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Morning Coffee — Thursday, June 4, 2026
Chip earnings miss sends futures lower; Iran strikes Kuwait and Bahrain as oil holds near $97.
Thu, Jun 4 - 10:14 AM
Broadcom Just Broke the AI Trade
One chipmaker's earnings miss just took $400 billion off the Nasdaq and reminded everyone what happens when stretched valuations meet reality.
Thu, Jun 4 - 9:53 AM
Night Cap — Wednesday, June 3, 2026
Oil surging, stocks stumbling, and the nine-day win streak dies on a missile launch.
Wed, Jun 3 - 10:37 PM
Nine Days, Then Gravity
The S&P 500's longest win streak in three years just ended the moment oil remembered how to move markets.
Wed, Jun 3 - 10:18 PM
Banks See Fifteen Thousand
Goldman and Citi just raised copper targets while mines stay broken. The deficit math finally caught up to the forecasts.
Wed, Jun 3 - 8:27 PM
Brent Crosses $100: Why This Number Changes Everything
Brent hit $101.36 this morning. The number itself matters less than what breaks when traders start believing it.
Wed, Jun 3 - 8:24 PM
Seven Million Ghosts
Job openings just hit a two-year high. The hiring rate hit a pandemic low. That gap is about to break something.
Wed, Jun 3 - 5:12 PM
The Three-Handed Game Consensus Isn't Pricing
Record highs hide the narrowest rally since the dot-com peak—and oil just forced the Fed's hand.
Wed, Jun 3 - 5:11 PM
Refiners Run the Table
Goldman sees diesel margins at $50 per barrel by year-end while crude inventories vanish. The crack spread is the new oil rally.
Wed, Jun 3 - 4:56 PM
When the Monopolist Goes Public: A Two Trillion Problem
SpaceX's June 12 IPO just forced the entire orbital economy into a corner, and the repricing looks nothing like opportunity.
Wed, Jun 3 - 12:42 PM
The Eighty-Billion-Dollar Question No One's Asking
Alphabet just announced history's largest stock sale. The real story isn't the AI spending — it's what happens when everyone does it.
Wed, Jun 3 - 12:36 PM
America Runs Dry: The Diesel Shock Wall Street Isn't Pricing
Goldman warns U.S. diesel hits 20-day supply by August. That's when the real inflation fight begins.
Wed, Jun 3 - 12:30 PM
The Policy Vice Tightens as Warsh Takes the Wheel
Markets now price rate hikes, not cuts, as central banks face a stagflationary squeeze and the dovish era ends with Warsh at the Fed helm.
Wed, Jun 3 - 12:19 PM
The Deal That Won't Close
Iran walked away from Hormuz talks Monday. Oil just jumped 7%. The Fed's worst nightmare is back on the table.
Wed, Jun 3 - 12:13 PM
Cushing at 23 million barrels Says Someone's Math Is Wrong
Rystad sees $180 by August. Goldman says demand destruction caps the move. U.S. inventories just posted their sixth straight draw.
Wed, Jun 3 - 11:26 AM
Smelters Pay Triple Digits For the Privilege
Copper TC/RCs hit minus $102.84 this week. That's not a margin squeeze—it's the inversion of an entire industry.
Wed, Jun 3 - 9:54 AM
Morning Coffee — Wednesday, June 3, 2026
Iran talks stall again—oil climbs for third day, stocks hit fresh records, and the jobs market won't quit.
Wed, Jun 3 - 9:42 AM
Night Cap — Wednesday, June 3, 2026
Oil climbs third straight day on Iran escalation; metals sink on rate-hike bets as labor data holds firm.
Wed, Jun 3 - 4:23 AM
The Inventory Endgame Behind Oil's Fragile Calm
Crude hovers near $95 while the world burns through 8.5 million barrels a day. The shock absorbers are almost gone.
Tue, Jun 2 - 8:26 PM