How the S&P 500 recovered all of its losses for the year

Even as companies have delivered fatter profits than expected, many have also warned they’re unsure about what lies ahead. CEOs have been either lowering or withdrawing their financial forecasts for the year given all the uncertainty around how Trump’s tariffs will end up.

Market stalwarts such as Apple and Alphabet are still down double-digits for the year and the Nasdaq composite, with a bigger roster of technology companies, is still down 0.5%.

Analysts are quick to remind investors that most tariffs have been paused, not eliminated, and others are still in place. Trump retained a baseline 10% tariff against other counties. U.S. tariffs against China are still at 30%.

”I would advise investors to remain cautious in the near term and to be prepared for unexpected news from the trade front,” said Louis Wong, director for Phillip Securities Group in Hong Kong, earlier this week.