There's a Deeper Problem in these Markets

NVIDIA's earnings report could save this market for now... but we've completely forgotten that markets experienced a 63-year event in Japan last August, and conditions are worsening.

Market outlook:

• Futures Up: S&P +46bps, Nasdaq +67bps, Russell +31bps

• Treasury yields drop as growth fears mount; 10-year reaches lowest level since December at 4.29%

• WTI hits yearly low at $68.83, pressured by tariff concerns and weak consumer confidence

• House narrowly approves budget framework setting the stage for $4.5T in tax cuts

• Trump orders Commerce Dept to examine copper tariffs; futures surge despite US only importing 36% of demand

• Trump proposes steep fees for Chinese-built ships entering US ports. The plan, which aims to revive domestic shipbuilding, could cost major carriers millions per vessel.

• Supermicro (SMCI) jumps 23% after meeting the SEC filing deadline; the data center specialist avoids delisting Nasdaq.

• Ukraine agrees US minerals deal after Trump drops $500bn demand; Zelenskyy to meet Trump Friday to sign

Upfront

Markets are clearly at an inflection point—the S&P needs to reclaim 6,000 before it can be taken seriously.

We fell from 6,120 last Friday, and even if Nvidia deli…