Dear Reader,

The next Apple may already exist.

Insider sources say Elon has spent two years building a secret device inside Tesla's facilities.

He claims it will be "10x bigger than the largest product in history."

There's just one problem.

The company behind it is private.

Unless you know Elon personally, you can't buy a single share.

That was true until our research team found something...

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☕️ GM Munchers! Yesterday my wife handed me a level and a 30 pound frame and said "this will take five minutes." Forty five minutes and one minor concussion later, I understand the market a lot better than I understand drywall anchors.

On today’s menu:

• 📉 Bonds Are Screaming & Stocks Are Listening

• 🇨🇦 The TACO Trade Might Save Canada From A 50% Tariff

• 💊 This Pharma Stock Just Climbed 60%

• 🐋 Bitcoin Whales Are Back Buying?

Yesterday’s numbers:

BREAKING NEWS

📉 Bonds Are Screaming & Stocks Are Listening

Wall Street had one of those days where everything seemed to go wrong at the exact same time. Stocks fell across the board, and chip stocks got hit the hardest of all, dragging the rest of the market down with them. Two things are driving this selloff, and they are feeding off each other.

The first is bonds. The U.S. 30-year Treasury bond yield hit its highest level in 19 years yesterday. A yield is basically the interest rate the government pays to borrow money, and when it rises fast, it usually means investors are nervous about inflation or worried the government is borrowing too much. This is not just a U.S. problem either. Japan's bond yields hit a three-decade high, Germany's hit a level not seen since 2011, and France's touched a mark from 2008. When borrowing costs rise everywhere at once, stocks usually get nervous too.

The second is Iran. President Trump said Tuesday there are no talks scheduled with Iran and that the naval blockade at the Strait of Hormuz stays in full force. Oil settled around $85 a barrel as the standoff drags on with no resolution in sight. That combination of expensive oil and a stalled conflict is adding fuel to an already jumpy market.

• 💸 Borrowing got more expensive everywhere. Rising bond yields in the U.S., Japan, Germany, and France all at once is a global signal, not just an American one.

• 🛢️ Oil and Iran are back in the headlines. Trump ruling out talks for now keeps the Strait of Hormuz standoff unresolved, which keeps oil prices elevated.

• 🖥️ Chip stocks led the drop. This year's best-performing sector took the hardest hit of the day, dragging the broader market down with it.

The Munch Take: A quiet market can turn loud fast when bonds, oil, and geopolitics all move at once, and that is exactly what happened yesterday. My wife always says bad news travels in threes, and yesterday the market proved her right without even trying. None of this means a crash is coming. It does mean today is a day to actually pay attention instead of scrolling past the headlines.

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STORY OF THE DAY

🇨🇦 The TACO Trade Might Save Canada From A 50% Tariff

Canada and the U.S. are racing against a real clock. Trump set a midnight deadline for Wednesday, threatening a 50% tariff on billions of dollars of Canadian goods if no deal gets done. But reports suggest Trump may delay the tariff as both sides push through last-minute talks, and Canada is reportedly offering real concessions to get there.

Canada's offer includes putting U.S. liquor back on store shelves, dropping its retaliatory tariffs on U.S. autos, and giving American dairy farmers more access to Canadian markets. In exchange, Canada wants relief from the tariff threat hanging over its head.

Here's the bigger pattern worth understanding. Trump has used the threat of huge tariffs as a negotiating tool throughout his presidency, announcing scary numbers and then backing off once the other side makes concessions. Traders have a nickname for this pattern now, calling it the "TACO trade," short for Trump Always Chickens Out. It has happened enough times that markets have started pricing in the walk-back before it even happens.

• 🤝 This is not just about Canada. Every time Trump threatens huge tariffs and then settles for less, it reinforces the pattern that tariffs are a starting offer, not a final answer, which tends to calm markets broadly.

• 🍺 The concessions are real, not symbolic. Canadian auto tariffs, U.S. liquor access, and dairy market access all directly affect real revenue for real companies on both sides of the border.

• 💵 Currency traders are already watching. The Canadian dollar has been quietly strengthening, with USD/CAD sitting around 1.3871 and up nearly 1.5% for the Canadian dollar over the past month. A confirmed deal removing tariff risk would likely add more strength to the loonie, since it clears out a big source of uncertainty currency traders hate.

The Munch Take: Threatening the biggest number possible and then settling for something smaller is a very on-brand move at this point, and the market has basically learned to expect the walk-back before it happens. My wife negotiates the exact same way with contractors, opening with a number so aggressive that the actual agreed price feels like a relief by comparison. If this deal gets done, it is a real positive for markets and for the Canadian dollar. Whether it holds past this specific deadline or just becomes the next item on a long list of ongoing trade fights is the part we do not get to know yet.

MARKET OVERVIEW

🍿 Tasty Movers & Shakers

👀 Bonus Report: Here are the 3 Elon tickers everyone keeps asking about (from Good Morning Alerts)

💊 $AMLX Amylyx Pharmaceuticals rocketed 63.84% on positive late-stage trial results for a treatment aimed at patients who develop low blood sugar after weight loss surgery. Turns out fixing a rare side effect of Ozempic culture is its own big business now.

🦉 $DUOL Duolingo climbed 7.28% after a D.A. Davidson upgrade that said the company is nearing a turning point in user growth and monetization. Guess all those guilt-trip notifications are finally paying off for shareholders too.

🚛 $XOS Xos exploded 112.44% after winning a U.S. Air Force prototype contract, its first real move into defense. Small electric truck company one day, defense contractor the next.

💳 $KLAR Klarna dropped 22.89% after both its CFO and CMO announced plans to leave in early 2027. Losing two top executives at once is not the kind of headline that calms investors down.

🚗 $CVNA Carvana slid 7.27% after two company directors sold shares. Insiders selling is not automatically a red flag, but it never exactly reads as a vote of confidence either.

👽 $RDDT Reddit dipped 3.78% on its first day of trading on the S&P 500. Joining the big leagues does not always come with a welcome party.

TRADING SUCCESS

🤑 Wednesday Motivation

🚀 Pre-Market Fuel

1. 🐋 Bitcoin whales are back buying?

2. 👀 This Google search term is about to overtake “crypto.”

3. 👩 Cathie Wood just bought 100,000 shares of this stock.

4. 🚗 Auto loan delinquencies are hitting 2008 levels.

🍪 Munchy Memes

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