Headline Roulette Is Back: MidEast Missiles & AI Angst Spark 'Violent Rotations'

Tl;dr: After a couple of days of relative calm, chaos came back today with multiple escalations in the Mideast and Gulf shut-ins smashing oil higher (Dated Brent near war highs, shrugging off Trump flip-flop). Stocks were steady until reports that OpenAI's revenues were disappointing sparked selling across the entire tech stack (NDX ugly, DOW unch). Bonds whipsawed from yesterday's highs (oil up) to 50day lows (oil dip, tech easing supply fears). The dollar was choppy ending flat, gold green as crypto crumbled (USG wallet move and tech wreck).

Quite a day... as Goldman's vol desk summarized: "Violent rotations across the board today as both geopolitical and AI headlines roiled markets."

Energy