S&P 500 was slightly up 0.04%. Asian equity markets were under pressure on Wednesday, with Japan and Taiwan performance particularly weak. Nikkei went down 3.93%, Hang Seng up 0.68%, Shanghai Composite +1.31%. European equity markets opened broadly lower, with STOXX 600 down 3 percent and FTSE 100 up 2.6%. Press declared US reciprocal tariffs came into effect with the clock moving past the 12:01 am ET deadline as stated by the White House. Most of the attention is on the highest tariff rate of 104% imposed on China. No further reaction came from Beijing so far though yesterday's backlash continued to reverberate. Full effects may take some time to filter through as goods already in transit as of midnight will be exempt as long as they arrive in the US by May 27th.

Companies Mentioned: Apple, KKR, Assura, META