Evening Headlines

Bloomberg:  

• Trump Says He’s Willing to Travel to China for Xi Meeting.
• China Drops to No. 3 Holder of Treasuries, Falling Behind UK.
• Trump Says India Offered to Cut US Tariffs But He’s in No Rush.
• White House Criticizes Moody’s Downgrade to US Credit Rating.
• Lutnick-Built FMX to Start Treasury Futures Trade in Blow to CME.
• Space, Defense Firm Voyager Technologies Files Publicly for IPO.
• Wall Street Strategists React to Moody’s US Credit Rating Cut.
• Battered Wall Street Short Brigade Is Refusing to Admit Defeat.
• Hedge Funds Boost Bullish Bets on Brent on US-China Trade Truce.

Zerohedge:

• Biden-Hur Tape Drops, And Boy Is It Rough .
• Moody's Downgrades USA Credit Rating From Aaa.
• Federal Contract Activity Slows As DOGE's Cost-Cutting Measures Take Effect.
• The Rise And Fall Of Synthetic Food Dyes.
• Mississippi Has The Lowest Average Salaries In The US, D.C. The Highest.
• Will Nuclear Fusion Soon Be The "Norm?".
• Trump Fumes After Supreme Court Rules Venezuelan Illegals Can't Be Deported (For Now).
• Bees Are Behind Our Food And Natural Medicines - And They're Disappearing.
• Hapag-Lloyd Sees 50% Surge In Container Bookings From China To The US.
• US Drug Overdose Deaths Fall Nearly 27 Percent To Lowest Level In 5 Years.
• "Buy In May And Let It Play": How Goldman Is Trading The S&P Overshoot.
• Trump Tax Bill Fails To Advance As Conservative Holdouts Double Down On 'No'.
• "There Will Be Consequences" For Those Govt Officials Who Waged War Against The People Of This Land.
• Stocks extend rally as US/China relations dominated the week - Newsquawk US Market Wrap.
• Stocks Soar Most Since COVID Lows, Gold Gags As Trade Policy Uncertainty Plunges.

WSJ.com:

• Conservatives Block GOP Tax Megabill, Demand Changes.
• Coming to a Brain Near You: A Tiny Computer.
• Cassie Ventura Wraps Up Testimony in Sean Combs Sex-Trafficking Trial.
• Russia-Ukraine Peace Talks Fail to Make Major Headway After Russia Demands More Land.
• Verizon Rolls Back DEI Policies to Secure $10 Billion Deal.
• Is This the Next Big Hair-Loss Solution for Men? ‘We Call It a Lunch-Break Procedure.’.

CNBC:

• Moody’s downgrades U.S. credit rating, citing rise in government debt
• House Budget Committee rejects Trump agenda bill in major setback for GOP leaders.
• Tech IPO market is finally showing signs of life.
• S&P 500 posts fifth winning day, notches 5% weekly gain as U.S.-China trade tensions ease.
• Insiders at UnitedHealth are scooping up tarnished shares.
• Nvidia, Cisco, Oracle and OpenAI are backing the UAE Stargate data center project.
• CoreWeave pops almost 60% this week on AI growth momentum, big Nvidia stake.
• Nvidia and Tesla ripped higher this week, boosted by Trump’s Middle East tour.
• Foreign holdings of U.S. Treasuries top $9 trillion in March, data shows.
• Anthropic closes $2.5 billion credit facility as Wall Street continues plunging money into AI boom.

NewsMax:       

• Trump Surges Among Millennials .

Fox News:

• Biden struggles with words, key memories in leaked audio from Special Counsel Hur interview.
• SCOTUS blocks Venezuelan migrants' deportation under Alien Enemies Act.
• President Trump: If I didn't do this deal with China, they would have broken apart .
• Ex-Vikings player slams 'embarrassing' AG for letting trans athlete dominate softball.

TheGatewayPundit.com: 

• BREAKING: Disturbing Audio of Robert Hur’s Interview Showing Biden Repeatedly Struggling to Remember Names and Dates Released .
• BREAKING: James Comey to be Escorted by Secret Service to DC Field Office For Interview Over Trump Assassination Post.
• Joe Rogan Guest Reveals Facebook’s Secret Experiment That Manipulated 700,000 Users Without Warning.
• Tired of Winning? Trump Brings in Massive Manufacturer That Serves 30 Countries, 91,000 Sq. Ft. Factory Coming Soon.
• 10 Inmates, Including Murderers, Escape From New Orleans Jail… May Have Had ‘Inside Help’.
• Italian PM Giorgia Meloni Endorses Right-Wing Favorite George Simion for Romanian President.
• President Trump GOES OFF After Supreme Court Blocks Him From Deporting Venezuelan Gang Members Under Alien Enemies Act.
• BREAKING: O’Keefe Media Group Releases Newly-Obtained Footage of Jeffrey Epstein’s Private Island Bedroom.
• SHOCKING DISCOVERY: Human Remains Found Just a ‘Stone’s Throw’ from Taylor Swift’s Lavish Beachside Mansion.
• White House Slams Episcopal Church for Racist Double Standard After Refusing to Resettle White South African Refugees.
• ‘Donald Trump Has Some Pretty Good Political Instincts’: CNN’s Harry Enten on President Trump’s Rising Approval Ratings (Video).
• Beautiful: President Trump Sends Special Surprise Birthday Message to 104-year-old WWII Veteran After Viral Party Invite (Video).
• Defense Health Agency Must Not be Allowed to Thwart an Honest Investigation Into COVID-19 Shot Injuries, Say Those Who Witnessed the Devasting Effects Firsthand.
• WATCH: President Trump Speaks Out on James Comey’s Chilling Message Calling for Trump’s Assassination and On Comey Making Up an Outrageous Lie Afterward.

Epoch Times:

• China’s Keynesian Model Is Crumbling—It Needs a Trade Deal, Fast.
• House Committee Leaders Urge Duke University to End Partnership With Chinese University.

Around X:

• @realDonaldTrump

• Republicans MUST UNITE behind, “THE ONE, BIG BEAUTIFUL BILL!” Not only does it cut Taxes for ALL Americans, but it will kick millions of Illegal Aliens off of Medicaid to PROTECT it for those who are the ones in real need. The Country will suffer greatly without this Legislation, with their Taxes going up 65%. It will be blamed on the Democrats, but that doesn’t help our Voters. We don’t need “GRANDSTANDERS” in the Republican Party. STOP TALKING, AND GET IT DONE! It is time to fix the MESS that Biden and the Democrats gave us. Thank you for your attention to this matter!
• The Supreme Court has just ruled that the worst murderers, drug dealers, gang members, and even those who are mentally insane, who came into our Country illegally, are not allowed to be forced out without going through a long, protracted, and expensive Legal Process...

• @Zerohedge

• But wait, there's more: just hours of entertainment here. Here is a chart of Democrat inflation expectations vs actual inflation surprises. (graph)
  

• @MarioNawful  

• RFK JR. ON VACCINES: “I’M NOT HERE TO CENSOR MYSELF”. Health Secretary Robert F. Kennedy Jr. faced fire at the Senate hearing this week over his vaccine comments — and didn’t flinch. RFK Jr.: “I’m going to tell the truth about everything we know and we don’t know about vaccines. I am not going to just tell people that everything is safe and effective if I know there are issues. I need to respect people’s intelligence.” Sen. Chris Murphy warned Kennedy’s messaging could tank public trust. “Nobody swims in a lake if you say it’s full of alligators," he said. RFK's reply? “Then maybe they should know about the gators.”
• AI DATA CENTERS ARE ABOUT TO EAT THE ELECTRIC GRID. By 2030, data centers could suck up nearly 1,000 TWh of electricity a year — 4× more than in 2020. That’s more than what Japan uses annually. Accelerated servers (built for AI) are the fastest-growing slice, jumping 10× from almost nothing in 2020 to rivaling all conventional servers by 2030. Cooling alone may top 200 TWh — more than every home in New York City uses. All for LLMs, crypto farms, and, well... cat videos.

• @catturd2

• Yes James Comey was calling for the assassination of Trump. Yes he knew exactly what 8647meant. Yes he put the shells there himself and didn’t just happen to find them on the beach. Yes he knew exactly what he was doing. Yes nobody is buying him playing dumb now.
• Predicting the midterms is easy … If Republicans codify Trump’s agenda, unite, and stand behind the President, they’ll win a landslide. If Republicans continue to do what they’re doing, which is going against Trump’s Cabinet picks, being worthless and lazy, and doing nothing to help Trump, they’ll lose in a landslide. It’s almost like they want to lose.
  

• @StephenM

• Weird how the Supreme Court never ruled that Biden couldn’t import vast armies of illegal alien invaders.

• @CheddarFlow

• BREAKING: $UNH CEO JUST ADDED $25 MILLION WORTH OF SHARES. THEY AREN’T SCARED AT ALL. (pic)
  

• @GuntherEagleman

• This is heartbreaking. Tom Homan describes a child who was just rescued from a HORRIFIC situation: "We just found one two days ago. A 14-year-old little girl. Living with two adult males. Who trafficked her." "We found her, she’s pregnant. From trafficking being forced into prostitution. 14 years old. We are taking care of her. Both physically and mentally. Despite what the media says, we are not heartless. We care about these kids. I am a father." "That shit is happening every day. We are going to put an end to it. Everything we can do." (video)
• Sources are saying with their lack of action, both @SpeakerJohnson and @LeaderJohnThune would rather lose the midterms than pass Trump's America First agenda. Let them hear you!!! Get LOUD, call, post, email! All of it! Tell them they suck. (Respectfully of course)
  

• @WarClandestine

• The craziest part about this whole Comey “86-47” thing, is the timing. This happened while Trump is securing peace deals in the Middle East, and negotiating an end to the war in Ukraine. This is not a coincidence. The Deep State do NOT want Trump to bring world peace. Because when he does, not only are their money laundering operations shut down, but Trump will have the overwhelming approval of the American People. (video)

• @kylenabecker

• REMINDER: Maureen Comey, the daughter of former FBI Director James Comey, was a prosecutor on the Epstein case and is now a prosecutor in the Diddy case. There has been no justice for victims and almost no arrests made in either of these high-profile cases.

• @RodDMartin

• THREAD: The Utter Complete Total Fraud of Wind Power - The math simply does not work, no matter how many political lies are told. The SHOCKING TRUTH about Wind Power that "green energy" lobbyists DON'T want you to see.

• @DataRepublican

• EXPOSED: Soros, the Deep State & the Shadow Network. Today, I launched a powerful new tool that indexes the National Endowment for Democracy journal... and here's what it uncovers: Dozen-plus Open Society Foundation staff, funded by George Soros, are writing in a U.S. government-backed journal. That journal is part of our taxpayer-funded National Endowment for Democracy, a quasi-government operation tied to foreign "democracy" missions- and Congress sits on its board. No conspiracy theories. This is hard data. This proves Soros and our intelligence apparatus are deeply intertwined. (pic)

• @IanJaeger29

• JUST IN: Amy Comey Barrett sides with the liberals and blocks President Trump from deporting Venezuelans under the Alien Enemies Act of 1798. Unreal.
• BREAKING: Several House Republicans sign a letter demanding that the House gets to work on codifying President Trump’s Executive Order’s into law.
  

• @MJTruthUltra

• Nicole Shanahan: USAID was Conducting Clandestine Geo-Engineering Projects to Block out the Sun — They are Literally Sterilizing the Planet. “Why are we accelerating our way towards an extinction event?” — our soils are dying. — root systems are dying. — exposure to Bioavailable aluminum shuts down nutrient uptake in crops. (video)
  

• @wallstengine

• $GOOGL CEO: “Quantum feels like where AI was in 2015... in 5 years, you’ll see the ‘aha’ moment — useful computation far better than classical.” (video)

• @GlockfordFiles

• Rep Tim Burchett is calling out the House RINOs led by Speaker Johnson. Speaker Johnson is out of the RINO closet and needs to be removed before he runs out the rest of the clock. (video)

Weekly Scoreboard*

S&P 500 5,951.4 +5.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Market Wrap by Edward Jones.

Indices

• DJIA 42,660.0 +3.4%

• NASDAQ 19,204.4 +7.1%

• Russell 2000 2,113.3 +4.5%

• NYSE FANG+ 13,624.4 +7.5%

• Goldman 50 Most Shorted 180.7 +8.5%

• Wilshire 5000 58,897.7 +5.2%

• Russell 1000 Growth 4,037.1 +6.9%

• Russell 1000 Value 1,876.4 +3.1%

• S&P 500 Consumer Staples 903.9 +1.4%

• Bloomberg Cyclicals/Defensives Index(Ex Telecom) 241.8 +3.8%
  

• NYSE Technology 5,800.6 +7.6%

• Transports 15,172.9 +8.1%

• Utilities 1,040.5 +.9%

• Bloomberg European Bank/Financial Services 144.74 +4.1%
  

• MSCI Emerging Markets 46.3 +2.9%

• Credit Suisse AllHedge Long/Short Equity Index 213.73 +.90%

• Credit Suisse AllHedge Equity Market Neutral Index 122.07 +.21%

Sentiment/Internals

• NYSE Cumulative A/D Line 547,224 +.73%
• Nasdaq/NYSE Volume Ratio 16.7 -1.0%

• Bloomberg New Highs-Lows Index 317 +182

• Crude Oil Commercial Bullish % Net Position -19.3 +2.7%

• CFTC Oil Net Speculative Position 175,428 -1.0%

• CFTC Oil Total Open Interest 1,982,266 +4.5%

• Total Put/Call .68 -10.7%

• OEX Put/Call 1.63 +58.5%

• ISE Sentiment 152.0 +16.0

• NYSE Arms .77 -10.1%
  
• Bloomberg Global Risk-On/Risk-Off Index 71.0 +11.8%
• Bloomberg US Financial Conditions Index .37 +32.0 basis points
• Bloomberg European Financial Conditions Index 1.21 +10.0 basis points
  

• Volatility(VIX) 17.3 -20.6%
• S&P 500 Intraday % Swing .50 -40.1%

• CBOE S&P 500 3M Implied Correlation Index 19.4 -36.7%

• G7 Currency Volatility (VXY) 8.61 -8.0%
  

• Emerging Markets Currency Volatility (EM-VXY) 8.48 -4.2%

• Smart Money Flow Index 22,352.7 +.3%
• NAAIM Exposure Index  70.6 -10.5

• ICI Money Mkt Mutual Fund Assets $6.941 Trillion -.07%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows -$15.972 Million

• AAII % Bulls 35.9 +22.1%

• AAII % Bears 44.4 -13.8%
• CNN Fear & Greed Index 71.0 (GREED) +9.0

Futures Spot Prices

• CRB Index 295.86 +1.3%

• Crude Oil 62.6/bbl. +2.5%

• Reformulated Gasoline 214.4 +1.7%

• Natural Gas 3.34 -12.1%
• Dutch TTF Nat Gas(European benchmark) 35.2 euros/megawatt-hour +1.6%
  

• Heating Oil 214.4 +3.5% 
• Newcastle Coal 102.0 (1,000/metric ton) -1.9%

• Gold 3,187.3 -4.1%
• Silver 32.2 -1.5%
  

• S&P GSCI Industrial Metals Index 452.1 +1.9%

• Copper 458.5 -1.4%

• US No. 1 Heavy Melt Scrap Steel 343.0 USD/Metric Tonne +.9%

• China Iron Ore Spot 99.8 USD/Metric Tonne -.2%
• China Battery Grade Lithium Carbonate 9,025.0 USD/metric tonne -5.0%

• CME Lumber  601.5 +5.1%

• UBS-Bloomberg Agriculture 1,441.4 +.5%
• US Gulf NOLA Potash Spot 317.5 USD/Short Ton unch.

Economy

• Atlanta Fed GDPNow Q2 Forecast +2.4% +10.0 basis points

• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 38.8 -2.8 percentage points

• NY Fed Real-Time Weekly Economic Index 2.09 -18.0%

• US Economic Policy Uncertainty Index 571.1 -15.6%
• Bloomberg Global Trade Policy Uncertainty Index 7.7 -13.5%
  
• DOGE Total Taxpayer Dollars Saved $170.0 Billion($1,055.90 Savings Per Taxpayer) +$5.0 Billion
• S&P 500 Current Quarter EPS Growth Rate YoY(462 of 500 reporting) +11.9% -.4 percentage point

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 276.40 +.41:  Growth Rate +12.0% +.1 percentage point, P/E 21.4 +.9
• S&P 500 Current Year Estimated Profit Margin 13.34% +2.0 basis points
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(7 of 10 reporting) +29.1% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 425.21 +1.31: Growth Rate +23.0% +.4 percentage point, P/E 32.0 +1.9
  

• Citi US Economic Surprise Index -12.8 -6.8 points

• Citi Eurozone Economic Surprise Index 15.4 +4.8 points

• Citi Emerging Markets Economic Surprise Index 28.6 +3.2 points

• Fed Fund Futures imply 8.6%(-8.6 percentage points) chance of -25.0 basis point cut to 4.0-4.25%, 91.4%(+8.6 percentage points) chance of no change, 0.0%(unch.) chance of +25.0 basis point hike to 4.5-4.75% on 6/18

• US Dollar Index 101.1 +.7%

• MSCI Emerging Markets Currency Index 1,814.9 +.3%
  

• Bitcoin/USD 103,994.5 -.4%

• Euro/Yen Carry Return Index 182.67 -.53%
• Swiss Franc/Offshore Chinese Renminbi Cross 8.60 -1.3%

• Yield Curve(2s/10s) 46.0 -3.0 basis points
  

• 10-Year US Treasury Yield 4.44% +7.0 basis points

• Federal Reserve's Balance Sheet $6.666 Trillion +.04%
• Federal Reserve's Discount Window Usage $2.342 Billion -14.5%

• U.S. Sovereign Debt Credit Default Swap 53.4 -3.4%
  

• Illinois Municipal Debt Credit Default Swap 230.0 -11.7%
  

• Italian/German 10Y Yld Spread 101.0 -4.0 basis points
• UK Sovereign Debt Credit Default Swap 20.0 -2.2%

• China Sovereign Debt Credit Default Swap 52.2 -6.9%
  

• Brazil Sovereign Debt Credit Default Swap 166.3 -6.7%
  

• Israel Sovereign Debt Credit Default Swap 100.6 -5.1%

• South Korea Sovereign Debt Credit Default Swap 30.8 +1.4%

• China Corp. High-Yield Bond USD ETF(KHYB) 23.94 +.70%
• China High-Yield Real Estate Total Return Index 122.48 +1.37%
  

• Atlanta Fed Low Skill Wage Growth Tracker YoY +3.8% unch.
• Zillow US All Homes Rent Index YoY +3.3% -10.0 basis points
• US Urban Consumers Food CPI YoY +2.7% -30.0 basis points
• CPI Core Services Ex-Shelter YoY +3.0% -20.0 basis points
• Cleveland Fed Inflation Nowcast Core PCE YoY +2.60% -1.0 basis point: CPI YoY +2.38% +4.0 basis points
  
• 1-Year TIPS Spread 2.87% -26.0 basis points
• 10-Year TIPS Spread 2.36 +5.0 basis points

• Treasury Repo 3M T-Bill Spread -4.0 basis points -.5 basis point
  
• 2-Year SOFR Swap Spread -20.5 +1.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -1.75 unch.

• N. America Investment Grade Credit Default Swap Index 55.0 -11.0%
  

• America Energy Sector High-Yield Credit Default Swap Index 251.0 -14.0% 
• Bloomberg TRACE # Distressed Bonds Traded 233.0 -17.0
  

• European Financial Sector Credit Default Swap Index 61.6 -7.1%
• Deutsche Bank Subordinated 5Y Credit Default Swap 147.4 -6.3%

• Emerging Markets Credit Default Swap Index 168.5 -11.4%
  

• MBS 5/10 Treasury Spread 152.0 -2.0 basis points
• Bloomberg CMBS Investment Grade Bbb Average OAS 617.0 -17.0 basis points
• Avg. Auto ABS OAS .64 -7.0 basis points

• M2 Money Supply YoY % Change +4.1% unch.

• Commercial Paper Outstanding $1,419.3B +1.2%

• 4-Week Moving Average of Jobless Claims 230,500 +1.4%
  

• Continuing Claims Unemployment Rate 1.2% unch.
• Kastle Back-to-Work Barometer(entries in secured buildings) 53.4-.4%
  

• Average 30-Year Fixed Home Mortgage Rate 6.86% +3.0 basis points

• Weekly Mortgage Applications 251,200 +1.1%

• Weekly Retail Sales +5.8% -90.0 basis points
• OpenTable US Seated Diners % Change YoY +5.0% +1.0 percentage point
• Box Office Weekly Gross $197.6M n/a

• Nationwide Gas $3.19/gallon +.04/gallon

• Baltic Dry Index 1,305.0 +.5%
• Drewry World Container Freight Index $2,233.2/40 ft Box +7.6%
  

• China (Export) Containerized Freight Index 1,104.9 -.14%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 30.0 -7.7%
• Truckstop.com Market Demand Index 59.1 -13.5%

• Rail Freight Carloads 273,314 +.1%
• TSA Total Traveler Throughput 2,847,304 +34.0%
  

Best Performing Style

• Large-Cap Growth +6.8%
  

Worst Performing Style

• Large-Cap Value +3.0%

Leading Sectors

• Computer Hardware +12.3%

• Shipping +10.4%
• Semis +9.9%

• Road & Rail +9.4%
  

• Retail +8.6%
  

Lagging Sectors

• REITs +.6%
  

• Foods -.5%
  

• Telecom -1.5%

• Healthcare Providers -3.9%
  

• Gold & Silver -7.8%
  

Weekly High-Volume Stock Gainers (41)

• TSSI, QUBT, ACAD, CRWV, SMLR, SERV, LFMD, HUT, QBTS, ACHR, COIN, CDNA, APLS, BILI, HIMS, OSCR, CRSP, GMED, RDFN, RKT, AEVA, TIC, SIBN, MARA, LBRDK, COCO, NBIS, AVTR, PTLO, VIPS, LIF, SEDG, CSIQ, OLLI, AVTR, COOP, DE, LLY, SIMO, MRUS and ZIM

Weekly High-Volume Stock Losers (4)

• VVX, DOCS, TVTX and GLOB

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Reversing Higher into Final Hour on More US-Global Trade Deal Hopes, Stable Long-Term Rates, Short-Covering, Healthcare/Consumer Discretionary Sector Strength

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 36.9 -.19% 
• US 10-Year T-Note Yield 4.44% -2.0 basis points
• 3-Month T-Bill Yield 4.34% -3.0 basis points

• China Iron Ore Spot 99.9 USD/Metric Tonne -.2%
• Dutch TTF Nat Gas(European benchmark) 35.2 euros/megawatt-hour -.4%

• Citi US Economic Surprise Index -12.6 -2.1 points

• Citi Eurozone Economic Surprise Index 15.4 +.1 point

• Citi Emerging Markets Economic Surprise Index 28.6 +1.6
  
• S&P 500 Current Quarter EPS Growth Rate YoY(462 of 500 reporting) +11.9% unch.
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 276.40 -.01:  Growth Rate +12.0% -.1 percentage point, P/E 21.5 +.1
• S&P 500 Current Year Estimated Profit Margin 13.34% +2.0 basis points
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(7 of 10 reporting) +29.1% unch.
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 425.21 -.26: Growth Rate +23.0% unch., P/E 32.0 unch.
• Bloomberg US Financial Conditions Index .37 -2.0 basis points
• Bloomberg Euro-Zone Financial Conditions Index 1.21 +3.0 basis points
• Bloomberg Global Trade Policy Uncertainty Index 7.7 -.5
• US Yield Curve 46.0 basis points (2s/10s) -2.0 basis points
• US Atlanta Fed GDPNow Q2 Forecast +2.4% -.1 percentage point
• US Recession Within 6 Months Probability(3M/18M Forward Yld Curve Spread) 38.8% +2.7 percentage points

• Cleveland Fed Inflation Nowcast Core PCE YoY +2.60% unch.: CPI YoY +2.38% unch.
• 1-Year TIPS Spread 2.86 +2.0 basis points
  
• 10-Year TIPS Spread 2.36 +1.0 basis point
• Highest target rate probability for July 30th FOMC meeting: 66.9% (+3.7 percentage points) chance of 4.25%-4.5%. Highest target rate probability for Sept. 17th meeting: 49.8%(-1.4 percentage points) chance of 4.0%-4.25%. (current target rate is 4.25-4.5%)
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +240 open in Japan 
• China A50 Futures: Indicating +3 open in China

• DAX Futures: Indicating +110 open in Germany

Portfolio:

• Higher: On gains in my consumer discretionary/technology/utility/financial/industrial sector longs and emerging market shorts
• Disclosed Trades: None
• Market Exposure: 100% Net Long

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

Earnings of Note 
Company/Estimate 

Before the Open:

• None of note

After the Close:

• (AGYS)/.29
• (TCOM)/5.42
  

Economic Releases

10:00 am EST

• The Leading Index for April is estimated to fall -.9% versus a -.7% decline in March.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Jefferson speaking, Fed's Bostic speaking, Fed's Logan speaking, Fed's Williams speaking, (CARR) investor day, B. Riley Institutional Conference, (ED) annual meeting, (DKNG) annual meeting and the BofA Ag Tech Conference could also impact global trading on Monday.

US Equity Market Hours

• 9:30 am - 4:00 pm EST