What Happened Today?

Monday January 5, 2026

MACRO:

Goldman came out and said that they expect December jobs numbers to be stronger than projections and for the unemployment rate to fall. This reset rate cut expectations and interest rate sensitive stocks fell.

This is why the XBI 0.00%↑ was down today after the report.

JOLTS data is Wednesday and unemployment data on Friday so we will know pretty soon if Goldman is correct or not.

MICRO:

The Tuttle Capital Government Grift ETF Fund ????:$GRFT was rejected by all three major US exchanges. Oops.

If you haven’t been following, the Grift ETF was to be exactly what you think. An ETF that just buys what Trump (and other political officials) appear to favor. From the offering document.

The Fund’s strategy is grounded in the belief that political actors—particularly members of the U.S. Congress and individuals closely associated with the President—can influence market outcomes or possess information that materially affects security pricing. The Adviser seeks to identify and capitalize on these dynamics using a proprietary, data-driven investment process.

CoreWeave NASDAQ:$CRWV issued an amendment pushing out the timeline of supernova.

This amendment to the DDTL 3.0 Credit Agreement aligns the facility for the timing of deliveries described by the Parent on its earnings call reporting financial results for the quarter ended September 30, 2025. The First Amendment includes certain amendments to the financial covenants in the DDTL 3.0 Credit Agreement, including (i) reducing the minimum liquidity amount for the monthly payment dates ending on and after March 1, 2026 and prior to May 1, 2026 to $100.0 million, (ii) postponing the initial testing date of the debt service coverage ratio financial covenant until October 31, 2027 and (iii) postponing the initial testing date of the contract realization ratio financial covenant until February 28, 2026. The First Amendment also permits an unlimited number of equity cures for any failure to satisfy the debt service coverage ratio and contract realization ratio financial covenants prior to October 28, 2026, and thereafter equity cures with respect to such financial covenants may be utilized no more than three consecutive calendar months in any four consecutive calendar month period.

This sort of had to happen and eases the concerns of an AI implosion at least for a few months. I would say this is kicking the can down the curb but that metaphor doesn’t work as this can is still full of nitro and going to explode. It’s more like banks have just decide to not look at the can on the sidewalk for awhile in the hopes they can sell all the houses on the block before it blows up. The “houses” being Anthropic, OpenAI, etc which all both flying for IPOs in 2026.

Early day for me.

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As always, if you think there are spelling errors update your dictionary to the latest version. Happy speculation!

— AJ

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