Good morning…

Hope you had a good Presidents' Day.

The market didn't wait for us.

Futures are sliding this morning with the Nasdaq down almost 1% pre-market and every single Mag 7 name in the red.

The AI trade is starting to crack, and Goldman's "nowhere to hide" call from last week is looking more real by the day.

Meanwhile, gold just dropped below $5,000, the US and Iran are in the middle of nuclear talks in Geneva, and the 10-year is flirting with 4% for the first time since late November.

Oh, and we've got Fed speakers today… Barr and Daly are both talking AI and the labor market.

A lot to unpack.

Join me this morning on Market Masters at 8:45 ET, and we'll sort through all of it together.

What's real, what's noise, and where the trades are.

Stay positive,

Garrett Baldwin