US Markets - First Look

S&P +21bp (on highs)

10-Year Yield 4.27

USD +10bp

Euro Stoxx +1.0%

Brent +67bp

BTC -66bp

US Markets

US markets are slightly stronger. Don’t sell new highs.

International Markets

European markets are broadly higher, led by consumer and industrial names.

• Turkey’s economic woes catch up with Erdoğan FT

Asia was mixed with Japan (+1.4%) rallying but the China complex weaker.

• US-India trade talks may have to push Reuters

Themes

• White House says US-China trade truce is done FT

• EU likely to lower American tariffs WSJ

• Stocks climb wall of worry CNBC

• Iran gets a lesson on unintended consequences WSJ

Data

• 142,000 millionaires are expected to relocate globally in 2025, up from 134,000 last year AP

• PCE @ 8.30am. Consumer Sentiment @ 10am..

TMT:

• Google hires Oracle’s cloud CFO (bn)

• Core Scientific targeted (cnbc)

Consumer:

• The rise of rucking (axios)

• Zara strives to stay youthful at 50 (ft)

• Anna Wintour steps down from Vogue (ft)

• Nike turnaround shows progress (ft)

• How hotels are tackling bad etiquette (cnbc)

Industrials:

• China industrial profits plunge (cnbc)

Transports/Autos/Airlines:

• Xiaomi orders boom (rtrs)

• US automakers want FSD rules loosened (rtrs)

Energy:

• Gas prices should be fine this summer (wsj)

• Russia fuel flows dwindle (bn)

Commodities:

• US has tons of copper but no way to refine it (bn)

Housing/REITs:

• NYC developers are terrified of champagne socialist Mamdani (wsj)

• Big Sur’s remoteness is now driving some owners away (wsj)

• Ring cameras will soon give users AI-powered text descriptions of the motion activity they detect (link)

Financials:

• Banking on banks (axios)

• New highs lead to new highs (link)

• Earnings test coming for the S&P (bn)

Healthcare:

• SCOTUS allows states to defund Planned Parenthood (ap)

• RFK vaccine panel to question everything (wsj)

Politics:

• GOP bill dealt more setbacks (ap)

• Debate over schools divides Dems (wsj)

• GOP grabs the fastest-growing demographic in America (axios)

• Lala Land (ap)

• Meanwhile in Wingnut Land (ap)

NYC:

• Eric Adams suddenly looks good (bn)

• Losing once not enough for Cuomo (ap)

Misc:

• Welcome back, you’re on trial, then getting deported again (rtrs)

• Gender ideology bumps into its limits (link)

• I got fiddy (nyp)

Trivia:

• Ocean pools (link)

• That armbar was mid (link)

• Sound on (link)

Quote of the Day: “Most people die with their music still locked up inside them.” Benjamin Disraeli

Podcast/Track of the Day: An Iran War Debate Scott Horton & Mark Dubowitz

Random Factoid: Robert Todd Lincoln, son of President Abraham Lincoln, had his life saved by Edwin Booth, the brother of John Wilkes Booth, the assassin of President Lincoln. The incident occurred on a train platform in Jersey City, New Jersey, in either late 1864 or early 1865. Robert Lincoln was caught between the platform and a moving train and was pulled to safety by thespian Edwin Booth.

This Day in History: The Republic of Ragusa is founded. Its motto was "Non bene pro toto libertas venditur auro", a Latin phrase that can be translated as "Liberty is not well sold for all the gold" 1358.