Wednesday Watch

Around X:

• @Business  

• Donald Trump and Xi Jinping are headed toward a summit next month with a shared desire to stabilize ties. That calm is being tested as both leaders rush to shore up strategic vulnerabilities over Iranian oil and AI.
• US spending on power-plant equipment is expected to triple through 2030, primarily driven by the growth of data centers that may account for as much as 40% of total investment, according to a report.
• Get up to speed on what's moving global markets.
• Here’s what you need to know to start your day.   

• @ZeroHedge

• Trump Tells Aides US Preparing For Extended Blockade, But Could Be Open To Interim Deal With Iran.
• Ft. Knox Full Of Impure Gold Unfit For International Transactions.
• The Treasury Department, through Economic Fury, has targeted Iran’s international shadow banking infrastructure, access to crypto, shadow fleet, weapons procurement networks, funding for terrorist proxies in the region, and independent Chinese “teapot” refineries that support Iran’s oil trade. These actions have disrupted tens of billions of dollars in revenue that would be used to fund terrorism. Under @POTUS’ maximum pressure campaign, Tehran’s inflation has doubled and its currency has rapidly depreciated. Kharg Island, Iran’s primary oil export terminal, is soon nearing storage capacity, which will force the regime to reduce oil production, resulting in an additional approximately $170 million per day in lost revenue, and causing permanent damage to Iran’s oil infrastructure. Treasury will continue to exert maximum pressure and any person, vessel, or entity facilitating illicit flows to Tehran risks exposure to U.S. sanctions. -@SecScottBessent.  
• DOJ Sues Cloudera For Deliberately Excluding American Workers From High-Paying Tech Jobs.
• DHS To Vet Immigrants For 'Extremist Views'.
• AI Capabilities Are Accelerating Not Plateauing; Stanford Study Finds 30% Of US Adults Will Seek AI Companionship.
• The US Grid Wasn't Built For This.
• Fed Preview: Jay-Hawk Swan Song.
• Jim Quinn: Kill Switch Of Freedom.
• Improper US Government Payments Rose To $186 Billion In 2025: Watchdog.
• US Farmers Are Facing Two Historic Catastrophes At The Same Time In 2026. 
• Oil Up, Everything Else Down As Horde Of Headlines Hammers Narratives.        

• @CNBC 

• Asia markets set to open mixed after OPEC shock, tech jitters drag Wall Street stocks.
• Wednesday's big stock stories: What’s likely to move the market in the next trading session.
• S&P 500 futures are flat as Wall Street looks ahead to ‘Mag 7’ earnings and Fed decision: Live updates.  
• Stocks making the biggest moves after hours: Robinhood, Booking Holdings, Starbucks, Visa & more. 
• Here's everything to expect when the Fed issues its latest interest rate decision Wednesday. 

• @TheTranscript 

• The benefits of AI being cited:
• Bloom Energy CEO: "Bloom is rapidly becoming the standard and 'go-to choice' for on-site power." $BE: +14% AH.
• Bookings Holdings CEO: "Despite headwinds associated with the Middle East conflict, we are pleased to report a solid start to 2026, with Adjusted EBITDA growth of 19% (net income growth of 225%), alongside 15% growth in gross bookings and 16% revenue growth". $BKNG: -5% AH.
• Seagate Technology CEO: "Seagate delivered outstanding March quarter results, exceeding the high end of our revenue and EPS guidance, achieving record margin performance, and generating close to $1 billion in free cash flow". $STX: +14% AH.
• NXP Semis CEO: "NXP delivered quarterly revenue of $3.18 billion, up 12% year over year, with broad-based improvement across all of our focus end markets...The momentum we have built is expected to accelerate through the remainder of 2026." $NXPI: +15% AH.
• Visa double beat CEO: "Consumer spending remained resilient." $V: +4% AH. 

• @WallStEngine

• $TER Q1’26 EARNINGS HIGHLIGHTS. Revenue: $1.28B (Est. $1.21B) ; +87% y/y. Adj. EPS: $2.56 (Est. $2.10). Semiconductor Test Revenue: $1.111B. AI-Related Demand: Approx. 70% of revenue tied to AI-related demand. Q2 Guide: Revenue: $1.15B-$1.25B (Est. $1.20B). GAAP EPS: $1.83-$2.12 (Est. $1.98). Non-GAAP EPS: $1.86-$2.15.

• @ShadowofEzra

• King Charles is telling the United States government to prepare for a war with Russia by getting ready to defend Ukraine and “her most courageous people.” He reminds Congress that they fought together through two world wars, the Cold War, and Afghanistan. *The entire Congress clapped. (video)

• @realannapaulina

• We will BLOW UP the farm bill if Sections 10205, 10206, and 10207 are NOT REMOVED from the Farm Bill. Section 10205 would shield pesticide makers from liability, weaken warning labels, and put foreign chemical corporations above the health of American families.

• @Laurenlee

• “ENORMOUS MISSTEP” By Trump Admin in Siding with Bayer/Monsanto over MAHA, Says “Glyphosate Girl” Kelly Ryerson. “This will cost them the midterms!” “What the administration did was a real slap in the face to MAHA. Glyphosate is a banner issue for MAHA. We're very concerned about its impact on the body. It's in the air, it's in the water, it's in our bodies…This is a very important issue.” (video)

• @TheFirstonTV

• "Republicans are going to be OBLITERATED this November." @ScottPresler expects the GOP to lose 30 to 40 House seats if the Senate doesn't deliver on the SAVE America Act. (video)

• @C_3C_3

• Want to hear something crazy? The Republicans are one fair election away from destroying the Marxist Democrats and the Marxist Democrats are one stolen election away from destroying America. Passing the SAVE America Act is that important.

• @HealthRanger

• 2027: Your New Car Will Spy On You — And Hackers Can Take Full Control. Starting 2027, every new car sold in America is required by federal law to have always-on cameras staring at your face. No way to turn it off. No opt-out. Tamper-resistant. These cameras watch your eyes, head, and every move 24/7. The car can judge if you’re “impaired” and stop you from driving. But here’s the nightmare: Hackers can steal your data and remotely hijack your car. Imagine someone taking control of the wheel while your family is inside. All your private moments recorded. Your location. Your biometrics. Everything. They’re turning your personal vehicle into a rolling surveillance device you can’t escape — and handing hackers the keys. This isn’t safety. This is dystopia. Wake up before it’s too late. You will be watched by your own vehicle. From 2027 forward...

• @annvandersteel

• @USGS has found that the Appalachian region of the U.S. contains enough lithium to replace 328 YEARS of imports! Thanks to world-leading mineral science, permitting reform and renewed investment in domestic mining, @POTUS has reclaimed America's mineral independence. That’s why Hurricane Helene happened.

• @1776General_

• CIA document says they use weather to control the world. OFFICIAL GOVERNMENT FILES. On the CIA website. Right now. (video)

• @CollinRugg

• Fox News host Jimmy Failla caught on a hot mic ripping the lack of security at the WH Correspondents’ Dinner, moments before a man came storming in with multiple weapons. Failla was heard laughing that the only people guarding the doors were two "random chicks." Following the incident, Failla said he knew security was bad the "minute" they let his team inside. "We’re very shaken up, and I knew security was bad the minute they let my team in. I just didn’t know it was that bad," he said during an interview with Fox News host Trace Gallagher. How pathetic. (video)

• @Resist_CBDC

• If your car can be shut off without due process, it’s not your car. If your car spies on you against your wish for privacy, it’s not your car. If the title is tokenized and can’t be sold without the AI approval, it’s not your car. This is property confiscation on the road to owning nothing and being happy.

• @DerrickEvans4WV

• Big Brother is coming for your vehicle. Congress put it in the 2021 Infrastructure Bill: By 2027 every new vehicle must have AI cameras constantly watching the driver’s face and eyes. If the system decides you’re “impaired,” it can shut your engine off. No override. No appeal. Imagine being stranded with your family on the side of the road because the government’s AI said so. This isn’t safety — it’s surveillance and control. What do you think?

• @BowesChay

• Ukrainian strikes on Russian oil infrastructure in Tuapse could cause an ecological disaster on a previously unseen scale. Of course theres complete silence from the West as Kiev intentionally destroys the Black Seas delicate ecosystem. The impact on Russias oil exports is minimal, the impact on the environment is catastrophic. According to ecologists, the air has recorded an exceedance of the maximum permissible concentration of benzene - a dangerous carcinogen that can accumulate in the body. (video)

• @DrJesseMorse

• Cancer patients, doctors and especially oncologists listen up! If you have received (or are prescribing) frequent MRIs or CT scans with contrast, you need to be aware that often times this contrast NEVER leaves your body. For example, this is a now 59-year-old female with a history of cancer that underwent chemotherapy and had multiple imaging studies with contrast. (pic)

• @LuckyMcGee

• My favorite part of King Charles appearing before Congress was the part where all the liberals who refused to stand or applaud for Angel Moms or a kid with cancer, and who constantly scream “NO KINGS!” give a 3 minute standing ovation for a literal king. What a bunch of disingenuous hypocrites. (video)

• @NicHulscher

• 25% OF U.S. INFANTS NOW HAVE ZERO BIFIDOBACTERIA. This keystone gut microbe is CRITICAL for healthy development. Its loss TRIPLES the risk of allergies, asthma and eczema. Hyper-vaccination, pesticides, antibiotics, C-sections, and formula feeding are wiping it out. (video)

• @DomFreePress

• Georgia Secretary of State Brad Raffensperger, now running for governor, was asked twice by 11Alive’s Faith Jessie at today’s Atlanta Press Club debate: Did you make a mistake certifying the 2020 election for Joe Biden? He refused to answer. Twice. (video)

Night Trading 

• Asian equity indices are -.75% to +.25% on average. 
• Asia Ex-Japan Investment Grade CDS Index 75.0 +.25 basis point. 
• China Sovereign CDS 43.5 -.5 basis point.
• China Iron Ore Spot 106.5 USD/Metric Tonne +.1%. 
• Crude Oil 100.14/bbl. +.2% 
• Gold 4,606.4 USD/t oz. -.07%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.67 -.08%.
• Bloomberg Emerging Markets Currency Index 35.58 -.06%.
• Bloomberg Global Risk-On/Risk Off Index 116.8 +.1%
• US 10-Year Yield 4.35% +1.0 basis point.
• Japan 30-Year Yield 3.67% -3.0 basis points. 
• Volatility Index(VIX) futures 19.7 -.4%.
• Euro Stoxx 50 futures -.09%. 
• S&P 500 futures +.13%.
• NASDAQ 100 futures +.31%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by consumer discretionary and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.