It's About Respect...

China says that it will negotiate with the U.S. if America is respectful... that's gonna be a fascinating conversation.

Market outlook:

• Bond market catches its breath after last week's historic selloff; 10-year at 4.33% ahead of today’s retail sales data

• Oil steady with WTI near $62 after China reports stronger-than-expected growth and a bump in oil imports

• White House launches investigation into critical minerals under national security powers; move targets rare earths, uranium, and 50+ essential materials

• Gold hits new record above $3,300/oz with critical mineral investigation fueling a fresh wave of safe-haven buying

• Another blow to Nvidia (NVDA) as U.S. slaps indefinite license requirement on H20 exports, triggering $5.5B write-down and sector-wide selloff

• Defensive leader J&J (JNJ) raises 2024 sales guidance by $1.8B and boosts dividend; flexes financial strength as most companies trim forecasts

Good morning:

As noted, I’ll be live in about 15 minutes for my morning trading show. It’s free, so click the link here, and we’ll get started. We’re LIVE AT 8:45 ET.

This morning, I will discuss the ongoing challenge between the United States and China.

China said it will negotiate with the U.S. if America is respectful…

I thought they were going to fight tooth and nail?

I can’t keep up…

Last night, I traded emails with a very influential mind in global trade...

I asked him who needed the trade more.

Did the U.S. need cheap stuff more, or does China need the dollar more?

His answer wasn’t surprising… and I’ll share it soon.