Hello, fellow rebel capital.

I hope you're well.

So the stock market down big again today as the volatility continues.

Retail sales out.

I think that might have something to do with it, along from what we're hearing,

along with what we're hearing from some of these huge U.S. corporations that are revising their expectations for the rest of

2025, not just down, but their expectations are plummeting. So let's get into that right now.

First and foremost, it's kind of get an overview of what happened in the markets.

We'll go over to Bloomberg. And in percentage terms, the NASDAQ was down the most, about 500 points, down about 3%.

I think the Dow was down about 700, something like that, but in percentage terms, a little less.

And one of the big things that was dragging the NASDAQ down was Invidia.

They plummeted.

I think it was because of some additional charge, like a $5 billion charge, that they kind of came out of blue.

They weren't expecting that they got hit from China.

It might have to do with these retaliatory tariffs, something like that.

I'm not exactly sure.

But the big reason the NASDAQ is down today is because of Nvidia.

At least that's the story.

That's the narrative.

But when you look at the retail sales and everything else that's going on, I'm not sure it was

exclusively about Nvidia. So let's go over to what happened with retail sales and they actually

increased. It was greater than expected. So I know a lot of you write about now are saying to yourself, okay, George, well, this doesn't make a lot of sense because you're trying to maybe connect these dots and say maybe it was the retail sales or what's happening with the U.S. economy that is bringing down markets today.

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