International Workers’ Day. May Day is A Holiday in Uruguay and much of the Mundo.
US Stocks Extend Gains to Records
US equities extended gains to fresh peaks amid strong corporate earnings and a pullback in oil prices. The S&P 500 and the Nasdaq 100 rose 0.8% to new records, and the Dow was flat.
Week Ahead - May 4th
The US jobs report will take the spotlight among economic data, joining the JOLTS and ADP Report in unveiling fresh insights for the labor market. Key leading indicators are also featured in the UMich consumer sentiment survey and the ISM Services PMI.
S&P Oil FX Gold BTC 10Y
S&P is up 0.80% | 10:30
Oil is down $4.22 to $100.57
Gold is up $19
Dollar index is 97.77 driven by a sharp advance in the yen
The ISM Manufacturing PMI for the US remained unchanged at 52.7 in April 2026, matching its highest level since August 2022 but falling short of market expectations for a rise to 53.0.
Manufacturing ISM Misses As Prices Surge Most Since Apr 2022, Employment Slides To Worst Of 2026 | Zero
President Trump faces a 60-day War Powers deadline over military action in Iran. Under the 1973 law, troops must be withdrawn within 60 days unless Congress authorizes the deployment, which it has not done. The administration says a ceasefire reached three weeks ago has “terminated” hostilities.
Trump Poised to Defy Congress on War Authorization. Defense Secretary Hegseth tells lawmakers that the U.S.-Iran cease-fire stopped the clock on the war authorization deadline | Wauck
Inflation in the Entire US economy Is Rocking and Rolling, and It’s Not Just Energy | Wolf
Inflation has been accelerating since mid-2025. In each of the three months of December, January, and February – so before the war and before the energy price spike – the PCE price index had already surged by 4% to 4.6% annualized
AAA gasoline jumps to $4.392 vs $4.064 a month ago
Three Fed Officials Explain Why They Dissented, Blasting Fed's "Easing Bias" | Zero
The Shadow Chair
A soft coup took place in D.C. last night. While the headlines announce Jerome Powell is stepping down as Chair of the Federal Reserve, the fine print reveals a more insidious reality: his ascension to the role of “Shadow Chair.” By retreating to his bunker, Powell is executing a maneuver that signals the final, total politicization of America’s most powerful institution.
Cities Without Children
The falling numbers of children in London is mirrored across cities in Europe and the US. In Paris, primary school enrolment has fallen by a quarter in the past decade. First year elementary school enrolment in New York fell 18 per cent in the decade to autumn 2024, while in Barcelona, preschool entry (three to six years), the main entry point into the school system, fell 16 per cent between autumn 2016 and autumn 2024.
All it took was this guy's photo for everyone to go from "wow this is a spicy story" to "ok this is total bullshit"
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at 1:00 AM