Market analysis: Wednesday, April 15, 2026

📊 Market Overview

The market is running on geopolitical relief and animal spirits in equal measure this morning—Trump's pivot on Iran talks has yanked the risk premium out of the trade, and investors are happily plowing the proceeds into the most crowded corners of the tape: big tech and discretionary. This is textbook risk-on, but it has a whiff of desperation to it. Bank earnings held the line on economic resilience, which matters, but the real story is that the Dow is lagging while the Nasdaq charges ahead—a tell-tale sign that investors are chasing momentum in mega-caps rather than betting on broad-based strength. The VIX collapse below 18 signals complacency, and the Russell 2000's stumble into correction territory while the S&P flirts with records is the market screaming that this rally is narrowing, not broadening. Ignore the headlines about Trump's Iran comments at your peril; this is a liquidity-driven rip, not a fundamental rerating.

The bond market is the real canary here, and it's singing a confused tune. Treasuries are selling off across the curve—the long end is getting hammered—even as the Fed funds market prices in no movement, which means investors are demanding compensation for duration risk rather than betting on rate cuts. That's a macro red flag disguised as a rally. Meanwhile, energy is rolling over despite geopolitical relief (crude is flat to negative), copper is a non-event, and gold is getting sold into the bid—the classic "risk-on unwind" playbook. The Australian and Canadian dollars are strengthening, suggesting commodity bulls aren't convinced, and crypto is bouncing (Ether up over 2%) while heating oil inexplicably rips—probably refinery-specific, but noise. The message from cross-asset flows is clear: institutions are rotating out of havens and into growth, but they're not confident enough to load up on cyclicals or commodities. This is a synthetic rally built on geopolitical tailwinds and Fed pause expectations, not on conviction about the economy or earnings power.

⚠️ Risks & Opportunities

• Nasdaq's 1.19% surge on mega-cap strength masks brutal Russell 2000 correction—the divergence signals overconcentration risk in large-cap tech that will punish broad-market rotation trades when it inevitably reverses.

• Trump's Iran de-escalation comments are a one-day relief valve, not a structural catalyst; geopolitical risk premiums will snap back hard the moment headlines shift, making this a tactical short window to reduce long duration exposure.

• Rate futures selling (30Y down 0.27%, long bonds getting hammered) combined with VIX compression to 17.86 screams complacency—the bond market is pricing zero recession risk while equities sit at records, a configuration that historically precedes violent mean reversion.

• Russell 2000 in correction territory while small-cap futures barely budge is your tell that institutional capital is fleeing duration risk in cyclicals; Empire State and Philly Fed prints tomorrow morning will trigger immediate repricing if manufacturing rolls over.

• Gold down 0.59% and real yields still rising despite equity strength indicates Fed pivot expectations are evaporating—watch Waller's April 17 comments; any hawkish signal will detonate this crowded mega-cap rally.

• Heating oil +3.15% while crude flatlines is a supply squeeze signal; if this persists through week-end inventory data, energy plays break out and defensives (utilities -0.8%, healthcare -0.6%) finally catch a bid, which would validate the Russell 2000's weakness as sector rotation, not systemic stress.

🚀 Notable Movers

• MSFT surged as enterprise cloud and AI infrastructure demand accelerates, with massive data-center buildouts requiring Microsoft's cloud services to support AI workloads alongside its growing AI software portfolio.

• TSLA rallied as the Magnificent Seven staged a recovery from Q1 weakness, with rising gas prices providing a tailwind for EV adoption and analyst upgrades signaling significant upside potential.

• SHOP jumped on growth stock bargain-hunting and positive sentiment ahead of its May 5 earnings announcement, as e-commerce platforms benefit from renewed investor appetite for beaten-down tech names.

• UBER climbed alongside broad consumer discretionary strength (+1.5%) and ride-sharing momentum, with the sector bouncing back as geopolitical tensions eased and bill Ackman's backing signaled confidence in high-growth platforms.

• APP gained as software stocks staged their best day in over a year, reversing the "SaaSpocalypse" narrative as investors recognize AI will augment rather than fully replace enterprise software solutions.

• INTU rose with the broader software sector recovery, buoyed by its ongoing nationwide AI tour engaging small businesses and Anthropic's Claude CoWork agentic AI proving complementary to financial software workflows.

• NOW surged as SaaS stocks mounted a "software empire strikes back" rebound, with ServiceNow positioned as a key beneficiary of agentic AI automation driving demand for enterprise workflow platforms.

• DASH soared on Cathie Wood's bargain-hunting at a 49% discount to 52-week highs, while the cloud kitchen market forecast signaling $74.6B opportunity by 2030 reinforced the delivery platform's long-term growth thesis.

• HOOD rocketed 10% as the SEC eliminated the $25,000 PDT rule, removing a key friction point for retail traders and unlocking greater intraday activity while prediction markets open a high-margin product frontier.

• NET rebounded alongside the software sector as Anthropic's Claude Mythos vulnerability-detection capabilities create a cybersecurity "arms race," positioning Cloudflare as a critical defense layer for AI-first enterprises.

• ASML declined despite solid Q1 results (€8.8B sales) as semiconductor equipment demand concerns emerge ahead of earnings season, with macro uncertainty and potential demand cyclicality weighing on the chipmaking equipment space.

• MU fell as semiconductor stocks faced headwinds from Q1 earnings anxiety, with rising energy costs from March's oil spike ($72 to $100) creating margin pressure and near-term demand uncertainty for memory chip manufacturers.

• CAT dropped on industrial sector caution as rising energy prices dampen economic activity concerns, offsetting optimism from its Monarch Tractor acquisition, with materials sector underperformance (-1.1%) dragging industrial names lower.

• LRCX retreated alongside semiconductor equipment peers as Q1 earnings season uncertainty and energy price inflation concerns weigh on chipmaking tool demand, with the sector facing near-term cyclical headwinds despite long-term AI tailwinds.

• KLAC sold off with the semiconductor equipment cohort facing Q1 earnings anxiety and macro concerns about energy costs impacting chip fabrication capex, despite fundamentally strong AI-driven semiconductor demand trends.

• TTE declined as oil prices fell 0.2% and geopolitical de-escalation (Iran ceasefire talks) reduced risk premiums, pressuring energy equities while the company's Congo discovery and clean energy pivot offered limited near-term support.

• DE slipped as industrial machinery peers weakened on energy cost inflation concerns and macro demand uncertainty heading into earnings, though Caterpillar's Monarch acquisition news highlights sector-wide automation trends.

• GLW retreated after a 311% year-long surge, likely hitting profit-taking as investors reassess valuation after the stock's massive run, with semiconductor cyclicality concerns also pressuring glass/materials suppliers to chipmakers.

• NEM dropped 4.4% as a 1% decline in gold prices triggered a 3% stock reaction, with Trump's de-escalatory Iran stance and falling oil prices reducing safe-haven demand and diminishing geopolitical risk premiums for gold miners.

• SNDK fell sharply despite its 2,500% surge, likely facing profit-taking after extreme gains as memory/storage valuations exceed $130B; Nasdaq-100 inclusion may face technical resistance after such a dramatic move.

📊 Market Overview

The market is running on fumes of geopolitical relief and nothing else. U.S.-Iran peace feelers have given traders permission to ignore what should be uncomfortable truths—that small caps have cracked into correction territory while mega-cap tech lifts the broad indices into record highs, and that bank earnings are barely holding up a consumer who may finally be running out of steam. This is the definition of a narrow, fragile rally built on hope rather than fundamentals. The rotation into Consumer Discretionary and Communications Services screams complacency; the Dow and Russell both red while the Nasdaq squeaks higher is a neon warning sign that the market is pricing in a very specific outcome (peace) and has zero margin for error if headlines shift.

The bond market is already hedging against this consensus breaking. Longer-dated Treasuries are selling off harder than equities—the 30-year down more than a third of a point—which suggests institutional money knows that geopolitical calm is temporary and inflation risks linger. Oil rallying hard on supply fears, copper flat, and gold getting hammered tells you everything: growth trades are being front-run, but real safe-haven demand is nowhere to be found. The Australian dollar popping while the yen weakens points to capital rotating toward yield and risk assets globally, yet the Nikkei's weakness and mid-caps' lag hint that not everyone is buying this story. This market needs equities to confirm that earnings can justify valuations at these levels, or the whole "peace dividend" narrative collapses under its own contradiction.

⚠️ Risks & Opportunities

• The mega-cap Nasdaq's 11-day win streak masks a widening market bifurcation—Russell 2000 in correction territory while SPX hits ATH—a sign that multiple compression is nearing exhaustion and rotation risk is acute.

• Oil's 1.3% jump on Iran de-escalation headlines combined with rates grinding higher (10Y up 7bps) signals markets are pricing in geopolitical relief that won't survive the next Trump speech or military development, creating a tactical fade opportunity in energy.

• Gold's 0.7% drop alongside rising real yields (nominal rates up, inflation expectations anchored) suggests safe-haven demand is evaporating prematurely; position gold as a hedge ahead of tomorrow's Empire State print and Philly Fed data that could reignite growth concerns.

• The inverted sector rotation—Consumer Discretionary +1.3%, Healthcare -0.9%, Staples -0.4%—is a classic late-cycle tell; record valuations in rate-sensitive growth stocks are vulnerable to any FOMC communication tightening (Waller speaks Thursday) that hints at rates staying higher for longer.

• Equities are ignoring the steepening yield curve (5Y up 8bps vs. 10Y up 7bps) which historically precedes earnings disappointment; use tomorrow's unemployment claims as a trigger—a miss would crack this geopolitical relief rally and expose downside to 6,950 support in /ES.

• Bitcoin's weakness (-0.2%) despite Ether strength (+1.5%) reveals fractured conviction in crypto; this divergence combined with cooling macro risk-off flows makes crypto a poor hedge into Trump's speeches, where unpredictable Iran escalation could send real money back into duration, not digital assets.

🚀 Notable Movers

• MSFT surged as enterprise demand for AI infrastructure accelerates, with utilities projected to spend $1.4 trillion by 2030 on data centers and AI systems that depend on Microsoft's cloud platforms.

• TSLA rallied as rising gas prices make electric vehicles more economically attractive, while the stock rebounds after underperforming the Magnificent Seven in Q1.

• SHOP jumped on bargain-hunting by growth investors after a severe pullback, with upside catalysts from upcoming Q1 earnings on May 5 and continued expansion of its affiliate and logistics ecosystem.

• UBER gained on broad strength in consumer discretionary and tech-enabled services, benefiting from de-escalation hopes reducing macro uncertainty and enabling investors to rotate back into growth names.

• APP rose alongside a broad software sector recovery, as the "SaaSpocalypse" narrative reversed and beaten-down AI software companies attracted bargain hunters after 30%+ declines.

• INTU climbed as Intuit benefits from enterprise adoption of agentic AI tools, evidenced by its nationwide AI tour engaging 350+ small businesses and positioning the company at the center of AI-driven business automation.

• NOW surged as part of the software sector's "empire strikes back" rebound, with ServiceNow positioned as a key beneficiary of agentic AI growth that could offset fears of AI agents commoditizing traditional SaaS.

• DASH rallied 8.84% as Cathie Wood's Ark added to positions and the cloud kitchen market accelerates toward a $74.6 billion valuation by 2030, driven by scalable logistics networks.

• HOOD spiked on the SEC ending the PDT rule, removing the $25,000 minimum account requirement and unleashing explosive growth potential in retail trading while prediction markets open a new high-margin product frontier.

• APO edged higher despite securities class action lawsuits alleging undisclosed relationships, suggesting investors see the legal overhang as containable relative to the firm's private credit and asset management fundamentals.

• ASML retreated 6.35% as semiconductor equipment demand faces headwinds from rising energy costs hitting capex budgets, despite strong Q1 results of €8.8B in sales.

• MU declined 3.79% as chip makers face margin pressure from soaring oil prices that spiked from $72 to over $100 per barrel in Q1, raising production costs across the memory industry.

• CAT dropped 3.75% amid energy price inflation concerns outweighing positive sentiment from the Monarch Tractor autonomous agriculture acquisition, as rising oil weighs on industrial equipment demand.

• LRCX fell 5% as semiconductor equipment suppliers face cyclical headwinds from energy cost inflation and customer capex constraints, despite long-term AI infrastructure tailwinds.

• KLAC declined 5.44% as semiconductor capital equipment suppliers struggle with near-term margin compression from elevated energy prices and potential customer spending pullbacks during earnings season.

• DE slipped 3.87% as agricultural equipment faces cyclical pressure from rising oil and energy costs, even as long-term AI data center infrastructure tailwinds support farm automation demand.

• GLW dropped 3.51% after a 311% year-long rally, with profit-taking likely as investors reassess valuations and energy cost inflation weighs on optical and materials component demand.

• NEM fell 4.40% as a 1% gold price decline triggered a 3% stock drop, with safe-haven demand evaporating on Trump ceasefire de-escalation signals that reduce geopolitical risk and redirect capital away from gold miners.

• SNDK tumbled 5.41% as memory chip suppliers face Q1 margin headwinds from surging energy costs, offsetting the multi-year AI infrastructure boom that has driven its 2,500% rally.

• VRT declined 3.93% as semiconductor equipment and thermal management suppliers face near-term capex uncertainty and energy inflation pressures, despite strong long-term positioning in AI cooling infrastructure demand.

📊 Market Overview

The market is doing what it does best—climbing a wall of worry while pretending the geopolitical backdrop doesn't matter. Whispers of US-Iran talks are providing just enough salve for investors spooked by broader conflict risks, and bank earnings showing economic resilience have given the broad indices permission to inch toward records. But look beneath the surface and you see a market genuinely bifurcated: the Nasdaq flexing its tech muscles for an eleventh consecutive session while the Russell 2000 has already rolled over into correction territory, and the Dow refusing to play along. This is risk-on theater with selective casting—big cap wins, small cap loses, and the VIX compression tells you most traders aren't truly convinced the danger has passed.

The divergence screaming from the futures pit is impossible to ignore. Mega-cap tech (Nasdaq up smartly) is decoupling from everything else, while industrials and materials—the true economic barometers—are getting hammered. Bond yields are climbing even as equities rise, which normally signals confidence in growth, but that confidence is narrowing dangerously: energy is ticking higher on geopolitical premium, copper is flat and uninspired, and cyclicals are being left behind. The Australian and Canadian dollars are strengthening while gold retreats, suggesting institutions are rotating into commodity-linked risk assets rather than havens. What we're watching is peak concentration risk dressed up as a rally—the mega-seven carrying the market on their shoulders while everything else languishes, a setup that only lasts until it doesn't.

⚠️ Risks & Opportunities

• Mega-cap tech is decoupling hard from the rest of the market—Nasdaq up 0.8% while Russell 2000 is in correction territory—signaling dangerous concentration risk that will implode the moment growth narratives crack or rates stay elevated.

• The bond market is screaming recession warnings that equities are ignoring: 10Y and 30Y Treasury futures are down sharply while 3-month SOFR sits stubbornly at 96.36, indicating the Fed has less cutting room than bulls expect and earnings will compress if growth slows.

• Trump's two speeches today (Medium impact) combined with tomorrow's Philly Fed Manufacturing and unemployment claims create a 48-hour volatility minefield—any hawkish Fed pivot language will trigger an immediate unwind of the rally, especially with VIX artificially low at 18.22.

• Oil's strength (+0.7%) on Iran talk hopes is masking fragile demand signals in the broader commodity complex (gold down, copper flat, soybeans barely holding)—if geopolitical premium deflates, energy will crater and drag small-caps down further.

• The 11-day Nasdaq win streak reeks of capitulation buying and FOMO, not fundamental strength—rotation into Utilities and Health Care is absent, which means institutional money is still risk-on but tactically vulnerable to any earnings miss or macro disappointment next week.

• Short heating oil rallies (+5%) and long duration bonds into the Fed speakers this week—the market has priced in too much stability, and any inflation data surprise will force sharp duration selling that hammers equities on multiple compression.

🚀 Notable Movers

• TSLA surged as rising gas prices boost EV demand and the stock remains a favored "Magnificent Seven" growth play amid broader tech strength.

• MS rallied after crushing first-quarter earnings with $20.58B revenue (16% YoY growth) and a robust 27.1% return on tangible common equity, benefiting financials' sector-wide +0.8% gain.

• SHOP climbed as Wall Street analysts and growth investors increasingly favor it over Amazon, positioning the e-commerce platform as a higher-conviction AI-era opportunity for smaller merchants.

• UBER gained on positive sentiment around gig-economy platforms and delivery logistics, with Cathie Wood's recent bargain-hunting purchases signaling institutional confidence in the beaten-down stock.

• HOOD surged after the SEC eliminated the PDT rule, removing the $25,000 minimum account requirement and unlocking explosive growth in retail trading volumes and prediction-market opportunities.

• DASH jumped as Cathie Wood added to her position, signaling deep-value opportunity in the food-delivery sector, which research firms project will reach $74.6B by 2030 on scalable logistics networks.

• APP, INTU, NOW, and SPOT all rallied as software and SaaS stocks staged their best day in over a year, bouncing hard from the "SaaSpocalypse" sell-off on optimism that agentic AI will augment rather than replace enterprise software.

• ASML fell despite strong Q1 results as chip-equipment stocks broadly retreated ahead of earnings season and amid concerns that elevated March energy costs will pressure semiconductor sector margins.

• MU, LRCX, KLAC, and AMAT all declined as semiconductor equipment makers face headwinds from surging oil prices (crude up to $100+/barrel in March) that raise input costs and could throttle downstream chip demand if consumer spending weakens.

• CAT and DE sold off as industrial stocks sank on the materials sector's -1.4% decline, with energy inflation crimping equipment-maker margins and demand outlooks.

• NEM dropped as gold prices fell 0.5% on geopolitical de-escalation hopes (Iran ceasefire talks), reducing the inflation hedge appeal that had driven mining stocks higher over the past three weeks.

• GLW and SNDK retreated as memory and materials stocks corrected from their outsized 2025 rallies, profit-taking emerging after each has already soared triple-digit percentages year-to-date.

📊 Market Overview

The market is caught between euphoria and caution as hopes for U.S.-Iran de-escalation collide with reality: the Russell 2000 is already in correction territory, and breadth is deteriorating despite the Nasdaq's eleven-session winning streak. Tech giants are carrying the day—Nvidia and its mega-cap brethren are masking what amounts to a bifurcated market where quality and size matter while everything else atrophies. This is risk-on theater propped up by geopolitical optimism and Fed rate expectations, but the cracks are showing. The Dow's weakness and small-cap capitulation tell us institutional money knows something the headline writers don't.

The cross-asset divergence screams caution for anyone paying attention. Bonds are selling off sharply across the entire curve—ten-year yields up nearly a full basis point in a single session—while equities levitate on the back of a handful of mega-caps. Energy is rallying hard (crude up over a percent, heating oil surging) on geopolitical relief, yet gold is tanking and copper flat, suggesting commodity traders don't actually believe the macro story. The dollar weakness and Australian dollar strength hint at capital rotation into risk assets, but the synchronized bond selloff and small-cap collapse reveal the real concern: if growth fails to materialize or the Iran détente falls apart, this rally looks dangerously extended. The market is pricing perfection at a time when execution risk is at its peak.

⚠️ Risks & Opportunities

• The Magnificent Seven's AI dominance is masking a dangerous bifurcation: Nasdaq up 1.0% while Russell 2000 entered correction territory, signaling that breadth is collapsing and the rally is artificially narrow—a classic late-cycle warning.

• Rates are rising (10Y TNX +0.7%, 5Y futures -0.15%) while equities rally, which is unsustainable; the bond market is pricing in either inflation persistence or growth concerns that equities have not yet priced in, setting up a sharp repricing risk.

• Oil up 1.17% with the dollar flat and gold down 0.53% suggests geopolitical risk premium (US-Iran truce talks) is real, but weak precious metals signal no true safe-haven bid—if these talks collapse, we'll see a violent repricing across rates, equities, and commodities simultaneously.

• Today's Empire State Manufacturing print and Trump's scheduled remarks are live grenades; manufacturing data weakness would confirm stagflation fears and justify the bond market's skepticism, while Trump commentary on tariffs or Iran could crater equities or oil within minutes.

• Small-cap weakness (/RTY -0.13%) combined with Consumer Staples and Utilities underperformance (-0.8% to -0.9%) is classic recession positioning—institutions are rotating into defensives while riding the tech momentum, meaning any catalyst that breaks the Nasdaq's 11-session winning streak will trigger cascade selling.

• Bitcoin down 0.58% and crypto lagging while equities rally is the tell: leverage is being withdrawn from the system ahead of Waller's April 17 speech, and money is rotating into rate-sensitive positions, not risk-on assets—expect Thursday's unemployment claims to be the next capitulation point.

🚀 Notable Movers

• TSLA surged as rising gas prices and renewed growth optimism lifted sentiment toward EVs, while Tesla's dominance over struggling competitors like BYD—which saw sales decline for a seventh consecutive month—reinforced its market leadership.

• ORCL climbed on news that U.S. utilities plan $1.4 trillion in capital spending through 2030 driven by AI and data center buildouts, positioning Oracle as a key infrastructure beneficiary of the energy transition.

• MS gained as easing geopolitical tensions and oil price declines lifted broad market sentiment, helping financial stocks participate in the broader rally near all-time S&P 500 highs.

• SHOP rose alongside a broader rebound in growth stocks as analysts increasingly favor it over Amazon for future upside, capitalizing on the retail pullback that left it 49% below 52-week highs.

• UBER advanced as the broader market rally and renewed appetite for consumer discretionary and tech names—combined with positioning in high-growth platforms—drove sentiment higher.

• APP jumped as software stocks staged their best day in over a year after the sector sold off 30% from late-2025 highs, with investors rotating back into names written off as AI collateral damage.

• INTU rebounded with the software sector as agentic AI tools like Anthropic's Claude CoWork boosted investor confidence that AI will augment rather than replace business software workflows.

• NOW surged as SaaS stocks attempted to reverse the "SaaSpocalypse," with ServiceNow leading the recovery after falling 19% on fears that AI agents would commoditize software—a narrative now being questioned.

• DASH jumped as growth investors bargain-hunted following a 49% drop from highs, with Cathie Wood adding to positions and the cloud kitchen market projected to reach $74.6 billion by 2030.

• HOOD rallied 8.76% on the SEC's elimination of the PDT rule, which removes the $25,000 minimum account requirement and unlocks explosive growth potential for retail trading platforms while opening a new frontier in prediction markets.

• ASML declined as semiconductor equipment demand faces uncertainty amid broader tech sector rotation concerns, despite solid Q1 earnings, as investors rotate toward software and infrastructure plays benefiting from immediate AI utility spending.

• MU fell as memory chip stocks faced Q1 earnings season pressure from March's oil price spike to $100+/barrel, which threatens to squeeze margins across energy-intensive chip manufacturers and dampen consumer spending.

• CAT dropped alongside other cyclical industrials as de-escalation hopes in the Iran conflict reduced near-term geopolitical premium demand for heavy equipment and construction machinery.

• LRCX slid as semiconductor equipment suppliers face earnings headwinds from elevated energy costs in Q1, while the sector struggles to maintain momentum as capital spending rotation favors infrastructure over chip tools.

• KLAC fell as semiconductor capital equipment faces Q1 margin pressure from spiking oil prices and investor concerns about peak AI spending, causing a rotation away from chip manufacturing tools.

• DE declined despite long-term AI data center tailwinds, as immediate Q1 earnings concerns from rising energy costs weighed on cyclical industrials and construction equipment demand.

• GLW dropped as the 311% year-over-year rally faces profit-taking, and despite exposure to AI infrastructure spending, the stock's valuation stretched after an outsized run limited near-term upside.

• NEM fell sharply as a 1% decline in gold prices triggered a 3% sell-off in the mining stock, as investors rotated away from safe-haven assets on renewed optimism over U.S.-Iran de-escalation and geopolitical détente.

• SNDK dropped 6.4% despite Nasdaq-100 index inclusion—likely a pre-announcement sell-the-news reaction after the stock surged 2,500% in a year, with investors locking in gains ahead of the April 20 inclusion date.

• STX declined as memory stocks faced Q1 margin headwinds from energy costs, though the sector's recent outperformance of Nvidia shows underlying strength that suggests this may be a tactical pullback rather than a trend reversal.

📊 Market Overview

The market is doing what it always does when geopolitical risk gets priced as temporary: big tech rallies while old economy gets sold. The headlines scream contradictions—Trump orders a Hormuz blockade, then whispers of U.S.-Iran talks surface, and investors are choosing to believe the truce story over the escalation narrative. Nasdaq's longest winning streak since 2021 tells you where the money thinks the future lies: in artificial intelligence and growth, not in energy hedges or defensive havens. The Dow's weakness is the real tell here—it's being abandoned in favor of the megacaps, which means this is still a risk-on market, but only for those who can afford to ignore geopolitical noise.

But look closer and the picture fractures. The Russell 2000 is in correction territory while the Nasdaq soars—that's not a healthy rotation, that's a bifurcation. Energy is fighting higher on crude's spike, yet the bond market is getting crushed, with long-end treasuries rolling over while the curve sits stubbornly flat. Copper is essentially flat despite oil's rally, suggesting commodities traders aren't buying the "risk appetite" narrative either. Meanwhile, the dollar weakened and the Australian dollar ripped—classic risk-on currency moves—but crypto is stumbling (Bitcoin down, Ether barely holding), which signals that even speculative capital is hesitant. The institutional money is saying: yes to mega-cap tech, no to duration, skeptical on everything else. This isn't conviction. This is a one-legged market waiting for the next headline to break the stalemate.

⚠️ Risks & Opportunities

* The S&P 500's approach to an all-time high poses a significant risk of a pullback, particularly if upcoming events like the Empire State Manufacturing Index and President Trump's speech fail to impress.

* The divergence between the Nasdaq's outperformance and the Russell 2000's underperformance suggests a potential rotation into smaller-cap stocks, which could be a buying opportunity.

* The increase in oil prices alongside a strengthening dollar is a bearish signal for equities, as it suggests higher input costs and potentially weaker consumer spending.

* The flattening of the yield curve, with the 3-month yield rising to 3.62%, indicates a growing concern about economic growth and could lead to a decrease in risk appetite.

* President Trump's speech today is a potential catalyst for market volatility, particularly if he makes comments on trade or monetary policy that deviate from expectations.

* The Philly Fed Manufacturing Index on Thursday is another key event that could impact market sentiment, especially if it shows signs of weakening economic activity.

🚀 Notable Movers

• TSLA surged as rising gas prices and renewed geopolitical tensions from Iran ceasefire talks boosted demand for electric vehicles amid energy cost concerns.

• ORCL jumped 5.5% after announcing an expanded Bloom Energy partnership, capitalizing on the $1.4 trillion utility spending surge driven by AI data center infrastructure buildout through 2030.

• MS climbed 5.35% as the broader financial sector rallied on easing geopolitical risk from Iran peace negotiations, oil price declines, and growing optimism heading into earnings season.

• SHOP gained 5.7% as growth stocks rebounded on valuation reset narratives, with analysts increasingly highlighting Shopify's competitive advantages over Amazon in the e-commerce ecosystem.

• UBER rose 5.4% alongside the broader consumer discretionary rally as geopolitical de-escalation improved sentiment and Robinhood's Trump account partnership signaled expanding fintech-driven consumer engagement.

• APP surged 4.7% as software stocks staged their best single session in over a year, reversing the "SaaSpocalypse" selloff as investors rotated back into beaten-down AI and enterprise software names.

• SPOT climbed 4.65% as subscription-based growth stocks benefited from the broader tech rally and recovering valuations after the company posted strong Q4 results.

• NOW jumped 6.24% as SaaS stocks rebounded sharply from recent "SaaSpocalypse" lows, with agentic AI growth prospects attracting renewed investor interest in enterprise automation platforms.

• DASH gained 6.65% after Cathie Wood went bargain hunting and added to positions, with the food delivery sector benefiting from growth stock rotation and strong market tailwinds for logistics-focused businesses.

• HOOD surged 7.38% after securing a partnership to launch Trump accounts aimed at young investors, positioning the brokerage for significant customer acquisition growth and market share expansion.

• ASML fell 4.51% despite strong Q1 earnings as semiconductor equipment cyclicality concerns weighed on the stock amid mixed signals on AI capex sustainability and macro uncertainty.

• MU dropped 2.94% as energy price volatility from Iran tensions and rising operational costs pressured memory chip makers heading into earnings season, offsetting long-term AI demand tailwinds.

• CAT declined 2.79% as industrial cyclicals faced headwinds from elevated energy costs and mixed macro signals, despite the company's exposure to AI data center construction providing some offset.

• LRCX fell 3.05% as semiconductor equipment suppliers faced margin pressure from rising energy input costs, with Q1 earnings season uncertainty and geopolitical volatility offsetting AI infrastructure spending momentum.

• MRK dropped 2.70% as defensive healthcare stocks underperformed the growth-driven rally, with biotech innovations elsewhere in the sector offering more attractive risk-reward profiles to investors.

• KLAC declined 4.04% as semiconductor capital equipment makers struggled with energy cost inflation and macro earnings uncertainty, despite the long-term AI infrastructure spending thesis remaining intact.

• DE fell 2.86% as construction and industrial equipment cyclicals faced margin compression from spiking oil prices, pressuring the agricultural equipment maker despite its emerging AI data center infrastructure exposure.

• GLW dropped 2.71% as materials and infrastructure plays retreated after a massive 311% year-long rally, with profit-taking and energy cost concerns offsetting fiber-optics and advanced materials demand from AI capex.

• NEM tumbled 4.02% as gold prices slipped 1% on de-escalating Iran tensions and ceasefire optimism, which reduced safe-haven demand and weighed disproportionately on mining leverage to bullion prices.

• SNDK fell 5.03% as memory chip stocks, while previously outperforming, faced rotation headwinds from semiconductor industry energy cost pressures and cycles concerns despite the broader AI capex tailwind.

🌅 Pre-Market Overview

The overnight headlines paint a classic geopolitical whipsaw: Trump's pivot from Iran confrontation to diplomatic overtures has left markets genuinely confused about which direction risk flows. Oil jumped on blockade fears, then traders repositioned as talk-of-talks sentiment leaked back in—crude is higher but hesitant, energy broadly rallying while equities barely budge. The real tell is that the Nasdaq is essentially flat despite a tenth consecutive winning streak and fresh software strength; mega-cap tech is exhausted and waiting for a catalyst that isn't geopolitical theater. This is a market that wants to believe in the earnings beat (eleven S&P names supposedly skyrocketing earnings) but is hedging its bets until Tehran clarity emerges.

The cross-asset picture screams caution disguised as complacency. Treasuries are selling off across the curve—not a flight to safety but rather the bond market pricing out rate cuts and refusing to play along with risk-on momentum. Meanwhile, gold and silver are both getting hammered while oil climbs; that's not a classic risk-off texture at all, it's a disorderly unwind of hedges as traders chase energy inflation narratives. The Russell 2000 sitting at correction lows while the S&P treads water near records tells you everything: large-cap quality and technology are the only safe harbors left, and the rotation story is broken. Until we get either concrete Iran news or a significant earnings miss to break the spell, expect this narrow, defensive holding pattern to persist through the open.

⚠️ Risks & Opportunities

• Nasdaq is dead flat and large-cap tech is stalling hard despite Consumer Discretionary +2.2%—the breadth divergence screams distribution into the Nasdaq's 10-day win streak; this is a fade setup if Trump's Iran rhetoric turns hawkish again today.

• Russell 2000 in correction territory but futures barely budging (+0.04%) signals institutional indifference to small caps; the real money is rotating into Dow (+0.10%) and beaten-down defensive/discretionary names, not chasing the Nasdaq.

• Oil up 0.85% and heating oil ripping 1.95% while Treasury yields are cracking lower (10Y -6bps) tells you geopolitical premium is re-pricing in ahead of Trump's 2x speaking slot today—if he signals escalation on Iran, crude breaks $95 and equities gap down.

• Gold down 0.33% and real yields compressing (nominal yields down, inflation expectations stable) means the market has fully priced a soft-landing scenario; any hawkish Fed speak from Waller Friday or surprising jobless claims Thursday will break this complacency hard.

• Consumer Discretionary's outsized +2.2% gain overnight while rate futures are selling off is classic front-running earnings beats and expectations for rate cuts—but Nasdaq flatness suggests tech is the real laggard, creating a sharp sector trap if macro data disappoints.

• Empire State Manufacturing index due today is the first real test of this "everything is fine" narrative; a sub-5 print combined with Trump escalation would shatter the fragile risk-on setup and expose how much this rally has been geopolitical relief, not fundamental.

🌅 Pre-Market Overview

The overnight narrative is pure geopolitical relief rally masquerading as fundamental strength. Yesterday's Iran ceasefire chatter—coupled with a Hormuz blockade that somehow didn't crater energy—sent equities scrambling higher to erase prior war losses. But this morning's futures are telling a different story: the initial euphoria has evaporated, leaving us with a flat-to-slightly-down open and crude oil that wants to keep climbing without equities following suit. The Nasdaq's ten-day winning streak and Consumer Discretionary's monster two-percent overnight jump feel fragile—built on geopolitical tail risk relief rather than earnings conviction. We're not seeing follow-through commitment; we're seeing fade. The real tell is beneath the surface: Russell 2000 already in correction, mid-caps struggling, small caps getting no bid—this isn't a healthy risk-on setup.

The cross-asset signal is unmistakably defensive. Oil is ripping higher on supply risk, yet equities refuse to participate; that's a red flag for demand concerns lurking underneath. Gold and precious metals are getting hammered while the dollar slips sideways—traditional risk-off positioning imploding because safe havens are being sold into. Meanwhile, bonds are flat to slightly lower, rates haven't budged, and crypto is bleeding modestly—nobody is confident enough to lean hard in any direction. The message: yesterday's geopolitical relief was real but not durable. Investors are rotating out of hedges and into risk assets with one hand while keeping the other on the eject button. Energy strength without broad equity follow-through is a classic divergence that precedes either a gap-down open or violent intra-day repricing once the cash market takes the wheel.

⚠️ Risks & Opportunities

• Crude up 1.6% on Hormuz blockade rhetoric while equities flatline—geopolitical risk premium is pricing into energy, not stocks, suggesting market still skeptical a real supply shock materializes and sees this as a Trump negotiating tactic ahead of his two speeches today.

• Small caps and the Dow lagging (Russell -0.08%, Dow -0.08%) while Nasdaq holds flat signals rotation fatigue; the Nasdaq's 10-day win streak is hitting resistance and breadth is failing—today's Empire State Manufacturing print and Trump remarks could trigger either a push higher or a sharp pullback if he softens Iran rhetoric.

• Gold down 0.57% and real yields flat despite oil strength is the real tell: real money isn't hedging geopolitical tail risk, they're front-running a ceasefire narrative and rotating into growth, which explains Consumer Discretionary +2.2% overnight.

• Russell 2000 now in correction territory and underperforming large caps by 100+ bps—this is a value trap that will persist until labor data softens or the Fed signals rate cuts; tomorrow's jobless claims print is a critical tell on whether small-cap weakness is cyclical or structural.

• Bitcoin and gold both selling despite haven flows suggests risk-on conviction trumps geopolitical fear, but this is fragile positioning that breaks hard if Trump's Hormuz comments escalate beyond bluster or if tomorrow's Philly Fed manufacturing disappoints after Empire State.

• Rates are locked flat across the curve with 10Y barely moving—the Fed is out of the conversation until Waller speaks Friday, meaning today's macro calendar has zero influence on duration; equity technicals and headline risk are the only drivers until 4/17.

🔮 Futures

Equity Index

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /ES (/ESM26) | E-mini S&P 500 | 7,002.0000 | -2.75 | 🔴 -0.04% | 123,588 |

| /NQ (/NQM26) | E-mini Nasdaq 100 | 25,985.2500 | -11.50 | 🔴 -0.04% | 74,279 |

| /MES (/MESM26) | Micro E-mini S&P 500 | 7,002.0000 | -2.75 | 🔴 -0.04% | 170,597 |

| /RTY (/RTYM26) | E-mini Russell 2000 | 2,715.9000 | -2.20 | 🔴 -0.08% | 12,900 |

| /MNQ (/MNQM26) | Micro E-mini Nasdaq | 25,986.5000 | -10.25 | 🔴 -0.04% | 288,609 |

| /YM (/YMM26) | E-mini Dow | 48,717.0000 | -38.00 | 🔴 -0.08% | 13,687 |

| /EMD (/EMDM26) | E-mini S&P MidCap 400 | 3,592.8000 | -2.30 | 🔴 -0.06% | 406 |

| /MYM (/MYMM26) | Micro E-mini Dow | 48,718.0000 | -37.00 | 🔴 -0.08% | 19,381 |

| /NKD (/NKDM26) | Nikkei 225 USD | 58,315.0000 | -535.00 | 🔴 -0.91% | 2,252 |

| /M2K (/M2KM26) | Micro E-mini Russell | 2,716.1000 | -2.00 | 🔴 -0.07% | 13,888 |

Energy

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /CL (/CLK26) | Crude Oil WTI | 92.7200 | +1.44 | 🟢 +1.58% | 60,313 |

| /NG (/NGK26) | Natural Gas | 2.5890 | -0.01 | 🔴 -0.38% | 8,052 |

| /HO (/HOK26) | Heating Oil | 3.7558 | +0.13 | 🟢 +3.63% | 4,106 |

| /RB (/RBK26) | RBOB Gasoline | 3.0480 | +0.01 | 🟢 +0.28% | 3,677 |

| /MNG (/MNGK26) | Micro Natural Gas | 2.5900 | -0.01 | 🔴 -0.35% | 1,725 |

| /MCL (/MCLK26) | Micro WTI Crude | 92.7400 | +1.46 | 🟢 +1.60% | 109,414 |

| /BZ (/BZM26) | Brent Crude | 96.1600 | +1.37 | 🟢 +1.45% | 10,802 |

Metals

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /HG (/HGK26) | Copper | 6.0810 | -0.00 | 🔴 -0.04% | 15,448 |

| /GC (/GCM26) | Gold | 4,822.4000 | -27.70 | 🔴 -0.57% | 52,543 |

| /SI (/SIK26) | Silver | 78.8300 | -0.70 | 🔴 -0.88% | 16,544 |

| /MHG (/MHGK26) | Micro Copper | 6.0805 | -0.00 | 🔴 -0.05% | 7,014 |

| /PA (/PAM26) | Palladium | 1,601.0000 | +9.60 | 🟢 +0.60% | 926 |

| /PL (/PLN26) | Platinum | 2,116.4000 | +15.70 | 🟢 +0.75% | 5,768 |

| /MGC (/MGCM26) | Micro Gold | 4,822.6000 | -27.50 | 🔴 -0.57% | 173,608 |

| /SIL (/SILK26) | Mini Silver | 78.8250 | -0.71 | 🔴 -0.89% | 37,098 |

Rates

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /ZT (/ZTM26) | 2Y T-Note | 103.8008 | -0.02 | 🔴 -0.02% | 99,261 |

| /ZF (/ZFM26) | 5Y T-Note | 108.4453 | -0.04 | 🔴 -0.04% | 221,491 |

| /ZB (/ZBM26) | 30Y T-Bond | 114.6250 | -0.03 | 🔴 -0.03% | 62,604 |

| /ZN (/ZNM26) | 10Y T-Note | 111.4844 | -0.05 | 🔴 -0.04% | 287,962 |

| /UB (/UBM26) | Ultra T-Bond | 117.0938 | -0.03 | 🔴 -0.03% | 44,759 |

| /TN (/TNM26) | Ultra 10Y T-Note | 114.0000 | -0.06 | 🔴 -0.05% | 113,571 |

| /SR3 (/SR3M26) | 3-Month SOFR | 96.3250 | +0.00 | 🟢 +0.00% | 63,465 |

| /ZQ (/ZQJ26) | 30-Day Fed Funds | 96.3600 | +0.00 | 🟢 +0.00% | 18,678 |

Currencies

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /6A (/6AM26) | Australian Dollar | 0.7131 | +0.00 | 🟢 +0.15% | 40,933 |

| /6B (/6BM26) | British Pound | 1.3546 | -0.00 | 🔴 -0.13% | 25,663 |

| /6E (/6EM26) | Euro FX | 1.1810 | -0.00 | 🔴 -0.14% | 48,439 |

| /6J (/6JM26) | Japanese Yen | 0.0063 | -0.00 | 🔴 -0.10% | 48,150 |

| /6C (/6CM26) | Canadian Dollar | 0.7277 | -0.00 | 🔴 -0.03% | 14,200 |

| /6N (/6NM26) | NZ Dollar | 0.5913 | -0.00 | 🔴 -0.07% | 8,514 |

| /6S (/6SM26) | Swiss Franc | 1.2863 | -0.00 | 🔴 -0.19% | 6,293 |

| /6M (/6MM26) | Mexican Peso | 0.0575 | -0.00 | 🔴 -0.19% | 14,567 |

Crypto

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /MBT (/MBTJ26) | Micro Bitcoin | 73,980.0000 | -420.00 | 🔴 -0.56% | 20,100 |

| /ETH (/ETHJ26) | Ether | 2,320.0000 | +2.00 | 🟢 +0.09% | 2,474 |

| /BTC (/BTCJ26) | Bitcoin | 73,975.0000 | -425.00 | 🔴 -0.57% | 1,432 |

| /MET (/METJ26) | Micro Ether | 2,320.0000 | +2.00 | 🟢 +0.09% | 9,126 |

Grains

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /ZW (/ZWK26) | Wheat | 586.7500 | -5.25 | 🔴 -0.89% | 7,124 |

| /ZS (/ZSK26) | Soybeans | 1,164.0000 | +6.00 | 🟢 +0.52% | 18,761 |

| /ZC (/ZCK26) | Corn | 446.5000 | +3.50 | 🟢 +0.79% | 28,928 |

| /KE (/KEK26) | KC HRW Wheat | 617.2500 | -5.50 | 🔴 -0.88% | 3,345 |

| /ZM (/ZMK26) | Soybean Meal | 328.9000 | -0.80 | 🔴 -0.24% | 5,845 |

| /ZL (/ZLK26) | Soybean Oil | 67.0300 | +0.59 | 🟢 +0.89% | 13,905 |

Livestock

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /HE (/HEJ26) | Lean Hogs | 90.4500 | -0.05 | 🔴 -0.06% | 0 |

| /GF (/GFJ26) | Feeder Cattle | 375.4750 | -0.40 | 🔴 -0.11% | 0 |

| /LE (/LEM26) | Live Cattle | 251.3500 | -0.07 | 🔴 -0.03% | 0 |

🌅 Pre-Market Overview

The Iran headlines are a classic bait-and-switch playing out in real time, and futures are calling the bluff. Yesterday's optimism about diplomatic talks evaporated the moment Trump signaled a Hormuz blockade, sending oil surging and equities into a risk-off squeeze this morning. Energy is screaming higher—crude up over a percent, heating oil explosive—which should ordinarily be a negative for growth stocks, yet the small-cap Russell 2000 is the hardest hit, down thirteen basis points while the Nasdaq barely budges. This is the tell: investors are repricing geopolitical risk but still clinging to mega-cap tech as a safety play. The bond market is flat to slightly positive on the long end, hardly panicking, which suggests this isn't yet a systemic shock. We're in a "wait and see" holding pattern, not capitulation.

The real fragmentation is between defensive havens and risk-off signals, and it doesn't add up cleanly. Gold is actually selling off—down nearly sixty basis points—while crude rallies hard, which is the opposite of typical geopolitical flight-to-safety. That tells you the market is pricing energy supply disruption risk, not existential crisis. The dollar is flat to slightly weak, Australian dollar nudging higher, and bonds utterly uninspired—the long bond barely positive despite Middle East tensions usually triggering a Treasury bid. This looks like positioning confusion rather than conviction. Crypto is mixed, Bitcoin down but Ether holding its own, and the fact that equities haven't capitulated suggests dip-buyers are still waiting in the wings. Open the cash market and watch where the real money flows; today will likely hinge on whether institutional buyers see this as a geopolitical tax or a genuine threat to earnings.

⚠️ Risks & Opportunities

• Iran geopolitical risk is bifurcating markets—oil up 1.4% (Brent) on Hormuz blockade fears while equities flatline, signaling traders are pricing a containable conflict that won't derail growth, but this reversal from yesterday's peace-deal relief sets up whipsaw volatility into Trump's speech today.

• Russell 2000 leading the decline at -0.13% while Nasdaq holds -0.07% exposes a critical fault line: small caps are already in correction territory and rolling over into the open, suggesting institutional capital is rotating from beta back to mega-cap safety despite yesterday's 10-day Nasdaq win streak.

• Gold's -0.59% dive alongside crude's +1.4% rally is the tell—real yields are rising as the market reprices geopolitical premium out of haven demand, which will accelerate if today's Empire State Manufacturing data disappoints or Trump's remarks signal policy hawkishness.

• Rates structure is inverted across the curve (2Y/10Y both down, 30Y up) revealing duration confusion; short rates pinned on FOMC hold expectations means any hawkish Waller comments April 17 will gap equities lower, so equity longs are unhedged to a surprise rate shock.

• Energy heating oil exploded +3.4% on refinery/supply concerns while natural gas collapsed -0.31%, proving this isn't a pure demand shock—this is logistics disruption priced in, which means oil stays bid through the open unless Trump immediately de-escalates on the Hormuz blockade.

• Overnight Nikkei -0.96% and AUD +0.22% tells you carry traders are unwinding yen shorts on flight-to-quality instinct despite "steady" equity futures; this is a crowded short unwind risk that could whip back if equities stabilize at the open, so don't chase the dip without confirmation above ES 7005.

🔮 Futures

Equity Index

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /ES (/ESM26) | E-mini S&P 500 | 7,000.7500 | -4.00 | 🔴 -0.06% | 97,012 |

| /NQ (/NQM26) | E-mini Nasdaq 100 | 25,979.5000 | -17.25 | 🔴 -0.07% | 63,011 |

| /MES (/MESM26) | Micro E-mini S&P 500 | 7,000.7500 | -4.00 | 🔴 -0.06% | 137,775 |

| /RTY (/RTYM26) | E-mini Russell 2000 | 2,714.6000 | -3.50 | 🔴 -0.13% | 9,644 |

| /MNQ (/MNQM26) | Micro E-mini Nasdaq | 25,979.0000 | -17.75 | 🔴 -0.07% | 247,758 |

| /YM (/YMM26) | E-mini Dow | 48,718.0000 | -37.00 | 🔴 -0.08% | 11,385 |

| /EMD (/EMDM26) | E-mini S&P MidCap 400 | 3,591.9000 | -3.20 | 🔴 -0.09% | 344 |

| /MYM (/MYMM26) | Micro E-mini Dow | 48,716.0000 | -39.00 | 🔴 -0.08% | 15,939 |

| /NKD (/NKDM26) | Nikkei 225 USD | 58,285.0000 | -565.00 | 🔴 -0.96% | 2,080 |

| /M2K (/M2KM26) | Micro E-mini Russell | 2,714.5000 | -3.60 | 🔴 -0.13% | 11,155 |

Energy

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /CL (/CLK26) | Crude Oil WTI | 92.2600 | +0.98 | 🟢 +1.07% | 49,070 |

| /NG (/NGK26) | Natural Gas | 2.5910 | -0.01 | 🔴 -0.31% | 6,977 |

| /HO (/HOK26) | Heating Oil | 3.7475 | +0.12 | 🟢 +3.40% | 3,186 |

| /RB (/RBK26) | RBOB Gasoline | 3.0470 | +0.01 | 🟢 +0.25% | 3,256 |

| /MNG (/MNGK26) | Micro Natural Gas | 2.5910 | -0.01 | 🔴 -0.31% | 1,594 |

| /MCL (/MCLK26) | Micro WTI Crude | 92.2600 | +0.98 | 🟢 +1.07% | 95,539 |

| /BZ (/BZM26) | Brent Crude | 96.1100 | +1.32 | 🟢 +1.39% | 8,585 |

Metals

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /HG (/HGK26) | Copper | 6.0770 | -0.01 | 🔴 -0.11% | 13,808 |

| /GC (/GCM26) | Gold | 4,821.5000 | -28.60 | 🔴 -0.59% | 48,864 |

| /SI (/SIK26) | Silver | 78.5850 | -0.95 | 🔴 -1.19% | 15,295 |

| /MHG (/MHGK26) | Micro Copper | 6.0770 | -0.01 | 🔴 -0.11% | 5,978 |

| /PA (/PAM26) | Palladium | 1,593.0000 | +1.60 | 🟢 +0.10% | 851 |

| /PL (/PLN26) | Platinum | 2,115.1000 | +14.40 | 🟢 +0.69% | 5,369 |

| /MGC (/MGCM26) | Micro Gold | 4,821.4000 | -28.70 | 🔴 -0.59% | 162,141 |

| /SIL (/SILK26) | Mini Silver | 78.5900 | -0.94 | 🔴 -1.19% | 35,040 |

Rates

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /ZT (/ZTM26) | 2Y T-Note | 103.7969 | -0.02 | 🔴 -0.02% | 82,404 |

| /ZF (/ZFM26) | 5Y T-Note | 108.4375 | -0.05 | 🔴 -0.04% | 193,530 |

| /ZB (/ZBM26) | 30Y T-Bond | 114.6875 | +0.03 | 🟢 +0.03% | 49,187 |

| /ZN (/ZNM26) | 10Y T-Note | 111.4844 | -0.05 | 🔴 -0.04% | 249,174 |

| /UB (/UBM26) | Ultra T-Bond | 117.1875 | +0.06 | 🟢 +0.05% | 37,250 |

| /TN (/TNM26) | Ultra 10Y T-Note | 114.0000 | -0.06 | 🔴 -0.05% | 98,269 |

| /SR3 (/SR3M26) | 3-Month SOFR | 96.3250 | +0.00 | 🟢 +0.00% | 54,826 |

| /ZQ (/ZQJ26) | 30-Day Fed Funds | 96.3600 | +0.00 | 🟢 +0.00% | 139 |

Currencies

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /6A (/6AM26) | Australian Dollar | 0.7137 | +0.00 | 🟢 +0.22% | 32,854 |

| /6B (/6BM26) | British Pound | 1.3556 | -0.00 | 🔴 -0.05% | 22,462 |

| /6E (/6EM26) | Euro FX | 1.1815 | -0.00 | 🔴 -0.11% | 38,877 |

| /6J (/6JM26) | Japanese Yen | 0.0063 | -0.00 | 🔴 -0.06% | 43,626 |

| /6C (/6CM26) | Canadian Dollar | 0.7281 | +0.00 | 🟢 +0.03% | 12,115 |

| /6N (/6NM26) | NZ Dollar | 0.5914 | -0.00 | 🔴 -0.05% | 6,919 |

| /6S (/6SM26) | Swiss Franc | 1.2877 | -0.00 | 🔴 -0.08% | 5,395 |

| /6M (/6MM26) | Mexican Peso | 0.0576 | -0.00 | 🔴 -0.03% | 9,816 |

Crypto

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /MBT (/MBTJ26) | Micro Bitcoin | 74,100.0000 | -300.00 | 🔴 -0.40% | 18,415 |

| /ETH (/ETHJ26) | Ether | 2,323.5000 | +5.50 | 🟢 +0.24% | 2,328 |

| /BTC (/BTCJ26) | Bitcoin | 74,105.0000 | -295.00 | 🔴 -0.40% | 1,308 |

| /MET (/METJ26) | Micro Ether | 2,325.0000 | +7.00 | 🟢 +0.30% | 7,354 |

Grains

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /ZW (/ZWK26) | Wheat | 588.5000 | -3.50 | 🔴 -0.59% | 6,245 |

| /ZS (/ZSK26) | Soybeans | 1,164.5000 | +6.50 | 🟢 +0.56% | 17,476 |

| /ZC (/ZCK26) | Corn | 447.0000 | +4.00 | 🟢 +0.90% | 27,633 |

| /KE (/KEK26) | KC HRW Wheat | 619.2500 | -3.50 | 🔴 -0.56% | 2,926 |

| /ZM (/ZMK26) | Soybean Meal | 328.9000 | -0.80 | 🔴 -0.24% | 5,435 |

| /ZL (/ZLK26) | Soybean Oil | 67.0100 | +0.57 | 🟢 +0.86% | 12,378 |

Livestock

| Contract | Label | Last | Change | Change % | Volume |

|----------|-------|------|--------|----------|--------|

| /HE (/HEJ26) | Lean Hogs | 90.4500 | -0.05 | 🔴 -0.06% | 0 |

| /GF (/GFJ26) | Feeder Cattle | 375.4750 | -0.40 | 🔴 -0.11% | 0 |

| /LE (/LEM26) | Live Cattle | 251.3500 | -0.07 | 🔴 -0.03% | 0 |