with the University of Michigan at a six-month low and inflation expectations the highest since June. It is now about 20% below December 2024, when sentiment had exhibited a post-election bump, but remains above the trough in sentiment seen in April. This month’s decline was visible across groups by age, income, and stock wealth.

Gold has surged about 5% this month, hitting an all-time high of $3,674.27 an ounce, and has set more than 30 nominal records in 2025. The spot price of gold has eclipsed its inflation-adjusted peak set on Jan. 21, 1980, when prices topped out at $850, which equates to about $3,590 in today's dollars. Gold's rally has been driven by growing anxiety about the US's economic trajectory, with investors seeking a hedge against rising prices and weakening currencies, and its price could vault higher if equity markets start to creak.

took place yesterday when someone bought 100,000 calls on Warner Bros. Discovery (WBD) on Thursday. There were rumors of a takeover offer by David Ellison’s Paramount. I can’t wait to see what the story is on this one. If no offer appears, someone is going to Sing Sing.

A Ukrainian drone attack on a Russian port suspended loadings, outweighing pressure from oversupply concerns and weaker U.S. demand risks. The drone attack on Russia's northwestern port of Primorsk - one of the country's largest oil and fuel export terminals - led to a suspension of oil loading operations overnight. Money is starting to move into the energy sector as one of the few laggards in the market.

and down 45 YOY to 537. Weak oil prices continue to drag on the industry, with China's consumption down and OPEC continuing a market share war.