The recent optimism on Wall Street dissipated early Thursday as companies continued to reassess their financial outlooks due to uncertainty over U.S. President Donald Trump's on-again-off-again tariff policies.

Risk is back on, and Pony AI (Nasdaq: PONY) is galloping ahead by over 27% today after rising as much as 30% in the session. At $7 per share, PONY stock is trading at volume of over 13 million shares compared with an average of 2 million shares trading hands,

Yeah, there are some stocks of great companies beaten down by the tariff tantrums that look cheap, but overall the market faces a huge problem of being overvalued.