Come On Market, Do Something Good...

It's just been one ugly data point after the other. But with leverage leaving the system, the winds are getting tougher by the day.

Market outlook:

• Futures are Down: S&P -34bps, Nasdaq -51bps, Russell -31bps

• Bond yields tick up as investors digest cooler CPI; 10-year at 4.33% and 2-year at 4.00%

• Gold approaches ATH trading at $2,955 as safety trade intensifies; Macquarie analysts project a surge to $3,500 by Q3 on growing deficit concerns and inflation hedging. Obviously, I endorse that outcome, but I would put it closer to $3,200.

• JPMorgan analyst reduces Tesla (TSLA) target to $120, citing "unprecedented" brand damage from global protests; shares are already down 38% year-to-date.

• Chip sector consolidation rumors sparked an Intel (INTC) rally; TSMC is reportedly leading a potential consortium with Nvidia, AMD, and Broadcom to take over manufacturing operations.

• Federal deficit accelerates to $1.15 trillion before fiscal year midpoint; February adds $307B to shortfall as interest payments are now the third largest budget item.

Dear Reader:

The headlines say “Recession.” They’ll blame the tariffs. They’ll argue that this…