Momentum Melts Up For Best Day On Record; Bonds Dumped As Everything Else Pumped

Tl;dr: The 'great rotation' & 'broadening out' narratives took a beating today as traders dived aggressively back into the Semis/Momo stocks, lifting Nasdaq to notable outperformance (record momo meltup ahead of Mega-Cap earnings). Tariff tensions were shrugged off (CAD weaker but inflation fell too) as the dollar ripped higher. Gold, bitcoin, and oil all rallied notably as Mideast (and Black Sea) attacks escalate (and spread regionally), lifting rate-hike odds and bond yields (to 2mo highs).

Equities notably decoupled from the bond-oil couple today...

Oil