Nvidia agreed to buy a company billing $150m a year for $12.9bn, Salesforce rose 23% on an AI partnership, and ten of eleven sectors fell whilst the index closed up. Warsh speaks at ten.

Nvidia cleared $96.2bn and guided to $108bn, and the S&P future added forty points. Whether that was breadth or arithmetic cannot be answered by anything that trades overnight, which is the actual story.

We said the two-year had stopped working. Then we said it had started again. On Tuesday it closed at 4.17%, below the floor of both stories, and the thing that moved it was the price of oil.

The 2-year sat at 4.19% for four straight sessions through a buyback shock and hawkish minutes. Then it printed 4.24% twice. Bitcoin took 80,000 and nobody looked at the boring number.

Two economic wars opened over one weekend, gold took a record, the long bond printed 2007, and the dollar index closed at 98.8 for the fourth session running. Something has stopped transmitting.

The 30-year moved 12 basis points in two days. The Dow lost 700 points. Bitcoin added 20%. The 2-year constant maturity printed 4.19% four sessions running and did not blink.