In today’s pre-mkt summary for Subscribers: U.S. stocks lower after reports that Chinese regulators urged financial institutions to reduce U.S. Treasury holdings due to concentration risks; Japan markets rallied after PM Takaichi’s strong election win, supporting continued stimulus; We remain bullish near-term with two Fed rate cuts expected in 2026 amid slowing job growth but no recession; S&P 500 likely to hit new highs as earnings season wraps, with 2026 EPS growth ~12% to ~$310, implying 22.4x P/E (4.5% earnings yield = 30bp premium to treasuries vs historical premium ~50bp)., Rotation into small caps likely to continue as equity rally broadens out. We expect recent weakness in precious metals and #btc to continue.