Mark Tepper joined Mornings with Maria to break down market reaction to new tariff announcements and rising geopolitical tension. He explains why the day’s trading reflects a clear risk off environment, with money rotating out of AI and crypto stocks and into gold and more cyclical sectors. Tepper also discusses what sector leadership in energy, materials, and industrials may signal about economic strength. The conversation highlights how investors should think about volatility, rotation, and positioning during uncertain market conditions.