S&P 500 quickly surrendered gains, briefly dipping into negative territory.

NYMEX August light crude futures rose $6.73 to settle at $78.14/bbl, up 9.42%. ICE Brent futures for September delivery rose $7.29 to settle at $83.30/bbl, up 9.59%.

Michael Burry, the investor identified as the "Big Short" prototype, released a detailed analysis saying President Trump’s decision on whether the U.S. Treasury will forgive roughly $193bn in nominal obligations of Fannie Mae and Freddie Mac could trigger a new U.S. housing crisis. Both government-supported GSEs guarantee the vast majority of U.S. mortgages. Burry says debt forgiveness would likely lift the firms’ shares 3–4x immediately and 6–7x over the long run; without forgiveness he warns shares could drop to single-digit levels. From SEC filings he cites rising credit stress at Fannie: bad-loan charge-offs rose from $61m to $243m YoY, and its largest mortgage partner was forced to repurchase $221.6m of fraudulent loans.