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☕️ Happy Friday, Munchers! Markets flipped harder than my wife deciding what she wants for dinner—first it was “we’re back,” now it’s “take it all back.”

On today’s menu:

• 📉 Stocks Reverse (Again)

• 🇺🇲 The Dollar Is Crashing

• ⚡ Tesla’s Whiplash Week

• ❌ Amazon Cancels Orders From China

• 🤔 How Does This Crash Compare To Previous?

BREAKING NEWS

📉 Stocks Reverse (Again)

Just when traders thought it was safe to take the tinfoil hats off, markets flipped harder than your uncle’s political opinions at Thanksgiving.

After Wednesday’s historic rally (S&P +9.52%, Nasdaq +12.16%, Dow +7.87%), Thursday came in hot with a not-so-friendly reminder: tariffs still exist, inflation is still lurking, and no, we’re not out of the woods yet.

• Nasdaq fell 737.66 points, or -4.31%

• S&P 500 dropped 189.08 points, or -3.46%

• Dow lost 1,015.01 points, or -2.50%

• Russell 2000? Down -4.27%

That’s nearly $2 trillion in market cap erased—again.

So, what happened?

Blame it on the hangover.

Wednesday’s rally was driven by President Trump’s 90-day tariff pause (except on China, where the rate jumped to a spicy 145%).

But on Thursday, investors remembered: 1) that’s still a lot of tariffs, and 2) uncertainty didn’t actually go away… it just put on a disguise and hid behind a Looney Tunes-style “WE’RE BACK” sign.

The S&P 500 chart now looks like it got too excited, had a sugar crash, and is lying on the floor asking for snacks.

📉 Tech led the bloodbath with losses like:

• AAPL: -3.72%

• MSFT: -2.89%

• AMZN: -2.95%

• NVDA: -3.35%

• Even TSLA couldn’t escape (-3.51%).

Meanwhile, 10-year Treasury yields climbed back toward 4.5% after cooling off during the Wednesday party.

That's bad news for rate-sensitive sectors and anyone still hoping the Fed will cut this summer.

Bank earnings hit Friday, and Wall Street is bracing.

Bottom line: This market is bipolar. We rallied like the recession was canceled on Wednesday, only to realize Thursday it was just rescheduled.

Stay sharp.

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FOREX

🇺🇲 The Dollar Is Crashing

In a plot twist worthy of Succession, the U.S. dollar got smoked on Thursday—and not in a good way.

The dollar index (DXY) dropped -1.83%, its worst one-day decline since November 2022. It was the weakest against:

• Swiss franc: -3.94%

• Euro: -2.26%

• Yen: -2.06%

For context, the USDCHF hit its lowest level since 2011. That’s not just bearish… that’s “I lost my passport and my wallet” bearish.

Here’s the kicker: it wasn’t just the dollar falling—stocks fell too.

That’s rare.

Usually, when stocks get whacked, the dollar rallies as investors flee to safety (see: 2020).

But not this time. This time, they ran to gold. And it shined.

• Gold hit an all-time high, trading as high as $3,176.40 before settling at $3,170.46 (+2.87%).

  

That’s the biggest move up in front-month contracts since 2020.

Meanwhile, the euro climbed over +2.6% in a single day—its biggest move in years.

Why does this matter?

Because the global market might be losing trust in the U.S. dollar as a safe haven.

Edward Harrison at Bloomberg said the U.S.’s “knee-jerk” trade moves are undermining the dollar’s status as a “good, old, trustworthy place.”

If that’s true, it has massive implications—not just for traders, but for everyone.

Bottom line: The dollar is down bad. Gold is mooning. And the rest of the world may be quietly asking: what happens if the dollar is no longer the final boss of global finance?

STOCKS

⚡ Tesla’s Whiplash Week

If you’re feeling dizzy, don’t worry—you’re not alone. Tesla just pulled off one of the wildest back-to-back market performances since… ever?

After soaring 23% on Wednesday (its second-biggest rally on record), Tesla turned around Thursday and faceplanted 7.3%, closing at $252.40.

That puts it down 38% on the year—making it the worst performer among the tech megacaps. It was also the stock’s 19th time this year moving 5% or more in a single day.

What’s causing the whiplash? Tariffs. Lots of them.

President Trump announced a 90-day pause for most countries, but China didn’t get the memo.

Their tariff rate now sits at 145%, and Beijing clapped back with an 84% tariff on U.S. goods. Tesla, heavily reliant on global supply chains, is caught in the crossfire.

UBS, Goldman Sachs, and Mizuho all slashed price targets, citing margin concerns tied to Trump’s auto levies. UBS gave it a $190 target, calling demand “skittish.”

Add in declining deliveries, rising costs, and Elon Musk calling Trump’s trade advisor a “moron,” and you’ve got a car crash of headlines.

On the bright side, short sellers got some relief. Tesla short interest is at $17.9B—one of the top four in the market.

Trading Tesla right now? Strap in. It’s bumpy.

PROP FIRMS

🤔 New 2-Step Challenge Coming?

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🚀 Pre-Market Fuel

1. China and Europe are starting to negotiate their own trade deals, without the US.

2. Amazon canceled most of their Q4 inventory orders from China. Remember, things only get real when shelves start to look empty…

3. How do stocks historically perform after making 5% in a single day? Here’s what the data says.

4. Jobless claims rise to 223,000.

5. Delta crashed 9% on growing fears of a recession.

🍪 Munchy Memes

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