This Manic Market May Soon Return to Its Senses

Deflationary forces are expected to persist because of excess inventories from the dumping of goods as importers try to beat the tariffs.

Stock market numbers are seen as traders work on the floor of the New York Stock Exchange during morning trading on March 14, 2025. Michael M. Santiago/Getty Images

Commentary

We are seeing, once again, that the stock market is a manic crowd. A crowd does not think, it merely reacts. On March 10, the stock market ignored the news that Taiwan Semiconductor’s sales surged 43 percent in February and instead focused on a Bloomberg report that Apple (AAPL) was delaying the launch of Siri AI upgrades, as well as its smart home hub. When a huge tech component of Nasdaq, like Apple, contracts, it tends to fuel panic selling, while Taiwan Semiconductor’s explosive sales growth was largely ignored.