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As you know, President Trump announced new tariffs on nearly all major U.S. trading partners on Wednesday. The tariffs proved more stringent than anticipated and the markets reacted negatively to the news.

The administration’s chaotic approach to tariffs – including imposing them, suspending some and walking back others – continues to reverberate through the stock and bond markets.

Trade headlines continue to weigh on markets as new tariffs on Canada, Mexico and China have gone into effect. Tensions are high as impacted countries are retaliating with their own tariffs.

The past two years have been remarkable for stocks, as the S&P 500 is on its way to posting back-to-back gains of more than 20%.

All eyes are on the incoming Trump administration, the transition to a Republican controlled Congress, and the potential impact both will have on the economy and the financial markets.

This year, a unique phenomenon is impacting the S&P 500. A single stock has contributed one-third of the S&P 500’s total return. That stock is...