Global stocks, US equity futures and Treasury yields extended gains while the dollar slumped as "risk-on" sentiment returned after the U.S. and China exchanged trade proposals meant to avoid an escalation of economic tensions.
For much of the overnight session, the market's attention was focused on North Korea's amicable reaction to Trump's cancellation of the June 12 summit, generating a build up of risk-on sentiment. Then things started to go south...
In the great race between JCPenney and Sears of which retailer will be the world's slowest melting icecube, and who will file Chapter 11 (or 7) first, today the former took a decisive lead on the road to bankruptcy.
“It’s more low wage than I thought, to tell you the truth...My sense is that taxi driving used to be an occupation that provided a very modest middle-class income, and that just doesn’t seem to be the case anymore.”