Initial reaction: Stocks still negative but off lows. Yields and USD not biting. Higher.

The US stocks were lower going into the US PPI, and did erase some of the gains but is take away those gains. The futures are Implying

• Dow industrial average -75 points
• S&P index -13 point
• NASDAQ index -84 points

Looking at the US yields:

• 2-year yield 4.009%, +1.4 basis points
• five year yield 4.099%, +2.1 basis points.
• 10 year yield 4.341%, +2.5 basis points
• 30 year yield 4.656%, +2.6 basis points.

The EURUSD is trading to new lows. Some of that may have to do with Trumps post on Truth Social that if Whiskey Tariffs increased by 50% in the US, that he would counter with a 200% tariff on wine, champagne, and spirits. US Commerce Sec. Lutnick also said that the EU does not get it with regard to the term situation.