US Markets - First Look

S&P +72bp (on highs)

10-Year Yield 4.35

USD -66bp

Euro Stoxx +2.3%

Brent -6.8%

BTC +30bp

US Markets

US markets are higher as oil and yields plunge.

International Markets

European markets are sharply higher, with autos and industrials leading the relief rally.

• Eyes on UK elections Reuters

Asia was higher, with Korea (+6.5%) sprinting through the 7K level and China (+1.2%) reopening green.

• Iran’s top diplomat visits China ahead of Trump-Xi summit FT

Themes

• Middle East optimism drives the tape higher WSJ

Data

• Strong hiring in cyclical sectors tied to private-sector activity Axios

• ADP @ 8.15am…

TMT:

• AMD gives tech another reason to rally (rtrs)

• Infineon ups guidance (bn)

• Memory sector is printing money (wsj)

• The quiet push to control AI speech (link)

Consumer:

• AI is forcing CEOs to lay off or knuckle down on workers (wsj)

• Mall brands win big at the Met Gala (wsj)

• Diageo delivers (ft)

• 80% of Americans believe the war with Iran is pushing up their costs (link)

Industrials:

• Asbetsos lawsuits being sidestepped (bn)

• Hyundai robot does handstands (bn)

Transports/Autos/Airlines:

• LNG shipment through Hormuz (bn)

• Rivian looks to more affordable models (rtrs)

• I could watch this all day (link)

Energy:

• Why the UAE really left OPEC (ft)

• Australia wants a strategic reserve (rtrs)

• US-Canada pipeline commitment (rtrs)

• US gas prices at $4.50 as driving season approaches (rtrs)

Commodities:

• The EU’s soft underbelly (ft)

• Gold jumps on dollar weakness (rtrs)

Housing/REITs:

• No door, no bathroom, no problem (wsj)

Financials:

• US bankruptcy fights are heading to London (ft)

• Samsung hits $1 trillion mark and Seoul surges (rtrs)

• Crypto’s defi sector hit by investor exodus after hacks (ft)

• Private credit warning (cnbc)

Healthcare:

• Novo Nordisk ups guidance (ft)

• Just sayin’ (link)

Politics:

• Iran signals an opening (rtrs)

• China pressuring Iran to reopen Hormuz (cnbc)

• We can always go back to killing their leaders (nyt)

• One-party India (nyt)

• GOP likely to lose another seat (ap)

• Virginia Dems in a panic (link)

• Canada is undergoing some weird psychosis (ap)

NYC:

• Ken Griffin looks to pull back from NYC (wsj)

• Probably fantasized about her being gang raped (nyp)

Misc:

• This will be fun if you like watching heads explode (axios)

• Writers going to extremes to prove they didn’t use AI (bn)

• Why your best ideas aren’t original (link)

Trivia:

• Blindfold whip challenge (link)

• Spirit Airlines RIP (link)

• Pay attention to meeeee (nyp)

• Bro (link)

Quote of the Day: “Leap, and the net will appear.” John Burroughs.

Podcast/Track of the Day: Boudicca Laurence Paul

Random Factoid: The word “pothole” is a redundant term. “Pot” comes from the Middle English word “pit,” meaning hole. Thus, a pothole is a “hole-hole.”

This Day in History: The Eiffel Tower is officially opened to the public. 1889.