Two stories landing at once: Trump's personal account made thousands of trades while he holds office, and the DOJ is now investigating BlackRock's private credit fund — both bad for market trust.

• Trump made 3,700 trades in his personal account in the first quarter, run by his sons and advisers, while still holding stocks like Nvidia, Oracle, and eBay.
• That works out to roughly 37 trades a day, far above normal — and unusual because no past president has refused to put assets in a blind trust like this.
• The DOJ is investigating BlackRock's TCP private credit fund, which already wrote down its assets 19% in January.
• Private credit funds are hard to value because the underlying companies don't have to report their finances publicly, so investors can't see what they really own.
• Government bond yields are pushing toward 5%, which would add more pressure on private credit and on stocks already running on thin support.

Outlook: If the DOJ probe escalates, expect more write-downs and selling in private credit funds, and more questions about insider trading at the top of the administration.