Tuesday Watch

Around X:

• @Business  

• Trump very much seems to want the war in Iran to end, but increasingly, it looks like we may live with a low-grade version of the conflict for months to come. 
• Japan is currently undergoing the greatest budgetary reform process since the end of World War II, Finance Minister Satsuki Katayama says.
• SpaceX CEO Elon Musk unveiled a more detailed look at an initial version of an AI data center satellite that the company plans to build, providing more insight into the project driving SpaceX’s highly anticipated IPO.
• Bank of America Securities sees trouble ahead for the stock market. 
• Get up to speed on what's moving global markets.
• Here’s what you need to know to start your day.    

• @ZeroHedge

• BREAKING: A magnitude 5.0 earthquake struck Sargaz in Iran’s southern Hormozgan province at a depth of 22km, according to Iranian state media, reports Reuters.     
• Chinese Article Warns VPN Use Alone Can Trigger Punishment Under Expanding Censorship Regime.    
• How A Tiny Insect Decimated Florida's Citrus, And What Orchardists Are Doing About It. 
• BREAKING: Iranian leadership loses contact with Supreme Leader Mojtaba Khamenei.
• How safe is the bounce?
• Several people have asked me to share some of the back and forth on that very bizarre chat with Gemini on SpaceX's amended filing. I won't share the whole thing, but here's where things started to go off the rails. (1/3).
• "Replacing Lower Value Human Capital": Banks Cut Staff As Recent Grads Face Off Against AI For Jobs.
• Xi Jinping Applauds Kim's 'Socialist Cause' In Warm North Korea State Visit.
• House Report Finds Minnesota Officials Ignored Fraud To Avoid Racism Accusations.
• *OPENAI SUBMITTED CONFIDENTIAL S-1 TO SEC FOR IPO.
• Campbell's CEO Serves Up Warning For Restaurants As "Resilient" At-Home Cooking Trend Gains Steam.
• Sam Bankman-Fried 'Absolutely' Wants A Presidential Pardon.
• USDA TO TRIAL IVERMECTIN IN FEED TO CONTROL SCREWWORM IN WILD. 
• Bitcoin Bid As Stocks 'Dead Cat Bounce', But History Shows Friday's Low Gets Re-Tested.               

• @CNBC

• CNBC Daily Open: Tim Cook's last WWDC, tech IPOs and Middle East tensions. 
• Tuesday's big stock stories: What’s likely to move the market in the next trading session.
• Stock futures are little changed after chip rebound lifts S&P 500 to winning day: Live updates.      
• The Pentagon added a slew of Chinese companies, including Alibaba Group, Baidu Inc and carmaker BYD, to a list of entities it believes have aided the Chinese military, complicating the fragile diplomatic relationship between Washington and Beijing. The Defense Department will be prohibited from contracting directly with listed companies starting later this month. Click here to read more:The Pentagon added a slew of Chinese companies, including Alibaba Group, Baidu Inc and carmaker BYD, to a list of entities it believes have aided the Chinese military, complicating the fragile diplomatic relationship between Washington and Beijing. The Defense Department will be prohibited from contracting directly with listed companies starting later this month. Click here to read more: 

Night Trading 

• Asian equity indices are -.25% to +1.75% on average. 
• Asia Ex-Japan Investment Grade CDS Index 73.5 -.5 basis point. 
• China Sovereign CDS 40.5 -1.0 basis point.
• China Iron Ore Spot 100.6 USD/Metric Tonne +.32%. 
• Crude Oil 90.62/bbl. -.74% 
• Gold 4,358.80 USD/t oz. -.11%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.50 -.02%.
• Bloomberg Emerging Markets Currency Index 34.98 +.03%.
• Bloomberg Global Risk-On/Risk Off Index 121.0 +.4%.
• US 10-Year Yield 4.56% unch.
• Japan 30-Year Yield 3.97% +2.0 basis points. 
• Volatility Index(VIX) futures 20.1 +.5%.
• Euro Stoxx 50 futures -.33%. 
• S&P 500 futures +.04%.
• NASDAQ 100 futures +.07%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and financial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 25% net long heading into the day.