Lutnick Is Replaced

its chance, of the story’s futures

−0.9%on the S&P 500, if it happens

The White House decides Howard Lutnick has become a political liability after reports that Nvidia H200 chips reached a blacklisted Chinese military-linked university. A replacement or acting Commerce secretary is installed with a mandate to show tougher export-control enforcement without fully abandoning Trump’s China sales framework.

What it moves

Technology−2.1%
Industrials+0.5%

Sectors in percent; other series by direction only.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

Lutnick Is Replaced

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