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The US is shooting $2 million Tomahawk missiles at $5,000 Iranian drones. We've fired more Tomahawks in this war than any military campaign in history. Northrop Grumman is up 6%. Lockheed is up 40% since January. The S&P fell that day. Defense was the only sector that went up.

Meanwhile Pete Hegseth just asked Congress for $1.5 trillion for the Pentagon — up from the $200 billion he floated in March.

Oh, and five of the biggest tech companies are hiding $1.65 trillion in off-balance-sheet debt through special purpose vehicles. More hidden debt than they officially report. Oracle just got downgraded to one notch above junk bond status. Nobody's covering it.

Also the Houthis are back, now targeting the Saudi pipeline — the only relief valve left for global oil markets.

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