The funding market is displaying several of the markers that have preceded prior blow-ups in repo rates, despite looking calm on the surface.

...market continues to treat this as a short-term shock for the global economy

“A lack of progress on US-Iran negotiations may bring some reality check to equity markets after a strong rebound."

...job adds surge, jobless claims purge

"Based on the forward fuel curve and the current revenue outlook, the midpoint ..." 

"Despite the improved outlook, it appears that some consumers are already changing their behavior..." 

Tesla also participated in last month's surge, with March registrations up 84%... 

"Somalia closes Bab al-Mandab Strait to Israeli shipping", IRNA reports; "The move comes as a direct response to Israel’s recognition of the breakaway region of Somaliland, Yemen Press Agency reported on Wednesday".

“For the month of May, our transit through the Atyrau-Samara link and further on via the Druzhba pipeline toward the Schwedt refinery is zero”

US President Trump expects Iranian Foreign Minister Araghchi to remain part of Iran talks and said the 3-5 day ceasefire is not true, according to Fox.

...'ceasefire schmeasefire'

Even if the ceasefire holds, rebuilding will take years, and the path forward remains uncertain as the country grapples with both physical destruction and deep structural challenges.

Tired: Plunge Protection Team
Wired: Surge Protection Team

Another company where a capex boost is punished. 

"...when you are at highs with poor breadth... people go hunting in the graveyard for what has not yet moved, and that is usually where gross starts to get messy..."

...the AI disruption death-toll rings for another SaaS firm...

US stocks were broadly firmer as risk sentiment improved on the extension of the US/Iran ceasefire, although underlying uncertainty kept oil prices supported.

...pre-war worries are back as NOW did nothing to alleviate investors' concerns about AI's existential threat...

US President Trump extends Iran ceasefire; Iran seizes and fires on ships; Reports suggest 3-5 day extension, but WH dismissed this; Iran received some sign US is ready to break the blockade; Reports suggested talks could take place on Friday, Iran denied this; Solid 20-year bond auction; Strong BA earnings; T earnings beat.