In the course of March we were already starting to see the turbulence that the new Trump administration was bringing to global markets. In particularly, the tariffs declared against both Canada and Mexico were a demonstration of things to come.
The S&P 500 index was already sliding as we started March, demonstrating clearly that the Mag 7 tech trade which had dominated in 2024, was starting to unwind quickly, something we predicted in our 2025 look ahead at the end of last year. On top of this, Tesla stock [NASDAQ:TSLA] was the most shorted stock on Wall Street as investors began to get concerned about Elon Musk's political exposure.
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