Chips Ahoy!

Digging through Disney's results, we see a rare decline in theme park attendance — a real-time sign of weakening consumer confidence.

Key Takeaways

• Rally Continues on Truce Optimism: The upward equity market momentum continues unabated, with lower oil prices and market interest rates (on the back of ever-rising hopes of a real truce — we should all know that President Trump is doing everything he can to get on that off-ramp — just have a look at As War Drives Up Fuel Prices, Trump’s Advisers Are Worried on the front page of the Wall Street Journal — election-year politics are not something the clerics or IRGC need to worry about). A renewed softening in the U.S. dollar and the skyrocketing global demand for chips are coalescing to generate an extended risk-on investing atmosphere.