🤯 Tariffs Near 1930s Levels

April 10, 2025 >> What Now?

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🎯 This is part of a series designed for PRO investors who want real-time updates on macroeconomic news through my advanced insights. Feel free to catch up on previous emails here if you'd like to start from the beginning!

Dear all,

What a day.

April 9, 2025, will be remembered as one of those seismic market sessions where price, policy, and psychology intertwine in a way that rewrites the macro narrative.

I spent hours digesting what happened - digging through old charts, macro reports, and historical parallels.

Because what we just witnessed wasn’t just a market move. It was a signal, a rupture, and perhaps a prelude.

Let’s take a walk through this financial thunderstorm together.

📈 A Market That Just Remembered How to Dance

Start with the headline numbers: the S&P 500 jumped a stunning 9.5%, closing at 5,457 - the third-largest one-day rally in the post-WWII era.

The Dow Jones Industrial Average surged over 2,400 points, a move not seen since the COVID-19 rebound in March 2020.

The Nasdaq rode the wave with tech stocks rallying across the board.

But the real showstopper was volatility.

The VIX collapsed 35.75%, from 52.33 to 33.62. This is now officially the biggest one-day drop in the history of the Volatility Index.

Even during the most euphoric post-crisis bounces, we’ve rarely seen such a brutal compression of risk premiums in a single day.

It wasn’t just an emotional overreaction.

The shift in positioning was ferocious.

Institutional desks, short vol traders, and systematic strategies all scrambled to adjust as policy headlines broke.

Relief washed over markets, but it was the kind of relief that comes after a panic attack, not after a clear resolution.

Now, let’s zoom out.

This edition is one of our most packed ever: massive market reversals, historical volatility records, and a new geopolitical game just beginning. Inside, you’ll find what really drove the 9.5% S&P surge, why the $VIX just made history, and how new tariffs might permanently reshape inflation, yields, and global risk flows.

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