Hamza Shaban

The tech giants can be defensive stocks in a trade war not because they are insulated but because they are enormous, cash-rich, and have sprawling businesses.

On Monday morning, we all got a preview of how the market might get out of this mess. And on Wednesday, we got the feature presentation. Or, better put, the first episode of the next series.

Hamza Shaban · Senior Reporter 3 min read In this article:

Earnings mean less, and old outlooks mean nothing when tariff policy is all Wall Street cares about.

How badly will Trump's tariffs eat into corporate profits? How can supply chain acrobatics offset the severe levies on China?

Big Tech stocks are too important to be sacrificed in a trade war but a negotiated peace isn't yet on the table.

It's a feature of American politics to want to avoid the appearance of picking winners and losers in the market.

Facilitating and financing trades is proving to be a winning proposition for big banks in a chaotic market.

Investors are left to wrestle with backward-looking figures that haven't captured the present and unpleasant surveys that anticipate a dismal future.

That may be true, but there's a compelling argument for viewing it in a different way.