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Let's check on the markets here. Um and this week, obviously, there's been a lot of trepidation in the markets, a lot of nervousness about what's going to happen tomorrow with the tariff announcement. A lot of reporting going in different directions this morning. President Trump last night saying he's decided on his tariff plan, but he hasn't shared that with the rest of us. And there are reports that he has been presented with a plan of 20% universal tariffs, but that he's been presented with other plans as well. So, it's unclear what's going to happen. The market though is selling first and asking questions later, at least for now. We could see things change as the session goes on obviously. But right now, the Dow opening lower by nearly 160 points here, about 4/10 of 1%. The S&P 500 down in percentage terms, about the same amount off almost 4/10 of 1%, about 21 points. And the Nasdaq, like we saw yesterday, leading the declines here, as we are seeing when there is a risk-off day that it tends to be hitting large cap tech the most. And so the Nasdaq as well down 4/10 of 1%. Our Jared Blickre has got a look at what's under the surface here and what's moving. Hey, Jared.

Thank you, Julie. I like your comments about large caps versus small caps because that has been the story of the year. The large caps, especially the mega caps, have been silent. And let's just take a look at some of the charts here. We got the Nasdaq heading for its fifth straight loss. Uh but meanwhile, not all the indexes are looking that bad. And I want to show the year to date price action in the Nasdaq. Little hard to see these candlesticks, but yesterday we dipped, we opened far below the previous uh low there. You can see, this is uncharted territory for the year that I'm circling. Then we closed just underneath those lows. But you take a look at the S&P 500, and it was playing a joke on uh the bears yesterday. Got uh a little bit of a bear trap there. Started out going down, but then it reversed course and all of those uh new shorts got turned into new longs here. So S&P 500 looking pretty strong here. And then meanwhile, small caps, which haven't been doing too bad this year, those are heading for a fifth straight down day. I also want to highlight the different action that we're seeing in the 10-year T-note yield versus the dollar. They used to go up at least in this bull market, going back several years. They used to go up and down most days together. Now most days they are moving in opposite directions. Today the direction is down for the 10-year T-note yield, that's down seven basis points to a four-week low. And you can see uh getting into some interesting territory down here. And then you have the US dollar index, which is heading up, and not in a big way, but it's it notable because this is a pattern that has been persistent over the last few weeks, if not months. And uh we've seen it playing out throughout the market. Today, in sector land, we only have a couple in the green and just barely real estate and consumer discretionary. To the downside, health care uh leading, and we were just talking with Angeli about some developments there. But tech, tech is coming off its longest monthly down streak since 2018. That would be four months. And I'll show you a quick chart of tech this year. Looks a lot like the Nasdaq, Nasdaq 100 that I was just showing you there. Here's that second day just punching below those recent highs. And let's take a look at some of the MAG 7 that we see in the Nasdaq 100. Tesla leading the mag set Well, among the mag 7, I should say. Tesla is the leader. Most of these uh going the wrong way, but Tesla's up 3%. Pinduoduo up 2%, but not seeing a lot of outperformers here. And I think we'll head over to futures land. Futures is where we're seeing gold at another record high. So, I'll get GC equals F, it's up 4/10 of a percent. And I believe it punched into the 3170s here. You can see it's at 3162.70 right now. Up 19% for the year. Over the last year, up 41%. And that is just a nice, strong-looking bull market right there. And I will close on Bitcoin. Haven't really talked about it recently because the price action has been pretty muted, although we are seeing it up 2.25% today. I'll show you the year-to-date chart in lines. And you can see we're underwater here, but we've just been in this holding pattern. And importantly, we got the 200 day moving average kind of sloping the a down there. You don't want to see Bitcoin fall below that, uh but as long as it's not doing anything, it's just coiling for a larger move. And in the meantime, we just sit on our hands, Maddie.

All right, Jared. Lots of hand sitting at the moment, waiting for certainty. Thank you so much. Appreciate it.

Mhm.