Donald Trump is in a feud with the Philadelphia Eagles who he disinvited to the White House and accused of “escaping to the Locker Rooms” (“locker room” is a proper noun now):
The Philadelphia Eagles Football Team was invited to the White House. Unfortunately, only a small number of players decided to come, and we canceled the event. Staying in the Locker Room for the playing of our National Anthem is as disrespectful to our country as kneeling. Sorry!
— Donald J. Trump (@realDonaldTrump) June 5, 2018
We will proudly be playing the National Anthem and other wonderful music celebrating our Country today at 3 P.M., The White House, with the United States Marine Band and the United States Army Chorus. Honoring America! NFL, no escaping to Locker Rooms!
— Donald J. Trump (@realDonaldTrump) June 5, 2018
He’s also in a feud with his Attorney General, who he is now openly blaming for the “Witch Hunt”:
The Russian Witch Hunt Hoax continues, all because Jeff Sessions didn’t tell me he was going to recuse himself…I would have quickly picked someone else. So much time and money wasted, so many lives ruined…and Sessions knew better than most that there was No Collusion!
— Donald J. Trump (@realDonaldTrump) June 5, 2018
When you think about all the “time and money wasted”, do note that Trump has spent more money going to Mar-a-Lago than Mueller has spent on a federal investigation that has secured five guilty pleas.
Meanwhile, it was a largely listless day for markets. U.S stocks were flat, although the Nasdaq managed to log a modest gain.
If you’ve been long this thing, you’re buying the bourbon shots:
Big cap tech – which Goldman reminds you is not a bubble – is doing well. This thread is notable:
When the Nasdaq 100 was hitting record highs in January, ~40% of its constituents were in overbought territory and at 52-week highs.
Not the case this time around. pic.twitter.com/P5l3mVGWaJ
— Luke Kawa (@LJKawa) June 5, 2018
What does this mean? It means the heavyweights are killing it.
All of FANG is overbought rn (Alphabet at 69.48 14D RSI, I'm counting that) pic.twitter.com/qsN8PPenZ0
— Luke Kawa (@LJKawa) June 5, 2018
European equities stumbled into the close as the market digested Giuseppe Conte’s first speech as Italian PM. Long story short, it looks like the fiscal expansion is on. You can read the full highlights from Reuters here, but suffice to say the “citizen’s income” idea is in the cards and the whole thing looks like it will end up flying in the face of EU budget regulations.
Day chart of the BTP-bund spread pretty much tells the story:
Banks led losses and Italian equities fell more than 1%:
The euro was some semblance of interesting, reversing losses after a report suggested that the ECB’s June meeting is indeed “live” in terms of a possible announcement about when APP will be wound down.
Treasurys hit session highs and the dollar fell around the same time the euro was bid:
WTI actually managed to rise after shaking off reports which confirmed the U.S. did in fact compel the Saudis to start thinking about hiking production in an effort to stem the rally and thereby help out consumers who may be squeezed by higher prices at the pump:
Brazilian real, weakest since Dilma was around:
Finally, just to follow up on Monday’s moment of zen, Sarah Huckabee Sanders is seriously about to lose it. There’s going to be a meltdown from her sooner or later…
“You said something from the podium—was it accurate or not?”
Press Sec. Sarah Sanders questioned multiple times during White House briefing about her comment on Trump Tower statement. She repeatedly referred reporters to Pres. Trump's outside counsel. https://t.co/rwlgNk9R1v pic.twitter.com/IgnCDPhuNb
— ABC News Politics (@ABCPolitics) June 5, 2018
entertainer-in-chief