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☕️ Howfy Munchers! And good morning to everyone except the guy who shorted Nvidia yesterday and is now crying into his oat milk.

On today’s menu:

• 📉 Fed Worries, Nvidia Flexes, & Trump Denies Taco Status

• 🥇 The Best 1-Step Prop Firm Challenge

• ❌ Gamestop Buys Bitcoin, The Market Doesn’t Like It

• 💪 These Stocks Are Crushing It

• 👀 Is My Forex Funds Coming Back?

Yesterday’s numbers:

BREAKING NEWS

🚨BREAKING: Court Strikes Down Trump Tariffs

Just when you thought the tariff saga couldn’t get messier, a federal court just slapped the table and yelled “Objection sustained.”

A three-judge panel ruled that Trump’s reciprocal tariffs violated the International Emergency Economic Powers Act. Translation: the president overstepped, and the court just vacated the tariffs. Permanently.

Markets wasted no time reacting.

Here’s why it matters:

• The ruling guts the legal basis for a chunk of Trump’s trade agenda.

• Seven other lawsuits are challenging similar tariffs.

• The court didn’t just nix the orders—it made them permanently unenforceable.

Risk-on sentiment kicked into gear, adding fuel to the post-Nvidia rally.

📊 What traders should watch:

• Equities: Broad relief rally is in motion. S&P futures surged, extending gains.

• FX: USD likely to weaken slightly on lower trade tensions. Watch JPY and EUR crosses.

• Commodities: Bullish for metals and materials—less import tax = smoother supply chains.

👀 Big picture: If courts keep blocking tariffs, it means fewer inflation shocks and fewer reasons for the Fed to stay hawkish. That’s bullish for both stocks and risk assets broadly.

If you’re short, you might need a judge to vacate your positions next.

😂 The TACO Trade: Trump Always Chickens Out?

We’ve been saying it for months: tariff selloffs don’t last, and the dips have been money. Now The Financial Times slapped a label on it — “TACO,” short for Trump Always Chickens Out.

Yesterday, Trump didn’t love that. When asked, he shot back: “It’s called negotiation.”

Here’s the timeline:
• Last week: Trump threatens 50% EU tariffs
• 48 hours later: Delays them to July 9
• Friday: Markets tank
• Tuesday: Markets rip
• Trump: “They’ll meet anytime I want”

🌮 Plain-English Play:
Buying the tariff dip has worked. Full stop. But with the court now blocking the tariffs, will there be more dips? Only time will tell.

🚀 Nvidia Breaks the Meter

Nvidia ($NVDA) just casually printed numbers that should be illegal:

• EPS: $0.96 vs $0.93 est
• Revenue: $44.1B vs $43.3B est
• Data center revenue up 73% YoY to $39.1B

And get this — they claim revenue would’ve been $8B higher if not for China chip restrictions. Translation: they're printing money with one hand tied behind their back.

AI is no longer “the future.” It’s the entire business model. Data center sales now make up 88% of Nvidia’s revenue. $5B of that was just networking gear. Even gaming, which surged 42%, looks like a hobby in comparison.

Bottom line? Nvidia isn’t riding the AI wave — it is the wave. If this pace keeps up, they’ll need their own section in the CPI report.

—

Closing Thought:
Between Nvidia mooning, Trump getting benched by the courts, and futures ripping like it's QE season, it’s officially risk-on. I might finally take my trading phone out from under the pillow tonight. My wife says it’s her turn to sleep next to someone emotionally available.

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MARKET OVERVIEW

🍿 Tasty Movers & Shakers

$BMO ( ▲ 0.35% ) Bank of Montreal beat earnings and hiked its dividend—even with rising loan loss provisions. Stock’s up 5% YTD, proving that boring Canadian banks still know how to flex.

$ANF ( ▼ 5.48% ) Abercrombie & Fitch popped 14% after posting $1.59 EPS vs. $1.39 expected. Revenue hit $1.10B, shrugging off tariff fears like a teen in low-rise jeans.

$DKS ( ▼ 1.03% ) Dick’s rose 2% after solid earnings (+5.2% YoY to $3.17B) and a surprise announcement: they're acquiring Foot Locker and its 3,200+ stores. Insert “just do it” joke here.

$HPQ ( ▼ 0.2% ) Hewlett-Packard tanked 15% after missing earnings, blaming tariffs for the pain. They're now scrambling to diversify production across Vietnam, Thailand, India, Mexico, and the U.S. — basically, anywhere but China.

CRYPTO

❌ Gamestop Buys Bitcoin, The Market Doesn’t Like It

GameStop just aped into Bitcoin.

On Wednesday, the video game retailer announced it bought 4,710 BTC—worth $512.6 million at an average price of $108,837. It’s their first crypto purchase, and yes, they’re following the same playbook as MicroStrategy. Kind of.

GameStop CEO Ryan Cohen said it’s about protecting against macro risks:

• Inflation,

• Currency debasement

• Systemic shocks

The usual “Bitcoin is digital gold” stuff… plus a bit of spicy decentralization PR.

But instead of mooning, GameStop stock dropped 10.9% on the news.

Why? Maybe because:

• Investors think Cohen’s playing meme-co CEO cosplay

• They’re skeptical of turning a dying retail chain into a BTC ETF with bad margins

• Or they just hate fun

🧾 Quick Stats:
• 4,710 BTC purchased
• No cap on future buys
• $4.76B cash on hand as of Feb. 1

📈 Why It Matters for Traders:
• $GME’s price could now track BTC sentiment more than fundamentals
• Adds fuel to the institutional adoption narrative
• Puts capital allocation in public companies back in the spotlight
• Watch $MSTR and $COIN for sympathy moves
• More BTC buys = more volatility ahead

Final thought: Buying BTC may not save GameStop’s business, but at least now they have an excuse if Q2 earnings suck.

Just blame the blockchain.

PROP FIRMS

🤑 Thursday Motivation

🚀 Pre-Market Fuel

1. 👀 Is My Forex Funds, previously the largest prop firm in the world, coming back?

2. 😨 This chart about the U.S. debt is scary.

3. 🚀 Trump has removed Biden-era restrictions on 401k’s ability to buy Bitcoin.

4. 💰️ Blackrock bought more Bitcoin and now holds 659,000 BTC.

🍪 Munchy Memes

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