The tape split, and semis were the gap

Micron closed down 5.83% at $910.43, worst of the large caps. AMD fell 3.49%, Nvidia 2.91%, Broadcom 2.63%. That one sector is most of the gap between the Dow closing green and the Nasdaq 100 closing down almost a per cent.

Treasury is weighing using its roughly $1tn General Account to pay for the buybacks it expanded last Wednesday, per CNBC citing two officials. No word on how much. The 10-year fell 3bp to 4.70%. Wednesday said what it would buy. This is where the money comes from.

Bessent announced sanctions on 60 entities, individuals and vessels over Iran's nuclear and missile procurement, aimed at its grip on the Strait of Hormuz. WTI still settled down 2.39% at $84.98, Brent down 2.54% after a 13% fortnight. There's little Iranian oil left to remove. What prices is Iran's answer.

Talks broke down Friday and Carney recalled his negotiators. Saturday brought 50% US tariffs on hundreds of Canadian goods; Monday, Trump threatened to double the rate on cars. Canada says it matches dollar for dollar. Roughly 2% of Canadian GDP sits in the line of fire.

The VIX rose 4.76%, but 9-day vol jumped 11.84%. What got bought was protection into Friday, not protection generally. Long end rallying, chips sold, Dow green — that's a rotation.