By: Adam Turnquist, CMT, Chief Technical Strategist, LPL Financial

Stocks continued to climb the wall of worry last week and shrugged off tariff headlines, inflation volatility, and signs of a slowdown in retail spending. President Trump reinstated a full 25% tariff on all steel imports — effectively closing any loopholes and exemptions — and increased the tariffs on aluminum imports to 25%. Most metals rallied on the news as fear over forthcoming tariffs on a broader range of metals sparked a surge in demand. The White House also announced plans to impose reciprocal tariffs on a country-by-country basis to “correct longstanding imbalances in international trade and ensure fairness across the board.” Stocks discounted the news after it was revealed the tariffs would not be implemented until April, leaving some time for negotiations. A drop in the dollar and interest rates provided another tailwind for risk appetite last week.

Read the full commentary here: Weekly Market Commentary 02.18.2025