Gray Market Persists

15%its chance, of the story’s futures

−0.8%on the S&P 500, if it happens

Some China-connected buyers continue to route access through offshore affiliates, resellers or cloud intermediaries. Nvidia’s reporting order catches some activity but does not fully stop diversion risk, keeping enforcement headlines alive.

What it moves

Technology−1.3%

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.

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