Futures already acting. The "bounce" from Liberation Day and the ensuing TACO trade was driven by retail. The bond vigilantes and the institutions are going to lead the charge if Cheetolini is not stopped by the courts.

Markets are not the economy as they say

Like the rest of us, markets are not reacting anymore. That is dangerous. Investors become frozen in their positions and then react more vigorously when they do. This vital mechanism to build strong companies and diminish poor companies is broken.