It Doesn’t Have to Be This Way

For our next act, a trade war starts…

Market outlook:

• Futures LOWER: S&P -50bps, Nasdaq -54bps, Russell -73bps

• Trump's 25% tariffs on Canada/Mexico and 10% on China are now in effect; Canada retaliates with duties on bourbon and orange juice, and China targets farm exports

• Treasury yields slide; 10-year drops to 4.17% amid flight to safety

• Gold climbs toward record at $2930 as investors seek hedge against uncertainty

• Oil down as OPEC moves forward with its long-delayed output hike, sending WTI to its lowest level in nearly three months

• President Trump halted all U.S. military aid to Ukraine, leaving Zelenskiy under pressure to accept a swift peace deal

• FDIC scrapped plans to tighten brokered deposit rules and bank governance oversight, rolling back the Biden-era rule

• Rep. Susie Lee bought shares of German defense giant Rheinmetall (RNMBY), the first U.S. politician to do so while serving on a military funding subcommittee

Dear Reader:

It starts with a slight pain in the stomach.

It’s just there - gnawing at the lining.

The heart st…