Both SP500 and Nasdaq futures are still down more than 1%.
Markets are strong because economy is strong. Trump just keeps hitting it with shitball after shitball. There is absolutely no reason why we should have down markets.
China can give Trump some symbolic wins without much substance, but his bully tactics make it difficult. If China backs down now it will lose a lot of face. Emperor Xi just got himself a life term and losing to Bully Trump can’t be the first thing he did. You want to hit me with 100B extra tariff? Sure, I will hit you with 100B too. And I will make sure it will hit where it hurts.
Trump and GOP have to answer to voters and midterm is coming up. Xi doesn’t have to answer to anyone. I think China has the upper hand here.