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:
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:
Energy:
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:
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:
Misc:
Welcome back, you’re on trial, then getting deported again (rtrs)
Gender ideology bumps into its limits (link)
I got fiddy (nyp)
Trivia:
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.