for the administration [16][18]