Lisa Abramowicz: Riskier credit markets are starting to respond more significantly to the dislocation in US equity markets. Spreads on high-yield bonds rose the most since August yesterday. They're still relatively low on a historical basis, but the trajectory is catching many people's attention

Robon Brooks: In this tariff war, the only winner is China. China keeps its head down, waiting until the US has chopped itself to bits picking fights with everyone. There's no doubt many US allies are freeloaders, but what's going on now just helps an openly hostile China. That makes NO sense!

Small Cap Stocks IWM are underperforming the S&P 500 by the largest margin since the Dot Com Bubble

The Kobeissi Letter : President Trump says "egg prices are down, oil is down, interest rates are down, and tariff related money is pouring into the US." All signs continue to point to a prolonged trade war ahead.

Charlie Bilello: The top 10% of income earners in the US now account for half of all consumer spending, a record high. (Note: top 10% = households making >$250k).

Charlie Biello: Global Central Bank Update: -The Bank of Canada cut rates for the 7th meeting in a row, 25 bps decrease to 2.75%.

Just appoint Lip-Bu Tan as CEO and get +11%... like Intel.

Barchart: Diamonds may be a girl's best friend but they're your portfolio's worst nightmare. Prices have fallen to their lowest level this century!

Charlie Bilello: The Interest Expense on US National Debt rose to a record $1.178 trillion in the last 12 months, an increase of 142% over the past 4 years. The US Government now spends more money on interest than it does on National Defense.

OUCH! Puma shares fall -22% following their latest earnings report.

The Bacon, Egg & Cheese Sandwich Index w/ Coffee is now at $3.16, up 4.2% this month and 22.9% YoY! Egg prices (+19.1% MoM, +97% YoY) are the biggest culprit, while bacon is offering slight relief, down -3.5% MoM. Credit to Michael McDonough

Kathy Jones: While the CPI rose less than anticipated, but momentum is still on the upside. With the potential for tariffs lifting food and clothing prices, the Fed is likely to remain on hold.

LizAnnSonders: Fortunately, drop in U.S. hiring rate has become less severe … year/year change gradually moving closer to zero after being deeply negative

ETH falls to its lowest valuation relative to Bitcoin BTC since May 2020

Trump: Look, we've been treated very unfairly by Canada. We've been treated very unfairly by Mexico, but we've been treated very unfairly by every country all over the world. The European Union is horrible, horrible, and we're going to get it back.

Trump: Our country has been stripped of its jobs, of its factories. And I'm tired of seeing where they build apartments, cheap apartments in an old broken down factory

President Trump buys a Tesla: "Number one, it's a great product — as good as it gets — and number two, because (Elon Musk) has devoted his energy and his life to doing this and I think he has been treated very unfairly."

US vs China Tech Stocks

Robin Brooks: At the peak of the Trump trade, the Dollar was up over 5% versus the G10 (black) and over 3% against EM (blue). The Dollar has given back most of those gains, on mounting fears that US policy volatility will result in recession. Those recession fears are overdone. USD has upside.

Musk: The waste and fraud in entitlement spending— Most of the federal spending is entitlements.. that’s the big one to eliminate… That is also the mechanism by which the Democrats attract and retain illegal immigrants..

Liz Ann Sonders: Defensive sectors have been holding up this year: Staples’ drawdown from its ATH is 2% and Health Care is just 4% below its record; in contrast, both Cons Disc and Tech are in correction territory, with drawdowns of 16% and 11%, respectively

The Kobeissi Letter: Warren Buffett has once again proven why he is the greatest investor in history. Will he be deploying any of his record $334 billion of cash this week?

The Fear & Greed Index falls to 14, Extreme Fear, its lowest level since the 2022 bear market.

In Asia, the MSCI Asia Pacific Index was lower -0.7% Monday as it continues Friday’s pullback led to the downside by HongKong’s Hang Seng falling -1.9% from near 3-yr highs after ending +5.6% last week.

Econovis: U.S. Natural Gas Exports to the EU Surged Following the Ukraine War U.S. natural gas exports to the European Union began in 2019 and saw a sharp increase after the Ukraine war, reaching 1.85 trillion cubic feet (Tcf) in 2024.