One for the history books: The S&P 500 extends gain to 9%, Nasdaq up 11%

There is a huge squeeze on shorts at the moment and a rush back into equities.

Note though that a 10% rate is still problematic rate for many countries and companies involved in trade with the the US. That said, it's about what was expected on April 2 when Liberation Day was announced.

To get back to April 2 levels, we would need to add another 5% in the S&P 500. But I'm not sure we get all the way back there given the 125% China tariffs. That said, Trump indicated those were also negotiable so you have to price in a high probability of those coming down.