This is interesting: The S&P 500 ETF, SPY, has risen +8.8% during regular trading hours since President Trump’s “Liberation Day” on April 2nd through May 21st. On the other hand, in the overnight sessions, SPY has declined by -3.4%. This suggests that international investors continued selling US stocks even after a 90-day tariff pause was announced, according to Morgan Stanley. By comparison, the popular bond tracking ETF, TLT, declined -4.7% during regular trading hours and -1.9% overnight. All while gold ETF prices, GLD, gained +2.4% during standard trading hours and +2.3% overnight. Foreigners are still dumping US assets and rotating into gold.