Stocks Reversing Higher into Final Hour on De-escalating Mid-East Tensions, Lower Long-Term Rates, Plunging Oil, Homebuilding/Transport Sector Strength

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 36.95 +.21%
• US 10-Year T-Note Yield 4.32% -5.0 basis points
• 3-Month T-Bill Yield 4.26% -4.0 basis points

• China Iron Ore Spot 94.2 USD/Metric Tonne +.3%
• Dutch TTF Nat Gas(European benchmark) 40.52 euros/megawatt-hour -.99%

• Citi US Economic Surprise Index -20.8 +3.1 points

• Citi Eurozone Economic Surprise Index 24.4 -5.1 points

• Citi Emerging Markets Economic Surprise Index 28.4 -1.6 points
• S&P 500 Current Quarter EPS Growth Rate YoY(9 of 500 reporting) +1.3% -.1 percentage point
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 278.87 +.36:  Growth Rate +9.6% unch., P/E 21.5 +.1
• S&P 500 Current Year Estimated Profit Margin 13.25% +1.0 basis point
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(0 of 10 reporting) n/a
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 433.96 +.62: Growth Rate +16.2% +.2 percentage point, P/E 32.5 unch.
• Bloomberg US Financial Conditions Index .29 +25.0 basis points
• Bloomberg Euro-Zone Financial Conditions Index .91 -27.0 basis points
• Bloomberg Global Trade Policy Uncertainty Index 4.8 +.5
• US Yield Curve 49.0 basis points (2s/10s) +2.5 basis points
• US Atlanta Fed GDPNow Q2 Forecast +3.4% unch.
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 40.3% +.6 percentage point

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.58% unch.: CPI YoY +2.62% unch.
• 1-Year TIPS Spread 2.65 -6.0 basis points
• 10-Year TIPS Spread 2.31 -3.0 basis points
• Highest target rate probability for Sept. 17th FOMC meeting: 65.3% (+5.0 percentage points) chance of 4.0%-4.25%. Highest target rate probability for Oct. 29th meeting: 46.2%(+9.6 percentage points) chance of 3.75%-4.0%. (current target rate is 4.25-4.5%)
  

Polymarket:

• Iran Military Response to US forces by 6/30 27.0% -47.0 percentage points
• Another US military action against Iran by 6/30 25.0% -39.0 percentage points
• Will Iran Close the Straight of Hormuz in 2025? 26.0% -8.0 percentage points
• US-EU Trade Agreement by July 9th 51.0% +4.0 percentage points 
• Reconciliation Bill Passed by July 31st 73.0% +4.0 percentage points 

Overseas Futures:

• Nikkei 225 Futures: Indicating +302 open in Japan 
• China A50 Futures: Indicating -35 open in China

• DAX Futures: Indicating +228 open in Germany

Portfolio:

• Higher: On gains in my utility/financial/tech/consumer discretionary/industrial sector longs
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and emerging market shorts
• Market Exposure: 75% Net Long

Tomorrow's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• (CCL)/.25
• (SNX)/2.71 

After the Close: 

• (AVAV)/1.40
• (BB)/.00
• (FDX)/5.88
• (WOR)/.83 

Economic Releases

8:30 am EST

• The Philly Fed Non-Manufacturing Activity for June. 
• The 1Q Current Account Balance is estimated to widen to -$445.5B versus -$303.9B in 4Q. 

9:00 am EST

• The FHFA House Price Index MoM for April is estimated unch. versus a -.1% decline in March.
• The S&P CoreLogic CS 20-City MoM SA for April is estimated unch. versus a -.12% decline in March.

10:00 am EST

• The Richmond Fed Manufacturing Index for June is estimated to fall to -10.0 versus -9.0 in May.
• The Conference Board Consumer Confidence Index for June is estimated to rise to 99.8 versus 98.0 in May.  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Powell testifying to House, Fed's Hammack speaking, Fed's Barr speaking, 2Y T-Note auction, weekly US retail sales reports, (MA) annual meeting, (DASH) annual meeting, (OKTA) annual meeting, (CF) investor day, JPMorgan Energy/Power/Renewables/Mining Conference and the Northland Growth Conference could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Mid-Day Market Internals

NYSE Composite Index:

• Volume Running +6.5% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 14.7 -.3
• 7 Sectors Declining, 4 Sectors Rising
• 42.1% of Issues Advancing, 55.4% Declining 
• TRIN/Arms 1.61 +78.9%
  
• Non-Block Money Flow -$147.9M
  
• 45 New 52-Week Highs, 38 New Lows
• 41.6% (-.1%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 50.2 -3.2

Other:

• Bloomberg Global Risk-On/Risk-Off Index 68.5 -.8%
• Bloomberg Cyclicals/Defensives Index 241.1 -.2%
  
• Morgan Stanley Growth vs Value Index 165.4 -.56%
• CNN Fear & Greed Index 53.0 (NEUTRAL) -2.0
• Polymarket: Iran Military Response to US forces by 6/30 75.0% +19.0 percentage points
• Polymarket: Another US military action against Iran by 6/30 64.0% +10.0 percentage points 
• Polymarket: Will Iran Close the Straight of Hormuz in 2025? 49.0% unch.
• 1-Day Vix 14.8 -19.7%
  
• Vix 21.5 +4.1%
  
• Total Put/Call .94 +5.6%

Monday Watch

Around X:

• @Business 

• Iran’s leaders are discovering they’re on their own against the US and Israel, without the network of proxies and allies that allowed them to project power in the Middle East and beyond. 
• Defense Secretary Pete Hegseth says Iran's nuclear ambitions have been obliterated during last night's air strikes. He praised President Donald Trump's military strike as "bold and brilliant." (video) 
• US strikes on Iranian nuclear facilities are sharpening the focus on one option Iran has yet to really deploy: disrupting regional oil trade, especially through the critical Strait of Hormuz. 
• Major US cities are tightening security after President Donald Trump unleashed airstrikes on Iran, a direct military intervention that’s deepened Washington’s role in Israel’s war with Tehran and raised concerns about potential retaliation.
• What follows US airstrikes is hard to predict, but it will be decided by clerics in Tehran, writes @MarcChampion1.  
• China criticized the US strike on Iranian nuclear facilities and again said it’s willing to join international efforts to restore peace in the Middle East.
• NATO has offered to tweak key language on ambitious defense spending targets to help win support from holdout Spain. 
• US strikes on Iran over the weekend have added to risks for global oil supply.
• Bank of New York Mellon Corp. approached Northern Trust Corp. last week to express interest in a possible merger in what would be a megadeal for the US financial services industry, the Wall Street Journal reported. 
• A group of the nation’s largest health insurers agreed to streamline preapprovals for medical care, addressing a controversial process that can result in delays or outright denials of patient treatment.'
• Federal Reserve Bank of San Francisco President Mary Daly said central bankers need to communicate with flexibility at times of uncertainty, given that using strong forward guidance sometimes “comes with a price”.
• PJM Interconnection, which serves about 20% of Americans in the mid-Atlantic to the Midwest, declared an energy emergency alert with power demand expected to climb to a 14—year high amid.
• A Republican effort to block US states from enforcing new artificial intelligence regulations will remain in President Trump’s massive tax and spending package for now, marking a win for tech companies.
• The US is adding a slew of big batteries that may keep your lights on this summer.
• Markets are bracing for a flight to safety as investors await Iran's response to US strikes.  
• Here's what you need to know to start your day. 

• @Zerohedge 

• Futures Slide, Oil, Gold And Dollar Spike But No Panic Moves.
• Report Warns "Woke Army" & Dark-Money Funded NGOs Could Take Iran's War "To America's Streets".
• Hedge Fund CIO: "A Tsunami Of Global Liquidity Is Seeking A Safe Haven".
• Well would you look at that: guess who is eating all those tariff costs (hint, it's not US consumers). (graph)
• NYT: "Intelligence officials have detected signs that Iran-backed militias are preparing to attack U.S. bases in Iraq, and possibly Syria." 
• *GROSSI SAYS IAEA INSPECTORS MUST BE ALLOWED BACK TO IRAN SITES. *GROSSI SAYS HOSTILITIES MUST END FOR IAEA INSPECTORS TO RETURN. *GROSSI: NO ONE IN POSITION TO ASSESS FORDOW UNDERGROUND DAMAGE.
• Here's How US Strikes On Iran Unfolded. 
• First Robotaxi Rides. (video)
• Trump Slams Massie As 'Not MAGA' Amid Iran Policy Infighting Among President's Base. 
• Fordow Before and after. (pic) 
• Natural Gas Projects Reboot After Officials Wake Up To Stark Realities.
• IRAN'S ATOMIC ENERGY AGENCY SAYS NUCLEAR SITES QUICKLY BEING REBUILT, ACTIVITY TO CONTINUE WITH GREATER POWER – IRANIAN MEDIA.
• $150 Oil? Goldman Lays Out How Markets Will React To US Escalation In Iran.
• Here's What Goldman's Hedge Fund Honcho is 'Seeing, Hearing, Thinking, & Doing In The Markets'.
• US Military Scrambles For Ways To Protect Bases From Drone Warfare.
• Iranian Parliament Backs Strait Of Hormuz Closure, Oil Market Braces For Turmoil. 
• From hedge funds to quants, longs are light which should leave less room for an unwind panic. 
• Satellite Imagery Flags "Unusual Activity" At Iran's Fordow Nuclear Site Days Before U.S. Strike.
• Global Fertilizer Market Thrown In Chaos After Mideast War Shutters Iran Urea Production.  

• @WSJ

• President Trump’s “big beautiful bill” is getting smaller after the Senate’s rules arbiter decided several provisions don’t qualify for the procedure the GOP is using to bypass Democratic opposition.
• From @WSJopinion: Trump is again offering Iran’s leaders a choice of negotiating peace or retaliating and inviting more harm to their country. They learned the hard way on Saturday that doubting Trump’s red lines is a mistake. 
• Vice President JD Vance signals that Iran’s enriched-uranium stockpile is intact, a hurdle to closing a path to a bomb. Tehran says it has minimized damage as it tries to buy time to weigh a response.
• Fred Smith, who founded FedEx and turned it into a global transportation giant, died Saturday at age 80. 

• @GatewayPundit

• NEW: Los Angeles Riots Cost Taxpayers Over $30 MILLION, Including $1.4 Million in Clean-Up/Public Property Damage – Leftist LA City Controller Blames ICE: “Raids Have Now Cost LA Taxpayers $32 Million”.
• “Make Iran Great Again” – President Trump Suggests Regime Change in Iran After US Drops Bombs on Nuclear Sites.
• US Officials Issue Terror Threat Alert for Potential Cyber Attacks and Violent Extremists Following Iran Strikes.
• Border Czar Tom Homan on Potential Sleeper Cells from Iran in the US (VIDEO).
• WHAT? Out-Of-Touch Zelensky Asks ALL Allies To Devote 0.25% of Their GDP to Finance Ukrainian War Effort.
• BREAKING: Congregants Flee as Active Shooter Rams Truck Into Christian Church in Michigan, Opens Fire – Suspect Killed by Armed Security Guard (VIDEO)
  .
• The Dragon’s Hidden Hand: How Chinese Organized Crime Could Serve as a Fifth Column in America.
   

• @FoxNews  

• State Department issues worldwide caution for US travelers following Trump's Iran strikes.
• Nearly half of Iranian nationals caught by Border Patrol during the Biden administration were released into the US, CBP source tell FOX News. (video)

• @C_3C_3

• Reminder… Barack Hussein Obama secretly delivered $400 million in cash on pallets to Iran in the dark of night then released over a billion more to fund the nuclear program POTUS Trump obliterated.

• @WallStreetApes

• 1) Barack Obama made 3 CASH PAYMENTS to Iran. - January 17, 2016: $400 million. - January 22, 2016: $1.3 billion. - February 5, 2016: $10 million. Obama was paying his organization. 2) Donald Trump “Barack Obama is the founder of ISIS. He’s the founder”. Make sense yet? (video)

• @nicksortor

• ALERT: There is a MASSIVE deep state effort to force Tulsi Gabbard out of her DNI position due to her restrained approach to war. DO NOT FALL FOR IT. They want to ELIMINATE Tulsi’s powerful office completely, and fold it into the CIA. That would be an ABSOLUTELY DEVASTATING outcome. If want to give the deep state exponentially more power, eliminate @TulsiGabbard and her office. And we’ll feel the devastating impacts for decades.

• @VigilantFox

• Rep. @WesleyHuntTX just delivered the most powerful rebuttal to Whoopi Goldberg’s crazy race claim—and Bill Maher’s liberal audience erupted in applause. “I don’t even ever want to hear Whoopi Goldberg’s conversation about how it’s worse to be black in America [than to live in Iran].” “My district in the great state of Texas is actually a white-majority district that President Trump would have won by 25 points… I am literally being judged not by the color of my skin, but by the content of my character. That’s the progress, because a lot of white people had to vote for me—a lot.” (video)

Night Trading

• Asian indices are -1.25% to -.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 81.5 +1.75 basis points.
  
• China Sovereign CDS 55.0 +2.75 basis points.
• China Iron Ore Spot 93.7 USD/Metric Tonne +.2%.
• Polymarket: Iran Military Response to US forces by 6/30 56.0% +4.0 percentage points
• Polymarket: Another US military action against Iran by 6/30 54.0% -9.0 percentage points 
• Polymarket: Will Iran Close the Straight of Hormuz in 2025? 49.0% +19.0 percentage points
• Swiss Franc/Offshore Chinese Renminbi Cross 8.77 -.02% 
  
• Bloomberg Emerging Markets Currency Index 36.86 -.04%.
• Bloomberg Global Risk-On/Risk Off Index 69.3 +.4%.
• US 10-Year Yield 4.40% +2.0 basis points.
  
• Volatility Index(VIX) futures 21.6 +2.3%. 
• Euro Stoxx 50 futures -.53%.
• S&P 500 futures -.41%.
• NASDAQ 100 futures -.53%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and consumer discretionary shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon. The Portfolio is 25% net long heading into the week.

Today's Headlines

Around X:

• @realDonaldTrump

• We have completed our very successful attack on the three Nuclear sites in Iran, including Fordow, Natanz, and Esfahan. (pic)

• @Business

• President Donald Trump said American jets struck Iran’s three main nuclear sites, pulling the US directly into the country’s conflict despite his longtime promises to avoid new wars. 
• Israel-Iran: Live Updates as US Says It Attacked Iranian Nuclear Sites.
• Yemen’s Houthis said they will target US vessels and battleships in the Red Sea if the US gets involved to support the Israeli attack on Iran, according to a statement published on a Houthi spokesperson’s official Telegram account.
• Wall Street entered 2025 with bullish bets on onshore Chinese stocks, counting on Beijing’s stimulus drive to cushion the blow from US tariffs. Six months in, they couldn’t have been more wrong. 
• Pakistan said it will nominate US President Donald Trump for the Nobel Peace Prize. 
• Steps taken by the OPEC+ group to boost oil supplies have proved astute, given developments in the Middle East conflict, according to Rosneft PJSC CEO Igor Sechin
• Canada’s cybersecurity agency said Chinese-backed hackers were likely behind recent malicious activity targeting telecommunications infrastructure.
• Eli Lilly's experimental weight-loss pill helped patients shed pounds without serious side effects in a clinical trial, burnishing the drug’s blockbuster potential.
• Startups used to brag about valuations and venture capital. Now AI is making revenue per employee the new holy grail. 
• For investors and traders trying to game out where the US economy, the stock market or interest rates are headed in the second half of 2025, good luck. 
• Apple executives have held internal discussions about potentially bidding for artificial intelligence startup Perplexity AI, seeking to address the need for more AI talent and technology. 
• Hedge funds boosted their bullish position in Brent crude by the most since early October as Israel’s strikes against Iran’s nuclear program imperiled a region that produces around a third of the world’s oil. 
• How quant investing at multi-strat hedge funds actually works.
• What happened in the global economy this week. 

• @Zerohedge 

• Alleged Minn. Assassin Says Gov. Tim Walz Wanted Him To Kill Sen. Amy Klobuchar.
• Force Posturing: Six B-2 Stealth Bombers En Route To Indo-Pacific Ahead Of Trump's Intel Meeting. 
• Gov. Hochul: 'New York Is Providing $50 Million To Cover Legal Services' For Illegal Aliens. 
• Early Signs The Iran War Is Triggering Another Mideast Refugee Crisis.
• How Housing Bubble #2 Bursts? (graph)
• Walmart Remains Price Discount Juggernaut.
• The Censorship-Industrial Complex Has Now Become Self-Perpetuating.
• NATO's Procurement Corruption Scandal Might Delay Its Rapid Militarization Plans.
• The Real National Emergency: Endless Wars, Failing Infrastructure, & A Dying Republic.
• The Coward's Bargain: How We Taught A Generation To Live In Fear.
• U.S. Ramps Up Surveillance Amid Fears Of Iran-Backed Sleeper Cells.
• Iran's Internet Blackout Enters Day Two As Starlink "Beams Are On".
• Trump Warns Lindsay Graham, Mike Pompeo To Watch Their "Mouth" In Stoking Ukraine War.  
• Dollar's Best Week In 4 Months, Bonds Bid As LEIs Trigger 'Recession' Signal; Uncertainty Drops. 

• @MarioNawful

• CHINA THREATENS U.S. WITH GLOBAL BLOWBACK IF IT BACKS ISRAEL. A top Chinese Communist Party official warned that if the U.S. or its allies jump into the war on Israel’s side, they won’t be the only ones showing up armed. He called the conflict against Iran an "unjustified and undeclared act of aggression" and argued Tehran has every legal right to fire back. The most eyebrow-raising part? “Other major countries want to fight together with Iran.” Not exactly subtle. Beijing may not be launching missiles, but it’s clearly lighting rhetorical ones. (video)

• BarronsOnline

• Had bullish commentary on (PINS) and (TPR).

• @IGSquawk 

• Weekend markets update: #DAX 22938 -1.58% #DOW 41706 -1.30% #NASDAQ 21335 -1.48% #FTSE 8677 -0.91% #HANGSENG 23208 -0.89% #GBPUSD 13407 -0.31% #EURUSD 11486 -0.31% #USDJPY 14627 +0.11% #GOLD 3403 +1.03% #USOIL 7941 +7.37% #TSLA 31828 -1.33%.

• Polymarket

• Fordow nuclear facility destroyed before July? 79% Chance.
• Will Iran close the Strait of Hormuz in 2025? 54% Chance.

• @WSJ

• From @WSJopinion: There is more danger to society from tolerating the breakdown of law and order than from responding to that breakdown with all legal means, writes
  @HMDatMI.
• There is one way for colleges to defeat AI cheating—and it's every student's worst nightmare. Blue books are back.

• @CNBC

• 5 stocks to buy for the second half from investors.

• @Osint613

• NYT reports that approximately 30 tons of explosives were used in the strike on the Fordow nuclear facility.
• House Speaker Mike Johnson: "The President gave Iran’s leader every opportunity to make a deal, but Iran refused to commit to a nuclear disarmament agreement." 

• @LauraLoomer

• Wow. @marcorubio time to clean house at the State Department. We have literal jihadists who hate America serving in the US government helping illegals bypass detection. This is unacceptable. He should be investigated by the DOJ and jailed. (video)

• @FoxNews 

• BREAKING: U.S. launches attack against Iran. (video)

• @GatewayPundit 

• “Giant SCAM” – President Trump Goes Off on ‘Green Tax Credits’ in Big Beautiful Bill.
• Alert: FBI Monitoring Possible Domestic Sleeper Cells.
• REPORT: Minnesota Shooting Suspect Vance Boelter Claims in FBI Letter He Was Secretly Trained by Military — Alleges Gov. Tim Walz Ordered Sen. Amy Klobuchar’s Assassination.

• @WallStreetApes

• WOW!! 74 PAGES OF STOCK TRADES by Congress all buying oil stocks right before the stock prices increased because of the new conflict in the Middle East with Israel and Iran. US Congress again insider trading off war and getting filthy rich “As soon as President Trump gave Iran 60 days to make a deal, our US politicians were buy buy buying oil stocks. This is page 1 of 74. (See video) Of course, Chevron is up, Exxon Mobil is up, Valero is up, and so is every other oil company. These politicians are on both sides of the aisle and have also conveniently tweeted in support of this conflict. It just makes you wonder even more if everything in this world is just about making money.“ (video)
• It ALWAYS comes back to Barack Obama. “How did Iran get so close to a nuclear weapon? Let's follow the money - Hillary Clinton becomes Barack Obama's Secretary of State in 2009 - During her tenure from 09 to 13, there were 4 companies that donated large amounts of money to the Clinton Foundation. Those companies are Boeing, Airbus, Total and Seaman - Their donation amounts total up to $25 million, but no less than $5 million. There's not exact numbers. (video)

• @EYakoby

• According to the latest polls, 13% of Democrats support the Islamic Republic of Iran and 52% are unsure—while 80% of Iranians themselves oppose the regime. The Islamic Republic has a higher approval rating among U.S. Democrats than actual Iranians. Let that sink in.

• @unusual_whales

• Duties generated $37.8 billion in revenue for the U.S. in April and May, after President Trump imposed new tariffs on steel, aluminum, cars and goods from China, Mexico and Canada. (graph)

• @GordonGChang

• BREAKING: Two Chinese electronic surveillance ships, 855 and 815A, are in the Persian Gulf. China is almost certainly providing signals intelligence and targeting data to Iran. (pic)
• China makes Iran dangerous. Yes, we have an Iranian problem, but we really have a Chinese one. (video)
• China is developing biological weapons targeting specific ethnic groups, so sending genetic material to that regime is aiding its researchers develop especially dangerous pathogens.

• @DC_Draino

• Some of us questioned whether Walz wanted his enemies taken out. Media said we were conspiracy theorists. Well now the killer himself, who was appointed to a governing board by Walz, has said that’s exactly what happened. What the hell is going on in Minnesota. (pic)

• @FirstSquawk

• Fox News, citing sources: Israel is considering options to destroy the Fordow facility if forced to act alone without US support.
  

• @SpartaJustice

• BREAKING NEWS: The State of Florida officially bans geoengineering and weather modification. They censored you, canceled you and said this was a conspiracy theory for years. Do you see how criminal these people are? They have lied about every single thing. The media and fact checkers should be shutdown, declared a terrorist organization and imprisoned. They facilitated murder, poisoning humanity and war.

• @GlobalMktObserv

• China's official holdings of US Treasuries have dropped for the 2nd month straight: The value of Treasuries held by China has fallen $27 billion to $757 billion in April, the lowest in 16 YEARS. However, China is likely owning $300-$700 billion through Belgium and Luxembourg. (graph)
• US economic activity is deteriorating: The US Economic Surprise index dropped to the lowest level in 9 months. Most recently, US retail sales and industrial production readings disappointed. (graph)

• @mitchellvii

• Pam Bondi could take down the entire DNC by appointing a special counsel to investigate #ActBlue money-laundering. The subpoena authority alone would intimidate #ActBlue to stop laundering foreign funds for 2026! If she doesn't do this, and soon, something is seriously wrong.

• @LeadingReport

• BREAKING: Zelensky says G7 leaders, including the U.S., should provide $40 billion annually in budgetary support for Ukraine.

• @cb_doge

• BREAKING: Elon Musk confirms that in the next 6-12 months, Neuralink will be doing the first implants for vision, where even if somebody's completely blind, they'll be able to see. They already had that working in monkeys. One of the monkeys has had that implant for 3 yrs. (video)

• @LawrenceSellin

• Not just Michigan. Pro-CCP activities by Chinese professors is occurring at every major university in the United States. Billions of dollars of U.S. taxpayer money has been used to directly or indirectly support Communist China's fused military-civilian research program. 

OpenVAERS: 

• VAERS US COVID Vaccine Adverse Event Reports. 1,025,775 Reports(+454 from prior report) Through May 30th, 2025. 
  

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.