Following yesterday’s discussion on market volatility and tariff policies, today’s employment data provided another important reminder: the U.S. economy remains on solid footing.

The selloff continued today, as investors continue to digest the implications of sweeping tariff announcements. Uncertainty always creates tension in the markets – and this week has been no exception. However, even amid this turbulence, we’re seeing glimpses of hope and potential optimism, particularly as certain trade relationships (such as Vietnam) may serve as avenues for resolution rather than escalation.

Most notably, today’s jobs report once again exceeded expectations, reinforcing the strength of the U.S. labor market. Job growth remains resilient, and consumer spending continues to be well-supported as a result. In tandem, Fed Chair Jerome Powell reiterated this morning that employment levels remain robust, while confirming the Federal Reserve is closely monitoring conditions and remains ready to adjust interest rates if needed. In short: there is flexibility and firepower to respond if warranted.

Historically, market drops of this magnitude feel unsettling in the moment – but they are not uncommon. When compared to some of the largest single-day declines in market history, this week’s activity still falls well below the most dramatic instances. And time and again, those periods were followed by recoveries that rewarded patient investors.

Our message remains the same: while policy uncertainty can drive short-term volatility, the underlying economic strength of the U.S. – combined with a flexible Fed and a resilient labor market – suggests this is not the beginning of a deeper structural decline.

At SteelPeak, our focus remains steady:

• Grounded in long-term fundamentals
• Disciplined in how we manage risk
• Opportunistic in how we identify value in volatility

These moments test conviction – and reward preparation.