After Ukraine fired a longer-range ATACMS missile into Russia for the first time, Russia amended its nuclear doctrine to consider aggression from a non-nuclear state with the participation of a nuclear country to be a joint attack on Russia.

The futures market quickly sold off by about 1% before algos kicked in to limit the damage.

continued for members…

We were already off moderately before the headlines hit, aided by lower housing starts and building permits than were estimated.