Chart of the Week

This is The Takeaway from today’s Morning Brief, which you can sign up to receive in your inbox every morning along with: The chart of the day What we’re watching What we’re reading Economic data releases and earnings Trump’s tariff announcement came Wednesday like an underwater earthquake, and its tsunami put an unprepared stock market deep underwater. The S&P 500 (^GSPC) closed down 4.8% Thursday and nearly 6.0% Friday. It closed at 5,074, 17% off from February’s high, as investors appeared wholly unprepared for Trump’s “baseline” reciprocal tariff rate of 10%, with higher duties on a number of countries. It…