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Tariff Pressures vs. Earnings Power: AI, Pricing Strength, and the Case for Staying Overweight U.S. Stocks

• U.S. corporate earnings resilience persists as tariff impacts become clearer. We stay overweight U.S. stocks but get granular while assessing the tariff fallout. 

• U.S. stocks fell and bond yields slid after soft U.S. jobs data suggested slowing activity. We see many macro crosscurrents at play, muddying the outlook. 

• U.S. trade data will show how much tariffs are impacting imports. The Bank of England is expected to cut policy rates.