October 13, 2025

By Nigam Arora

To gain an edge, this is what you need to know today.

Euphoric TACO Traders

Please click here for a chart of S&P 500 ETF (SPY) which represents the benchmark stock market index S&P 500 (SPX).

Note the following:

• The chart shows the big drop in the stock market on Friday on President Trump threatening to impose 100% additional tariffs on Chinese goods.
• In Friday’s Morning Capsule, when S&P 500 was trading at an all time high, we wrote:

In yesterday’s Morning Capsule, we shared with you that China was restricting the export of rare earths to gain leverage in talks with the U.S.