Finding Defensive Positions amid ‘Extremely Negative’ Policy Backdrop

Sam Burns is still cautious around a potential market drop, seeing an “extremely negative” policy backdrop and continued uncertainty around trade and earnings. He notes that tariff impacts to economic data haven’t shown up in the data yet. He also reacts to the FOMC decision and says the Fed “can’t save” markets should things go south. Looking for defensive areas, he likes utilities, some financials, and some consumer staples.

Market On Close

09 May 2025

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