A big story about copper and everything after...
| | | | | Good morning, | We're coming into Thursday with the major indices pulling back from record highs. | Futures are red across the board as traders brace for a wave of labor data… | | We have jobless claims, JOLTS openings, Challenger layoffs, and the run-up to Friday's December jobs report. The market wants clarity on whether the labor market is actually cooling or just wobbling. | As I noted on the show yesterday, we were coming out of the strongest momentum conditions since October 27, only to see a short pullback… | Defense stocks are the early story. | After getting hammered yesterday on Trump's threat to block buybacks and dividends, the entire sector is ripping higher this morning. | Trump is now calling for a 50% increase in military spending, funded by tariff revenue. | It's a sharp reversal, and names like NOC, LMT, RTX, and GD are all trading higher in the premarket. | Energy remains in play. | U.S. oil majors met with the administration yesterday and made it clear they won't commit capital to Venezuela without legal and financial guarantees. | The White House insists companies will be "reimbursed," but the risk profile is enormous, and executives know it. This story matters for XOM, CVX, COP, SLB, HAL, and for broader heavy-crude flow dynamics in the months ahead. | Finally, copper is turning into a macro theme. S&P Global warns that copper demand could increase by 50% by 2040 due to AI infrastructure, data centers, EVs, and defense spending. If true, copper becomes a structural bottleneck for growth and a trade that could dominate over the next decade. | We'll break all of this down on Market Masters at 8:45 AM ET: | • Why futures are slipping ahead of the jobs data
• What Trump's defense spending reversal means for the sector
• The real story behind U.S. oil companies' hesitation on Venezuela
• How a global copper shortage could reshape tech and energy investing
• Plus: tickers to watch and today's trading setup | See you soon, | Garrett Baldwin |
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