This All Sucks: Rigged Markets, Dishonest Media, Corrupt Government, Power and Internet Outages

A prime example. On Monday, June 22, Alphabet A shares replaced Verizon on the Dow Jones Industrials. 100% move. Rigged game.

He who panics first, panics best. -- Anonymous

Since making an all-time high on June 2nd (27.093.90), the NASDAQ, as of Tuesday's close, is down 5.56%, and that's not even the worst of it. On June 10th, the NASDAQ closed at 25,169.50, about 1.25% lower. Nobody panicked.

Editor's Note: Between a power outage Monday, into Tuesday morning, and the internet connection oscillating between completely FUBAR and intermittent, it's been difficult, to say the least, to post anything relevant. It's annoying, frustrating, and somewhat depressing that these kinds of things continue to happen. I have no idea why, but some kind of change - of service providers or the location of our headquarters - is beginning to look more and more like a necessity. I apologize for the inconvenience. It's taken the heart out of what used to be an enjoyable daily experience. -- Fearless Rick

With the opening bell approaching quickly, stock futures are signaling a better trading session than Tuesday's. Dow futures are down 15 points. NASDAQ futures are ahead by 123, and S&P futures are up 16.

For reasons beyond any reasonable explanation, gold and silver spot prices are plummeting, again. Silver is now less than half of the all-time high reached earlier this year (January) and is currently continuing its overnight slide, down to $58.56. Gold has been sent down to as low as $3,971. Very disturbing, but, that's what one gets for playing with the fire that is real money in a fiat world.

Best of luck. Essentially, all markets are completely rigged by one-percenters and government interventions.

It really kind of sucks.

At the Close, Tuesday, June 23, 2026:
Dow: 51,666.84, -45.87 (-0.09%)
NASDAQ: 25,587.04, -579.56 (-2.21%)
S&P 500: 7,365.46, -107.33 (-1.44%)
NYSE Composite: 23,463.63, -132.59 (-0.56%)

Stocks Mixed as Markets Eye End of Month, End of 2nd Quarter: Futures Pointing to Massive Tuesday Selloff

The Dow was up and the S&P and NASDAQ down as the month and quarter win down in the final full week prior to a four-day schedule shortened by the 4th of July holiday (observed, Friday, July 3).

Negotiations between Iran and the U.S. have proceeded somewhat smoothly thus far, but stock traders are still wary of the tenuous meetings between the parties at odds over a variety of issues, including keeping the oil flowing through the Strait of Hormuz and what to do about Iran's nuclear stockpiles and future plans.

While the Iranians seem keen on reaching an agreement that precludes building a nuclear arsenal, they continue to push for the right to develop domestic nuclear for power generation. They're also not easily persuaded by U.S. demands for inspections, likely preferring a neutral country to keep tabs on them, if any can be found.

What's keeping the NASDAQ from moving forward - at least on Monday - is the AI issue of overspending by companies like Amazon, Alphabet, Meta Platforms, Microsoft, and Apple, on data centers to power the AI buildout. More and more evidence is emerging that massive power plants costing in the billions may not turn out to be profitable ventures. China continues to develop AI models at a fraction of the cost of their U.S. counterparts, a worrying sign for U.S. domestic developers.

It appears that Monday was only a test run for what looks like a more watershed affair. With minutes to go before the opening bell in New York, stock futures are signaling massive declines. Dow futures are down 245 points, NASDAQ futures off a massive 913, and S&P futures down more than 100 points.

The masterminds of collapse didn't forget gold and silver, both of which are down sharply Tuesday morning, reaching levels last seen in November, 2025 on the way up to record levels. This time, the metals have reversed course, and weak hands are shaking.

It's a bumpy ride, for sure. Break out the barf bags.

At the Close, Monday, June 22, 2026:
Dow: 51,712.71, +148.01 (+0.29%)
NASDAQ: 26,166.60, -351.33 (-1.32%)
S&P 500: 7,472.79, -27.79 (-0.37%)
NYSE Composite: 23,596.22, +96.48 (+0.41%)

WEEKEND WRAP: Warsh At Fed Nixes Advance Projections on Rates; Iran and U.S. Getting Down to Negotiating a Lasting Peace; Oil Lower, Gold, Silver Look Like Bargains

Two significant events formed the past week. Kevin Warsh's first FOMC meeting as Chairman of the Fed went smoothly with no change to the federal funds rate and a cool and collected new Chairman nixed all hopes of advance projections by which traders can front-run the Fed. The era of green-lighting or gaslighting is coming to an end, an overall positive for markets.

President Trump managed to extricate the U.S. from its disastrous adventure in the Middle East, with an MOU with Iran delivered at a crucial juncture. U.S. and other developed nations' stockpiles of crude oil and other energy components were running dry and the world faced a real crisis with potentially devastating results. Reopening the Strait of Hormuz and ending the U.S. blockade in the Gulf of Oman outward to the Indian Ocean may avert an oil crunch, though short-term hurdles remain as Iran and the U.S. begin negotiations in Switzerland Sunday.

Stocks managed to eke out gains and the treasury market showed resiliency and perhaps a return to some semblance of normalcy.

The ongoing truce in the Middle East is tenuous and President Trump faces backlash from the AIPAC hordes of neocons in congress and in the media. Given the circumstances, Trump had nothing to gain and everything to lose by keeping the pressure on Iran. A world without sufficient energy flows is a world without commerce. Trump fully understood the dangers of a collapsing global economy and was forced to give concessions to Iran.

Stocks

For the four-day week ended June 18, stocks held their ground for the most part, led by the NASDAQ which gained the most, 2.43%. Difficult to comprehend how the transportation average lost more than four percent on the week, given the reopening of the Strait of Hormuz and the end of the U.S. blockade, lower fuel prices (could be that right there) and fewer constraints on travel and commerce, but that is how these markets roll. The transports, being just 20 stocks, are a volatile bunch.

The week ahead features only a few companies reporting first quarter results.

Tuesday: (before open) Carnival (CCL), Korn Ferry (KFY); (after close) FedEx (FDX), KB Home (KBH)

Wednesday: (before open) Daktronics (DART), Paychex (PAYX), NovaGold (NG); (after close) Worthington Steel (WS), H.B. Fuller (FUL), Micron Technologies (MU), Trip.com (TCOM)

Thursday: (before open) Winnebago (WGO), McCormick's (MKC), Blackberry (BB), Lotus (LOT); (after close) FedEx Freight (FDXF)

Friday: (before open) Apogee (APOG)

Somewhat of a quiet week in terms of economic events. Tuesday brings forward the S&P Global PMI Flash and Richmond Fed readings. On Wednesday, monthly Building Permits and New Home Sales along with weekly EIA oil and other energy stockpile readings. The Core PCE Index will be front and center on Thursday, offering an updated glimpse of inflation; also, the Chicago Fed reports economic activity and jobless claims weekly. Friday has Retail and Wholesale Inventories and the Michigan Consumer Sentiment poll.

Relevant data releases can be found at Trading View.

Treasury Yield Curve Rates

Date	1 Mo	1.5 mo	2 Mo	3 Mo	4 Mo	6 Mo	1 Yr
05/15/2026	3.71	3.70	3.69	3.69	3.76	3.77	3.82
05/22/2026	3.72	3.69	3.69	3.68	3.78	3.79	3.86
05/29/2026	3.72	3.71	3.71	3.69	3.78	3.78	3.79
06/05/2026	3.71	3.71	3.71	3.78	3.78	3.81	3.88
06/12/2026	3.69	3.70	3.70	3.78	3.79	3.82	3.86
06/18/2026	3.69	3.69	3.74	3.83	3.85	3.92	4.00

Date	2 Yr	3 Yr	5 Yr	7 Yr	10 Yr	20 Yr	30 Yr
05/15/2026	4.09	4.14	4.26	4.43	4.59	5.14	5.12
05/22/2026	4.13	4.18	4.27	4.41	4.56	5.06	5.07
05/29/2026	3.98	4.06	4.13	4.27	4.45	4.98	4.99
06/05/2026	4.17	4.22	4.29	4.41	4.55	5.03	5.01
06/12/2026	4.09	4.12	4.21	4.34	4.48	4.98	4.97
06/18/2026	4.19	4.19	4.23	4.34	4.46	4.91	4.90

Treasury yields continue to float below recent highs, but hardly in a convincing manner. Following Fed Chairman Kevin Warsh's signal that little to no future guidance would be coming from the Fed, the knee-jerk reaction was to assume higher rates in terms of near to mid phase, despite little other than recent energy inflation to back up that position.

The treasury curve is orderly overall, and rates are stabilizing off the peace deal. Spreads - +27 basis points on 2s-10s, and +121 on full spectrum were markedly lower, suggesting some smooth sailing ahead, at least until the next crisis or the next FOMC meeting, July 28-29. Warsh's steady hand at his initial press conference was a confidence builder. He appears to have some level of reformism in his politics.

Spreads:

2s-10s
2026
1/2: +72
1/9: +64
1/16: +65
1/23: +64
1/30: +74
2/6: +72
2/13: +64
2/20: +60
2/27: +59
3/6: +59
3/13: +55
3/20: +51
3/27: +56
4/3: +51
4/10: +50
4/17: +55
4/24: +53
5/1: +51
5/8: +48
5/15: +50
5/22: +43
5/29: +47
6/5: +38
6/12: +37
6/18: +27

Full Spectrum (30-days - 30-years)
2026
1/2: +114
1/9: +112
1/16: +108
1/23: +104
1/30: +115
2/6: +113
2/13: +97
2/20: +100
2/27: +90
3/6: +102
3/13: +115
3/20: +123
3/27: +124
4/3: +120
4/10: +124
4/17: +119
4/24: +122
5/1: +126
5/8: +124
5/15: +141
5/22: +135
5/29: +127
6/5: +130
6/12: +128
6/18: +121

Oil/Gas

August WTI crude futures closed out the week at $76.54 on the NY Mercantile Exchange, continuing to price lower on the back of the deal struck between the United States and Iran, ending hostilities in the region. The parties are meeting in Geneva, Switzerland Sunday to begin delicate negotiations over nuclear and other pressing issues. Meanwhile, the Strait of Hormuz seems to be re-opening to the free flow of oil and other resources.

Average price for a gallon of unleaded regular gasoline in the U.S. was $4.03 last week and $3.88 this week, the lowest prices since the war with Iran began more then three months ago.

Reserves have been substantially drained by major economies around the world to keep prices under control, a practice that will probably continue until regular oil flows are reestablished, a process that most believe could take months. An elevated price for oil and gas at the pump may remain in place through the summer month.

Gas prices in key states:

California (leader): $5.72 (-0.16)
Washington: $5.38 (-0.12)
Oklahoma (lowest): $3.36 (-0.14)
Mississippi: $3.52 (-0.13)
Florida: $3.60 (-0.20)
Illinois: $4.15 (-0.19)
Pennsylvania: $4.09 (-0.11)
New York: $4.21 (-0.13)
Maryland: $3.80 (-0.01)
Michigan: $3.98 (-0.19)
Texas: $3.40 (-0.07)
Georgia: $3.60 (-0.12)

On Sunday, June 21st, there are sixteen (16) states with average prices below $4.00, with 32 above the $4 threshold, not including Hawaii ($5.55) and Alaska ($4.99), with just two above $5 (California, Washington). The Southeast has maintained as the lowest region overall over the past four weeks as a gallon of unleaded regular is averaging well below $4.00 ($3.36-3.80) in places like Tennessee, Alabama, Arkansas, Georgia, Texas, and Mississippi, with the Midwest region a close second, prices ranging from $3.56 to $3.78.

Bitcoin

This week: $64,068.87
Last week: $64,048.96
2 weeks ago: $61,809.72
6 months ago: $88,877.88
One year ago: $101,220.00
Five years ago: $32,284.22

Bitcoin's rebound off recent lows seems to have pretty much run its course. There's no momentum to speak of, the only things driving price action are desperate attempts by whales and institutions to keep their losses minimized by bumping the price at regular intervals. Bitcoin, fiction that it is, will likely languish over the coming months, if only because it continues to be one of the worst investments going, down 26% year-to-date.

Precious Metals

Gold:Silver Ratio: 64.13; last week: 62.03

Futures, per COMEX continuous contracts:

Gold price 5/22: $4,543.60
Gold price 5/29: $4,569.90
Gold price 6/5: $4,353.90
Gold price 6/12: $4,239.90
Gold price 6/18: $4,172.90

Silver price 5/22: $75.92
Silver price 5/29: $75.58
Silver price 6/5: $68.00
Silver price 6/12: $68.12
Silver price 6/18: $65.38

SPOT: (stockcharts.com)
Gold 5/22: $4,508.74
Gold 5/29: $4,538.94
Gold 6/5: $4,327.57
Gold 6/12: $4,218.23
Gold 6/18: $4,210.00

Silver: 5/22: $75.48
Silver 5/29: $75.27
Silver 6/5: $67.83
Silver 6/12: $68.00
Silver 6/18: $65.65

Precious metals remain in a buyer's market, with spot prices falling close to the lowest levels of the year. It's not surprising that gold and silver continue to be beaten down in favor of stocks and fixed income, dividend yielding instruments, the current rationale considers a rate hike by the U.S. central bank, the Federal Reserve, to be nearly set in stone, despite Fed Chairman Kevin Warsh offering no indication of any rate moves, up or down, at Wednesday's press conference.

The consensus opinion of the wisest economists - most of whom work for banks that favor dollar-denominated assets above all else - is that the Fed will respond to the inflation caused largely by rising oil and fuel costs due to the recent Middle East conflict. That thinking may be proven wrong in the immediate future, but only if the shaky peace deal made between Iran and the U.S. holds over the coming weeks and months. Separately, Israel and Hezbollah fighters in Lebanon have declared a temporary ceasefire, though it's well-known that the warring sides could escalate at the drop of a hat, or a bomb or missile, ostensibly from the Israeli side.

Putting aside geo-politics, gold and silver prices should not fall very much further if the spot market is to remain relevant. Central banks in Asia and Europe continue their buying at near-record paces, but the Gulf countries may have recently been selling gold holdings to make up for oil and distillate losses. Should oil markets continue to stabilize, demand for gold may increase, owing to a growing lack of faith in U.S. treasuries.

It needs to be understood that 2024 and 2025 were banner years for both metals and a pullback was a natural occurrence. How much further precious metals will be pressured is a function of the willingness of the LBMA and COMEX to continue their outrageous price suppression tactics, seemingly never to end until the dollar is dust, fiat currencies are extinguished and physical demand flourishes. That may be a long time coming. In the meantime, stocking up at low levels at a regular tempo using dollar cost averaging or other quiet accumulation practices cannot be criticized even if prices continue to trend lower. After all, gold and silver are money, and money in one's own hand is an unbeatable strategy for wealth accumulation.

Here are the most recent prices for common one ounce gold and silver items sold on eBay (free shipping included, numismatics excluded):

Item/Price	Low	High	Average	Median
1 oz silver coin:	72.05	99.00	82.11	79.08
1 oz silver bar:	72.00	89.00	78.28	76.45
1 oz gold coin:	4341.80	4511.80	4409.67	4393.07
1 oz gold bar:	4322.06	4426.02	4365.41	4364.88

The Single Ounce Silver Market Price Benchmark (SOSMPB) continued to decline, dropping to $78.98 on June 21, a loss of 97 cents per troy ounce, from the June 14 price of $79.95.

WEEKEND WRAP

Juneteenth came and went without much fanfare, other than people surprised their bank was closed for the day. That kind of thing happens when governments bend their policies toward stupidity. Someday, people will gain enough common sense to throw off the heavy hand of pushy politicians who want to control everything and send you the bill.

At the Close, Thursday, June 18, 2026:
Dow: 51,564.70, +72.15 (+0.14%)
NASDAQ: 26,517.93, +496.28 (+1.91%)
S&P 500: 7,500.58, +80.48 (+1.08%)
NYSE Composite: 23,499.74, +29.98 (+0.13%)

For the Week:
Dow: +362.44 (+0.71%)
NASDAQ: +629.09 (+2.43%)
S&P 500: +69.12 (+0.93%)
NYSE Composite: -96.05 (-0.41%)
Dow Transports: -958.80 (-4.24%)

Disclaimer: Information disseminated on this site should not be construed as investment advice. Downtown Magazine Inc., Money Daily and it's owners, affiliates and/or employees are not investment advisors and do not offer specific investment advice. All investments have risk. You should consult a professional investment advisor or stock broker or use your individual judgement when making investment decisions. By viewing this site, you hold harmless Downtown Magazine Inc., Money Daily, its owners, affiliates and employees against any and all liability. Copyright 2026, Downtown Magazine Inc., all rights reserved.

Unfinished Business: Stocks Seek Reconciliation with New Realities in Persian Gulf and at Federal Reserve; Fighting Between Israel and Hezbollah Escalates

Editor's Note: Forgetting that June 19 is now a federal holiday, I wrote this piece thinking that markets would open at the usual 9:30 am ET. I apologize for forgetting how inclusive the USA has become. Most of the people I know are working and not planning any festivities. Who knew? - Fearless Rick

Wrapping up a truly memorable week, U.S. equity, options, and bond markets appear to have some unfinished business on a quad-witching Friday.

Adjusting to renewed free flow of oil and other essential commodities (helium, urea, natgas to name a few) from the Persian Gulf and the new paradigm lacking forward guidance at the Fed, Friday presents as a day to cash in, cash out, and reposition for what's to come, which, by the current looks of things, is a very speculative bet on the future.

The array options and futures positions in stocks, indices, oil, and other commodities is wide and vast, with winners and losers on both sides of various ledgers. Anybody who was long oil is reaching for the laxatives while shorts are dancing in the streets. Stocks, especially those favored in the chip sector and among the Mag7, may be looking at gains that might have been larger just a few days or weeks ago, and must close out those positions post haste.

Along with stock futures, gold and silver spot prices are reacting negatively to the return to a semi-normal macro condition. There are a variety of views and presumptions about the immediate direction of flows, the predominant one being an adjustment pain period that was held off by the drawdown of crude stockpiles that now looks to tighten considerably after the major powers in the oil patch have played their hands and will be facing shortages over the next few months, suggesting higher prices for crude as countries bid to rebuild reserves.

This is, of course, a short term position. Oil prices will rise, then fall, if the peace at the Strait of Hormuz remains intact. There's a considerable faction thinking that condition will not last long, especially after Israel (the wild card in the process) and Hezbollah engaged in heavy conflict overnight. According to reports, Israel launched missile attacks at various locations in southern Lebanon. Israel remains in its bellicose position and commitment to continued aggression against Hezbollah forces in Lebanon and the U.S. apparently has lost control over its proxy, failing to restrain the escalations of Israel. The market is sensing a troubled situation which could derail the fragile peace. Already, Iran has failed ot send a delegation to Geneva, Switzerland for the first round of negotiations. Israel and Hezbollah could scotch the entire process.

Not withstanding the military situation in Lebanon and Israel, traders seem nervous about the entire situation. Unless the proxies of the U.S. and Iran are reigned in, the peace process remains at risk and other factors that have inspired traders to sned stocks to extreme valuations may have run their courses. The AI revolution that has fueled the current rally is cracking, with hyperscaler deals breaking down and questions over the long-term viability of AI business models continue to emerge, with some dour outlooks.

With under an hour to the opening bell, stock futures are collapsing under the weight of dangerous uncertainty and increasing volatility into the quad-witching session. Dow futures are off by 185 points; S&P futures are down 50, and NASDAQ futures are losing 164 points. Gold and silver are also down more than one percent from Thursday's settlement. Crude oil prices are elevated, though not to an alarming degree. WTI is still holding well under $80/barrel.

For the week, as of Thursday's close, the Dow is ahead by 362 points, the NASDAQ is up 629, and the S&P has a gain of 69 points.

The setup for Friday appears to be very knee-jerky and unlikely to be a forecast for longer term outlooks because, if Israel and Lebanon continue to engage, the impact on the flow of oil out of the Gulf may still be minimal. Both Iran and the U.S. are well aware that control of their proxy forces is at best, minimal, so there may be room for understanding and patching up the negotiations, though complete resolution still seems to be a distant hope.

At the Close, Thursday, June 18, 2026:
Dow: 51,564.70, +72.15 (+0.14%)
NASDAQ: 26,517.93, +496.28 (+1.91%)
S&P 500: 7,500.58, +80.48 (+1.08%)
NYSE Composite: 23,499.74, +29.98 (+0.13%)

Well Done, Mr. Warsh; New Fed Chair Sticks to Principles, Does Not Tip Off Press, Traders to Future Policy in First FOMC Press Conference

Taking the podium for the first time as Chairman of the Federal Reserve, Kevin Warsh stuck to his premiss that the Fed should not telegraph future policy decision, deflecting questions from a press corps eager for any kind of tip-off or suggestion over what might occur at the July and subsequent FOMC meetings.

Warsh appeared calm and fully in control of the environment at the press conference, breaking ground with five task forces assigned to examine various aspects of the Fed's makeup and operations while also breaking with a short-lived tradition favored by his predecessors, Bernanke, Yellen, and Powell, of supplying hints or leading statements that revealed the future direction of rate policy.

Even the shortened version of the public statement displayed a new course of action. The statement was tight and terse:

The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:

The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system.

Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.

Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.

Certain participants in the stock and bond markets may have suffered a perplexity moment after reading the four-paragraph press release while wondering when the chairman would tip off markets for some of the usual front-running of policy. It didn't happen as Warsh repeatedly swatted down reporters' questions about potential policy moves. About the only thing wrong with Warsh's remarks was his bad haircut. He needs to upgrade to a better barber.

Warsh laid out the guidelines for five tasks forces he was developing, to be managed by international Fed staff and select outsiders with experience related to individual topics.

1. Fed Communications - This task force will examine how the Fed communicates with markets and policymakers. It will consider updating the Summary of Economic Projections (SEP) and the dot plots. It will also be reviewing the frequency and format of press conferences, with Warsh signaling a move away from automatic post-meeting pressers unless there’s something important to share.

2. Balance Sheet Policy - Given Warsh’s long-standing criticism of the Fed’s large bond holdings, this panel will assess the benefits and risks of the current “ample reserves” regime. Potential alternatives for implementing monetary policy without over-expansion of the balance sheet will be an area of concern.

3. Data Collection and Analysis - The group will evaluate new data sources and methodological improvements concerning how the Fed can get more timely, actionable insights into the economy.

4. Productivity and Jobs Data - This task force will review how the Fed measures and uses productivity and labor market indicators and whether current frameworks capture the nuances of employment and economic health.

5. Inflation Framework - A central focus, this panel will examine whether the Fed is targeting the right levers of inflation and consider a new inflation framework to improve accuracy and responsiveness.

Warsh expects the task forces to begin work within weeks, with updates starting in the fall and recommendations due by year-end. Any changes from their findings could take effect in early 2027. The shift in attitude and level of communication were far from subtle. It's apparent that Warsh was uneasy with the status quo and quickly has taken actions to reform and remodel the Federal Reserve's function in the general economy.

His actions are likely to make days of FOMC policy decisions less volatile in the markets, with every trading desk leaning in intensely, ready to take action on any particular clues that might be dropped. While Warsh's immediate predecessors were overtly provocative and eager to give markets green lights via their commentary or in the policy statement itself, he has signaled that the Fed will return to its Greenspan and prior eras of more opacity and less actionable pronouncements. The shift is notable and welcome after two decades of inside baseball giving institutions and people close to the Fed advances and advantages that allowed the savvy Wall Street experts to game the system.

There was a time - mostly in the 1960s and 70s - in which the Federal Reserve was seen only in the shadows, occasionally cracking open the door of the Eccles building to shed a little light on economic conditions. A return to a quieter, less-intrusive, and more defensible Federal Reserve is a welcome change.

After digesting what many money managers thought in advance would be a signal for raising rates, even after Warsh disclosed nothing of the kind, stocks sold off in herd-like manner during and after Warsh's press conference. Overnight and into Thursday morning there seemed ot be a re-assessment of the general sentiment. Since Warsh failed to offer any tip line to the needy trading community, stock futures have rebounded, pointing to a positive move at the open.

Conversely, in some kind of twisted logic, precious metals are selling off after rallying slightly overnight. There may still exist a perception that the Fed has no choice but to raise rates, making treasuries and other bonds and fixed income instruments attractive. Something triggered a jolt higher in yields late Wednesday, with the knee-jerk response the usual selling of gold and silver futures. Unsure at this time what was the trigger or why, there obviously are some insider workings that are taking their own paths.

Who's right and who's wrong-footed is going to lead to some degree of volatility in markets Thursday and Friday, which is also a quad-witching day, with quarterly futures and options expiring. There's plenty of chatter and speculation since the end of hostilities in the Middle East and Warsh's chairmanship going live.

At the Close, Wednesday, June 17, 2026:
Dow: 51,492.55, -507.12 (-0.98%)
NASDAQ: 26,021.66, -354.69 (-1.34%)
S&P 500: 7,420.10, -91.25 (-1.21%)
NYSE Composite: 23,469.76, -234.27 (-0.99%)