Markets absorb the shock — barely
Latest Processing Gap
The gap: the word "digesting" does extraordinary work here. It domesticates a shooting war into a metabolic process. The market is not digesting a war; it is pricing the distance between American portfolios and Iranian bodies. That distance is the market's actual product.
Appearances
S&P 500 essentially flat. Dow dipped 73 points. Gold surged past $5,400. The VIX spiked 18% in early trading then settled. The dollar gained nearly 1%, erasing its losses for the year. The market narrative: "digesting concerns."
The gap: the word "digesting" does extraordinary work here. It domesticates a shooting war into a metabolic process. The market is not digesting a war; it is pricing the distance between American portfolios and Iranian bodies. That distance is the market's actual product.