Market Resilience Amid Tariff Turmoil and Fed Tensions

Despite escalating tariffs on U.S. imports—now at their highest levels since the 1930s—and political clashes over Federal Reserve governance, equity markets continue to defy expectations. The S&P 500 has rebounded from April’s tariff-induced dip, climbing 8.5% year-to-date and flirting with fresh peaks. Billionaire investor Ken Fisher interprets this as classic bull market behavior, where equities price in worst-case scenarios long before they materialize.

Fisher Investments’ co-CIO dismisses concerns about speculative excess, framing the rally as a reflection of discounted risks rather than irrational exuberance. His $26 billion stake in Magnificent 7 stocks underscores this conviction, with Nvidia and Microsoft remaining cornerstone holdings amid the volatility.