PremiumMarkets 'Turmoil' Amid Micron Mania, Hormuz Hiccups, & Peaky PCE
Tl;dr: Micron jumped the shark with epic earnings (but, watch the spenders), tolls on Hormuz crossings are back on the table raising deal doubts (oil jumped), and a weaker than expected headline PCE (short-end yields down) prompted some wild swings across asset-classes today with big-tech and bitcoin bearing the brunt of the volatility. A dip in the dollar supported gold back above $4000.
A metric-fuckton of macro this morning was overall 'positive' with income and spending rising (real spending up but savings rate slowed), 3rd look at Q1 GDP better than expected (but consumption slowed as AI spend ripped), initial jobless claims dropped (but cont claims picked up), durable goods orders were weak (but better than expected and Ex-Trans were up notably), KC Fed Manufacturing up at 4 year highs.