Do stocks still have enough momentum to run into the fall. Jonathan Thomas is the American Century CEO and joins us now to tell us what he thinks. Good to see you again.I wish I was there. It looks beautiful as ever. I wish you were here as well.I think we got Dom sneaking out here for a day or two, but you got to get out here, Scott. Yeah, he's a lucky man. He's definitely a lucky man.So, how do you what do you think about about this market. You you feel like we've we've really had a V-shaped recovery if I ...

Group 1: Market Reactions to Tariff Policies - The "reciprocal tariff" policy in the U.S. has led to significant market volatility, with major indices experiencing declines and a total market value loss of approximately $3.1 trillion [1] - Following the announcement of the tariff policy, the Dow Jones Industrial Average fell by 3.17% and the S&P 500 by 0.76%, marking three consecutive months of decline [1] - Recent rebounds in the U.S. stock market are attributed to easing overseas pressures, positive earnings reports from major tech companies, and dovish signals from the Federal Reserve [2][3] Group 2: Economic Outlook and Corporate Earnings - Concerns remain regarding the potential transformation of market pressures from risk appetite shocks to weak economic data, particularly as the effects of tariffs may not be fully realized yet [3] - The earnings guidance from major companies during the earnings season has shown pessimistic signals, with Apple projecting a $900 million loss due to tariffs and several companies withdrawing their annual financial guidance [4][5] - The disparity in corporate performance is evident, with companies like Apple facing significant impacts from tariffs, while others like Google show resilience [5] Group 3: Impact on the Film Industry - The U.S. tariff policy is extending to the film industry, with a proposed 100% tariff on foreign-produced films, which could drastically increase production costs and reduce market revenues for major studios [8][9] - The potential for job losses in Hollywood and a decline in the industry's ecosystem is highlighted, as increased costs may drive smaller production companies out of the market [9] - The global cultural industry may experience a shift, with retaliatory tariffs from trade partners and a rise in local cultural industries filling the void left by U.S. films [10][11]

Key focus and themes Global Markets Research Foreign Exchange - Asia ex-Japan/Euro Area/Europe US 'exit' theme and our trades At what level of the 30-year yield (current:4.86%) do you expect to see the Fed respond? Fig. 1: Top five top-conviction strategy trades in order (scale 1-5) Note: Conviction scale: 1 – Watch; 2 – Watch Closely; 3 - Positioned @ 1/3 desired; 4 – Positioned @ 2/3 desired; 5 – Positioned @ 100% desired. Source: Nomura. Trump's 90-day partial tariff reprieve (announced 9 April) led to s ...

Core Viewpoint - The external geopolitical environment in late March is characterized by increasing disturbances, but it does not alter the recovery of market confidence [1][4] Group 1: Market Concerns and Economic Data - Recent market concerns revolve around the accelerating pace of Trump's policies, including tariffs and layoffs, exacerbated by the absence of the "Trump put" [2][3] - Despite the overall stability of current U.S. economic data, increasing uncertainty may lead to a self-fulfilling prophecy of negative expectations [2][3] Group 2: Ideal Policy Pathway - Based on historical patterns during a new president's honeymoon period and midterm election preparations, the ideal policy pathway for Trump involves quickly implementing negative policies while maintaining a high tolerance for pain, followed by a gradual reduction of shocks and the introduction of positive policies like tax cuts [2][3][4] - The ideal pathway's realization depends on several assumptions, and the uncertainty surrounding Trump's policies may not dissipate quickly [3][4] Group 3: Trade and Non-Trade Policies - In trade, Trump's administration has initiated the "America First Trade Policy" memorandum, which aims to assess trade relations comprehensively, with conclusions expected by April 1 [5] - In non-trade areas, discussions within Trump's team regarding chip controls against China indicate a strong intent to enhance restrictions, which may impact certain re-exported goods from China [5] Group 4: Additional Hot Topics - The fluctuating nature of Trump's tariff threats has created ongoing market disturbances, with key upcoming dates being April 1 for the trade policy results and April 2 for details on "reciprocal tariffs" [6] - Progress in Russia-Ukraine negotiations and Europe's fiscal expansion are also noteworthy, as they may influence the political and economic landscape in the Eurozone [6] - The U.S. Congress has temporarily resolved a government shutdown crisis by passing a short-term spending bill, reflecting ongoing budgetary negotiations and potential resistance to Trump's fiscal policies [7]