Tech sold amid renewed AI fears as Trump touts Iran response - Newsquawk US Market Wrap

Trump said US must respond to Iranian attack on US helicopter; Draft agreement has reportedly been sent to the US side for review, with confirmation that the draft is preliminary accepted to the US admin; US and Iran reportedly zero in on four nuclear issues in talks; Taiwan said to be mulling curbs on AI chip exports to China to align with US; US trade deficit shrinks slightly less than expected in April; US existing home sales rose more than anticipated; US 3yr note auction shows some improvement; Data centre developer Crusoe has paused development on a 1.8GW AI project in Wyoming.

Mediocre 3Y Auction Tails Despite Solid Buyside Demand

This was an average auction, with forgettable metrics, which was to be expected in light of the broader market selling. It also signaled that despite expectations that tomorrow's CPI will be the first 4%+ print in 4 years, the bond market isn't too worried


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