A Squeeze Cometh...

Coming off oversold with improving insider buying and confidence around inflation. Looking for a move back to the 200-day moving average...

Market outlook:

• Futures UP: S&P +85bps, Nasdaq +99bps, Russell +59bps

• 10-year yield edges higher to 4.29% as yields in Germany surge on massive borrowing plan

• WTI crude rebounds slightly, up another 1% to $66.90 on revised EIA forecast to $75/barrel

• Bitcoin recovers to $82,500 following Tuesday's 5.5% rebound from a yearly low of $76,555

• House passes government funding bill 217-213 to avoid Friday shutdown; bill faces uncertainty in Senate where Republicans need 8 Democrats to approve.

• Trump halts plan to double Canadian steel and aluminum tariffs after Lutnick brokers deal with Ontario premier; original 25% duties still went in effect at midnight today

• The EU announces retaliatory tariffs within hours of US duties taking effect, targeting Republican-held states on soybeans, bourbon, motorcycles, and more.

• Goldman Sachs downgrades US economic outlook to below consensus for first time since 2022; sees inflation reaccelerating to 3% and only two Fed rate cuts this year

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