Lately, we have basically just seen people sell/reduce risk in tech. That matters because the positioning reset is increasingly removing one of the bigger obstacles to upside. It may not take much of a sentiment reversal for things to get rather squeezy again.

With Wall Street expecting a strong - not great - number, and a modest decline from April's 115K, instead the the BLS reported a shocker: in May the US added 172K jobs.

...the real bottleneck is with meatpackers themselves, which is one of the oldest corporate monopolies in U.S. history.

 

Calling Dick Tracy...

 

“defending market share now outweighs defending prices.”

"In 2014, pricing pressure lasted a full year before improving in 2015 once capacity was repositioned."

 

Some argue that the rapid growth of stablecoins portends a repeat of the disintermediation experience that began in the 1970s with the invention of money market mutual fund...

...the first sale - officially titled Big Beautiful Gulf 1 - will open roughly 80 million acres across the Gulf of America for leasing...

...while most Germans view climate change as a threat, many reject restrictive policies that would affect them personally...

Trust is the social glue that binds communities, shapes institutions, and fuels economic activity...

The Terrorism Act 2000 has been used to justify excessive police power...

Indictment is nearly 4,000-page document naming 402 suspects...

Union representative Thomas Krebs says some children and families arriving in Austria reject integration and bring extremist views with them...

APAC stocks traded mixed with the region indecisive amid light fresh catalysts and as participants digested earnings.

...brazenness should alarm every American. It tells us the guardrails that once kept outrage and violence in check have collapsed.

Today in "new ways to annihilate humanity" news...

Venezuela is another regional country with vast jungles...

"After incorporating the impact of the government deferred resignation program, we expect official nonfarm payrolls to show a 50k decline in October." - Goldman