UnitedHealth shares fall as much as 20% in premarket trading after the health insurer cut its adjusted earnings per share guidance for the full year.

The SPX has seen negative monthly returns for 39 days straight. In 2016 and 2022, SPX bottomed when monthly returns were negative for 40 days (today)

Traders are now paying a premium to hedge against a weaker dollar over the next 12 months, for the first time in five years.

🚨ECB CUTS INTEREST RATE ON MARGINAL LENDING FACILITY TO 2.65% VS 2.90%

FED's Williams: tariffs will drive up inflation this year and lower growth

24% of Americans are scrapping plans to make a major purchase like a home or car due to tariffs -Redfin Survey

Debt as a share of domestic liquidity is rising verticaly toward levels historically associated with macro stress and expansionary inflections. This ratio has preceded every major liquidity event of the past 40 years.

China's President Xi: Trade wars undermine multilateral trading system, disrupt global economic order -Xinhua

🚨AT OPEN, DOW DROPPED OVER 1%, S&P 500 ROSE BY 0.38%, AND NASDAQ UP OVER 0.5%

🚨Only two times in history have Philly Fed new orders been worse, the 2020 lockdown and the 2009 crash. NY Fed’s 6-month outlook shows the pain isn’t priced in: layoffs tend to follow hard. When orders expectations drop, layoffs surge

Stablecoin Turf Wars: BofA lobbying for rules favoring banks over tech firms in stablecoin issuance. Circle is positioning itself as a compliant US alternative to offshore giant Tether. Stablecoin legislation will determine who can legally issue dollar backed tokens in the US and what the rules of engagement are for those that can.

SPX just dropped from 6100 to below 5500, only ~100 stocks remain above their 200 DMA. Breadth has collapsed into the red zone, confirming the decline is broad and structural (for now).

UST backed stablecoins are Trump’s wildcard to both refinance the US government debt and preserve the dollar's role as global reserve currency. That’s how he wins the trade war with China. That's his plan and markets haven't realized it yet. The current sentiment is pure panic. BTFD! -Bull Case Insider

CTAs (trend following funds) keep chasing the gold rally and are heavily long gold (z-score 2.46)

White House: Trump’s post should not be seen as threat to fire Powell

Trump: 'Very Confident' On Trade Deal With EU

🚨Trump: We'll make a deal with China. No rush to announce trade deals.

Brent >$68

Bessent: Japan talks moving in a highly satisfactory direction