The Markets Just Recovered from a Heart Attack

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Fundstrat’s Tom Lee breaks down the seismic shock of the latest tariffs—and why hope isn’t dead yet.

This week, markets were rocked by a surprise jolt—one that Fundstrat’s Head of Research, Tom Lee, called nothing short of a “heart attack” for both investors and the economy.

In a note to investors, Lee apologized for underestimating the severity of the newly announced tariffs, which were far harsher than expected. “We were blindsided,” he said bluntly. These unexpected policy moves delivered a deep shock to equities, wiping out nearly 13% in just two trading days.

But there’s a silver lining: signs of life are returning.

🔁 The Trump Put Returns?

Lee noted that despite the pain, there's evidence of a “Trump Put” coming back into play—the idea that political messaging or action from the White House might attempt to buoy markets. The Nasdaq’s rebound may be the first flicker of that shift. Even rumors of a 90-day pause on tariff escalation sparked a massive rally.

📉 A Break in the Capitalist Covenant

Beyond market mechanics, Lee emphasized a deeper issue: a break in investor trust. Companies spent years restructuring supply chains after the 2018 trade war. Now, many may be left with trillions in stranded capital due to policy whiplash.

📈 Technical Bounce vs. Real Recovery

Lee believes a technical bounce is underway, with a potential recovery to S&P 5500 in the near term—but warns that a full rebound to new highs won’t come without fundamental clarity. Right now, that’s still missing.

🌐 China May Be Left Out

While negotiations with most major trade partners may end on acceptable terms, Lee noted that a complete resolution with China may never come. Instead, the U.S. might seek to isolate Beijing and build alternate supply chains.

💡 Crypto Angle? The market’s “heart attack” and trust breakdown could push some investors to reconsider traditional financial systems. In moments of deep policy unpredictability, Bitcoin and decentralized assets start to look attractive again—not for price alone, but for principle: stability without policy flip-flops.

📩 Stay tuned for more breakdowns on what this means for markets, crypto, and the bigger economic picture.

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