US equities were trading around unchanged levels but started to move back toward the highs of the day as we head to print. The Russell 2000 and S&P equal-weight are outperforming. Earnings continue to pour in and hold up relatively well. If anything, it shows that companies came into the tariff chaos relatively well-positioned, but how things evolve from here is the trillion dollars of market cap question. Speaking of tariffs, President Trump is expected to announce an easing of auto industry tariffs later today. GM announced earnings this morning but has delayed their press conference to May 1 to assess the impact. With this latest policy modification, we may have to change our Before Tariff (BT) / After Tariff (AT) timeline scheme to the Karate Kid scheme: Tariff On. Tariff Off. Treasury yields are lower by about 4bp across the curve. The US Dollar Index is up slightly, trading around 99 currently. Crude is lower with ICE Brent down over 2% and Gold is off slightly

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