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1. Trump Executive Orders

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2. Interest Expense of U.S. Debt.

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3. Running Above Average on 1% Daily Moves 2025

Nasdaq Dorsey Wright-There have been 32 market days this year when SPX has moved at least 1% in value, including 21 days in the first quarter. That is above average for the first quarter, as we typically see about 17 days of enhanced movement. The 32 days account for about 40% of the trading days so far this year, compared to the average of about 26% of trading days in a typical year. If this pace continues, it would be the highest percentage of 1% days since 2022 when nearly half of all trading days experienced a 1% move. This comes after a low volatility year by historical standards with 2024 experiencing only 19% of trading days with a 1% move.

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4. Super Micro Sell-Off Line In Sand 2023-2025

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5. AMZN Lowest Forward PE in 10 Years

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6. Chinese Citizens Buying Gold ETFs

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7. Retail Investors Bearish on Stocks but ETF Flows Still Positive

Bespoke Investment Group Taking a net reading, consumers expect stock prices to fall in the next year. However, the current level was even more depressed as recently as the 2022 bear market. What is more unprecedented is how rapid the shift has been towards those negative feelings. As shown in the second chart below, the four-month change in that net reading is the most pronounced decline on record. The only two four-month declines that even come close were those ending in October 1990 and July 2002.

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8. College Grads Data

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9. Congestion pricing brings in nearly $159 million in three month

Via The Brooklyn Eagle: CITYWIDE – THE LOWER MANHATTAN congestion pricing program raked in $159 million in tolls in its first three months, the MTA announced Monday. The authority had projected $160 million in revenue over the same period, according to Bloomberg. Additional figures released by the MTA show that vehicle entries into the newly tolled central business district are increasingly lower than historical averages, with 8% fewer vehicles compared to the norm for January, and now 13% fewer for March, suggesting that the program is successfully reducing traffic in lower Manhattan.

The city and New York state Governor Kathy Hochul are currently battling the Trump administration over the future of the program, however. While the MTA says toll revenues are desperately needed to plug budget holes, the administration has strongly criticized congestion pricing and is attempting to stop it in court, characterizing it as unfair to commuters. Transportation Secretary Sean Duffy gave a deadline of May 21 to end the program, although previous deadlines have passed without reprisals.

Meanwhile, last week, an internal federal memo apparently made public in error indicated that the Southern District of New York does not believe the Transportation Department’s current legal strategy for shutting down congestion pricing is likely to be successful.

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10. More Alternatives, Please

Via Seth Godin: There are two ways for an artisan or professional to see the world:

Scarcity. This is the idea that if there were fewer photographers, more people would hire me to do wedding pictures. That if the bar exam were more selective, it would be easier for my firm to get clients. And if everyone would just stop imagining they could be an author/musician/magician/painter, my life would be a lot better. (And AI should be barred from doing what I do.)

Abundance. This is the more resilient and likely idea that when others show up to participate in your craft, it brings energy, insight and activity to the field.

The truth is that books don’t sell very well in the supermarket, where there are no other books. They do better in the bookstore, right next to all the other books.

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