Good morning. The MLB season has begun and the Yankees are on pace to shatter the record for wins in a season after taking down the Giants 8-0 on Opening Night. Steve Cohen’s Mets take on the Pirates this afternoon in their opener, which will include trying to hit the sorcery that Paul Skenes throws at them. The optimism that surrounds every team (well, most teams) on Opening Day crept into the market yesterday. Reports of peace proposals and back-channel discussions helped drive equities higher and oil/yields lower. The overall moves were tempered though and the S&P finished off its highs due to the very modest expectations for those proposals to turn into anything of substance.

Equity futures aren’t holding on to yesterday’s gains. S&P futures are down 1%, bleeding lower from unchanged levels at the start of their session and again failing to reclaim the 200d ma. Clouds have dimmed yesterday’s rays of hope for de-escalation. President Trump posted Iran “better get serious” this morning, while Axios reported that the Pentagon is preparing for a “massive final blow” against Iran.

Treasury yields are backing up about 4bp across the curve this morning, tracking global rates higher. The US Dollar Index is higher as well. Yesterday’s commodities moves are reversing today. Crude is moving higher with Brent currently up ~5%. Precious metals are under pressure as gold drops 3%. Ag is modestly lower and Crypto is down as well. Bitcoin continues to struggle generating any momentum above $70k while Ether remains stuck below $2200.