Dear Trader,

The pattern day trading rule has about a week left to live. On June 4th, the old limit that boxed in accounts under $25,000 disappears, and small traders suddenly get a lot more rope. The question is whether you use it to climb or to hang yourself.

Mark and Licia are back in the live room today to walk through it. They're pairing the PDT shakeup with zero day options, because more day trades plus the fastest-moving contract on the board is either a gift or a trap, depending on how you play it.

Tap in below, then scroll down for Thursday's recap and today's news breakdown.

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The Daily News Breakdown

SIREN: The pattern day trading rule dies June 4th, and tastylive ran a mailbag to answer everything you've been afraid to ask. The handcuffs come off: if you hold a margin account under $25,000, the old limit of four day trades in five days disappears. Trade in and out as much as your buying power allows, as long as your options buying power stays above zero.

The fine print matters. Cash accounts don't change, and T+1 settlement still makes you wait a day for funds. Day trade calls and starting day trading buying power are gone, but margin calls and short selling still play by the rules. This rewrite is the whole reason The TILT exists.

SNEAKER: Robinhood just handed the car keys to the robots, and the stock liked it. Robinhood (HOOD) popped about three percent Wednesday after saying AI agents can now trade and run credit card purchases for customers. All 27.5 million users can open a separate agentic account and let a bot rebalance the portfolio.

For now it's equity-only, with options, crypto, and futures coming after testing. Mizuho's Dan Dolev called it classic Robinhood, handing retail the automation tools that used to live on hedge fund desks. Q1 equity volume already ran up 54 percent to $638 billion, so the bots are walking into a hot tape.

SIGN: The trade gap actually shrank in April, and that's a quiet tailwind for GDP. The goods deficit narrowed 3.4 percent to $82.4 billion, well under the $86.5 billion economists penciled in. Exports jumped $8.5 billion while imports rose a smaller $5.6 billion.

Here's why you care: trade subtracted 1.25 percentage points from first quarter GDP, when the economy crawled at a 1.6 percent annual pace. Flip exports positive and that drag turns into a push. If April's trend holds, trade could quietly add to second quarter growth instead of bleeding it.

What You Missed Thursday

The Fed's favorite inflation gauge came in hot. Core PCE ran 3.8 percent in April, up from 3.5 percent the month before. On any normal day, that number tanks the tape.

This was not a normal day.

Ten minutes after Mark finished wondering aloud what would happen if the Strait of Hormuz reopened, the answer walked through the door. Axios dropped a headline: the US and Iran reached a deal, pending Trump's signature. The memo reopens nuclear talks and guarantees unrestricted shipping through Hormuz.

Markets did the thing you'd expect. Oil flipped from up two percent to down. Bonds popped, and VIX fell off a cliff toward its lowest level since January.

And then the rally just sort of sat there.

That's the part worth chewing on. No 200-point moonshot, no fireworks. The mega caps actually pulled back, with Amazon, Meta, and Nvidia all sitting it out.

The bid went somewhere weirder: retail, industrials, and defense. Boeing popped two percent. AeroVironment (AVAV) ripped 15 percent.

Mark's read makes sense. If you're not bleeding an extra $100 a week at the pump, that cash flows back into the names that got starved, your Macy's and your Nordstrom. Cheaper gas runs the trade-down ladder in reverse.

The other tell is energy. Mark's licking his chops on Exxon Mobil (XOM) because oil isn't going back to $65. It parks between $75 and $85, the sweet spot where margins fatten without choking off demand.

So the deal is huge. The reaction is a shrug. The rotation is the real story, and it's telling you the consumer might finally catch a break.