11:00 a.m.: Treasury buyback announcement (liq support);
11:30 a.m.: Treasury hosts a $69B 17-Week Bill Auction;
1:00 p.m.: Treasury hosts a $16B 20-Year Bond Auction;
9:15 a.m.: Fed Board Governor Barr (Voter) speaks on “Consumer Financial Health Metrics” before the Financial Health Network (FHN) EMERGE Financial Health 2026 Conference, Atlanta, GA (Text available. No Q&A. No webcast)
There are reports from Middle East press sources (Saudi’s Al Hadath) that a new round of Iranian-U.S. negotiations will be held in Islamabad after the Haji Season (which ends May 30).
According to the sources, Pakistani officials are visiting Iran tomorrow to announce a final draft of a potential agreement.
Positions: None.
The stock has been weathering the storm of the semiconductor group well.
Adding meaningfully to cannabis holdings.
Long MSOS M and individual weed companies
Adding to index shorts with S&P cash +30 handles:
* SPY ($SPY) $736.91
* QQQ ($QQQ) $707.94
Positions: Short SPY VS QQQ VS
Evidence of a consumer-led slowdown appearing today in the share prices of Lowes ($LOWE) (-$9), Home Depot ($HD) (-$5), Walmart ($WMT) (-$2) and Costco ($COST) (-$11).
Positions: None.
I have to travel this afternoon for a business dinner.
I will be leaving at around 2 p.m. and I won’t be around for the Nvidia ($NVDA) fireworks.
Positions: None.
Markets have moved on from President Trump and Iran and are now clearly focused on inflation.
-IMVT +23% (earnings, color)
-POET +15% (Marex Securities Products builds 6% stake in POET)
-TATT +14% (earnings, color)
-EGHT +12% (earnings, guidance)
-RRGB +10% (earnings, guidance)
-IBRX +8.3% (US FDA Accepts sBLA for ANKTIVA Plus BCG in BCG-Unresponsive Non-Muscle Invasive Bladder Cancer with Papillary Disease)
-CAVA +7.7% (earnings, guidance)
-AMC +5.1% (CEO Adam Aron bought 250K shares at $1.377/shr)
-MRVL +4.9% (multiple broker price target raises)
-STM +4.5% (Euro semi name strength)
-LPG +3.9% (earnings, color)
-MU +3.9% (momentum amid potential memory chip shortage)
-TJX +3.8% (earnings, guidance)
-VFC +3.4% (earnings, guidance)
-PSNL +3.3% (Centers for Medicare & Medicaid Services’ (CMS) Molecular Diagnostic Services Program (MolDX) has expanded coverage for the company’s NeXT Personal minimal residual disease (MRD) test)
-TOL +3.3% (earnings, guidance)
-ASML +2.9% (Euro semi name strength)
-SNDK +2.4% (memory stock strength with rising memory price concerns)
-DMAC +2.3% (announces 75% Enrollment Milestone in ReMEDy2 Phase 2/3 Acute Ischemic Stroke Trial)
-VIAV -8.7% (prices 11.1M shares at $45.00/shr)
-NWL -2.6% (Morgan Stanley Cuts NWL to Underweight from Equal Weight, price target: $3.50)
-HAS -2.2% (earnings, guidance)
-LOW -2.1% (earnings, guidance)
Positions: None.
