This excerpt is from today's Morning Brief and can be subscribed to for daily updates, including the following contents:

- The chart of the day - What we're observing - What we're reading - Updates on economic data releases and earnings

The primary concern in the financial markets currently isn't the expected rise in Nvidia (NVDA) stock on a daily basis, as it has been in the past. The main issue at hand is whether the recent slowdown in U.S. economic growth is just a temporary dip before picking up again or if it will spiral into a recession due to uncertainties such as tariff impacts and uncertainties surrounding Trump's tax cut extensions. Some believe that the market has already factored in this slowdown, but the potential for a full-blown recession may not have been accounted for.

Business executives have been expressing concerns about the impact of Trump's tariff policies on their future spending plans, with some contemplating the possibility of a forthcoming recession. JPMorgan has suggested a 40% chance of a recession happening this year, while BCA Research's Peter Berezin is even more pessimistic, placing the probability at 75%.

These concerns are not just limited to casual conversations or exclusive research reports but are now being voiced in public company earning calls and announcements. The stock market is reacting quickly to these apprehensions of more than just a gradual economic slowdown.

For instance, FedEx CEO Raj Subramaniam mentioned the uncertainty in demand and its impact on their business during an earnings call, leading to a significant decline in the company's stock. Similarly, Nike is facing challenges with declining sales projections, increased pressure on margins due to tariffs, and aggressive discounts to clear slow-moving inventory.