Blackstone Minerals Hits the Screener

Action to Take: As uncertainty builds, it's hard to find a bullish headline, yet the S&P and Nasdaq remain near record highs. This morning's story lies in currency markets—watch the strengthening Yen and Yuan as capital heads offshore. China has pumped nearly a trillion in stimulus since October, while the BOJ has turned hawkish for the first time in 25 years.

Keep an eye on copper futures—if they break $4.83, it's a sign the dragon is waking up.

Futures are down this morning on tariff worries, this time out of Asia. It's hard to shake this sinking feeling that the bottom could drop out. We got Treasury Secretary Bessent on Bloomberg saying debt term-out is a long way off, and yesterday's Fed minutes suggested pausing QT until the debt ceiling clears. All this while watching gold push toward $3,000 doesn't sit right. Markets feel increasingly fragile. Keep your guard up until this shakes out.

Market outlook:

• Futures Lower: S&P -23bps, Nasdaq -14bps, Russell -27bps

• Treasury yields ease as t…