The stock market’s fortunes have been steered by the White House’s highly unpredictable tariff policies. The result: volatile markets and a murky outlook. For that reason, some strategists believe that while the market found a bottom in early April,

Strategists at BNP Paribas have conducted another deep-dive into the past 100 years of equity-market crashes—and they’re now offering an explanation that helps better frame this week’s impressive rebound in U.