Mixed bag today: • Macro (ugly wholesale sales print, implied gasoline demand at decade-lows ex-COVID, GDPNOW up at 4.18%?). • Micro (TRIP exposed as M&A premium evaporates exposing reality of tourism business, UBER hinting at consumer pain, SHOP signaled more consumer pain, AFRM cut revenues forecasts as BNPL schemes falter - more consumer pain, TSLA tumbled on DoJ probe of FSD). • Geopolitical (Rafah invasion begins). But perhaps the most important thing was Fedspeak, which continues to lean hawkish with Collins saying: “The recent upward surprises to activity and inflation suggest the likely need to keep ... (full story)