GOOD MORNING!     Strange but true, the markets seemed to celebrate the end of the US – Iran ceasefire.  In what appears as a risk-on trade, stocks improved, Treasury yields fell alongside oil even as Iran’s strike widened in its geographical range to neighboring countries that housed US military bases.  Some of the rally in bonds was attributed to recovering from them being oversold on Wednesday.  Even with bonds rallying into the auction, demand for the 30-year appeared to be healthy.   
     

     Tech/AI/chipmakers may be taking a step back, based on equity index futures in early morning trading.  Money appears to be rotating into the large cap Dow and the Treasury market, causing yields to inch lower.  With no data or auctions today the markets appear to be trading cautiously and will be headline watching while positioning for the weekend.  The latest is that talks between the US and Iran will continue even as the respective militaries are striking each other and the Strait of Hormuz is effectively closed.