As we’ve flagged, tariffs, in the eyes of the stock market, are a solved problem. In the eyes of US executives, they’re creating massive challenges. Case in point: after receiving a surprise tariff bill, the CEO of Keeley Electronics, a guitar pedal company, had to use an unconventional approach to foot the bill. Try to guess his method of payment. Was it:
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- 1.83 million American Express rewards points
- $14,304 in cash from liquidating four gold bars he’d purchased at Costco
- 66,271 dogecoin
- Four $3,750 payments via the buy now, pay later service Klarna
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Check your answer.
The S&P 500 dipped as traders ditched high-flying stocks and went bargain hunting. The start of the third quarter was marked by an intense rotation from the market’s winners into value stocks. Alas, since value stocks often get that title from underperformance, making them smaller members of a benchmark, this shift in allocations saw the S&P 500 end 0.1% lower despite advancers outnumbering decliners by 255. Until today, the S&P 500 hadn’t declined during a session in which this many of its constituents rose in all of 2025. The Nasdaq 100 fell 0.9%, while the Russell 2000 rose 0.9%.
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