It’s a red sea once again with commodities and metals also lower. Major indices moved off the lows after President Trump announced Vietnam and Cambodia are cutting their tariffs.

This news gave some resolve to retailers that have large suppliers in those countries and were beaten down yesterday.

However, Fed Powell comments reversed the trend, and the market started losing ground again. Powell didn’t come to the meeting for his presentation as the question-and-answer period gave hints that the Fed would spring into action, faster than in the past.

Noting how many people have forecasted slower growth, Powell & Co. noted "hard" data reflects the angst of "soft" data.

That being said, there is still a substantial self-fulfilling element to all of this. In other words, the outcome should be substantially better than what's baked into the stock market.

The magnificent seven underperforming once again, including Apple (AAPL), Nvidia (NVDA), and Tesla (TSLA).

All eleven sectors are getting hit with Energy (XLE) once again a notable laggard. The sector is moving lower as oil prices plunge.

We want to own companies with pricing power and expanding margins. Some of the retaliatory tariffs could impact them, but for the most part, when the dust settles, those companies will still be among the best companies.