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The hitmaker and the actor tied the knot alongside their friends and family in Italy on Saturday.

The hitmaker and the actor tied the knot alongside their friends and family in Italy on Saturday.

A burger stand in a popular beach town has managed to keep its signature burger at a little over $1 for nearly 20 years, even as food and energy prices have soared.

The body-hugging suit, created in collaboration with Houston-based space infrastructure developer Axiom Space, features ventilation tubes knitted into the garment.

"Why would he do this to me?" he asked his mother.

The claims have reignited debate over voter fraud in California, despite the absence of evidence of widespread fraud in the state's elections.

A Lot More Than Just Rates Moving Markets

By Peter Tchir of Academy Securities

The plan this weekend was to write about the AI Revolution. It would have dovetailed well with recent pieces Buggy Whips and Horses and Being Forced to Understand UBI. We discussed this, Iran, and much more on Bloomberg TV (1:43:30 mark), where I did bring out the red rocket ship tie, in honor of the SpaceX IPO.

But it is difficult to stick to the plan when the Nasdaq 100 drops almost 5% in a day and the Philly Semiconductor Index (a driving force of the big rally since the initial Iran attack sell-off) dropped over 10%! 10% in a single day for the most important subsector (of late) is a big deal!

As Mike Tyson famously said, “we all have a plan until we get punched in the face” and I’m not sure which would have been worse, a punch in the face from Tyson or 5% down on the Nasdaq 100? At least we can recover from market movements, not sure I could recover from a Tyson punch.

Rates – A Part of the Story

The jobs data came in hot. I would say, yet again, but as we published in our NFP Instant Reaction, there were fewer inconsistencies in this report. It doesn’t quite settle the Jobs – Data vs Vibes question, but it was a step in that direction.

The market is now pricing in one hike in 2026, as opposed to a 69% chance at the start of the week (though that should not have derailed stocks the way they were derailed).

10-year Treasury yields rose to 4.53% from 4.43% at the end of last week. Hardly warranting such a large sell-off in equities. The 10-year only moved 3 bps higher from Wednesday’s close to Friday’s close – kind of noise in the grand scheme of things. It was 4.66% on May 19th but the Nasdaq 100 was a touch lower than today.

I continue to think we see a steady grind higher in yields:

• Price increases are being passed on to the consumer, and in the vast majority of industries, the consumer seems willing to pay those prices.
• I continue to focus on the longer-dated oil futures contracts. My “go-to” choice has been the January 2027 WTI contract – it finished the week marginally higher ($78.22 vs $77.14) on increased concerns about the lack of a deal with Iran. My pain point is that higher for longer is baked into oil prices, but not necessarily bond prices. This will feed into diesel costs, amongst other things, that will feed into more potential price pressures in the economy. As we discussed briefly, as of May 29th (last reporting date) the U.S. Strategic Petroleum Reserve was almost back to the 2023 lows. How much more can be released? Yes, the world is figuring out ways to counter the supply shock, but the tool of releasing reserves may be nearing an end.
• Spending on military is increasing globally. There are also spending pressures on many countries to offset the affordability issue, which is global in nature.
  • Iran isn’t the only country in the Middle East selling less oil. While Iran bears the brunt of the pain, the entire region is selling less. For countries where much of the population lives on government handouts from their petroleum profits, that creates the need to borrow. So, some traditionally large buyers of U.S. Treasuries may be busy dealing with their own funding needs.
• Stablecoins to the Rescue? One interesting element to the admin’s strategy was to use stablecoins in particular as a backdoor way for foreigners to buy T-bills. With the Clarity Act struggling to get turned into law, and Bitcoin back to its lows of the year (more on that later), that doesn’t seem like it will help much in the near-term.

I don’t like the backdrop for bond yields here. It is a global issue, but the transition from Treasuries being the “gold standard” to a “generic sovereign bond” to many purchasers impacts Treasuries a little more.

Fighting Parabolic Moves is Crazy! (until it isn’t)

You can fight parabolic moves all you want, but normally you go broke by the third or fourth time you call the market crazy. Once a parabolic move cracks there may be opportunities.

Gold in the past year is a pretty good example. The steady churn higher. One decent pullback, that quickly turned back into a grind higher, followed by a “final” parabolic move higher. It never reclaimed that level and has been grinding lower.

Everyone seems to be asking, is this the fake pullback, like we saw with gold in 2025, or the end of the parabolic run? SOXX, an ETF tracking this index, had a small outflow on Friday, in terms of share count, but is close to its share count high. SOXL, a 3x ETF, had inflows, but from a relatively low base. I have found the flows of these two “sibling” funds to be curious over the past few weeks, and that latest flow data doesn’t help. Maybe the best explanation is some retail holders were getting nervous and selling the 3x leveraged ETF to buy unleveraged versions and shifted some money back on the big drop?

Not sure if this parabolic move is over, but it is interesting to think about.

3.5 Stories FAR MORE IMPORTANT than Rates

I think there were 4 stories that hit the tape later in the week that bear the most responsibility for the move. Let’s start with what I think was the most important headline.

• SpaceX, Other Mega IPOs Denied Fast Index Entry by S&P.  The eligibility rules for inclusion in S&P Dow Jones Indices would not shorten the 12-month seasoning period, and there would be no waivers on profitability regardless of size/market cap. I don’t think it is possible to overestimate the importance of index inclusion. China working hard to get their stocks (and to a lesser extent, their bonds) into indices is probably enough evidence to stop right there, but I won’t. There was some small 100-year issuance done in Europe a few years ago, that immediately skyrocketed in price, primarily because index demand was insatiable (eligible bonds typically go in at the end of the month). Again, according to Grok, at the end of 2024 there was $20 TRILLION linked to the S&P 500. MU is the 10th largest holding in SPY with a market cap of just under $1 trillion. It is 1.5% of the index. So presumably a company with a market cap of $1 trillion (which is around where some are being talked about) would mean $300 billion of “instant” demand if included in the indices? That seems so wrong, but the math seems to work, so I’ll run with it.
• That ruling changes the potential “forced” demand. If it goes into the index, it gets bought. And no one is going to underweight these mega IPOs given their potential for outsized gains (index people are primarily afraid of not tracking in general). According to Grok, at the end of 2025, “only” $1.5 trillion tracked the Nasdaq 100. Impressive by any standard, but not the holy grail for these new IPOs.
• The profitability test is also a concern. The goal of many of these IPOs remains growth, as it probably should be given the market environment, but that means they are not focused on profitability. From what I understand, the offering documents are not talking about near-term profitability. That potentially pushes the inclusion further down the road.
  • The ½ important story, is that the offering documents let investors see the numbers, and by the sounds of it, some of the numbers relative to valuations are raising an eyebrow. I don’t think that is super important, or should be a surprise, but I heard it mentioned enough this week, to put it down as ½ a headline that is important.
• This is largely a zero-sum game, because stocks would have been sold to make room for the IPOs, but from a headline perspective that is one or two steps removed, and forces participants to come up with money for the new issues using different mechanisms. Maybe that is a “weak” answer, but I don’t think it impacts markets as zero-sum at the moment – treat this lack of inclusion as a headwind.
• It will be curious to live in a world where some of the biggest companies, by market cap, don’t move the S&P 500, but it seems that this is the path we are heading down.
• Stories hit the tape that Meta was potentially considering raising “tens of billions” in a stock offering after Google’s record $85 billion share deal. We have lived in a world where knowing “blackout” periods was important because companies tended to buy back less stock during those periods (not sure if that was ever true, but it is a perception that was out there). Is the market going to have to digest a lot more equity issuance than previously thought? Is the share buyback era shifting? Share buybacks have been a tailwind for markets, and a reversal of that could weigh on markets. The issuance seems to make a lot of sense (tapping as many pools of capital as possible to work on the AI and Data Center buildout), but it should weigh on markets as it is yet more dollars to absorb.
• Broadcom missed AI Expectations. Not sure how true that headline is, but it gathered momentum after their earnings. I suspect it was as much about the market waiting for an excuse to sell, than it was anything really inherent to their business. If it was just their business, the damage wouldn’t have been so widespread. Regardless of the accuracy of the headlines, we had the media, for the first time in ages, being able to question the ongoing AI spend. That is important, especially for anyone who was looking for a “catalyst” to end the parabolic run.

I think these 3.5 stories played a much bigger role in the weakness than either Iran or rates did.

That is somewhat concerning from a risk perspective, because all 3.5 stories have “legs” to them and if this is a real challenge to the parabolic move, we have plenty of downside left for stocks.

More AI Anecdotes

Last week I mentioned that at conferences, attendees no longer want to “hear” about AI. They want concrete examples of implementations. What worked? What didn’t?

Conversations I’ve had this past week all point to similar questions about “is AI currently a good value proposition.” If I wasn’t hearing that so much, I wouldn’t have planned on writing about the AI Revolution. A lot of questions rising to the surface about whether the cost of tokens is delivering what was expected in terms of efficiencies or business opportunities/development. It is far from being one-sided, but the move for many from “relatively inexpensive monthly subscriptions” to a token-based model is letting people do more thorough analysis.

Yes, AI is only going to get better, but are we paying too much for what it delivers today? Probably not, but the parabolic run in stocks linked to the sector leaves them susceptible to any level of doubt.

Gambling versus Investing

Sometimes I refer to the “gambling” crowd as the “degens.” The ones who love 0DTE (Zero Day to Expiration Options), “meme” stocks, Leveraged ETFs (especially single stock leveraged ETFs), and even alt coins. Anything to turn 1 into 100.

I believe they helped drive gold higher at the margin. Without a doubt they focus on crypto periodically, but as bitcoin volatility has declined, it has attracted less of this money.

Have they played a role in the big move in semis? Not if SOXL or TQQQ (3x leveraged ETFs) are a sign, as they’ve been experiencing outflows, but I cannot help but think they have helped the parabolic move (it is, almost definitionally, the type of thing they do).

Which brings me to one other security I’m watching closely. The MSTR Multi-Coupon Cumulative Perpetual Preferred often referred to by MSTR and social media as STRC. The current coupon is set to 11.5%. My “basic” understanding is that this instrument is designed to set its coupon to pull the instrument towards par. Whenever it trades much above 100, the strategy is to use the premium to add bitcoin.

It was trading around 99 until early this week when MSTR sold some bitcoin, apparently to fund the dividend.It was 32 bitcoin – a tiny fraction of the almost 850,000 bitcoin MSTR holds! It seems like a trivial amount (and in fact is a trivial amount). But there was a sentiment that MSTR would never sell bitcoin to pay the dividend (saw a lot of quotes about being told to sell a kidney to buy more Bitcoin).

This closed Friday at 93.4 (with bitcoin at $61.5k). Bitcoin is trading lower than that now. While this particular security should not be directly linked to the price of bitcoin (based on capital structure, etc.), it seems to be a driving factor.

Is the “gambling” crowd still heavily invested in crypto? Did they chase the recent upside, only to end up down 25% in less than a month?

Disruptive tech (I often use ARKK as a proxy) got hit hard this week and while off its lows is down on the year.

I fear that the crowd that gambles in some or all of these spaces is under pressure across the board, which may lead to selling pressure. As a whole, this isn’t a big group, but at the margin, when they are chasing the same trade, they have an outsized impact.

Bottom Line

Look for yields to trend higher. That isn’t a major problem for equities, but it isn’t helping.

Credit will have to leak wider, even with higher yields, if equities continue to drop. There is just too much money in various cap structure trades for that not to occur, but credit will outperform. In fact, the equity issuance by some companies, rather than issuing even more debt, is good for credit at the expense of the equity price. Not quite the Debt Diet, but plays out similarly (5-year ORCL CDS for example is well off its highs in March).

I think the 3.5 stories, along with Iran, and higher yields, can add to pressure on stocks.

Having said that, this admin has come up with some stick saves for stocks before and they have all weekend to come up with another one! It is so painfully scary to be bearish equities, and that is probably the right trade, but that doesn’t make it any less scary.

Sell in May and Go Away seemed stupid, until this first week of June.

I continue to see this as an economy with two distinct components:

• An economy facing “affordability” issues, dealing with a low hire, low fire job market (though that might be understating the health of the job market, but I haven’t fully gotten on board with that). That part of the economy is struggling and consumers seem to be sticking to experiential spending versus goods spending, but how long can that last? The stocks affected reflect this.
• The AI and data center buildout economy. Booming! Yet, after any parabolic move, was Wall Street so stupid a couple of months ago that this area was so undervalued that a parabolic move makes sense? Or was the move so great that any questions could cause a significant pullback (who’d have thought we’d be wondering if a one-day 10% move is “significant”). The answer is probably somewhere in between.

Without some new headline out of DC (or a change of tune from the S&P) look for choppiness and more weakness in stocks.

I think the “rotation” theme is limited as this move is about questioning the AI/Data Center valuations and nothing has been done to fix the affordability issues.

Tyler Durden Sun, 06/07/2026 - 17:30

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Business in the front, party in the back.

The Trail Blazers are willing to trade for Giannis Antetokounmpo without long-term assurances. Antetokounmpo has just one year left on his deal worth more than $58 million and he’s expected to decline his 2027-28 player option for over $62 million in favor of a new, and potentially final, long-term max contract. Giannis Antetokounmpo has played...

The actor was reportedly unaware of what was drawn on his face at the time the pic was taken.

The actor was reportedly unaware of what was drawn on his face at the time the pic was taken.

The group wanted to fund terrorist activities and kill Americans according to a criminal complaint.

It's time to start saving.

'I Could've Kept It That Way': Trump Admits The Inflation Is His Choice - For A War That 'Isn't A War'

In a wide-ranging interview in which he touted record stock prices and rebranded weapons-grade uranium as "nuclear dust" (and then stormed out), President Donald Trump said the quiet part out loud: the prices Americans are paying at the pump are not an accident. This was all his decision.

"I could've kept it that way," Trump told NBC's Kristen Welker in an interview taped in a rain-battered Wisconsin barn before he was set to appear at a farming industry roundtable discussion - describing the cheap gasoline everyone enjoyed during his first few months back in office. "But I said, I have to take a little bit of a turn ... We're going to have higher gasoline. We're going to have a little higher fertilizer, et cetera, et cetera. But I'm going to get rid of a nuclear weapon in the hands of very dangerous people."

"The farmers love me"

Asked about farmers who can no longer afford fertilizer - seventy percent of them, by Welker's count - Trump didn't push back, but instead changed the subject to loyalty.

"I had a choice to make. I could keep it going. The farmers were doing great. Fertilizer was very cheap. Everything was cheap. Gasoline was very low. Everything was very low. I could've kept it that way. But I said, I have to take a little bit of a turn. The farmers are going to understand it better than anybody."

Trump leaned on his heavy support in the heartland. "I love the farmers, and the farmers love me. The farmers trust me," he said, pointing to the $28 billion in trade-war bailouts he cut growers in his first term. So - the economic cost of the US-Israeli war on Iran is something that Americans should be willing to eat for him.

And again, promises of utopia: 

"And when we have a completion, you will see things like you've never seen. The oil will go down."

"It's all coming down as soon as the war's over," he promised of gas and diesel. When Welker pressed for a timeline, he bristled - "No, but you keep talking about speed" - and reached again for Vietnam.

Welker: 70% of farmers say they can't afford fertilizer.

Trump: The farmers are doing well. All of them support me.pic.twitter.com/ZIRNIE1IPR

— Clash Report (@clashreport) June 7, 2026

The public is less patient: an Economist/YouGov survey this week found sixty-eight percent of adults want a deal to end the war as fast as possible, including fifty-five percent of his own 2024 voters. They are being asked to finance a known cost today against a promised windfall on an unscheduled tomorrow, on the word of a president whose case rests on never having to name the day. That is not an economic argument. It is a leap of faith with a fuel surcharge.

Blame The Fed

And of course, it's the Fed's fault for not aligning with Trump's agenda. Given whispers that the institution is actually considering hiking rates in response to a strong jobs report, Trump preemptively branded the move as a crime against prosperity. 

"There's no reason to raise interest rates ... What they do is when they raise interest rates, they try and kill success. I don't want to kill success. We should actually lower interest rates."

And then - in what should give any bondholder pause: "Growth is the greatest thing you can have, and growth does not cause inflation." No, apparently it takes braking a core campaign promise to personally engineer higher prices. Meanwhile, new Fed chair Kevin Warsh gavels his first meeting later this month, and Trump was careful to say he would not "have a big influence on him" - except, he clearly spelled out his expectations.

"I would like to see rates get lower," he said, "because we could build this into the greatest machine that the world has ever seen, but you can't do that when everybody immediately raises interest rates."

 

Meanwhile, Trump insists Iran can be starved into surrender... 

"They tried a blockade, and now we blockaded them," he said of Iran. "And, as you know, they're losing $400-500 million a day. It's not sustainable for them. They have an economy that's shot, in addition to everything else." The Strait of Hormuz carries roughly a fifth of the world's seaborne oil; and the valve Trump is twisting shut to strangle Tehran is the same valve lifting fuel costs in Des Moines. The blockade he is celebrating and the inflation he admitted choosing are directly linked.

Asked what happens if the talks fail, Trump did not hedge: "Either way, we win." Asked about the highly enriched uranium still buried in Iran, he offered a branding note.

"The official name is highly enriched uranium. And I call it nuclear dust because it seemed to be nice, and everyone understands it better, and it's sort of cute, and people picked it up."

He assured Welker the sites are under constant watch from orbit: "If anybody walked there, if you walked over there, I would be able to read your first name on your lapel. And these are cameras up in space. It's pretty amazing technology. Space Force." He claimed, in passing and without elaboration, that the United States "took over Venezuela in a matter of minutes." He put Iran's surviving arsenal at "maybe 21-22% of their missiles ... It's a lot of missiles, but it's not what it was when we first attacked." 

No New Wars (because this isn't a war!)

Trump was elected in large part on three words he repeated from 2015 onward: no new wars. 

Welker asked the obvious question - had he broken that promise? Trump said 'no,' but then insisted that he had never made the promise in the first place.

"First of all, I didn't guarantee no war," Trump said. "Why would I have built the strongest military in the world?" When Welker pointed out that he had said it "over and over again," he did not relent. "So when you say I promised, I didn't promise anything. I don't like these endless wars. This is not an endless war."

WELKER: What changed? You insisted 'no new wars'

TRUMP: I didn't guarantee no war. Why would I have built the strongest military in the world? pic.twitter.com/UJacjLWL0p

— Aaron Rupar (@atrupar) June 7, 2026

For the anti-interventionists who treated that pledge as a covenant - the ones who forgave a great deal because at least he would not start the next Iraq - this is the moment the bill came due, narrated by the man who ran it up. He is now prosecuting two wars at once. He will not call either one a war. And his defense, start to finish, is not strategic. It is linguistic.

Not a war, a "military exercise" for "regime change"

Trump then leaned heavily on semantics, insisting this isn't a war...

"I call it a military exercise because people would rather have it called that," he said early on. "It's not a big war for us. It's not."

WELKER: Iran just attacked US allies in the region. Is the US at war with Iran?

TRIUMP: I call it a military exercise because people would rather have it called that. It's not a big war for us. pic.twitter.com/ghOfzVwxsZ

— Aaron Rupar (@atrupar) June 7, 2026

Pressed on the naval blockade of Iran – which is, under international law, itself an act of war – he simply declined to engage the category. "I don't consider that a war, but if you want to define it as such, I guess you can." Asked directly how he would define it, he offered the cleanest statement of the whole doctrine: "I don't define it at all. I don't think about it. I just do what I have to do." 

Describing the leadership Tehran has installed after the killing of the old Supreme Leader and his lieutenants, Trump volunteered the word the entire post-Iraq right swore off: "And you could say it's regime change actually because these are very different people. I find them to be more rational, very smart." - said the guy who built his brand on mocking the people who gave the country Iraq and Libya. And not in one country but two: in the same interview he claimed the United States "took over Venezuela in a matter of minutes." 

Thirteen dead - better than Vietnam! 

Trump's proof that it is all going well is a body count. "We've had 13 people killed," he said, more than once, "and that includes two wars. That's Venezuela, and that's Iran." He means it as triumph: fewer dead than Vietnam, than Iraq, than any war you can name. But for the people who took "no new wars" at face value, the framing collapses on contact. Thirteen Americans are dead in two conflicts the president started and refuses to call wars, sold under the banner he insists makes it acceptable: "You know, it's America first. I'm doing our country a service."

Trump: "I'm moving very fast. I'm into three months. You know, Vietnam lasted 19 years." pic.twitter.com/d4Ol50TIMH

— Aaron Rupar (@atrupar) June 7, 2026

That is the real breach, and it is worse than a broken promise. You can hold a man to a promise. What you cannot do is hold him to a war he will not admit is a war, or a pledge he insists he never made. The Wisconsin barn produced no policy reversal and no apology. It produced something more useful to understand: a president who has discovered that the surest way to keep a promise is to deny, on camera, that you ever gave it.

Doing The World A Service

At the end of the day, Trump had no choice:

"I had to stop a country, very powerful, very dangerous country, from having a nuclear weapon because they'd use it. They'd blow up the world. They'd blow up the Middle East. They'd blow up Israel. They'd come here. They'd blow up Europe. They're nuts, okay? They’re crazy people. I deal with them. And very high-strung people. Little crazy. And – I get along with them. I like them. But you don't want to let them have a nuclear weapon. And I'm doing the world a service, but I'm doing our country a service. You know, it's America first. I'm doing our country a service. Nice rain."

Indeed... 

Trump then called Welker and the MSM 'crooked' and stormed out - which, hey, we can't argue with! 

Tyler Durden Sun, 06/07/2026 - 17:15

He always had them laughing their heads off.

Iran fired at least 10 missiles at Israel on Sunday, hours after the Israeli Defense Forces launched its own attack on a Hezbollah command center in Beirut.

Dutton Ranch is can't miss television for Taylor Sheridan fans.

Earth, Wind & Fire (To be Celestial vs. That’s the Weight of the World) is the latest Questlove docu-jawn, and it’s a banger. What is the genesis of “Ba-dee-ya”?

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