MONDAY, JULY 27, 2026 — Geopolitics drives everything. US-Iran truce, Zelensky at the White House. Nvidia’s wild AI data center play.

Crude below $90 on the ceasefire is a big deal. India’s Nifty rips to 23,995. Watch Canadian markets tomorrow — they’re coiled for a relief rally. Zelensky meeting Trump with a new ceasefire proposal. The issue is, the market has zero memory for Ukraine headlines. Good signal for wheat and nat gas if this actually sticks. Not sure people appreciate how fast credit spreads tightened. BBB OAS at 0.98, high yield at 2.79. This is late-cycle complacency. The Chicago Fed index at -0.55 confirms financial conditions are still loose. Nvidia in talks to back OpenAI’s $500B Ohio data center lease. The stock dropped 3.7% anyway. This is interesting — the market is asking if capex is becoming a liability, not a catalyst. TSMC says 2nm production is in full swing, 20k wafers a month. Demand might eclipse 3nm. Good signal for $TSM, bad signal for anyone hoping leading-edge supply would ease.

Crude below $90 on the ceasefire is a big deal. India’s Nifty rips to 23,995. Watch Canadian markets tomorrow — they’re coiled for a relief rally.