I view this as a healthy market pullback. Since the tariff tantrum in April, we have climbed an insane +40% in 7 months. The S&P is now up +15% YTD and the NASDAQ +19% YTD. The government shutdown is over and there’s a very good chance that Trump’s tariffs are ruled illegal or severely restricted by SCOTUS, which will be a massively bullish catalyst for stocks. Trump does not want to see markets red for too long, especially after the recent elections showed huge Democratic momentum. Midterms are just one year out and I fully expect Trump, Bessent, and Trump’s incoming Fed Chair to keep markets on track for the next 12 months.