Everyone probably should have just thrown in the towel on Tuesday after Trump told the U.S. Military Academy’s Black Knights football team that he’s moving ahead with “Space Force”, the army of intergalactic marines he posited back in March.
And if that wasn’t enough absurdity to make you want to just throw up your hands and walk away from the monitors, then there was Wilbur Ross revisiting his asteroid mining/moon gas station idea.
It was a generally lackluster session ahead of Apple earnings, but equities did manage to stage a meaningful bounce nearly to the overnight highs in futs starting at around 1 p.m. ET:
Tech was the clear standout on the session:
The dollar was up for a ninth day out of eleven:
2.97 on 10s in trade described by Bloomberg as “uninspired” ahead of Treasury’s refunding announcement on Wednesday:
This looks like it’s finally weighing on crude, which dove more than 2% on Tuesday, despite ongoing jitters about the future of the Iran deal following Netanyahu’s “Iran lied big time” presentation:
Gold near its lowest levels since December:
Larry Kudlow’s a goddamn genius apparently:
Or maybe he just knew Trump’s fiscal recklessness would push put pressure on Treasurys and that the greenback’s correlation with 10Y yields was about to reassert itself:
I’m just kidding – Larry doesn’t know shit.
It was a tough day for Match and IAC after Facebook said it’s planning a new dating app. Both plunged on the news, despite the best efforts of Piper’s Sam Kemp who was calling the dive a “buying opportunity” for Match.
Some global markets were shut for holidays.
Finally, for your moment of zen, here is Sarah Huckabee Sanders wearing a Native American rug she bought at a truck stop, explaining why John Bolton is going to need to bomb Iran:
Sarah Sanders on Iran nuclear deal: "The deal was made on a completely false pretense. Iran lied on the front end" pic.twitter.com/spVkK12jrf
— Washington Examiner (@dcexaminer) May 1, 2018