Hot Stock Market gets burned by even hotter inflation

Wall Street got burned overnight — the hot AI bull market finally met hotter inflation. US CPI hit 4.2% YoY (highest since April 2023), Trump struck Iran for a second day in a row, oil surged, and the chip sector cratered. SOX down 3.6%; Nvidia −3.8%; Super Micro −28%. Gold was smacked. And the SpaceX IPO is coming Friday — Mark gives his honest take on valuation.In today's Morning Call, Mark covers:📉 S&P 500 −1.6% | Nasdaq −2% | Dow −1.9%🔥 CPI at 4.2% — energy up 23.5% YoY, gasoline up 40.5%💥 Trump strikes Iran again — peace deal stalling, Hormuz still disrupted🚀 SpaceX IPO: 4x oversubscribed, $75bn raise — buy or avoid?🏠 Westpac: investor loan apps −20% in 3 weeks on negative gearing reforms📊 ASX futures down 65pts — banks, gold miners, and cyclicals all under pressure⚠️ Mark's call: high cash is the smartest position right nowAlso: Oracle capex miss, Amazon kills trucking stocks, BOJ governor hospitalised, and why the equity market is the drunk friend at the party who hasn't gone home yet.🎙️ Subscribe: Spotify | Apple Podcasts | YouTube👉 Bulls vs Bears weekend edition also available on all platforms.Not financial advice. For professional use only.