JPM trading desk: We think 6k (for SP500) is more likely than 5k as markets overshoot with earnings season stronger than expected. While there is a critical mass of clients unlikely to chase this rally, we may see buybacks, CTAs, and retail investors push the market higher.

🚨U.S. STOCKS EXTEND FALL, DOW JONES DOWN 1%

Duality Research: Our risk-on/risk-off indicator flipped back to green after over a month in the red

Goldman: CTAs (trend following funds) projected to buy stocks in every scenario over the next week and month

Rumor: TSMC has asked suppliers to submit cost-reduction plans, with potential cuts of up to 30% amid the sharp appreciation of the Taiwanese dollar

US Treasury Secretary Bessent: Trump's economic agenda is already bearing fruit. Currently negotiating with 17 of 18 key trading partners

Brent crude up nearly 4% intraday [the recession has been cancelled]

Bessent: Deals may come as soon as this week. Can see 'substantial reduction' in tariffs on US goods

Bessent: Nothing in data indicates the US is in a recession [he is not wrong]

Bessent: Expect Q1 GDP data to be revised upwards [he is not wrong, Q1 GDP was skewed by high imports in anticipation of tariffs]

GDP=C+I+G+(X−M), C is Consumption, I is Investment, G is Government Spending, X is Exports, and M is Imports, imports (M) are subtracted. High imports, lower nominal GDP, macro FUD. BTFD and ignore macro FUD. @bullcase

🚨Bessent: US government will never default, we will raise debt ceiling. Expects tax collections to be robust going forward, AI to enhance collections [tax dodgers in disbelief]

Bessent: We are trying to control absolute level of debt and grow GDP, agrees with Yellen that debt-to-GDP ratio is what matters. A central bank digital currency is 'sign of weakness', would not be in favor of Fed issuing digital currency.

🚨Trump: I'm looking forward to meeting Canada's new PM Carney. My only question why is America subsidizing Canada by $200 Billion Dollars a year, in addition to giving them FREE Military Protection, and many other things?

Trump: We will have a very big announcement before Middle East trip. Really positive announcement Thursday, Friday, or Monday before we leave.

🚨Trump: We will possibly start to renegotiate USMCA.

US EIA expects OPEC+ production to remain below current target path, even as group raises output somewhat in coming months.

Trump: We'll be friends with Canada. I've respect for Canadians

Trump: US-Canada border is an artificial line.

Mexican peso, CAD rise on Trump trade, USMCA remarks.

In response to Carney saying Canada is not for sale, Trump says time will tell.