YCharts

This is one of the strangest economic crossovers of the year...

A gallon of diesel and a 30-year mortgage normally have almost nothing in common.

Diesel is driven by global crude and refined-product markets, while mortgage rates are driven by Treasury yields, Fed policy, and conditions in the mortgage market.

But right now, both are surging toward the same number.

- U.S. diesel: $6.53/gallon, a record high
- 30-year mortgage rate: 7.03%

Two completely different markets, both now sitting around a 7 handle 👀

Over the last 5 days, the market has kept pushing higher even after the Federal Reserve raised interest rates for the first time since July 2023.

🟢 The S&P 500 has added over $1.2 trillion in market cap, rising 2.36%

🔴 The Volatility Index ($VIX) has fallen 17.38%

Despite tighter monetary policy, stocks moved higher while volatility got crushed — a sign investors have stayed confident through the rate hike.

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Markets took a hit today…

The S&P 500 erased roughly $1 trillion in market value as the index fell 1.2%, with Big Tech leading the selloff.

The Magnificent 7 alone wiped out around $800 billion in market cap, driven by sharp declines in names like Tesla, Alphabet, Amazon, Microsoft, Meta, Apple, and Nvidia.

A reminder of just how much influence a handful of companies have on the broader marke

The S&P 500 has gained over $5 trillion in market cap so far in 2026, up 10.3% 📈

Mag 7 YTD Performance:

🟢 Apple ($AAPL) +20.6%
🟢 Alphabet ($GOOGL) +18.6%
🟢 NVIDIA ($NVDA) +14.0%
🟢 Amazon ($AMZN) +10.4%
🟢 Meta ($META) +3.3%
🔴 Tesla ($TSLA) -12.2%
🔴 Microsoft ($MSFT) -17.8%

What a wild day in the market, here are some wild stats…

🔴 SpaceX - Worst trading day since IPO
🔴 Alphabet - Worst trading day of 2026
🔴 Amazon - 2nd worst trading day of 2026
🔴 Palantir - Hit 52-week low
🔴 Microsoft - Down 20% since June 1st

These are the best and worst performing S&P 500 stocks in May…

Best-Performing 📈
🟢 Dell Technologies: +101.4%
🟢 Micron Technology: +87.8%
🟢 Datadog: +87.1%
🟢 Super Micro Computer: +68.2%
🟢 CrowdStrike: +64%

Worst-Performing 📉
🔴 Zoetis: -32.4%
🔴 AutoZone: -20.8%
🔴 Dow: -16.6%
🔴 Trimble: -16.2%
🔴 Boston Scientific: -16.1%

This isn’t good…

The 30 Year Treasury Yield has hit its highest level since 2007 😳

Everyone watches the 10-year Treasury, but right now, the 30-year is the one standing out.

- 30Y: 5.12%
- 10Y: 4.59%
- 5Y: 3.92%
- 2Y: 3.79%

The full yield curve is telling a much bigger story than the headline 10-year 👀

This is interesting...

Allbirds ($BIRD) just pulled off one of the wildest pivots we’ve seen in a while.

After selling off its core shoe brand, the company rebranded around “AI” and watched shares surge 637% by midday 👀