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Stocks had a tiny bit of a rebound. Obviously, we're seeing some more selling this morning. Where do we go from here? Have we hit any semblance of a bottom or is this just the beginning of potentially more pain?

Uh, I think it's probably the the beginning of some more pain here. Um, we've had a nice correction in the market, but as you know, there's a couple of negative catalysts out there that uh, when you combine them, the market probably should wind up moving lower over the intermediate term. Um, obviously we have the tariff uncertainty and we'll get a little more clarity tomorrow, but we're not sure it's the type of clarity we want to receive. And then as you mentioned earlier, um, AI stocks are coming under pressure and they've been a big upside catalyst for the market for the past two years and um, we have to see how that, you know, that group play, um, how their business plays out during earnings season and in the next few months.

Michael, one of the big questions we've been trying to figure out is what is priced into this market? So some of the reports today are saying we could end up getting a 20% universal tariff announced tomorrow, although we don't yet know exactly what's going to be announced. But has the market priced in a scenario like a 20% universal tariff?

I don't think it has. Um, as you could see, you know, the market reaction after the auto tariffs were announced, uh, while we knew auto tariffs were coming, the market was still somewhat surprised. Uh, I think a 20% number on everything that's imported into this country is a is a massive number. And it's part of the president's larger plan and we also don't know what the retaliation is going to be. So you really it's really hard to game plan what, you know, how this is going to play out for earnings, how it's going to play out for the economy, how it's going to play out for the for companies. So that in combination with the weakness we've seen in the AI sector, which has been the catalyst for the market, uh, on the upside the past couple years, it means there's still a lot of risk out there that's yet to be, you know, priced into share prices.

And Treasury Secretary Scott Bison was talking about some sweeteners to come following tariffs in an interview on Fox News. He talked about uh, tax refund for automobile purchases, for example, and also no tax on tips and some of those sweeteners, are those sweeteners enough to be bullish for the market after some of the pain driven by tariff policy?

I don't think they are just in the sense of you have to actually get those funds, you know, uh, the government or customs has to collect those funds and they have to go to treasury before you can start handing money out. And ideally, you know, you want to be in a situation where you're you're not, you know, taking from one, you know, collecting money one way and giving it out another way. The whole idea is to get the deficit in order, the whole idea is to open trade up. I I mean the the way the best case scenario for for the in my opinion, for the administration is that when one or two countries come out and say they're going to drop their tariffs, which is what the president has talked about, like what he'd like to see, all of a sudden, you know, if that starts a trend, then you're opening up trade and then you're opening up, you know, economic growth opens up and you're moving in a positive direction. So right now as as the two sides go back and forth and are going to spar over, you know, what tariffs going to be and who's going to retaliate and how, it just creates a lot of friction in the near term that, you know, we can get those sweeteners later, but until you collect that money, we really don't know what they're going to be.