According to @KobeissiLetter, the US Trade Policy Uncertainty Index has risen to a level approximately 25% above its previous high during the Trump Trade War 1.0. The S&P 500 has experienced a decline of 10.5% over the past six weeks, placing it in correction territory and resulting in a market loss of $3 trillion within just four trading days. This situation indicates heightened market volatility and potential trading opportunities for risk-averse and short-selling strategies.

According to The Kobeissi Letter, the NFIB Small Business Uncertainty Index rose by 14 points in January, reaching 100, marking the third-highest level in history. This significant increase is the largest monthly rise on record, surpassing the spikes seen during the 2020 pandemic and the highs in 2017. This heightened uncertainty could potentially influence market volatility and trading strategies, particularly in sectors reliant on small business performance.