US: Members Of Congress Retiring At Fastest Rate In Decades

• +10,180 UXYU6 111-28, buy through 111-27 post time offer at 1349:15ET, DV01 $895,000.
• The 10Y Ultra contract trades 111-26 last (+4.5)

• Stocks trade mixed after midday, the DJIA recovering from early Tuesday lows while tech sector shares continued to weigh on SPX emini and Nasdaq indexes.
• Trading desks continued to express skepticism that massive investing in AI infrastructure by cloud computing companies, also called hyperscalers, would not generate like returns.
• Selling picked up during Asia hours overnight - circuit breakers triggered as the South Korea KOSPI plunged over 10% with SK Hynix falling over -11.75%, Samsung Electronics over -11.15%.
• Analysts suggested the sell-off was a needed correction after speculators drove triple digit gains for some AI related stocks this year.
• In late US trade, Sandisk Corp trades 12.68% lower after climbing to a record high of 2353.0 Monday, Micron -11.36% ahead of it's fiscal third quarter earnings report after Wednesday's close.
• The following trade -8% to -9% late Tuesday: Lam Research, KLA Corp, Applied Materials, Texas Instruments, QUALCOMM, Analog Devices, Microchip Technology and Corning Inc.
• On the positive side, Consumer Staples sector shares outperformed with Conagra Brands, Hershey, General Mills and McCormick & Co gaining 3.5% to 4.25% in the second half.

US President Donald Trump is shortly due to deliver remarks on the economy at a Mack Truck facility in Macungie, Pennsylvania. LIVESTREAM The speech is Trump's first major economic address in a number of weeks, as the White House looks to pivot from the Iran war to pocketbook issues ahead of the midterm elections in November. 

• The speech comes as Congress wraps up work on a landmark bipartisan housing affordability package. News Nation reports that Trump is "expected to point to the legislation as a rare example of bipartisan cooperation in addressing the nation’s housing affordability crisis."
• NBC notes that passage of the housing package will be a “desperately needed win for Republicans, who have seen their midterm election prospects deteriorate throughout the year as voters believe Trump and the GOP-controlled Congress haven’t done enough to tackle the cost of living.”
• Trump's speech is also likely to address negotiations with Iran, which are continuing this week with both sides attempting to massage the status of the talks for domestic audiences.