Daily Global Market Recap
Stay informed with a concise overview of overnight market movements and key global developments. Each daily post highlights performance across U.S., European, and Asian markets, major economic data releases, central bank updates, and headline news impacting investor sentiment. Designed to provide a quick, professional-grade snapshot before markets open, this series delivers essential insights for anyone following global finance, equity trends, or macroeconomic shifts. This is not financial advice.
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5/29/26 8:51 AM
US Futures are up from +7 to +29 bps. Europe Futures are up from +3 to +75 bps. Asia Futures are up with the Nikkei +81, Hang Seng +11, and CSI +12 bps respectively.
US Equities ended higher from +5 to +91 bps. Europe Equities are mixed from -2 to +70 bps. Asia Equities ended mixed with the Nikkei +253, Hang Seng +70, and CSI -45 bps respectively.
Events. Goods Trade Balance Adv today.
Earnings. Today BKE, ELMT, GCO, KNOP, and FUFU before the open. SBSW, HTT, GDEV, SLGL, and ENLV time not provided. Monday SAIC before the open. HPE, CRDO, and HIVE after the close. WDS, TCOM, UEC, SB, BRID, and VSTD time not provided.
“Real-Estate Agents Are Quitting the Slow Housing Market… In the fourth year of a struggling market, even real-estate professionals who made it this far are reaching a breaking point”
“In mid-2023, the real-estate agent launched her own brokerage with her husband, Gordon Taylor. The market in the Fort Worth, Texas, area had cooled from its pandemic-era frenzy, but business was good. Taylor started out with a team of seven agents and quickly brought six more onboard.”
“By 2024, high mortgage rates and prices were weighing on demand, and homes sat on the market. Most of Taylor’s agents had to find other part-time or full-time jobs to stay afloat. Her husband took a job last year working for a school district.”
https://www.wsj.com/real-estate/real-estate-agents-are-quitting-the-slow-housing-market-d95fc524
“Bezos’ Blue Origin Loses Rocket in Explosion on Launchpad… Space company says all personnel are accounted for and safe; the New Glenn rocket was being prepared for a coming mission”
“Blue Origin was preparing one of its New Glenn rockets for a coming mission at its launch complex near Cape Canaveral, Fla., when the incident occurred. Spaceflight news and tracking site NSF captured video of the incident, showing how the rocket went up in a plume of flame while standing on a launchpad.”
“Military officials, working with the company and others, are evaluating data to determine what might have caused the incident, the spokesman said.”
https://www.wsj.com/business/bezos-blue-origin-loses-rocket-in-huge-explosion-on-launchpad-6a9a1af6
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5/28/26 9:10 AM
US Futures are down from -1 to -14 bps. Europe Futures are mixed from -79 to +18 bps. Asia Futures are down with the Nikkei -51, Hang Seng -120, and CSI -52 bps respectively.
US Equities ended up from +2 to +36 bps. Europe Equities are mixed from -92 to +32 bps. Asia Equities ended mixed with the Nikkei -47, Hang Seng -127, and CSI +12 bps respectively.
Events. PCE, Personal Income, Corporate Profits, DGP YoY and MoM, Initial and Continuing Jobless Claims, Durable Goods Orders, Real Personal Spending, and EIA Numbers all today.
Earnings. Today RY, TD, CM, BURL, and DLTR before the open. COST, DELL, ADSK, NTAP, and MDB after the close. Tomorrow BKE, ELMT, GCO, KNOP, and FUFU before the open. SBSW, HTT, GDEV, SLGL, and ENLV time not provided.
“U.S., Iran Exchange Fire for Second Time in Days… Iran launches missile toward Kuwait that was intercepted by local forces, following U.S. strikes on Iran”
“U.S. forces conducted new military strikes against Iran on Wednesday after Tehran launched drones at commercial ships in the Strait of Hormuz, according to U.S. officials, even as Washington and Tehran continue their efforts to forge a diplomatic settlement to the conflict and keep a fragile cease-fire intact.”
https://www.wsj.com/world/middle-east/u-s-military-conducts-new-strikes-on-iran-416f76cf
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5/27/26 8:47 AM
US Futures are higher from +18 to +83 bps. Europe Futures are mixed from -16 to +107 bps. Asia Futures are mixed with the Nikkei -10, Hang Seng -112, and CSI +52 bps respectively.
US Equities ended mixed from -23 to +119 bps. Europe Equities are up from +13 to +112 bps. Asia Equities ended mixed with the Nikkei +1, Hang Seng -106, and CSI -80 bps respectively.
Events. MBA, Richmond Fed, and Dallas Fed Numbers.
Earnings. Today PDD, BMO, and BNS before the open. MRVL, CRM, SNPS, SNOW, HEI, and HEI.A after the close. FER time not provided. Tomorrow RY, TD, CM, BURL, and DLTR before the open. COST, DELL, ADSK, NTAP, and MDB after the close.
“BP Removes Chairman After Concerns About Bullying Behavior… Albert Manifold’s abrupt departure adds to recent leadership turmoil”
“BP has removed its chairman, Albert Manifold, after the oil major’s board was told that he was verbally abusive and bullying toward employees, and had mishandled company information, according to people familiar with the matter.”
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5/26/26 8:39 AM
US Futures are up from +52 to +108 bps. Europe Futures are mixed from -63 to +37 bps. Asia Futures are up with the Nikkei +13, Hang Seng +24, and CSI +119 bps respectively.
US Equities ended up from +19 to +58 bps. Europe Equities are mixed from -77 to +45 bps. Asia Equities ended mixed with the Nikkei -25, Hang Seng -3, and CSI +53 bps respectively.
Events. House Price Index, Dallas Fed Manufacturing, and Chicago Fed National Activity Index all today.
Earnings. Today AZO, ESLT, and CSW before the open. ZS, SQM, SMTC, and MOD after the close. CCEP, VSAT, and MASI time not provided. Tomorrow PDD, BMO, and BNS before the open. MRVL, CRM, SNPS, SNOW, HEI, and HEI.A after the close. FER time not provided.
“The Risk Premium for Holding Stocks Over Bonds Is Vanishing… Gap between market’s earnings yield and bond yields has narrowed, a measure that has at times predicted subpar stock returns”
“That metric is the equity risk premium, often defined as the gap between the S&P 500’s earnings yield—the profit companies generate relative to stock valuations, expressed as a percentage—and that of the 10-year Treasury note. In recent weeks, it has nearly disappeared and is hovering among its lowest levels since the start of the new millennium.”
“The primary culprit: a global bond rout powered by inflation fears that has pushed Treasury yields higher. The Iran conflict and the closure of the Strait of Hormuz have lifted the price of oil roughly 60% this year and drastically altered investors’ expectations for interest-rate cuts, once considered a given in 2026.”
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5/22/26 8:15 AM
US Futures are up from +18 to +35 bps. Europe Futures are mixed from -109 to +63 bps. Asia Futures are mixed with the Nikkei +165, Hang Seng -149, and CSI -60 bps respectively.
US Equities ended higher from +9 to +55 bps. Europe Equities are up from +17 to +78 bps. Asia Equities ended higher with the Nikkei +268, Hang Seng +86, and CSI +130 bps respectively.
Events. Michigan Numbers today.
Earnings. Today BJ, BAH, FRO, GSL, SY, and IMPP before the open. LX before the open. SBSW, MNSO, DDL, and GDEV time not provided. Monday. TCOM, JOYY, SVM, FINV, and IVA after the close. WDS, TCOM, SB, EH, and WILC time not provided.
“Iran Moved Billions Through Binance to Fund Regime—Continuing Into This Month… Transactions on world’s largest crypto exchange took place despite repeated red flags Binance says it has zero-tolerance for illicit activity”
“Even after multiple internal flags on the activity, the main account continued to operate over a period of at least 15 months and was open as of January, according to the Binance reports. Zanjani’s use of Binance hasn’t been previously reported.”
https://www.wsj.com/world/middle-east/iran-binance-crypto-military-e755b218
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5/21/26 9:35 AM
US Futures are lower from -30 to -63 bps. Europe Futures are down from -8 to -59 bps. Asia Futures are mixed with the Nikkei -6, Hang Seng -146, and CSI +9 bps respectively.
US Equities ended up from +108 to +154 bps. Europe Equities are down from -4 to -57 bps. Asia Equities ended mixed with the Nikkei +314, Hang Seng -103, and CSI -139 bps respectively. Initial and Continuing Jobless Claims, Philly Fed, S&P Global, and Kansas Fed Numbers all today.
Earnings. Today WMT, DE, NTES, WSM, and RL before the open. ROST, TTWO, CPRT, WDAY, and ZM after the close. Tomorrow BJ, BAH, FRO, GSL, SY, and IMPP before the open. SBSW, MNSO, DDL, and GDEV time not provided.
“SpaceX, Anthropic and OpenAI’s Sprint to Go Public Defines the AI Boom’s Big Day… Silicon Valley’s hottest startups are competing fiercely as big tech companies contend with fickle investors and hard choices”
“Three of the hottest startups in history moved closer Wednesday to becoming trillion-dollar companies. With a fresh filing, SpaceX showed the path to a landmark initial public offering likely to mint Elon Musk as the world’s first trillionaire. Anthropic showed potential to turn a profit far sooner than expected, and OpenAI prepared to file for its public debut as soon as Friday, The Wall Street Journal reported.”
“Inside Israel’s High-Tech Campaign to Kill or Capture Every Oct. 7 Attacker… One by one, militants who videotaped their exploits that day have been identified and killed, in a measure of Israel’s surveillance acumen and desire for retribution”
“The men were crossed off a list of thousands of names kept by an Israeli task force created for one job—to kill or capture all who planned or joined in the Oct. 7 attack, said current and former Israeli officials. Hundreds have been struck from the list, in one of the most personal and highly technical targeting campaigns in the history of warfare. The campaign continues amid the demands of the war with Iran and a cease-fire agreement in Gaza.”
https://www.wsj.com/world/middle-east/israel-gaza-ceasefire-attacks-55c889b7
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5/20/26 8:30 AM
US Futures are up from +31 to +68 bps. Europe Futures are mixed from -17 to +81 bps. Asia Futures are mixed with the Nikkei -26, Hang Seng +11, and CSI +37 bps respectively.
US Equities ended lower from -65 to -84 bps. Europe Equities are up from +22 to +83 bps. Asia Equities ended lower with the Nikkei -123, Hang Seng -57, and CSI -4 bps respectively.
Events. MBA and EIA numbers.
Earnings. Today ADI, TJX, LOW, TGT, ROIV before the open. NVDA, INTU, and NDSN after the close. EC and TLK time not provided. Tomorrow WMT, DE, NTES, WSM, and RL before the open. ROST, TTWO, CPRT, WDAY, and ZM after the close.
“Trump’s Endorsement Machine Steamrolls Republican Dissent… Trump’s vanquishing of Thomas Massie is warning shot to Republicans considering break with president”
“Trump put the full weight of his political apparatus behind Gallrein, who received millions of dollars in advertising from super PACs linked to the president and pro-Israel advocacy. Hours before the polls closed, Trump flexed his hold on the party again, endorsing Texas Attorney General Ken Paxton in the Senate GOP primary next week against incumbent Sen. John Cornyn.”
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5/18/26 6:50 AM
US Futures are down from -39 to -70 bps. Europe Futures are mixed from -118 to +44 bps. Asia Futures are down with the Nikkei -131, Hang Seng -60, and CSI -186 bps respectively.
US Equities ended lower from -107 to -154 bps. Europe Equities are mixed from -184 to +19 bps. Asia Equities ended lower with the Nikkei -108, Hang Seng -111, and CSI -54 bps respectively.
Events. Today Foreign Bond Investment.
Earnings. Today BIDU, RYAAY, BRC, RNW, and IQ before the open. XP, AGYS, and YALA after the close. TCOM and NAK time not provided. Tomorrow HD, BEKE, and AS before the open. KEYS, ZTO, TOL, and JHX after the close. CCEP, VSAT, and MASI time not provided.
“Move Over CoreWeave, Here Comes Nebius… With AI cloud competition heating up, this company that used to own Russia’s biggest search engine is making its case”
“Nebius isn’t as well-known as its nearest competitor, CoreWeave, which became a success story early in the artificial-intelligence boom. CoreWeave started out in cryptocurrency mining, then pivoted to computing for video production during the pandemic, and then shifted focus to AI. It used creative debt financing backed by its customer contracts to scale up quickly and drew an investment from Nvidia, propelling it to an initial public offering about a year ago.”
https://www.wsj.com/tech/ai/move-over-coreweave-here-comes-nebius-5fbe89bf
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5/15/26 7:56 AM
US Futures are down from -65 to -141 bps. Europe Futures are mixed from -170 to +3 bps. Asia Futures are down with the Nikkei -183, Hang Seng -192, and CSI -177 bps respectively.
US Equities ended higher from +75 to +88 bps. Europe Equities are mixed from -196 to +5 bps. Asia Equities ended down with the Nikkei -199, Hang Seng -162, and CSI -112 bps respectively.
Events. Industrial and Manufacturing Production today.
Earnings. Today RBC, HTHT, SGML, RMIX, and SPRY before the open. SHAZ after the close. SBSW, BRC, SBR, and DDL time not provided. Monday BIDU, RYAAY, BRC, RNW, and IQ before the open. XP, AGYS, and YALA after the close. TCOM and NAK time not provided.
“Trump and Xi Want to Stabilize U.S.-China Ties. Now Comes the Hard Part… Tightly choreographed visit masks big differences between U.S. and China”
“China is boldly pressing its claims on Taiwan, a self-governing island that the U.S. is committed to supplying with arms for its self-defense. China’s military is becoming increasingly aggressive in the Western Pacific, rattling U.S. allies and posing a serious military and geopolitical challenge to Washington. And China’s support of Iran—an issue Trump raised during his visit—could undermine U.S. efforts to force the regime to give up its nuclear program and halt its aggression in the Middle East.”
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5/14/26 7:46 AM
US Futures are up from +15 to +68 bps. Europe Futures are up from +53 to +146 bps. Asia Futures are mixed with the Nikkei -83, Hang Seng -183, and CSI +103 bps respectively.
US Equities ended mixed from -14 to +120 bps. Europe Equities are up from +47 to +153 bps. Asia Equities ended mixed with the Nikkei -98, Hang Seng 0, and CSI -168 bps respectively.
Events. Import, Export, Initial and Continuing Jobless Claims, and Retail Sales today.
Earnings. Today BN, VIK, NVMI, FPS, LGN, and KLAR before the open. AMAT, BAP, and FIG after the close. BNT time not provided. Tomorrow RBC, HTHT, SGML, RMIX, and SPRY before the open. SHAZ after the close. SBSW, BRC, SBR, and DDL time not provided.
“Xi’s Taiwan Warning to Trump Highlights Tensions in Beijing Summit”
“Xi’s statement, while in line with China’s longstanding position, threatened to dim the mood of a visit both countries hoped would stabilize ties. The meetings that began Thursday morning at the Great Hall of the People in Beijing were billed as a gathering of superpowers to quell economic and trade disputes.”
“The two leaders did discuss Iran, according to a White House official, who said China agreed that the Strait of Hormuz should remain a free waterway and agreed that Iran shouldn’t have a nuclear weapon.”
https://www.wsj.com/world/china/trump-and-xi-begin-superpowers-summit-on-trade-and-war-82bea6fc
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5/13/26 7:51 AM
US Futures are mixed from -25 to +69 bps. Europe Futures are mixed from -25 to +93 bps. Asia Futures are mixed with the Nikkei +86, Hang Seng -21, and CSI -13 bps respectively.
US Equities ended mixed from -71 to +11 bps. Europe Equities are mixed from -31 to +88 bps. Asia Equities ended up with the Nikkei +84, Hang Seng +15, and CSI +102 bps respectively.
Earnings. Today BABA, TAK, NBIS, TSEM, and DT before the open. CSCO and MFC after the close. SMFG, EC, and TLK time not provided. Tomorrow BN, VIK, NVMI, FPS, LGN, and KLAR before the open. AMAT, BAP, and FIG after the close. BNT time not provided.
“Wall Street Is Getting More Anxious About Long-Term Inflation… Surging energy prices have pushed investors’ inflation expectations to multiyear highs”
“Even before the latest release of the consumer-price index, inflation expectations had been climbing, a potential trouble spot in a market where stocks have largely shrugged off the U.S.-Iran conflict and the resulting energy shock.”
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5/12/26 8:02 AM
US Futures are down from -2 to -82 bps. Europe Futures are mixed from -103 to -4 bps. Asia Futures are mixed with the Nikkei -64, Hang Seng -50, and CSI +172 bps respectively.
US Equities ended higher from +10 to +19 bps. Europe Equities are mixed from -102 to +4 bps. Asia Equities ended mixed with the Nikkei +52, Hang Seng -22, and CSI -8 bps respectively.
Events. Inflation, Core Inflation, CPI, and Redbook all today.
Earnings. Today SE, JD, Q, VG, ONON, and MAIR before the open. FNV, and NXT after the close. NU and HMC time not provided. Tomorrow BABA, TAK, NBIS, TSEM, and DT before the open. CSCO and MFC after the close. SMFG, EC, and TLK time not provided.
“KKR Private-Credit Fund Takes $560 Million Loss… Firm will invest $300 million in an effort to bolster fund as loan defaults climb”
“The write-down—equivalent to about 10% of the fund’s net asset value—is one of the biggest indicators so far of underlying problems in a large private-credit fund. Defaults in the fund jumped to 8.1% in the first quarter from 5.5% in December, KKR said.”
“The bulk of the recent losses came from previously disclosed problem loans and the stock selloff is an overreaction, KKR said. Larger private-credit portfolios that KKR manages for institutional investors have performed better, according to presentations to investors last week.”
https://www.wsj.com/finance/investing/kkr-private-credit-fund-takes-560-million-loss-f6bfb576
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5/11/26 8:16 AM
US Futures are mixed from -17 to +5 bps. Europe Futures are mixed from -75 to +10 bps. Asia Futures are mixed with the Nikkei -189, Hang Seng +31, and CSI -58 bps respectively.
US Equities ended higher from +2 to +171 bps. Europe Equities are mixed from -117 to +9 bps. Asia Equities ended mixed with the Nikkei -47, Hang Seng +5, and CSI +164 bps respectively.
Events. Existing Home Sales today.
Earnings. Today CEG, B, CRCL, and FOX before the open. SPG and ASTS after the close. PBR, PBR.A, VIV, and IX time not provided. Tomorrow SE, JD, Q, VG, ONON, and MAIR before the open. FNV, and NXT after the close. NU and HMC time not provided.
How a Job at OpenAI Became the Greatest Lottery Ticket of the AI Boom… Employees waited two years to sell their shares. Then, the company let them unload $30 million.”
“Last October, more than 600 current and former employees sold their shares in a single stroke, collectively making $6.6 billion. For roughly 75 of them, that meant walking away with the full $30 million, according to people familiar with the matter.”
https://www.wsj.com/tech/openai-employee-stock-sales-71ed10bd
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5/8/26 8:06 AM
US Futures are up from +28 to +80 bps. Europe Futures are mixed from -101 to +38 bps. Asia Futures are mixed with the Nikkei +128, Hang Seng -3, and CSI +46 bps respectively.
US Equities ended down from -13 to -63 bps. Europe Equities are down from -3 to -93 bps. Asia Equities ended down with the Nikkei -19, Hang Seng -87, and CSI -58 bps respectively.
Events. Non Farm Payrolls, Unemployment Rate, Participation Rate and Michigan Numbers all today.
Earnings. Today ENB, BAM, AU, PPL, PBA, FIS, and TU before the open. UI, SATS, and PAA time not provided. Monday CEG, B, CRCL, and FOX before the open. SPG and ASTS after the close. PBR, PBR.A, VIV, and IX time not provided.
“The 33-Day ‘Atlantic Odyssey’ That Turned Into a Hantavirus Nightmare… Days onboard the MV Hondius were filled with exercise classes and stargazing, until three deaths brought the expedition to a halt”
“The Oceanwide Expeditions cruise is now enmeshed in a deadly hantavirus outbreak. Three people have died and at least five more have been infected. Health authorities and airlines are racing to control further spread of the virus.”
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5/7/26 8:08 AM
US Futures are mixed from -1 to +9 bps. Europe Futures are are mixed from -58 to +14 bps. Asia Futures are up with the Nikkei +100, Hang Seng +3, and CSI +148 bps respectively.
US Equities ended up from +124 to +202 bps. Europe Equities are mixed from -63 to +7 bps. Asia Equities ended up with the Nikkei +558, Hang Seng +157, and CSI +48 bps respectively.
Events. Initial and Continuing Jobless Claims, Used Car Prices, and Construction Spending app today.
Earnings. Today SHEL, MCD, CNQ, and HWM before the open. GILD, MCK, MELI, NET, ABNB, and MNST after the close. Tomorrow ENB, BAM, AU, PPL, PBA, FIS, and TU before the open. UI, SATS, and PAA time not provided.
“Jet-Fuel Prices Are Spiking and Trump’s Advisers Are Worried… Administration officials have spoken to the airline industry, which has voiced concerns about the rising costs”
“Privately, President Trump’s advisers are increasingly worried that Republicans will pay a political price for the rising fuel costs, according to people familiar with the matter. Many of those advisers are eager to end the war in hopes that prices will begin moderating before November’s midterm elections.”
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5/6/26 8:01 AM
US Futures are up from +98 to +166 bps. Europe Futures are up from +187 to +333 bps. Asia Futures are mixed with the Nikkei +226, Hang Seng +186, and CSI -2 bps respectively.
US Equities ended higher from +73 to +103 bps. Europe Equities are higher from +193 to +339 bps. Asia Equities ended higher with the Nikkei +38, Hang Seng +122, and CSI +145 bps respectively.
Events. MBA and EIA numbers today.
Earnings. Today NVO, DIS, UBER, CVS, EQNR, MAR, and JCI before the open. ARM, APP, and DASH after the close. Tomorrow SHEL, MCD, CNQ, and HWM before the open. GILD, MCK, MELI, NET, ABNB, and MNST after the close.
“Stock Market Today: Oil Tumbles on Mideast Optimism… Global stocks rally, Brent crude futures drop below $100 a barrel”
“U.S. stocks are poised to open sharply higher, powered by optimism that a negotiated end to the Middle East war can be reached and a global tech-led rally that looks set to extend today.”
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-05-06-2026
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5/5/26 7:55 AM
US Futures are up from +30 to +58 bps. Europe Futures are mixed from -144 to +245 bps. Asia Futures are mixed with the Nikkei +85, Hang Seng -16, and CSI -2 bps respectively.
US Equities ended lower from -19 to -113 bps. Europe Equities are mixed from -127 to +201 bps. Asia Equities ended mixed with the Nikkei +38, Hang Seng -76, and CSI -6 bps respectively.
Events. Building Permits, Imports, Exports, Redbook, New Home Sales, and ISM Services Reports all today.
Earnings. Today ETN, SHOP, PFE, BUD, DUK, KKR, and CMI before the open. AMD and ANET after the close. HSBC time not provided. Tomorrow NVO, DIS, UBER, CVS, EQNR, MAR, and JCI before the open. ARM, APP, and DASH after the close.
“Attacks on U.S. Warships in Strait Test Trump’s Desire to End Iran War”
“President Trump’s desire to end the Iran war is being put to the test after Tehran fired at American warships on Monday and violently disrupted a U.S. effort to revive shipping in the Strait of Hormuz.”
“U.S. officials say Trump for days has toggled between two competing impulses: severely punishing Iran for failing to abandon its nuclear work, and avoiding a significant escalation that could draw the U.S. deeper into a Middle East conflict.”
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5/4/26 8:02 AM
US Futures are down from -5 to -42 bps. Europe Futures are mixed from -165 to +1 bps. Asia Futures are mixed with the Nikkei +58, Hang Seng -38, and CSI -2 bps respectively.
US Equities ended mixed from -31 to +89 bps. Europe Equities are down from -10 to -142 bps. Asia Equities ended mixed with the Nikkei +38, Hang Seng +124, and CSI -6 bps respectively.
Events. Factory Orders and Treasury Refunding Financing Estimates today.
Earnings. Today L and TSN before the open. PLTR, VRTX, WMB, FANG, ON, CRTA, FN, and BWXT after the close. Tomorrow ETN, SHOP, PFE, BUD, DUK, KKR, and CMI before the open. AMD and ANET after the close. HSBC time not provided.
“GameStop Offers to Buy eBay for $56 Billion… CEO Ryan Cohen tells The Wall Street Journal he wants to make eBay a legit competitor to Amazon”
“Cohen told The Wall Street Journal on Sunday that GameStop built a roughly 5% stake in eBay and was offering $125 a share in cash and stock, a roughly 20% premium to its closing price on Friday.”
https://www.wsj.com/business/deals/gamestop-ebay-bid-fd330f5a
“Trump Says U.S. Will Guide Stranded Ships Through Strait of Hormuz… The plan is an arm’s-length effort to unblock the vital supply waterway that doesn’t involve escorts by U.S. warships”
“The new mechanism, which Trump dubbed ‘Project Freedom,’ is effectively a coordination cell to move traffic through the Strait, involving countries, insurance companies and shipping organizations, according to two senior U.S. officials. It doesn’t currently involve U.S. Navy warships escorting vessels through the strait, the officials said.”
—
5/1/26 8:28 AM
US Futures are mixed from -13 to +26 bps. Europe Futures are mixed from -65 to +163 bps. Asia Futures are mixed with the Nikkei -95, Hang Seng +110, and CSI -2 bps respectively.
US Equities ended up from +89 to +162 bps. Europe Equities are mixed from -57 to +170 bps. Asia Equities ended mixed with the Nikkei +38, Hang Seng -128, and CSI -6 bps respectively.
Earnings. S&P Global Manufacturing PMI Final and ISM Numbers today.
Earnings. Today XOM, CVX, LIN, AON, CL, TRP, and NWG before the open. BRK.A, BRK.B, and ING time not provided. Monday L and TSN before the open. PLTR, VRTX, WMB, FANG, ON, CRTA, FN, and BWXT after the close.
“Iran Is Grasping for a Solution to an American Blockade It Can’t Break… Siege reveals hole in Tehran’s strategy of guerrilla warfare and controlling Strait of Hormuz”
“Some 44 commercial vessels working for Iran have been ordered to turn around or return to port, U.S. Central Command, which oversees American military operations in the Middle East, said Thursday. There is no evidence any Iranian oil cargo has crossed the U.S. blockade and reached Chinese customers or other buyers, according to Kpler, a commodities-data company.”
“The war has imposed a heavy cost on Iran’s economy, with more than a million people out of work, soaring food prices and a prolonged internet shutdown that has slammed online businesses. Its crisis-hit economy is now facing the risk of collapse.”
https://www.wsj.com/world/middle-east/iran-us-blockade-oil-641b89f2
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4/30/26 8:01 AM
US Futures are up from +34 to +50 bps. Europe Futures are up from +5 to +146 bps. Asia Futures are up with the Nikkei +86, Hang Seng +32, and CSI +131 bps respectively.
US Equities ended mixed from -57 to +4 bps. Europe Equities are mixed from -14 to +138 bps. Asia Equities ended lower with the Nikkei -106, Hang Seng -128, and CSI -6 bps respectively.
Events. Core PCE, Personal Income, Personal Spending, Employment Cost, GDP Price Index, Initial Jobless Claims, Continuing Jobless Claims, GDP, Personal Spending, Chicago PMI, and GDP Growth Rate all today.
Earnings. Today LLY, MA, CAT, MRK, and COP before the open. AAPL, AMGN, SNDK, WDC, and SKY after the close. Tomorrow XOM, CVX, LIN, AON, CL, TRP, and NWG before the open. BRK.A, BRK.B, and ING time not provided.
“Powell Won’t Leave. The Fed Won’t Cut. Warsh Will Have to Deal With Both… A divided committee, external political pressures, and an energy shock—Kevin Warsh inherits a Fed unlike any his predecessors faced”
“Every Fed chair for the past 75 years has left the central bank when his or her successor took over. Powell’s announcement that he would remain on the Fed’s board as a governor after handing the baton to Warsh next month broke with that precedent. It underscored how far the Trump administration’s pressure campaign had pushed the Fed into uncharted territory.”
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4/29/26 8:28 AM
US Futures are mixed from 0 to +29 bps. Europe Futures are down from -12 to -78 bps. Asia Futures are mixed with the Nikkei +53, Hang Seng +102, and CSI -34 bps respectively.
US Equities ended lower from -5 to -90 bps. Europe Equities are lower from -7 to -84 bps. Asia Equities ended mixed with the Nikkei -102, Hang Seng +168, and CSI +110 bps respectively.
Events. MBA, Building Permints, EIA, and Fed Decision Rate Numbers all today.
Earnings. Today AZN, ABBV, SAN, and TTE before the open. GOOG, GOOGL, MSFT, AMZN, META, and KLAC after the close. Tomorrow LLY, MA, CAT, MRK, and COP before the open. AAPL, AMGN, SNDK, WDC, and SKY after the close.
“Iran's Guards seize wartime power, weakening Supreme Leader's role”
“Two months into a war with the U.S. and Israel, Iran no longer has a single, undisputed clerical arbiter at the pinnacle of power — an abrupt break with the past that may be hardening Tehran’s stance as it weighs renewed talks with Washington.”
“Since its creation in 1979, the Islamic Republic has revolved around a supreme leader with final authority on all key matters of state. But the killing of Ayatollah Ali Khamenei on the first day of the war, and the elevation of his wounded son, Mojtaba, have ushered in a different order dominated by commanders of the Islamic Revolutionary Guard Corps (IRGC) and marked by the absence of a decisive, authoritative referee.”
—
4/28/26 8:18 AM
US Futures are mixed from -129 to +15 bps. Europe Futures are mixed from -63 to +50 bps. Asia Futures are down with the Nikkei -140, Hang Seng -116, and CSI -6 bps respectively.
US Equities ended mixed from -13 to +20 bps. Europe Equities are mixed from -74 to +62 bps. Asia Equities ended lower with the Nikkei -102, Hang Seng -95, and CSI -27 bps respectively.
Events. House Price Index, Richmond Fed Manufacturing Index, and Dallas Fed Services Index all Today.
Earnings. Today KO, NVS, GLW, SPGI, and BP before the open. V, TMUS, WELL, BKNG, and STX after the close. Tomorrow AZN, ABBV, SAN, and TTE before the open. GOOG, GOOGL, MSFT, AMZN, META, and KLAC after the close.
“OpenAI Misses Key Revenue, User Targets in High-Stakes Sprint Toward IPO… The company’s CFO and board have questioned the wisdom of massive data-center spending in the face of slowing growth”
“”OpenAI recently missed its own targets for new users and revenue, stumbles that have raised concern among some company leaders about whether it will be able to support its massive spending on data centers.”
“Iran Is Flooded With So Much Unsold Oil That It’s Stashing It in Derelict Tanks… Tehran is trying to buy time as the war turns into a race to see whether its oil fields or global consumers can take more pain”
“With oil backing up at home, Iran is reviving derelict sites known as ‘junk storage,’ using improvised containers and trying to ship crude by rail to China. The unusual steps are aimed at delaying an infrastructure crisis and blunting Washington’s leverage in the standoff over the Strait of Hormuz.”
—
4/27/26 7:50 AM
US Futures are mixed from -9 to +22 bps. Europe Futures are up from +17 to +94 bps. Asia Futures are mixed with the Nikkei +82, Hang Seng -52, and CSI -6 bps respectively.
US Equities ended mixed from -16 to +163 bps. Europe Equities are up from +14 to +93 bps. Asia Equities ended mixed with the Nikkei +138, Hang Seng -20, and CSI +3 bps respectively.
Events. Dallas Fed Manufacturing Index today.
Earnings. Today VZ before the open. CDNS, PSA, NUE, CLS, VTR, CINF, AVB, BRO, and AMKR after the close. Tomorrow KO, NVS, GLW, SPGI, and BP before the open. V, TMUS, WELL, BKNG, and STX after the close.
“The AI Splurge Is Costing Big Tech Its Workforce… Layoffs might lift some efficiency measures, but there are other considerations”
“Meta’s latest plans will cut about 8,000 people from its workforce. Microsoft, meanwhile, is trying to trim its own head count with a ‘voluntary retirement program,’ available to about 7% of its U.S. employees. That could lead to actual layoffs later if not enough take up the offer.”
“Oracle and Snap initiated major cuts in the past few weeks, while the financial-tech company Block, parent of Square and Cash App, announced in February a plan to cut 40% of its workforce, which amounts to more than 4,000 employees. Layoffs affecting 45,800 tech employees were announced last month, making March the worst month for reported tech-job reductions in at least two years, according to the tracking site Layoffs.fyi.”
https://www.wsj.com/tech/ai/the-ai-splurge-is-costing-big-tech-its-workforce-34a88e68
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4/24/26 7:48 AM
US Futures are up from +22 to +157 bps. Europe Futures are mixed from -40 to +46 bps. Asia Futures are mixed with the Nikkei +182, Hang Seng +87, and CSI -27 bps respectively.
US Equities ended down from -36 to -89 bps. Europe Equities are mixed from -68 to +72 bps. Asia Equities ended mixed with the Nikkei +97, Hang Seng +24, and CSI -35 bps respectively.
Events. Michigan and Baker Hughes Numbers today.
Earnings. Today PG, HCA, SLB, NSC, CHTR, and NMR before the open. SCCO and WF time not provided. Monday VZ before the open. CDNS, PSA, NUE, CLS, VTR, CINF, AVB, BRO, and AMKR after the close.
“Oracle’s Deluge of AI Debt Pushes Wall Street to the Limit… The artificial-intelligence boom has hit a funding snag, compounding power constraints and growing public backlash against data centers”
“Banks including JPMorgan Chase struggled for months to spread the risk of billions of dollars in loans they made to build data centers leased to Oracle in Texas and Wisconsin, people familiar with the matter said. Many financial institutions that would ordinarily buy those loans face restrictions on how much exposure they can have to a single counterparty, and the sheer size of these debt packages pushed them to the limit with Oracle.”
https://www.wsj.com/tech/ai/oracle-ai-demand-debt-04977749
—
4/23/26 8:13 AM
US Futures are down from -24 to -54 bps. Europe Futures are mixed from -90 to +97 bps. Asia Futures are mixed with the Nikkei -106, Hang Seng -76, and CSI +70 bps respectively.
US Equities ended higher from +69 to +164 bps. Europe Equities are mixed from -94 to +93 bps. Asia Equities ended higher with the Nikkei -75, Hang Seng -95, and CSI -28 bps respectively.
Events. Initial and Continuing Jobless Claims today. S&P Global PMI and Kansas Fed Manufacturing.
Earnings. Today AXP, TMO, NEE, UNP, HON, LMT, and SNY before the open. INTC, SAP, and NEM after the close. Tomorrow PG, HCA, SLB, NSC, CHTR, and NMR before the open. SCCO and WF time not provided.
“U.S. Officials Try to Get a Grip on Risks Bubbling Inside Private Credit… In widespread requests, SEC is seeking information about valuations, loan selection and other practices by firms”
“The Securities and Exchange Commission in recent months has opened several enforcement investigations of large private-credit managers, according to people familiar with the matter. The Treasury Department has requested information from private fund managers and insurance firms about their business models. Bank regulators, too, have stepped up their focus on the risks posed by the industry, with the Federal Reserve querying banks about their lending and exposure to private credit.”
—
4/22/26 8:23 AM
US Futures are up form +61 to +80 bps. Europe Futures are mixed from -16 to +82 bps. Asia Futures are mixed with the Nikkei +121, Hang Seng -10, and CSI +25 bps respectively.
US Equities ended lower from -59 to -63 bps. Europe Equities are mixed from -43 to +62 bps. Asia Equities ended mixed with the Nikkei +40, Hang Seng -122, and CSI +66 bps respectively.
Events. MBA and EIA numbers today.
Earnings. Today GEC, T, BA, VRT, CME, BSX, MCO, TEL, ELV, and WAB before the open. TSLA, LRCX, IBM, TXN, NOW, CSX, KMI, and WCN after the close. Tomorrow AXP, TMO, NEE, UNP, HON, LMT, and SNY before the open. INTC, SAP, and NEM after the close.
“U.S., Iran Delay Talks in High-Stakes Game of Chicken… The White House paused plans to send Vice President JD Vance to Pakistan after Tehran held its negotiators back at the last minute”
“As negotiations with Iran broke down Tuesday before they had even begun, President Trump asked aides whether the U.S. should resume attacks on the country, according to U.S. officials.”
https://www.wsj.com/world/middle-east/u-s-iran-delay-talks-in-high-stakes-game-of-chicken-c3086c4b
“Warsh says he made no rate-cut promises to Trump, plans 'robust' Fed reforms”
“Federal Reserve chief nominee Kevin Warsh said on Tuesday he had made no promises to President Donald Trump about cutting interest rates, as he tried to assure U.S. senators mulling his confirmation to lead the U.S. central bank that he would act independently of the White House while pursuing broad reforms.”
—
4/21/26 8:10 AM
US Futures are up from +45 to +63 bps. Europe Futures are mixed from -15 to +60 bps. Asia Futures are mixed with the Nikkei -11, Hang Seng -3, and CSI +62 bps respectively.
US Equities ended lower from -1 to -26 bps. Europe Equities are mixed from -41 to +48 bps. Asia Equities ended higher with the Nikkei +89, Hang Seng +48, and CSI +22 bps respectively.
Events. ADP Employment Change, Retail Sales Numbers, Pending Home Sales, and Fed Chair Nominee Kevin Warsh Confirmation Hearing all today.
Earnings. Today GE, UNH, RTX, DHR, NOC, MMM , DHI, MSCI, HAL, NTRS, SFY, and TSCO before the open. ISRG, CB, COF, AMX, EQT, UAL, and WRB after the close. Tomorrow GEC, T, BA, VRT, CME, BSX, MCO, TEL, ELV, and WAB before the open. TSLA, LRCX, IBM, TXN, NOW, CSX, KMI, and WCN after the close.
“Tim Cook to Step Down as Apple Names New CEO… The leader of the iPhone giant will be succeeded by John Ternus, head of its hardware division”
“Ternus, 50 years old, takes the lead of the iPhone maker as it works to rekindle its creative fire and chart a hardware-heavy future in the AI era. He follows Steve Jobs, who led the invention of the most popular consumer product in history, and Cook, who squeezed so much profit from the device that Apple became the world’s most valuable company.”
https://www.wsj.com/tech/apple-announces-ceo-john-ternus-2826465d
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4/20/26 7:54 AM
US Futures are down from -48 to -59 bps. Europe Futures are down from -62 to -209 bps. Asia Futures are down with the Nikkei -138, Hang Seng -28, and CSI -24 bps respectively.
US Equities ended higher from +120 to +179 bps. Europe Equities are down from -40 to -133 bps. Asia Equities ended higher with the Nikkei +60, Hang Seng +77, and CSI +61 bps respectively.
Events. 3 and 6 month Bill Auction today.
Earnings. Today STLD, AGNC, WTFC, ZION, and BOKF after the close. Tomorrow GE, UNH, RTX, DHR, NOC, MMM , DHI, MSCI, HAL, NTRS, SFY, and TSCO before the open. ISRG, CB, COF, AMX, EQT, UAL, and WRB after the close.
“Big Oil Plows Billions Into Far-Flung Drilling Sites to Escape Iran Turmoil… Exxon, Chevron and others turn to Africa and South America for next generation of prospects”
“Exxon recently outlined a potential plan to pump up to $24 billion into Nigeria’s deep-water oil fields, while Chevron expanded its footprint in Venezuela. BP bought stakes in oil blocks off the coast of Namibia, and TotalEnergies signed an exploration deal with Turkey.”
—
4/17/26 7:56 AM
US Futures are up from +24 to +44 bps. Europe Futures are mixed from -27 to ++64 bps. Asia Futures are mixed with the Nikkei -48, Hang Seng +2, and CSI +62 bps respectively.
US Equities ended higher from +24 to +36 bps. Europe Equities are mixed from -29 to +57 bps. Asia Equities ended lower with the Nikkei -175, Hang Seng -89, and CSI -17 bps respectively.
Events. Baker Hughes Oil Numbers today.
Earnings. Today TFC, FITB, ERIC, STT, RF, ALLY, ALV, and MBI before the open. HDB and IBN time not provided. Monday STLD, AGNC, WTFC, ZION, and BOKF after the close.
“The Push for Israel-Lebanon Peace Risks a New Confrontation With Hezbollah… Excluding it from negotiating table makes a lasting agreement hard to achieve”
“The possibility of direct talks between the leaders of Israel and Lebanon as announced by President Trump on Thursday would mark a historic step for two neighboring states that have been technically at war for 78 years.”
“Inside Lebanon, outspoken criticism against Hezbollah has been mounting. It intensified after Hezbollah dragged Lebanon back into war when it fired at Israel last month, following the killing of Iran’s supreme leader.”
https://www.wsj.com/world/middle-east/israel-lebanon-peace-talks-hezbollah-aa48142a
“Reed Hastings to Step Down as Netflix Chair… The co-founder of the streaming giant will leave its board in June, the company said.”’Reed Hastings, who transformed Netflix from a scrappy DVD subscription service into a globe-spanning Hollywood colossus, will step down in June from the board of the company he co-founded, the company said on Thursday.”
https://www.nytimes.com/2026/04/16/business/media/reed-hastings-netflix-chair.html
—
4/16/26 7:54 AM
US Futures are up from +11 to +19 bps. Europe Futures are mixed from -13 to +49 bps. Asia Futures are up with the Nikkei +118, Hang Seng +76, and CSI +5 bps respectively.
US Equities ended mixed from -15 to +159 bps. Europe Equities are mixed from -14 to +77 bps. Asia Equities ended up with the Nikkei +238, Hang Seng +172, and CSI +110 bps respectively.
Events. Initial and Continuing Jobless Claims today. Philly Fed numbers today.
Earnings. Today TSM, PEP, ABT, SCHW, PLD, BK, USB, MRSH, and TRV before the open. NFLX after the close. Tomorrow TFC, FITB, ERIC, STT, RF, ALLY, ALV, and MBI before the open. HDB and IBN time not provided.
“Pentagon Approaches Automakers, Manufacturers to Boost Weapons Production… Senior defense officials have talks with GM, Ford and others about shifting some capacity”
“Senior defense officials have held talks about producing weapons and other military supplies with the top executives of several companies, including Mary Barra, chief executive officer of General Motors, and Jim Farley, CEO of Ford Motor, according to people familiar with the discussions.”
—
4/15/26 8:03 AM
US Futures are mixed from -3 to +1 bps. Europe Futures are mixed from -83 to +24 bps. Asia Futures are mixed with the Nikkei -84, Hang Seng -76, and CSI +104 bps respectively.
US Equities ended higher from +66 to +196 bps. Europe Equities are mixed from -52 to +30 bps. Asia Equities ended mixed with the Nikkei +44, Hang Seng +29, and CSI -34 bps respectively.
Events. MBA, EIA, Exports, Imports, and foreign bond investment all today.
Earnings. Today ASML, BAC, MS, PGR, PNC, MTB, and FHN before the open. HOMB after the close. KMI time not provided. Tomorrow TSM, PEP, ABT, SCHW, PLD, BK, USB, MRSH, and TRV before the open. NFLX after the close.
“Europe Is Accelerating a NATO Fallback Plan in Case Trump Pulls Out… The Continent is drawing up a contingency for greater European involvement as tensions rise over Iran war”
“The plans—advancing informally through side discussions and over dinner meetings in and around the North Atlantic Treaty Organization—aren’t intended to rival the current alliance, participants said. European officials are aiming to preserve deterrence against Russia, operational continuity and nuclear credibility even if Washington withdraws forces from Europe or refuses to come to its defense, as President Trump has threatened.”
“The difference now is that Europeans are taking steps under their own initiative, due to Trump’s growing hostility, rather than as a result of U.S. goading.”
https://www.wsj.com/world/europe/europe-nato-trump-plans-3a423233
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4/14/26 7:54 AM
US Futures are mixed from -1 to +43 bps. Europe Futures are mixed from -2 to +90 bps. Asia Futures are mixed with the Nikkei +74, Hang Seng +9, and CSI -1 bps respectively.
US Equities ended higher from +63 to +123 bps. Europe Equities are up from +8 to +94 bps. Asia Equities ended higher with the Nikkei +243, Hang Seng +82, and CSI +119 bps respectively.
Events. Core PPI, PPI, and Redbook all today.
Earnings. Today JPM, JNJ, WFC, C, BLK, ACI, and KMX before the open. EQBK, MAMA, and GLOO after the close. Tomorrow ASML, BAC, MS, PGR, PNC, MTB, and FHN before the open. HOMB after the close. KMI time not provided.
“Saudi Arabia Is Pressing U.S. to Drop Its Hormuz Blockade… Gulf energy exporters worry Iran could escalate and close the Bab al-Mandeb, the main exit route for bottlenecked Persian Gulf oil”
“The blockade is aimed at raising the pressure on Iran’s already crippled economy. But the officials said Saudi Arabia has warned Iran might retaliate by closing the Bab al-Mandeb—a Red Sea chokepoint crucial for the kingdom’s remaining oil exports.”
“Gulf states don’t want the war to end with Iran in control of the Strait of Hormuz, their economic lifeline. But many including Saudi Arabia are pressing the U.S. to resolve the issue at the negotiating table and are scrambling to restart talks, regional officials said. Despite the public hard line from both sides, the two combatants are actively engaging with mediators and open to talks if each shows enough flexibility, the officials said.”
https://www.wsj.com/world/middle-east/saudi-arabia-us-strait-of-hormuz-blockade-25fbd430
—
4/13/26 7:57 AM
US Futures are down from -65 to -95 bps. Europe Futures are down from -56 to -186 bps. Asia Futures are mixed with the Nikkei -169, Hang Seng -138, and CSI +167 bps respectively.
US Equities ended mixed from -56 to +35 bps. Europe Equities are down from -49 to -183 bps. Asia Equities ended mixed with the Nikkei -74, Hang Seng -90, and CSI +21 bps respectively.
Events. Existing home sales today.
Earnings. Today GS, FAST, and SIFY before the open. FBK after the close. Tomorrow JPM, JNJ, WFC, C, BLK, ACI, and KMX before the open. EQBK, MAMA, and GLOO after the close.
“Trump Weighs Limited Strikes Against Iran After Peace Talks Collapse… The White House is considering a menu of options in addition to blockading the Strait of Hormuz”
“That is among the options that Trump was considering Sunday, hours after negotiations collapsed in Pakistan, the officials said. Trump could also resume a full-fledged bombing campaign, though officials said that was less likely given the prospect of further destabilizing the region and the president’s aversion to prolonged military conflicts. He could also seek a more temporary blockade while he pressures allies to take responsibility for a prolonged military escort mission through the strait in the future.”
“AI Is Using So Much Energy That Computing Firepower Is Running Out… AI companies are rationing offerings and products, rankling users—a warning sign for a boom that depends on rapid adoption”
“The sharp capacity crunch has caused consternation among power users, forced companies to scuttle products and led to reliability problems. The issues are a warning sign for the AI boom, as they may limit the utility of powerful new AI tools just as massive amounts of users have begun to rely on them to boost productivity.”
—
4/10/26 7:53 AM
US Futures are mixed from -2 to +16 bps. Europe Futures are up from +15 to +123 bps. Asia Futures are mixed with the Nikkei +84, Hang Seng +30, and CSI -64 bps respectively.
US Equities ended higher from +58 to +83 bps. Europe Equities are up from +36 to +106 bps. Asia Equities ended higher with the Nikkei +184, Hang Seng +55, and CSI +154 bps respectively.
Events. Core Inflation, Inflation, CPI, and Michigan Expectations today.
Earnings. Today WAFD time not provided. Monday GS, FAST, and SIFY before the open. FBK after the close.
“Insurers Take Bigger Risks Than Before 2008-09 Crisis, Report Warns”
“The study looked specifically at the reserves insurers set aside to make payments on annuities, the savings vehicles that promise guaranteed income in retirement. In its examination, A.M. Best compared the 2024 investment portfolios that backed those annuities with a snapshot of a similar universe of portfolios in 2007.”
“A recent spate of problems in private credit, including some defaults and losses, have brought scrutiny to the sector, prompting individual investors in some funds to flee and dragging down stock prices for private-fund owners and exposed banks.”
—
4/9/26 7:58 AM
US Futures are down from -33 to -48 bps. Europe Futures are down from -4 to -81 bps. Asia Futures are mixed with the Nikkei -159, Hang Seng -36, and CSI +356 bps respectively.
US Equities ended higher from +251 to +285 bps. Europe Equities are down from -7 to -75 bps. Asia Equities ended down with the Nikkei -73, Hang Seng -54, and CSI -64 bps respectively.
Events. Core PCE, Personal Income, Personal Spending, GDP Price Index, PCE, Initial, and Continuing Jobless Claims all today.
Earnings. Today NEOG, BB, and SMPL before the open. WDFC after the close. Tomorrow WAFD time not provided.
“Trump Allies, U.S. Officials Fear Iran Victory Lap Is Premature… Among the top concerns is Iran’s refusal to fully open the Strait of Hormuz”
“There were also questions about how Iran might respond to Israeli airstrikes in Lebanon. Israel struck Hezbollah targets on Wednesday, killing dozens of people and injuring hundreds more, according to the country’s Health Ministry.”
“While the American and Israeli campaign has devastated Iran’s conventional military, Tehran still retains the ability to threaten its neighbors with a depleted arsenal of missiles and drones. Hours after the cease-fire began, Gulf partners said they had intercepted Iranian projectiles.”
—
4/8/26 8:09 AM
US Futures are up from +282 to +350 bps. Europe Futures are mixed from -8 to +551 bps. Asia Futures are up with the Nikkei +564, Hang Seng +303, and CSI +10 bps respectively.
US Equities ended mixed from -18 to +10 bps. Europe Equities are up from +293 to +530 bps. Asia Equities ended higher with the Nikkei +539, Hang Seng +309, and CSI +349 bps respectively.
Events. EIA and MBA Numbers today.
Earnings. Today DAL and RPM before the open. STZ, APLD, and PSMT after the close. GEF.B time not provided. Tomorrow NEOG, BB, and SMPL before the open. WDFC after the close.
“The Day Trump’s Iran Threat Gripped the World”
“At 8:06 a.m. Tuesday, President Trump issued the most dramatic ultimatum of his presidency: Unless Iran struck a deal in the next 12 hours, ‘a whole civilization will die tonight, never to be brought back again’”
“At 6:32 p.m., Trump announced on Truth Social that he would hold off on his planned strikes. ‘[S]ubject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks,’ he wrote.”
https://www.wsj.com/world/middle-east/trump-iran-threat-gripped-world-b8d789c9
“Insurers’ $1 Trillion Buildup in Private Credit Is Leaving Regulators in the Dust… Treasury Department officials plan to meet with states about market risk”
“State commissioners lack the manpower to evaluate each investment individually. So for most bonds, the NAIC’s New York-based investment staff automatically assigns a risk score—and a corresponding capital requirement—based on the bond’s public credit rating.”
“Private ratings by that group of ‘small’ firms, which included Egan-Jones, KBRA, Morningstar and other relative newcomers, were an average of three notches higher than what the analysts on the NAIC staff believed were appropriate.”
—
4/7/26 8:04 AM
US Futures are down from -44 to -57 bps. Europe Futures are mixed from -36 to +52 bps. Asia Futures are down with the Nikkei -103, Hang Seng -26, and CSI -52 bps respectively.
US Equities ended higher from +36 to +54 bps. Europe Equities are mixed from -37 to +26 bps. Asia Equities ended mixed with the Nikkei +3, Hang Seng -70, and CSI flat respectively.
Events. Redbook and Durable Goods Orders today.
Earnings. Today LEVI, GBX, AEHR, and PXED after the close. Tomorrow DAL and RPM before the open. STZ, APLD, and PSMT after the close. GEF.B time not provided.
“Startup Bets AI Can Replace Wall Street Analysts, Too… Anthony Pompliano, crypto influencer and entrepreneur, is launching a business focused on AI-generated research notes”
“The agents are capable of generating hundreds of reports a day, Pompliano added—but the company will start by circulating just a few daily to avoid flooding investors’ inboxes.”
https://www.wsj.com/finance/investing/startup-bets-ai-can-replace-wall-street-analysts-too-6a562686
“Jamie Dimon Warns on Private Credit… The JPMorgan CEO puts the mini-panic in financial markets in useful perspective.”
“The sudden collapse of subprime auto lender Tricolor and parts supplier First Brands Group last fall has also exposed weaknesses in credit underwriting. Both companies were heavily leveraged and have been accused of fraud.”
“Mr. Dimon adds in his letter that weakened underwriting has shown up in optimistic assumptions about future performance, eroded protections for creditors, increased arbitrage, aggressive private credit ratings and valuations and ‘payment-in-kind’ in which creditors agree to defer collection of interest payments until a loan matures.”
https://www.wsj.com/opinion/jamie-dimon-private-credit-jpmorgan-banks-23c89b03
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4/6/26 8:11 AM
US Futures are mixed from -12 to +38 bps. Europe Futures are mixed from -72 to +78 bps. Asia Futures are mixed with the Nikkei +92, Hang Seng -26, and CSI -52 bps respectively.
US Equities ended mixed from -13 to +18 bps. Europe Equities are trading mixed from -70 to +69 bps. Asia Equities ended mixed with the Nikkei +49, Hang Seng -70, and CSI -85 bps respectively.
Events. ISM Numbers today.
Earnings. No major earnings today. Tomorrow LEVI, GBX, AEHR, and PXED after the close.
“An Inside Look at OpenAI and Anthropic’s Finances Ahead of Their IPOs”
“OpenAI expects to spend $121 billion on computing power for AI research in 2028. That means the company anticipates burning $85 billion that year even after almost doubling sales from the prior year. Such losses would dwarf those of virtually any other public company in history. Anthropic doesn’t expect to spend nearly as much, but its rosiest forecasts tell a similar story of mounting computing costs.”
https://www.wsj.com/tech/ai/openai-anthropic-ipo-finances-04b3cfb9\
—
4/3/26 8:31 AM
US Futures are down from -10 to -24 bps. Europe Futures are mixed from -57 to +181 bps. Asia Futures are mixed with the Nikkei +18, Hang Seng -26, and CSI -130 bps respectively.
US Equities ended mixed from -13 to +18 bps. Europe Equities are mixed from -62 to +69 bps. Asia Equities ended mixed with the Nikkei +126, Hang Seng -70, and CSI -85 bps respectively.
Events. Non Farm Payrolls, Participation Rate, Manufacturing Payrolls, and Unemployment Rate all today.
Earnings. Today no major earnings. Monday no major earnings.
“Under the Skin of America’s Humanoid Robots: Chinese Technology… Tesla and others turn to suppliers in China for components in an industry seen as strategic by Washington and Beijing”
“But Olaf is also a showcase of China’s prowess. It couldn’t waddle or sway without components from Chinese robot maker Unitree that power the motion of its neck and legs, according to a research paper by Disney.”
“Tesla is building a team in China to work with suppliers for its Optimus humanoid robot, and Tesla employees have visited Chinese makers of sensors, motors and other parts, people familiar with the project said.”
https://www.wsj.com/tech/under-the-skin-of-americas-humanoid-robots-chinese-technology-27dd4fdf
—
4/2/26 8:28 AM
US Futures are down from -151 to -213 bps. Europe Futures are mixed from -224 to +38 bps. Asia Futures are mixed with the Nikkei -344, Hang Seng -126, and CSI +150 bps respectively.
US Equities ended higher from +48 to +116 bps. Europe Equities are trading lower from -50 to -221 bps. Asia Equities ended lower with the Nikkei -238, Hang Seng -70, and CSI -104 bps respectively.
Events. Imports, Exports, Balance of Trade, and Initial/Continuing Jobless Claims all today.
Earnings. Today AYI and LNN before the open. No reported earnings tomorrow.
“Stock Market Today: Dow Futures Fall, Oil Climbs After Trump Address… President's speech dashes investors' hopes of a quick end to the Iran war”
“The lack of a clear timeline eroded hopes on Wall Street that the war might come to a speedy end and the Strait of Hormuz could open soon, allowing oil to once again flow freely from the Persian Gulf to world markets.”
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-04-02-2026
—
4/1/26 7:50 AM
US Futures are up from +73 to +97 bps. Europe Futures are up from +60 to +326 bps. Asia Futures are mixed with the Nikkei +244, Hang Seng +56, and CSI -64 bps respectively.
US Equities ended higher from +249 to +383 bps. Europe Equities are trading higher from +154 to +338 bps. Asia Equities ended higher with the Nikkei +524, Hang Seng +204, and CSI +171 bps respectively.
Events. MBA, Retail Sales, ISM and EIA Numbers all today.
Earnings. Today CAG, LW, MSM, UNF, CALM, and NG before the open. ICLR time not provided. CAG, LW, MSM, UNF, CALM, and NG before the open. ICLR time not provided. Tomorrow AYI and LNN before the open. TERN time not provided.
“U.A.E. Wants to Force Hormuz Open and Is Willing to Join the Fight… Gulf state begins effort to persuade U.S. and others to open waterway by any means necessary”
“The United Arab Emirates is preparing to help the U.S. and other allies open the Strait of Hormuz by force, Arab officials said, a move that would make it the first Persian Gulf country to become a combatant, after being hit by Iranian attacks.”
https://www.wsj.com/world/middle-east/uae-iran-war-strait-of-hormuz-9836ecbb
—
3/31/26 8:12 AM
US Futures are up from +93 to +102 bps. Europe Futures are up from +65 to +142 bps. Asia Futures are mixed with the Nikkei +143, Hang Seng +59, and CSI -33 bps respectively.
US Equities ended mixed from -73 to +11 bps. Europe Equities are up from +59 to +123 bps. Asia Equities ended mixed with the Nikkei -158, Hang Seng +15, and CSI -93 bps respectively.
Events. Redbook, House Price Index, and JOLTS Job Openings all today.
Earnings. Today MKC, MKC.V, SNX, FDS, CHA, and TE before the open. NKE, PVH, RH, and NCNO after the close. Tomorrow CAG, LW, MSM, UNF, CALM, and NG before the open. ICLR time not provided.
“Trump Tells Aides He’s Willing to End War Without Reopening Hormuz… Administration officials assess that forcing the waterway back open would mean extending the military mission”
“Trump’s desire to end the war quickly is at odds with other moves he is planning to make. This weekend, the USS Tripoli and the 31st Marine Expeditionary Unit entered the region. Trump has also ordered elements of the 82nd Airborne and is considering sending another 10,000 ground troops to the Middle East, The Wall Street Journal reported.”
https://www.wsj.com/world/middle-east/trump-iran-war-strait-of-hormuz-ee950ad4
—
3/30/26 7:54 AM
US Futures are up from +62 to +65 bps. Europe Futures are up from +30 to +104 bps. Asia Futures are up with the Nikkei +144, Hang Seng +60, and CSI +65 bps respectively.
US Equities ended lower from -167 to -215 bps. Europe Equities are up from +36 to +97 bps. Asia Equities ended lower with the Nikkei -279, Hang Seng -81, and CSI -24 bps respectively.
Events. Powell Speech today.
Earnings. Today KT, GGAL, CNTA, and AAUC time not provided. Tomorrow MKC, MKC.V, SNX, FDS, CHA, and TE before the open. NKE, PVH, RH, and NCNO after the close.
“Private Credit’s Exposure to Ailing Software Industry Is Bigger Than Advertised… Analysis by the Journal finds four of the largest private-credit funds have more exposure to the software industry than their filings suggest”
“The Blue Owl Credit Income Corp. fund had nearly twice as much exposure to software as it reported, an analysis by The Wall Street Journal found, while the discrepancies for the other funds were smaller. On average, the four funds classified about 19% of their investments as software, while the Journal found their average software exposure to be about 25%.”
“Trump Weighs Military Operation to Extract Iran’s Uranium… The president hasn’t made a decision, U.S. officials said, as he considers the risk to U.S. troops”
“Trump hasn’t made a decision on whether to give the order, the officials said, adding that he is considering the danger to U.S. troops. But the president remains generally open to the idea, according to the officials, because it could help accomplish his central goal of preventing Iran from ever making a nuclear weapon.”
—
3/27/26 7:57 AM
US Futures are down from -38 to -60 bps. Europe Futures are down from -69 to -193 bps. Asia Futures are down with the Nikkei -98, Hang Seng -23, and CSI -119 bps respectively.
US Equities ended lower from -101 to -238 bps. Europe Equities are trading lower from -41 to -131 bps. Asia Equities ended mixed with the Nikkei -43, Hang Seng +38, and CSI +56 bps respectively.
Events. Michigan Expectations and Baker Hughes Numbers today.
Earnings. Today CCL, CUK, LGN, and TMC before the open. AXIA, MNSO, XXI, PBT, ODV, and NFGC time not provided. Monday KT, GGAL, CNTA, and AAUC time not provided.
“U.S. and Israel Have Pounded—but Not Eliminated—Iran’s Missile Threat… Tehran has kept firing, prolonging the conflict and raising the economic cost”
“Iran has shifted to firing from deeper inside its territory with longer-range missiles, military analysts and former U.S. officers said, after airstrikes early in the war inflicted a heavy toll on Iranian bases and truck launchers near the Persian Gulf coastline. Iran is firing far fewer missiles now—down to around a dozen a day—but they have turned them against less-defended targets in Israel and Gulf Arab states, causing greater damage in some cases.”
—
3/26/26 8:05 AM
US Futures are down from -77 to -103 bps. Europe Futures are mixed from -167 to +4 bps. Asia Futures are mixed with the Nikkei -183, Hang Seng -236, and CSI +157 bps.
US Equities ended higher from +54 to +77 bps. Europe Equities are trading lower from -74 to -168 bps. Asia Equities ended lower with the Nikkei -27, Hang Seng -189, and CSI -132 bps.
Events. Initial and Continuing Jobless Claims today.
Earnings. Today CMC, PONY, and DOO before the open. AGX after the close. AEG, TERM, TGS, USAR, SA, and FORTY time not provided. Tomorrow CCL, CUK, LGN, and TMC before the open. AXIA, MNSO, XXI, PBT, ODV, and NFGC time not provided.
“Trump Tells Aides He Wants Speedy End to Iran War… President has said he wants to wrap up the conflict in the coming weeks”
“Nearly one month into the war, the president has privately informed advisers he thinks the conflict is in its final stages, urging them to stick to the four-to-six-week timeline he has outlined publicly, according to people familiar with the matter.”
https://www.wsj.com/politics/elections/trump-tells-aides-he-wants-speedy-end-to-iran-war-eb9f2b4b
—
3/25/26 8:00 AM
US Futures are up from +103 to +123 bps. Europe Futures are up from +83 to +206 bps. Asia Futures are up with the Nikkei +113, Hang Seng +136, and CSI +111 bps respectively.
US Equities ended lower from -18 to -87 bps. Europe Equities are up from +106 to +170 bps. Asia Equities are up with the Nikkei +287, Hang Seng +109, and CSI +140 bps respectively.
Events. MBA, Import, Export, and EIA numbers all today.
Earnings. Today PDD, PAYX, CHWY, and KC before the open. KRMN, JBS, JEF, and CELC after the close. CTAS and ICLR time not provided. Tomorrow CMC, PONY, and DOO before the open. AGX after the close. AEG, TERM, TGS, USAR, SA, and FORTY time not provided.
“The Oil Supply Crunch Is Spreading From the Gulf to the Rest of the World… Unless peace talks pan out fast, traders say record high prices for specific grades of Middle Eastern crude cargoes will soon cascade to the U.S. and elsewhere”
“Those sky-high prices, traders say, are a harbinger of where the rest of the market could be heading if the Persian Gulf isn’t reopened soon. That is because Asian customers are scouring the world for similar varieties of crude to keep churning out diesel and jet fuel.”
—
3/24/26 7:51 AM
US Futures are down from -13 to -20 bps. Europe Futures are mixed from -87 to +122 bps. Asia Futures are down with the Nikkei -91, Hang Seng -23, and CSI -374 bps respectively.
US Equities ended up from +115 to +138 bps. Europe Equities are trading mixed from -3 to +47 bps. Asia Equities ended higher with the Nikkei +143, Hang Seng +279, and CSI +128 bps respectively.
Events. Nonfarm Productivity QoQ Final, Unit Labour Costs QoQ Final, and Redbook YoY all today.
Earnings. Today CNM, SFD, HSAI, and CDLR before the open. GME, AIR, KBH, WOR, and BRZE after the close. Tomorrow PDD, PAYX, CHWY, and KC before the open. KRMN, JBS, JEF, and CELC after the close. CTAS and ICLR time not provided.
“Big Banks Are Playing Both Sides of the Private Credit Meltdown… Private credit funds’ exposure to software has come back to bite them, presenting new risks and opportunities for banks”
“Dimon recently ordered a full-scale inspection of the bank’s loan books for exposure to software companies. Many unprofitable software companies have borrowed risky loans from private-credit funds over the years, and earlier this year, JPMorgan told some funds that it was restricting their access to credit based on their exposure.”
—
3/23/26 7:45 AM
US Futures are up from +192 to +208 bps. Europe Futures are up from +130 to +277 bps. Asia Futures are mixed with the Nikkei +460, Hang Seng +123, and CSI -4 bps respectively.
US Equities ended lower from -96 to -201 bps. Europe Equities are trading higher from +42 to +237 bps. Asia Equities ended lower with the Nikkei -348, Hang Seng -354, and CSI -326 bps respectively.
Events. Chicago Fed National Activity Index today.
Earnings. Today KT, ABVX, and CNTA time not provided. Tomorrow CNM, SFD, HSAI, and CDLR before the open. GME, AIR, KBH, WOR, and BRZE after the close.
“Lawmakers to Introduce Bipartisan Bill Banning Sports Bets on Prediction Markets”
“Sens. Schiff and Curtis seek to prevent CFTC-regulated entities, including Kalshi and Polymarket, from offering wagers on sports”
“The CFTC has argued that the states have no regulatory control over prediction-market platforms, with the commission in February filing a ‘friend of the court’ brief in the Ninth U.S. Circuit Court of Appeals arguing that it had exclusive jurisdiction over the commodities-derivatives market, including event contracts.”
“The Fed’s Most Awkward Leadership Transition Is Coming… Kevin Warsh promised to overhaul the central bank and cut rates. He is being greeted by rising inflation, an oil shock and a confirmation in limbo.”
“Even before the war in Iran sent energy prices higher, the Fed’s preferred inflation measure was heading in the wrong direction. The war threatens to push inflation higher still in the coming months, and investors now view rate increases to be more likely than cuts this year.”
https://www.wsj.com/economy/central-banking/federal-reserve-kevin-warsh-onboarding-510839b7
—
3/19/26 8:19 AM
US Futures are down from -32 to -55 bps. Europe Futures are mixed from -187 to +100 bps. Asia Futures are mixed with the Nikkei +5, Hang Seng -57, and CSI -188 bps respectfully.
US Equities ended lower from -27 to -44 bps. Europe Equities are trading higher from +12 to +101 bps. Asia Equities ended lower with the Nikkei -338, Hang Seng -88, and CSI -35 bps respectively.
Events. Baker Hughes Oil Numbers Today.
Earnings. Today XPREV Before the open. AXIA time not provided. Monday KT, ABVX, and CNTA time not provided.
“Tesla Finally Has Its First Semi-Truck and It’s Already a Hit With Truckers… Innovations including a centered driving position, fast charging and a 500-mile range are winning over drivers”
“Surprisingly, Tesla is winning over a hard-to-please and influential group—truckers. Truckers who drove it in pilot tests say they loved features including a centered driving position, faster charging and longer range for about $100,000 less than other battery-electric trucks.”
https://www.wsj.com/business/logistics/truckers-tesla-fans-semi-b0a66e6e
—
3/19/26 8:28 AM
US Futures are down from -25 to -46 bps. Europe Futures are down from -186 to -298 bps. Asia Futures are mixed with the Nikkei -188, Hang Seng -65, and CSI +6 bps respectively.
US Equities ended lower from -136 to =163 bps. Europe Equities are trading lower from -184 to –272 bps. Asia Equities ended lower with the Nikkei -338, Hang Seng -202, and CSI -161 bps respectively.
Events. Building Permits, Philly Numbers, and New Home Sales all today.
Earnings. Today BABA, ACN, DRI, and MWH before the open. FDX and PL after the close. PDD, PUK, TERN, and TGS time not provided. Tomorrow XPREV Before the open. AXIA time not provided.
“India Stocks Have Worst Day Since June 2024 as Risk Sentiment Sours… Banking stocks were also among the biggest losers on Thursday”
“The benchmark Sensex ended 3.3% lower at 74207.24, suffering its biggest one-day drop since June 2024. That came as a trifecta of geopolitical risk, a more hawkish-sounding Federal Reserve and another surge in oil prices spooked investors across Asia.”
—
3/18/26 8:02 AM
US Futures are up from +35 to +51 bps. Europe Futures are mixed from -65 to +209 bps. Asia Futures are mixed with the Nikkei +47, Hang Seng +35, and CSI -36 bps respectively.
US Equities ended higher from +10 to +47 bps. Europe Equities are trading mixed from -60 to +118 bps. Asia Equities ended higher with the Nikkei +287, Hang Seng +61, and CSI +45 bps respectively.
Events. MBA Mortgage Numbers, Core PPI, PPI, Factory Orders, EIA Numbers, Interest Rate Projections, and FED Interest Rate Decision all today.
Earnings. Today JBL, WSM, HTHT, and SAIL before the open. MU and FIVE after the close. SBXD, ICLR, and NGD time not provided. Tomorrow BABA, ACN, DRI, and MWH before the open. FDX and PL after the close. PDD, PUK, TERN, and TGS time not provided.
“Banksy’s Identity Has Been Revealed. Expect His Art to Sell for a Lot More.”
https://www.wsj.com/arts-culture/fine-art/banksy-reveal-art-cost-buyers-b54c109d
“Nvidia’s Next Act Will Be Its Biggest—and Toughest… AI leader’s $1 trillion sales forecast isn’t a stretch, but competition and a shifting market keep investors sidelined”
“Wall Street’s projections for Nvidia’s business were already robust. But the trillion-dollar forecast still counts as a beat, as analysts were expecting Nvidia’s total data center revenue of around $965 billion for the specified period, according to consensus estimates from Visible Alpha.”
https://www.wsj.com/finance/stocks/nvidias-next-act-will-be-its-biggestand-toughest-a9223741
—
3/17/26 8:02 AM
US Futures are mixed from -18 to 0 bps. Europe Futures are up from +15 to +104 bps. Asia Futures are mixed with the Nikkei -80, Hang Seng +25, and CSI +4 bps respectively.
US Equities ended up from +83 to +122 bps. Europe Equities are mixed from -9 to +92 bps. Asia Equities ended mixed with the Nikkei -9, Hang Seng +13, and CSI -73 bps respectively.
Events. ADP Employment Change Weekly and Redbook today.
Earnings. Today ESLT, TME, GDS, and ATAT before the open. ZTO, LULU, DOCU, OKLO, and HQY after the close. ORLA time not provided. Tomorrow JBL, WSM, HTHT, and SAIL before the open. MU and FIVE after the close. SBXD, ICLR, and NGD time not provided.
“The Fed Keeps Getting Hit With New Shocks in Its Yearslong Inflation Fight… A series of supply setbacks has kept prices above target for five years. Now officials have to put a number on what that means for interest rates.”
“For the fifth year running, Federal Reserve officials find themselves expecting inflation to fall back to their 2% goal only to be confronted with another disruption that complicates the path.”
https://www.wsj.com/economy/central-banking/federal-reserve-inflation-iran-war-678d83ca
—
3/16/26 8:14 AM
US Futures are up from +57 to +92 bps. Europe Futures are mixed from -11 to +53 bps. Asia Futures are mixed with the Nikkei +183, Hang Seng +137, and CSI -4 bps respectively.
US Equities ended lower from -26 to -93 bps. Europe Equities are trading mixed from -9 to +59 bps. Asia Equities ended mixed with the Nikkei -13, Hang Seng +145, and CSI +5 bps respectively.
Events. Industrial Production, Capacity Utilization, and Manufacturing Production today.
Earnings. Today DLTR, BEKE, FPS, SAIC, WBI, WB, VNET, and KYIV before the open. SMTC after the close. KT and TE time not provided. Tomorrow ESLT, TME, GDS, and ATAT before the open. ZTO, LULU, DOCU, OKLO, and HQY after the close. ORLA time not provided.
“U.S. Allies Work on Reopening Hormuz After Trump Pressure… Treasury Secretary Scott Bessent said Trump’s planned meeting with China's Xi this month could be postponed so the president can stay in Washington to coordinate the war effort”
“The U.K. and the European Union said they were discussing options for reopening the Strait of Hormuz, the vital waterway that Iran has effectively closed. British Prime Minister Keir Starmer said the U.K. was looking at deploying robot mine hunters”
https://www.wsj.com/livecoverage/iran-war-us-israel-latest-news-2026
—
3/13/26 8:19 AM
US Futures are up from +38 to +39 bps. Europe Futures are mixed from -24 to +55 bps. Asia Futures are up with the Nikkei +27, Hang Seng +46, and CSI +43 bps respectively.
US Equities ended lower from -152 to -178 bps. Europe Equities are trading higher from +1 to +48 bps. Asia Equities ended lower with the Nikkei -116, Hang Seng -98, and CSI -39 bps respectively.
Events. Core PCE, GDP Growth Rate 2nd Est, Personal Income, Personal Spending, PCE Price Index, Non Defense Goods Orders, JOLTS Job Openings, and Michigan Expectations all today.
Earnings. Today VEON, RLX, BKE, EEX, and BETR before the open. AXIA, XXI, NPK, PBT, and BTBT time not provided. Monday DLTR, BEKE, FPS, SAIC, WBI, WB, VNET, and KYIV before the open. SMTC after the close. KT and TE time not provided.
“An Exodus of Money Endangers Wall Street’s Private-Credit Craze… Investors ask to cash out 14% of Cliffwater’s $33 billion fund while Morgan Stanley caps withdrawals”
“At the same time, the investment firms’ stocks are tumbling, with Blue Owl now off more than 40% this year. Banks including JPMorgan Chase are reassessing the risk of their own exposure to the industry.”
—
3/12/26 9:00 AM
US Futures are down from -69 to -90 bps. Europe Futures are mixed from -199 to +25 bps. Asia Futures are mixed with the Nikkei -60, Hang Seng -37, and CSI +43 bps respectively.
US Equities ended mixed from -61 to +8 bps. Europe Equities are trading lower from -2 to -128 bps. Asia Equities ended lower with the Nikkei -104, Hang Seng -70, and CSI -36 bps respectively.
Events. Balance of Trade, Imports, Exports, Balance of Trade, Initial, and Continuing Jobless Claims all today.
Earnings. Today DG, FUTU, LI, and DKS before the open. ADBE, WPM, ULTA, LEN, LEN.B, and RBRK after the close. Tomorrow VEON, RLX, BKE, EEX, and BETR before the open. AXIA, XXI, NPK, PBT, and BTBT time not provided.
“Stock Market Today: Oil Extends Rally; IEA Warns of Biggest-Ever Supply Disruption”
“A series of strikes across the Middle East intensified concerns about prolonged disruptions to energy markets. Seven ships have been hit in waters around Iran over the past day, including two foreign tankers carrying fuel oil that caught fire and leaked oil in Iraqi waters.”
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-03-12-2026
“Why Investors Aren’t Fleeing to Safe-Haven Stocks… Healthcare and consumer staples are supposed to be defensive. This time, it hasn’t worked out.”
“The Health Care Select Sector ETF is down roughly 4% and the Consumer Staples Select Sector ETF has lost about 5%, even as the Technology Select Sector ETF has advanced moderately. The S&P 500 is down roughly 1% over that time.”
“One explanation for why these groups haven’t worked well is that this has been a rotation within a rotation. In the weeks leading up to the war, investors had already been seeking shelter in defensive names, fleeing uncertainty around artificial intelligence and richly valued tech stocks.”
https://www.wsj.com/finance/stocks/why-investors-arent-fleeing-to-safe-haven-stocks-194194b3
—
3/11/26 8:30 AM
US Futures are down from -8 to -15 bps. Europe Futures are mixed from -125 to +167 bps. Asia Futures are mixed with the Nikkei -57, Hang Seng -66, and CSI +135 bps respectively.
US Equities ended mixed from -21 to +1 bps. Europe Equities are trading down from -40 to -127 bps. Asia Equities ended mixed with the Nikkei +143, Hang Seng -24, and CSI +64 bps respectively.
Events. MBA Mortgage Numbers, Core Inflation, Inflation, CPI, and EIA Gas Numbers all today.
Earnings. Today CPB before the open. PATH, DSGX, NTSK, and ARIS after the close. KB, SBXD, ICLR, and NGD time not provided. Tomorrow DG, FUTU, LI, and DKS before the open. ADBE, WPM, ULTA, LEN, LEN.B, and RBRK after the close.
“Trump Says the Iran War Is Nearly Won but Israel Has Other Ideas… Israel is sticking with its overarching goal of creating the conditions for regime change in Tehran”
“Trump and Israeli Prime Minister Benjamin Netanyahu have spoken nearly every day since the war began, sometimes more than once a day. Netanyahu has also held conversations with Secretary of State Marco Rubio and Jared Kushner, the president’s son-in-law and envoy for Iran.”
—
3/10/26 8:38 AM
US Futures are down from -29 to -37 bps. Europe Futures are up from +46 to +206 bps. Asia Futures are mixed with the Nikkei +1, Hang Seng +149, and CSI -100 bps respectively.
US Equities ended higher from +50 to +138 bps. Europe Equities are trading higher from +54 to +183 bps. Asia Equities ended higher with the Nikkei +288, Hang Seng +217, and CSI +128 bps respectively.
Events. Redbook and Existing Home Sales today.
Earnings. Today BNTX, NIO, UEC, and LEGN before the open. ORCL, FNV, AVAV, and JOYY after the close. KEP and DNTH time not provided. Tomorrow CPB before the open. PATH, DSGX, NTSK, and ARIS after the close. KB, SBXD, ICLR, and NGD time not provided.
“Hegseth Says ‘We Will Not Relent’ Until Iran Is Defeated… The defense secretary said Iran is “badly losing” in the war and that Tuesday’s airstrikes would be the most intense of the campaign against the regime.”
“Earlier, Iran’s foreign minister said negotiations with the U.S. were off the table, after President Trump said the war will be over ‘very soon’ but that the U.S. military campaign still has further to go.”
https://www.wsj.com/livecoverage/iran-war-us-israel-trump-2026
—
3/9/26 7:33 AM
US Futures are down from -112 to -120 bps. Europe Futures are down from -15 to -208 bps. Asia Futures are mixed with the Nikkei -183, Hang Seng -17, and CSI +68 bps respectively.
US Equities ended lower from -95 to -159 bps. Europe Equities are trading lower from -115 to -204 bps. Asia Equities ended lower with the Nikkei -524, Hang Seng -135, and CSI -97 bps respectively.
Events. Consumer Inflation Expectations Today.
Earnings. Today BETA, ZIM, KFY, GBTG, and NYAX before the open. HPE, MTN, and CSAN after the close. KT time not provided. Tomorrow BNTX, NIO, UEC, and LEGN before the open. ORCL, FNV, AVAV, and JOYY after the close. KEP and DNTH time not provided.
“Iran Signals a Fight to the End With Appointment of Khamenei’s Son. Mojtaba Khamenei, close to Iran’s Revolutionary Guard, is expected to take a confrontational stance toward the West”
“The elevation of Mojtaba Khamenei, a conservative long close to Iran’s Islamic Revolutionary Guard Corps, shows that Trump’s efforts so far to cow the regime into surrender have failed. It also appears to have put hard-liners in firm control of the country, with moderate and reformist factions long marginalized. The 56-year old Khamenei is expected to take a confrontational stance toward the West.”
https://www.wsj.com/world/middle-east/iran-signals-a-fight-to-the-end-with-appointment-of-khameneis-son-be4dc8ec
“Jobs report shows US unexpectedly lost jobs in February”
“The U.S. lost 92,000 jobs in February, according to the report from the U.S. Bureau of Labor Statistics (BLS), which marked a significant dropoff from 130,000 jobs added in the previous month.”
https://abcnews.com/Business/jobs-report-expected-show-hiring-slowdown/story?id=130786752
—
3/6/26 8:26 AM
US Futures are down from -54 to -79 bps. Europe Futures are down from -48 to -135 bps. Asia Futures are up with the Nikkei +26, Hang Seng +110, and CSI +70 bps respectively.
US Equities ended lower from -26 to -161 bps. Europe Equities are trading down from -26 to -133 bps. Asia Equities ended up with the Nikkei +62, Hang Seng +172, and CSI +27 bps respectively.
Events. Non Farm Payroll, Retain Sales, Unemployment Rate, Government Payrolls, Manufacturing Payrolls, and Participation Rate all today.
Earnings. Today EMBJ, AQN, TEN, and MEI before the open. TEO, XXI, FDMT, DVS, VGZ, and AIRO time not provided. Monday BETA, ZIM, KFY, GBTG, and NYAX before the open. HPE, MTN, and CSAN after the close. KT time not provided.
“Israeli Military Moving to ‘Next Phase’ of Iran Campaign, Strikes hit Beirut suburbs and Tehran, and several Gulf nations are targeted by Iran”
“The Israeli military said it was moving from the “surprise strike phase” to the “next phase” of its campaign. Shortly afterward, it launched a wave of attacks on regime infrastructure in Tehran and pounded Beirut’s southern suburbs with airstrikes that it said were targeting Hezbollah infrastructure. The Israeli military also said it had “dismantled” Supreme Leader Ali Khamenei’s military bunker with roughly 50 jet fighters.”
https://www.wsj.com/livecoverage/iran-war-news-updates-2026?mod=WSJ_home_mediumtopper_pos_1
—
3/5/26 7:48 AM
US Futures are down from -4 to -28 bps. Europe Futures are mixed from -30 to +54 bps. Asia Futures are down with the Nikkei -106, Hang Seng -49, and CSI -127 bps respectively.
US Equities ended up from +49 to +129 bps. Europe Equities are trading mixed from -32 to +62 bps. Asia Equities ended higher with the Nikkei +190, Hang Seng +28, and CSI +98 bps respectively.
Events. Challenger Job Cuts, Exports, and Import all today.
Earnings. Today CNQ, CEIN, KR, JD, and BURL before the open. COST, PBR, PBR.A, and MRVL after the close. BABA time not provided. Tomorrow EMBJ, AQN, TEN, and MEI before the open. TEO, XXI, FDMT, DVS, VGZ, and AIRO time not provided.
“See the Strait of Hormuz Shutting Down”
“Normally, more than a hundred ships cross the strait in a given day, but after conflict broke out this past weekend, shipping nearly ground to a halt, according to MarineTraffic data. Bordered by Iran, passing ships can be vulnerable to attack. As of Monday, ship traffic through the strait was down more than 80%, according to Lloyd’s List Intelligence.”
https://www.wsj.com/world/middle-east/see-the-strait-of-hormuz-shutting-down-d71ecd20
“Morgan Stanley Lays Off 2,500 Employees Across All Divisions. The layoffs of 3% of the workforce are tied to shifting business priorities and individual job performance”
“In the wealth-management division, this round of layoffs have included private bankers and back-office staff positions, the people said. Some of those impacted work on doling out mortgages to wealth-management clients, some of the people said.”
—
3/4/26 8:22 AM
US Futures are up from +6 to +34 bps. Europe Futures are up from +75 to +198 bps. Asia Futures are mixed with the Nikkei +116, Hang Seng +4, and CSI -143 bps respectively.
US Equities ended down from -83 to -102 bps. Europe Equities are trading higher from +79 to +213 bps. Asia Equities ended lower with the Nikkei -361, Hang Seng -201, and CSI -114 bps respectively.
Events. MBA Mortgage, ADP Employment, S&P, ISM Service, and EIA Gas numbers all today.
Earnings. Today BF.A, BF.B, and DY before the open. AVGO, VEEV, EC, and OKTA after the close. KB, WF, and NGD time not provided. Tomorrow CNQ, CEIN, KR, JD, and BURL before the open. COST, PBR, PBR.A, and MRVL after the close. BABA time not provided.
“Oil shock fear hits Asian tech stocks while European selloff pauses”
“Selling in hard-hit European shares paused on Wednesday as the focus shifted to Asia - including a record-breaking crash in Seoul, where investors dumped chipmakers on fears the widening Middle East war will create an oil price shock, raising inflation and delaying interest rate cuts.”
https://www.reuters.com/world/china/global-markets-global-markets-2026-03-04/
—
3/3/26 8:08 AM
US Futures are down from -136 to -178 bps. Europe Futures are down from -204 to -438 bps. Asia Futures are mixed with the Nikkei -520, Hang Seng -266, and CSI +9 bps respectively.
Events. LMI Logistics Managers Index and Redbook today.
Earnings. Today SE, AZO, TGT, VIK, ONON, and BBY before the open. CRWD and ROST after the close. SHG and SNN time not provided. Tomorrow BF.A, BF.B, and DY before the open. AVGO, VEEV, EC, and OKTA after the close. KB, WF, and NGD time not provided.
“Oil Prices Top $80 a Barrel. But Natural Gas Is a Bigger Problem for Markets.”
“International oil benchmarks rose, with Brent crude up 4% to $81.04 and WTI up 3.8% to $73.95, amid Middle East tensions. Energy traders are monitoring the Strait of Hormuz, which transports 20% of the world’s seaborne oil, for potential disruptions. An expert suggests intermittent disruption or harassment of shipping in the Strait of Hormuz is more likely than a full closure.”
https://www.barrons.com/articles/oil-prices-gas-iran-qatar-drone-strike-473b4eb1?mod=hp_LEDE_C_2
—
3/2/26 8:06 AM
US Futures are down from -114 to -146 bps. Europe Futures are down from -90 to -250 bps. Asia Futures are down with the Nikkei -278, Hang Seng -220, and CSI -3 bps respectively.
US Equities ended lower from -43 to -105 bps. Europe Equities are trading down from -119 to -287 bps. Asia Equities ended mixed with the Nikkei -135, Hang Seng -214, and CSI +38 bps respectively.
Events. S&P Global Manufacturing PMI Final and ISM Manufacturing Numbers today.
Earnings. Today SATS, VG, KSPI, NCLH, and AAON before the open. ASTS, MDB, CRDO, and BLTE after the close. NXE time not provided. Tomorrow SE, AZO, TGT, VIK, ONON, and BBY before the open. CRWD and ROST after the close. SHG and SNN time not provided.
“U.S. Jet Fighters Mistakenly Shot Down as Iran Conflict Widens Across Mideast… Israel launches dozens of strikes against Hezbollah in Lebanon, while U.S.-Israeli strikes on Iran continue.”
“Three U.S. jet fighters were mistakenly shot down by Kuwaiti air defenses, as a conflict that began with the U.S.-Israeli operation on Iran two days ago widened across the Middle East.”
https://www.wsj.com/livecoverage/iran-israel-us-strikes-2026
“Oil jumps, stocks skid, dollar rallies as conflict grips Middle East”
“Oil prices surged, the dollar gained and shares slid on Monday as the Iran conflict widened in the Middle East and looked set to last for weeks, threatening to upend a global economic recovery and perhaps reignite inflation.”
https://www.reuters.com/world/china/global-markets-global-markets-2026-03-01/
—
2/27/26 8:00 AM
US Futures are down from -46 to -63 bps. Europe Equities are mixed from -23 to +51 bps. Asia Futures are mixed with the Nikkei +32, Hang Seng +79, and CSI -45 bps respectively.
US Equities ended mixed from -118 to +3 bps. Europe Equities are trading mixed from -23 to +47 bps. Asia Equities ended mixed with the Nikkei +16, Hang Seng +95, and CSI -34 bps respectively.
Events. PPI, Core PPI, Chicago PMI, and Construction Spending all today.
Earnings. Today PSO, FRO, GSAT, and BTSG before the open. ENIC after the close. BRK.A, BRK.B, GTLS, TXNM, and TEO time not provided. Monday SATS, VG, KSPI, NCLH, and AAON before the open. ASTS, MDB, CRDO, and BLTE after the close. NXE time not provided.
“Paramount Wins Bidding War for Warner Discovery After Netflix Drops Out… Netflix says it wouldn’t match Paramount’s revised offer for storied entertainment company”
“Netflix pulled the plug on its deal soon after the Warner board of directors said it determined Paramount’s $31-per-share offer for the entire company was superior to Netflix’s bid for Warner’s movie and television studios and HBO Max streaming service. Paramount is now poised to take control of the entertainment company, home to properties and brands including HBO, Superman and Harry Potter.”
—
2/26/26 8:09 AM
US Futures are mixed from -3 to +14 bps. Europe Futures are mixed from -10 to +87 bps. Asia Futures are mixed with the Nikkei -75, Hang Seng -184, and CSI +90 bps respectively.
US Equities ended higher from +63 to +126 bps. Europe Equities are trading mixed from -9 to +90 bps. Asia Equities ended mixed with the Nikkei +29, Hang Seng -144, and CSI -19 bps respectively.
Events. Initial and Continuing Jobless Claims today.
Earnings. Today RY, TD, CM, and WBD before the open. INTU, MNST, and Dell after the close. BABA, NU, and E time not provided. Tomorrow PSO, FRO, GSAT, and BTSG before the open. ENIC after the close. BRK.A, BRK.B, GTLS, TXNM, and TEO time not provided.
“The $1.6 Trillion Meltdown That Swept Through Software Stocks… Concern over the threat AI poses has hit the shares of companies like Salesforce and Adobe hard”
“Software makes up around 13% of speculative-grade corporate loans that were broadly syndicated by banks to investors and an even larger share of private-credit loans made by asset managers directly to companies.”
—
2/25/26 8:40 AM
US Futures are up from +33 to +45 bps. Europe Futures are mixed from -9 to +69 bps. Asia Futures are up with the Nikkei +263, Hang Seng +33, and CSI +196 bps respectively.
US Equities ended higher from +76 to +104 bps. Europe Equities are trading mixed from -16 to +89 bps. Asia Equities ended higher with the Nikkei +220, Hang Seng +66, and CSI +60 bps respectively.
Events. MBA Mortgage and EIA Gas Numbers today.
Earnings. Today TJX, LOW, and MDLN before the open. NVDA CRM and SNPS after the close.
Tomorrow RY, TD, CM, and WBD before the open. INTU, MNST, and Dell after the close. BABA, NU, and E time not provided.
“Paramount’s Newest Bid Could Open Door to Beating Netflix Deal, Warner Says… Warner received a revised offer from Paramount to buy the entire company for $31 a share”
“Should Warner decide Paramount’s offer is better, Netflix has the right to match it, under the terms of its purchase agreement. Warner said its board hasn’t made that determination yet. If it does, Netflix would have a four-day window to make a new offer.”
https://www.wsj.com/business/media/warner-receives-new-bid-from-paramount-a1f3fc41
“Trump Hails an Economic Turnaround Many Voters Don’t See… The U.S. is ‘bigger, better, richer and stronger than ever before,’ Trump said in State of the Union address”
“Polls find that Americans are unhappy with Trump’s handling of the economy. In a Wall Street Journal survey last month, voters gave the president low marks when asked if he cares about ‘people like you,’ is looking out for the middle class and has the right priorities.”
https://www.wsj.com/politics/policy/trump-hails-an-economic-turnaround-many-voters-dont-see-9bb3d851
—
2/24/26 8:20 AM
US Futures are mixed from -1 to +22 bps. Europe Futures are mixed from -67 to +101 bps. Asia Futures are mixed with the Nikkei -71, Hang Seng -116, and CSI -169 (closed) bps respectively.
US Equities ended lower from -104 to -166 bps. Europe Equities are trading mixed form -70 to +96 bps. Asia Equities ended mixed with the Nikkei +87, Hang Seng -182, and CSI +101 bps respectively.
Events. ADP Employment Change Weekly today.
Earnings. Today HD, BNS, AMT, KDP, and NRG before the open. MELI, EOG, O, and ALC after the close. CEG time not provided. Tomorrow TJX, LOW, and MDLN before the open. NVDA CRM and SNPS after the close.
“Meta and AMD Agree to AI Chips Deal Worth More Than $100 Billion… The deal could result in Meta owning as much as 10% of AMD’s stock as the chip maker seeks to challenge Nvidia”
“Under Tuesday’s agreement, Meta will buy enough of AMD’s latest chips, known as the MI450 series, to power data centers using up to 6 gigawatts of computing power over the next five years. Each gigawatt of computing power means several tens of billions of dollars in revenue for AMD, the company said. Meta is expected to deploy the first gigawatt starting later this year. “
https://www.wsj.com/tech/ai/meta-and-amd-agree-to-ai-chips-deal-worth-more-than-100-billion-9c7fd06b
—
2/23/26 8:11 AM
US Futures are down from -46 to -63 bps. Europe Futures are mixed from -52 to +86 bps. Asia Futures are mixed with the Nikkei -49, Hang Seng +62, and CSI -169 (closed) bps respectively.
US Equities ended up from +47 to +90 bps. Europe Equities are trading mixed from -51 to +98 bps. Asia Equities ended up with the Nikkei -112 (closed), Hang Seng +253, and CSI -125 (closed) bps respectively.
Events. Chicago Fed National Activity Index and Factory Orders MoM today.
Earnings. Today D and EMA before the open. OKE, FANG, KEYS, BWXT, KTOS, and VNOM after the close. WDS and PAC time not provided. Tomorrow HD, BNS, AMT, KDP, and NRG before the open. MELI, EOG, O, and ALC after the close. CEG time not provided.
“Mexico Takes on Cartels as Killing of Drug Kingpin Sparks Violence… Nemesio ‘Mencho’ Oseguera killed in military raid, most significant operation yet as U.S. pressures government to crack down on drug trade”
“Oseguera’s gunmen responded to his death by burning cars and trucks and blocking roads in Guadalajara, Mexico’s second-largest city, as the government deployed security forces across western Mexico.”
“Tariffs Are a Wild Card for the Economy Again… The average tariff rate is likely to drop a bit, early analyses show. That could help consumers but slow efforts to pay down the national debt.”
“After the Supreme Court on Friday struck down a swath of Trump’s second-term tariffs, Trump quickly imposed a 15% global tariff on imports. Accounting for exemptions and other trade deals, the new tariff brings the average effective U.S. tariff rate just slightly lower than where it was before the ruling. The Yale Budget Lab estimates it is now at 13.7%, compared with 16% before the ruling.”
https://www.wsj.com/economy/trade/tariffs-are-a-wild-card-for-the-economy-again-898a0a30
—
2/20/26 8:26 AM
US Futures are down from -10 to -14 bps. Europe Futures are up from +12 to +95 bps. Asia Futures are lower with the Nikkei -39, Hang Seng -104, and CSI -169 bps respectively.
US Equities ended down from -28 to -54 bps. Europe Equities are up from +7 to +113 bps. Asia Equities ended lower with the Nikkei -112, Hang Seng -110, and CSI -125 bps respectively.
Events. Core PCE, GDP, PCE Price Index, and S&P Numbers all today.
Earnings. Today AU, PPL, LAMR, HBM, BCPC, TDS, and AD before the open. SBSW, TXNM, and PTGX time not provided. Monday D and EMA before the open. OKE, FANG, KEYS, BWXT, KTOS, and VNOM after the close. WDS and PAC time not provided.
“The U.S. Military Hardware Pouring Into the Middle East… A look at the warships, fighters and missiles massing at Iran’s doorstep”
“The U.S. military has deployed scores of combat aircraft across the Middle East and will soon have a second aircraft carrier within range of Iran if President Trump gives the order to strike. Over the past month, dozens of jet fighters and support aircraft have flown from the U.S. and Europe to bases in Jordan and Saudi Arabia, according to flight-tracking data.”
https://www.wsj.com/world/middle-east/iran-middle-east-us-military-7400d800
—
2/19/26 8:20 AM
US Futures are down from -21 to -35 bps. Europe Futures are down from -3 to -131 bps. Asia Futures are mixed with the Nikkei -99, Hang Seng +68, and CSI -169 (closed) bps respectively.
US Equities ended up from +26 to +78 bps. Europe Equities are down from -4 to -142 bps. Asia Equities ended mixed with the Nikkei +57, Hang Seng +52 (closed), and CSI -125 (closed) bps respectively.
Events. Fed Balance Sheet, Initial and Continuing Jobless Claims, Imports, Exports, Balance of Trade, and EIA Numbers all today.
Earnings. Today WMT, DE, SO, PWR, and TRGP before the open. NEM and FIX after the close. BABA, NU, and GFI time not provided. Tomorrow AU, PPL, LAMR, HBM, BCPC, TDS, and AD before the open. SBSW, TXNM, and PTGX time not provided.
“Former Prince Andrew Arrested Amid Epstein Probe… King Charles says royal family supports full investigation as his younger brother is detained on suspicion of misconduct in public office”
“Mountbatten-Windsor reached a settlement with one of Epstein’s victims, Virginia Giuffre, in 2022 over allegations the then-prince abused her on several occasions in the early 2000s when she was a teenager. Although the terms of the agreement weren’t disclosed, it was reported to be a multimillion-dollar settlement.”
https://www.wsj.com/world/uk/former-prince-andrew-arrested-over-epstein-probe-bbc-reports-7779cc1e
“Why the Federal Deficit Is Projected to Surge, in Five Charts… U.S. debt will be more than 100% of U.S. gross domestic product by later this year, CBO projects”
“Debt held by the public will balloon to more than $56 trillion by 2036 as annual deficits continue to mount, according to the latest projections from the Congressional Budget Office. By later this year, the federal debt held by the public is expected to surpass the size of the entire U.S. economy.”
https://www.wsj.com/economy/federal-budget-deficit-charts-16456cc0
—
2/18/26 7:59 AM
US Futures are up from +16 to +48 bps. Europe Futures are up from +22 to +103 bps. Asia Futures are mixed with the Nikkei +8, Hang Seng +68 (closed), and CSI -169 (closed) bps respectively.
US Equities ended up from +7 to +14 bps. Europe Equities are trading up from +25 to +117 bps. Asia Equities ended mixed with the Nikkei +102, Hang Seng +52 (closed), and CSI -125 (closed) bps respectively.
Events. MBA, Building, Housing, and Permit numbers all today.
Earnings. Today ADI and MCO before the open. BKNG, CRH, CVNA, DASH, and OXY after the close. HSBC, RIO, and VALE time not provided. Tomorrow WMT, DE, SO, PWR, and TRGP before the open. NEM and FIX after the close. BABA, NU, and GFI time not provided.
“Land Grab for Data Centers Is One More Obstacle to Much-Needed Housing… Resistance grows to more land sales in Northern Virginia; ‘They’d rather have homes than data’”
“The rapid growth of artificial intelligence and the surge in construction of the large data centers it requires are emerging as another potential contributor to America’s housing shortage. Landowners and developers are finding that selling parcels to data-center developers can be far more profitable than any other use of the land. Local zoning can make it easier and faster to build data centers than housing.”
https://www.wsj.com/real-estate/data-center-land-deals-housing-shortage-81ea6e09
—
2/17/26 8:10 AM
US Futures are down from -25 to -88 bps. Europe Futures are mixed from -36 to +55 bps. Asia Futures are mixed with the Nikkei -11, Hang Seng +68, and CSI -169 bps respectively.
US Equities ended Friday from -22 to +10 bps. Europe Equities are trading mixed from -33 to +53 bps. Asia Equities ended lower with the Nikkei -42, Hang Seng +52 (closed), and CSI -125 bps (closed) respectively.
Events. ADP Employment Change Weekly today.
Earnings. Today MDT, ET, CCEP, and VMC before the open. PANW, CDNS, RSG, and EQT after the close. CEG time not provided. Tomorrow ADI and MCO before the open. BKNG, CRH, CVNA, DASH, and OXY after the close. HSBC, RIO, and VALE time not provided.
“Goldman Sachs Plans to Scrap DEI Criteria for Its Board… Race, sexual orientation and other DEI factors will no longer be taken into account when the board’s governance committee identifies new potential directors”
“Goldman informed the NLPC that it plans to remove the DEI criteria, and an agreement was signed between the two parties that also includes the activist group withdrawing its proposal. Goldman’s board is expected to approve the new language this month, the people said.”
https://www.wsj.com/finance/goldman-sachs-board-dei-57fea527
—
2/16/26 7:56 AM
US Futures are up from +28 to +41 bps. Europe Futures are up from +7 to +36 bps. Asia Futures are mixed with the Nikkei -118, Hang Seng +68, and CSI -169 bps (closed) respectively.
US Equities ended mixed from -22 to +10 bps. Europe Equities are trading up from +10 to +111 bps. Asia Equities ended mixed with the Nikkei -24, Hang Seng +52, and CSI -125 bps (closed) respectively.
Events. Today Fed Bowman Speech.
Earnings. Today FRMI time not provided and SON after the close. Tomorrow MDT, ET, CCEP, and VMC before the open. PANW, CDNS, RSG, and EQT after the close. CEG time not provided.
“Companies Are Replacing CEOs in Record Numbers—and They’re Getting Younger… There hasn’t been such a big crop of new leaders running Corporate America in at least 15 years, and they have their hands full”
“About one CEO in nine was replaced last year across 1,500 of the biggest publicly traded companies, a new analysis finds. That is the highest rate since at least 2010, when the U.S. was emerging from the financial crisis.”
https://www.wsj.com/business/c-suite/new-ceo-replacements-age-young-5c503b88
—
2/13/26 7:55 AM
US Futures are down from -19 to -20 bps. Europe Futures are mixed from -171 to +18 bps. Asia Futures are mixed with the Nikkei +80, Hang Seng -106, and CSI +6 bps respectively.
US Equities ended lower from -134 to -203 bps. Europe Equities are trading mixed from -167 to +21 bps. Asia Equities ended lower with the Nikkei -121, Hang Seng -172, and CSI -125 bps respectively.
Events. Core Inflation Rate YoY and MoM today. Inflation rate and CPI as well.
Earnings. Today ENB, NWG, TRP, CCJ, MRNA, MGA, CIGI, ESNT, ATMU, and SXT before the open. Monday FRMI time not provided and SON after the close.
“Detroit Automakers Take $50 Billion Hit as EV Bubble Bursts… Companies are taking big losses and making moves to reduce electric-vehicle capacity amid regulatory changes and cooling demand”
“EV sales fell more than 30% in the fourth quarter, after a $7,500 federal tax credit that had juiced U.S. sales expired in September.”
“GM, which is forging ahead with much of its EV strategy, albeit at a smaller scale, didn’t have as much to cancel and write down. The company, for instance, still aims to build big EV trucks. Ford, meanwhile, is changing course.”
“Kim’s Young Daughter Looks More Likely to Be North Korea’s Next Leader… New assessment from South Korea’s spy agency adds to speculation Kim Jong Un might break tradition by naming a female successor”
“The young daughter of North Korean leader Kim Jong Un appears increasingly positioned to become the rogue nation’s next leader, Seoul’s spy agency said, though Pyongyang itself has stayed mum on succession plans.”
—
2/12/26 7:55 AM
US Futures are up from +27 to +35 bps. Europe Futures are mixed from -31 to +129 bps. Asia Futures are down with the Nikkei -79, Hang Seng -70, and CSI -17 bps respectively.
US Equities ended lower from 0 to -16 bps. Europe Equities are trading mixed from -105 to +131 bps. Asia Equities ended mixed with the Nikkei -2, Hang Seng -86, and CSI +12 bps respectively.
Events. Initial and Continuing Job Claim numbers today.
Earnings. Today BUD, BN, HWM, AEP, ZTS, and RELX before the open. AMAT, ANET, VRTX, AEM, and ABNB after the close. UL and BTI time not provided. Tomorrow ENB, NWG, TRP, CCJ, MRNA, MGA, CIGI, ESNT, ATMU, and SXT before the open.
“The Demand for Bonds Is Insatiable. Even Risky Borrowers Are Reaping the Benefits… Hard-to-shake optimism and a scarcity of long-dated debt have helped drive spreads to historic lows”
“Yes, the dollar has been falling, gold and silver have swung wildly, and the stock market is jittery with fears of inflated valuations and runaway artificial-intelligence spending. But debt investors are shrugging off policy uncertainty and geopolitical strains, happily gobbling up the bonds of such companies as Oracle and Alphabet, which issued a combined $45 billion of dollar-denominated bonds this month to help fund significant investments in AI infrastructure.”
“Alphabet sells rare 100-year bond to fund AI expansion as spending surges”
“The 100-year tranche raised 1 billion pounds and comes with a 6.125% interest rate.”
https://www.reuters.com/business/alphabet-sells-bonds-worth-20-billion-fund-ai-spending-2026-02-10/
—
2/11/26 8:14 AM
US Futures are up from +6 to +8 bps. Europe Futures are mixed from -33 to +51 bps. Asia Futures are mixed with the Nikkei +33, Hang Seng -46, and CSI +11 bps respectively.
US Equities ended mixed from -59 to +10 bps. Europe Equities are trading mixed from -86 to +77 bps. Asia Equities ended mixed with the Nikkei closed at +228, Hang Seng +31, and CSI -22 bps respectively.
Events. MBA Numbers, Participation Rate, Payroll Numbers, EIA Numbers, and Unemployment all today.
Earnings. Today MCD, TMUS, TTE, SHOP, NTES, and VRT before the open. CSCO, APP, and EQIX after the close. WMB time not provided. BUD, BN, HWM, AEP, ZTS, and RELX before the open. AMAT, ANET, VRTX, AEM, and ABNB after the close. UL and BTI time not provided.
“Kraft Heinz Pauses Plan to Split Into Two Companies… CEO Steve Cahillane says critical work is needed to return business to profitable growth”
“Under the breakup plan, one global company would focus on sauces, spreads and seasonings, while another would sell grocery staples in North America. The move aims to create businesses with more focus and less complexity, Kraft Heinz said, and deepens a reversal of the food industry’s yearslong strategy of pursuing deals to build scale.”
“How Fake Invoices Duped BlackRock Unit Into a $400 Million Loan… Wipeout of loan by BlackRock’s HPS to telecom entrepreneur points to risks for even the most sophisticated investors in the booming private-credit business”
“Days after the deal closed, an analyst at HPS’s Midtown Manhattan headquarters spotted a big problem. The company was the lead lender on a more-than $400 million credit agreement with a telecom entrepreneur, Bankim Brahmbhatt, accepting as collateral accounts receivable the executive’s firm had acquired from other businesses.”
“Reviewing those invoices, the analyst noticed that the email address domain on one didn’t match what was on the website of the company it was supposed to be from. HPS dug deeper, and found the same issue again and again. The lender scrambled to get answers from Brahmbhatt, but he had left for India and eventually stopped picking up the phone.”
https://www.wsj.com/finance/how-fake-invoices-duped-blackrock-unit-into-a-400-million-loan-888b7e06
—
2/10/26 7:56 AM
US Futures are mixed from -2 to +16 bps. Europe Futures are mixed from -11 to +28 bps. Asia Futures are mixed with the Nikkei +115, Hang Seng -16, and CSI +131 bps respectively.
US Equities ended higher from +4 to +90 bps. Europe Equities are trading mixed from -44 to +47 bps. Asia Equities ended Higher with the Nikkei +220, Hang Seng +58, and CSI +11 bps respectively.
Events. Employment Cost, Import Export, Retail Sales, Rednote, and Total Household debt all today.
Earnings. Today AZN, KO, SPGI, BP, CVS, DUK, MAR, SPOT, ECL, RACE, DDOG, XYL, and FISV before the open. GILD, WELL, HOOD, NET, F, EW, and AIG after the close. Tomorrow MCD, TMUS, TTE, SHOP, NTES, and VRT before the open. CSCO, APP, and EQIX after the close. WMB time not provided.
“Trump Threatens to Block Opening of New Bridge Between Detroit and Canada… Canada funded the Gordie Howe International Bridge, which is nearly complete”
“President Trump threatened on Monday to not allow the opening of a new bridge connecting Canada with Detroit, marking the latest source of political tension between the two countries.”
—
2/9/26 7:47 AM
US Futures are down from -8 to -30 bps. Europe Futures are mixed from -60 to +119 bps. Asia Futures are down with the Nikkei -19, Hang Seng -4, and CSI -30 bps respectively.
US Equities ended higher from +197 to +247 bps. Europe Equities are trading mixed from -24 to +120 bps. Asia Equities ended higher with the Nikkei +389, Hang Seng +176, and CSI +163 bps respectively.
Events. Consumer Inflation Expectations for JAN today.
Earnings. Today APO, BDX, IX, and L before the open. ACGL, CINF, ON, and PFG after the close. CRWV tine not provided. Tomorrow AZN, KO, SPGI, BP, CVS, DUK, MAR, SPOT, ECL, RACE, DDOG, XYL, and FISV before the open. GILD, WELL, HOOD, NET, F, EW, and AIG after the close.
“The Chinese Factory That Opened in the U.S. and Clobbered Its Rivals… President Trump has pressured trading partners for investment in U.S. manufacturing plants. What if local industries can’t compete?”
“Ohio’s governor, along with state and federal lawmakers, welcomed Fuyao when the Chinese glassmaking giant took over a closed General Motors factory a decade ago. The project, supported by Ohio taxpayers, was hailed as a step to reviving a battered Rust Belt region. Now, many feel duped.”
https://www.wsj.com/business/tariffs-china-trump-trade-4495c2a4
—
2/6/26 8:08 AM
US Futures are up from +51 to +63 bps. Europe Futures are mixed from -36 to +121 bps. Asia Futures are mixed with the Nikkei +270, Hang Seng +78, and CSI -35 bps respectively.
US Equities ended lower from -120 to -159 bps. Europe Equities are trading mixed from -37 to +86 bps. Asia Equities ended mixed with the Nikkei +81, Hang Seng -121, and CSI -57 bps respectively.
Events. Michigan Consumer Sentiment Prel, Inflation Expectations Prel, Consumer Expectations Prel, Current Prel, and Inflation Expectations Prel all today.
Earnings. Today PM, BIIB, AER, CG, CNC, NVT, ROIV, PAA, CBOE, AN, UA, and UAA before the open. Monday APO, BDX, IX, and L before the open. ACGL, CINF, ON, and PFG after the close. CRWV tine not provided.
“The Software Rout Is Spreading Pain to the Debt Markets… Tech sector has an outsize presence in loan portfolios, raising risk of contagion”
“Pressured by growing worries about the disruptive potential of new AI coding tools, shares of large software companies such as Salesforce and ServiceNow have been sliding for months. But now the prices of software-company bonds and loans are also dropping.”
—
2/5/26 8:16 AM
US Futures are down from -30 to -100 bps. Europe Futures are down from -36 to -101 bps. Asia Futures are mixed with the Nikkei -98, Hang Seng +59, and CSI +73 bps respectively.
US Equities ended mixed from -151 to +53 bps. Europe Equities are trading lower from -22 to -149 bps. Asia Equities ended mixed with the Nikkei -88, Hang Seng +14, and CSI -60 bps respectively.
Events. Initial and Continuing Jobless Claims, Fed Balance Sheet, and Challenger Job Cuts all today.
Earnings. Today SHEL, LIN, BBVA, SONY, COP, BMY, KKR, ICE, and CMI before the open. AMZN after the close. Tomorrow PM, BIIB, AER, CG, CNC, NVT, ROIV, PAA, CBOE, AN, UA, and UAA before the open.
“SpaceX Seeks Early Index Entry as It Prepares Massive IPO”
“SpaceX hopes to skirt traditional rules in an effort to bring liquidity to its shareholders sooner as part of its planned IPO. SpaceX advisers have sought index policy changes that would fast-track its entry into major indexes for the company and benefit other highly-valued private companies, the people said.”
“Last valued at $800 billion, SpaceX is targeting a valuation of more than $1 trillion, a listing that would become the largest-ever U.S. IPO.”
—
2/4/26 7:55 AM
US Futures are mixed from -11 to +22 bps. Europe Futures are mixed from -25 to +122 bps. Asia Futures are up with the Nikkei +120, Hang Seng +103, and CSI +107 bps respectively.
US Equities ended lower from -34 to -143 bps. Europe Equities are trading mixed from -28 to +125 bps. Asia Equities ended mixed with the Nikkei -78, Hang Seng +5, and CSI +83 bps respectively.
Events. MBA, ISM, PMI, and EIA Numbers all today.
Earnings. LLY, ABBV, NVS, NVO, SAN, UBER, UBS, BSX, GSK, CME, BAM, and EQNR before the open. GOOG, GOOGL, QCOM, ARM, MCK, and ORLY after the close. TM time not provided. Tomorrow SHEL, LIN, BBVA, SONY, COP, BMY, KKR, ICE, and CMI before the open. AMZN after the close.
“Stephen Miran, Temporary Fed Governor, Resigns From White House Role… Miran’s Fed seat is provisional after his term expired last month; Trump likely to fill vacancy with Fed Chair nominee Kevin Warsh”
“Federal Reserve governor Stephen Miran said he has resigned from his job as a top White House economic adviser, ending an unusual dual role he had held since he joined the central bank in September.”
—
2/3/26 7:28 AM
US Futures are mixed from -7 to +41 bps. Europe Futures are mixed from -46 to +66 bps. Asia Futures are mixed with the Nikkei +83, Hang Seng -73, and CSI -241 bps respectively.
US Equities ended higher from +54 to +105 bps. Europe Equities are trading mixed form -85 to +198 bps. Asia Equities ended higher with the Nikkei +392, Hang Seng +22, and CSI +118 bps respectively.
Events. LMI Logistics Managers Index today.
Earnings. Today MRK, PFE, ETN, and TDG before the open. AMD, AMGE, CB, and EMR after the close. MUFG and PEP time not provided. Tomorrow LLY, ABBV, NVS, NVO, SAN, UBER, UBS, BSX, GSK, CME, BAM, and EQNR before the open. GOOG, GOOGL, QCOM, ARM, MCK, and ORLY after the close. TM time not provided
“SpaceX, xAI Tie Up, Forming $1.25 Trillion Company… Merger puts Elon Musk’s rocket and artificial-intelligence companies under one roof”
“‘SpaceX has acquired xAI to form the most ambitious, vertically-integrated innovation engine on (and off) Earth,’ Musk, the top executive at both companies, said in the memo.”
“Last year, Musk merged xAI with X, which Musk acquired when it was called Twitter.”
https://www.wsj.com/tech/elon-musk-says-spacex-has-acquired-xai-038a4072
—
2/2/26 8:25 AM
US Futures are down from -13 to -70 bps. Europe Futures are up from +55 to +155 bps. Asia Futures are down with the Nikkei -41, Hang Seng -163, and CSI -101 bps respectively.
US Equities ended lower from -36 to -94 bps. Europe Equities are trading mixed from -13 to +126 bps. Asia Equities ended lower with the Nikkei -125, Hang Seng -223, and CSI -213 bps respectively.
Events. S&P Global Manufacturing PMI Final, ISM Manufacturing PMI, ISM Manufacturing Employment, ISM Manufacturing New Orders, and ISM Manufacturing Prices all today.
Earnings. Today DSI, IDXX, and TSN before the open. PLTR, SPG, NXPI, and TER after the close. Tomorrow MRK, PFE, ETN, and TDG before the open. AMD, AMGE, CB, and EMR after the close. MUFG and PEP time not provided.
“The Wild Markets Behind Polymarket’s ‘Truth Machine’... Shayne Coplan has built the crypto-based betting platform into a $9 billion company; Justice Department probe gets shelved”
“In the spring of 2024, the U.S. Attorney’s Office for the Southern District of New York opened a criminal probe into whether Polymarket was violating anti-money-laundering laws or acting as an unlicensed money transmitter by serving U.S. users without the needed licenses, according to people familiar with the investigation.”
“After Trump took office, the new administration dialed back enforcement actions against the crypto industry. Last April, Deputy Attorney General Todd Blanche instructed prosecutors to focus crypto cases on swindlers who hurt investors and on the financing of terrorism, drug trafficking and other forms of organized crime.”
https://www.wsj.com/finance/regulation/polymarket-prediction-markets-kalshi-dd4702d6
—
1/30/26 7:37 AM
US Futures down -30 to -48 bps. Europe Futures mixed form -3 to +117 bps. Asia Futures are mixed with the Nikkei +49, Hang Seng -105, and CSI +76 bps respectively.
US Equities ended mixed from -72 to +11 bps. Europe Equities are trading higher from +34 to +173 bps. Asia Equities ended lower with the Nikkei -10, Hang Seng -208, and CSI -100 bps respectively.
Events. PPI, Core PPI, and Chicago PMI all today.
Earnings. Today XOM, CVX, AXP, VZ, REGN, AON, CL, CNI, APD, IMO and SOFI before the open. Monday DSI, IDXX, and TSN before the open. PLTR, SPG, NXPI, and TER after the close.
“Trump Picks Kevin Warsh as Fed Chair… Trump’s pick to succeed Jerome Powell as Fed chair spent years positioning himself for the job”
“Warsh served on the Fed’s board of governors from 2006 to 2011, playing crucial behind-the-scenes roles in Washington’s rescue of Wall Street during the financial crisis. If confirmed by the Senate, he would succeed Jerome Powell, whose term as chair expires in mid-May.”
https://www.wsj.com/economy/central-banking/the-long-campaign-of-kevin-warsh-e5bd26d6
—
1/29/26 8:27 AM
US Futures are up from +9 to +20 bps. Europe Futures are mixed from -115 to +102 bps. Asia Futures are mixed with the Nikkei -58, Hang Seng +145, and CSI +14 bps respectively.
US Equities ended mixed from -1 to +17 bps. Europe Equities are trading mixed from -118 to +98 bps. Asia Equities ended up with the Nikkei +3, Hang Seng +51, and CSI +76 bps respectively.
Events. Balance of Trade, Imports, Exports, and Jobless Claims all today.
Earnings. Today MA, CAT, SAP, TMO, HON, LMT, PH, SNY, BX, MO, MRSH, TT, SHW, RCL, LHX, NSC, NDAQ, VLO, TAK, AMP, and NOK before the open. AAPL V, KLAC, SYK, WDC, DB, SNDK, and AJG earnings after the close. Tomorrow XOM, CVX, AXP, VZ, REGN, AON, CL, CNI, APD, IMO and SOFI before the open.
“What the Slide in the Dollar Means for Trade, Travel and Investment… Currency’s drop renews fears that U.S. position in markets is waning”
“That will be crucial in dictating the dollar’s road ahead. While economists have dialed up U.S. growth projections, stimulative economic policies in Japan, Germany and elsewhere have helped overseas stock markets in recent months outperform their counterparts stateside.”
—
1/28/26 8:44 AM
US Futures are mixed from -1 to +82 bps. Europe Futures are down from -54 to -143 bps. Asia Futures are up with the Nikkei +79, Hang Seng +173, and CSI +4 bps respectively.
US Equities ended mixed from -83 to +91 bps. Europe Equities are mixed from -138 to +76 bps. Asia Equities ended higher with the Nikkei +5, Hang Seng +258, and CSI +26 bps respectively.
Events. MBA Numbers, EIA Numbers, and Fed Decision today.
Earnings. Today ASML, APH, GEV, DHR, T, PGR, SBUX, ADP, GD, ELV, and GLW before the open. MSFT, META, TSLA, LRCX, IBM, NOW, and WM after the close. Tomorrow MA, CAT, SAP, TMO, HON, LMT, PH, SNY, BX, MO, MRSH, TT, SHW, RCL, LHX, NSC, NDAQ, VLO, TAK, AMP, and NOK before the open. AAPL V, KLAC, SYK, WDC, DB, SNDK, and AJG earnings after the close.
“Amazon to Lay Off Around 16,000 Corporate Employees… Job cuts affecting corporate employees are the tech giant’s latest round”
“The first round of cuts in October led to around 14,000 white-collar employees receiving pink slips. At the time, people familiar with Amazon’s plans said the company was targeting around 30,000 job cuts, around 10% of the corporate workforce.”
https://www.wsj.com/tech/amazon-to-lay-off-around-16-000-corporate-employees-932df0be
“Trump Has Four Finalists to Run the Fed. None of Them Are Exactly What He Wants.”
“Treasury Secretary Scott Bessent has been managing the search and, after ruling himself out of contention, has presented Trump with four finalists: Kevin Warsh, a former Fed governor; Christopher Waller, a current Fed governor whom Trump appointed to the board in 2020; Rick Rieder, a senior executive at BlackRock; and Kevin Hassett, the director of the White House National Economic Council.”
https://www.wsj.com/economy/central-banking/trump-federal-reserve-picks-68a01177
—
1/27/26 8:44 AM
US Futures are mixed from -54 to +62 bps. Europe Futures are mixed from -12 to +61 bps. Asia Futures are mixed with the Nikkei +59, Hang Seng +140, and CSI +28 bps respectively.
US Equities ended up from +43 to +64 bps. Europe Equities are trading mixed from -11 to +68 bps. Asia Equities ended mixed with the Nikkei +85, Hang Seng +135, and CSI -3 bps respectively.
Events. House Price Index NOV today. Fed Decision Tomorrow.
Earnings. Today UNH, RTX, BA, NEE, UNP, HCA, NOC, UPS, GM, ROP, and SYY before the open. TXN and STX after the close. Tomorrow ASML, APH, GEV, DHR, T, PGR, SBUX, ADP, GD, ELV, and GLW before the open. MSFT, META, TSLA, LRCX, IBM, NOW, and WM after the close.
“Risk of a Partial Government Shutdown This Weekend Is Rising. Here’s Why… Democrats want changes to Homeland Security bill after deadly Minneapolis shooting, but time is running out”
“the deadly shooting in Minneapolis of a 37-year-old man by a U.S. Border Patrol agent on Saturday prompted widespread protests and renewed scrutiny of the Trump administration’s immigration-enforcement tactics. In the wake of the shooting, Senate Democrats said they couldn’t back the DHS funding provisions without significant new restrictions and oversight written into the legislation.”
https://www.wsj.com/politics/policy/government-shutdown-partial-possibility-d198682b
—
1/26/26 8:08 AM
US Futures are down from -2 to -24 bps. Europe Futures are mixed from -19 to +41 bps. Asia Futures are down with the Nikkei -62, Hang Seng -18, and CSI -23 bps respectively.
US Equities ended mixed from -58 to +28 bps. Europe Equities are mixed from -36 to +50 bps. Asia Equities ended mixed with the Nikkei -179, Hang Seng +6, and CSI +10 bps respectively.
Events. Chicago Fed National Activity Index OCT and NOV today.
Earnings. Today RYAAY and STLD before the open. NUE, BRO, and WRB after the close. Tomorrow UNH, RTX, BA, NEE, UNP, HCA, NOC, UPS, GM, ROP, and SYY before the open. TXN and STX after the close.
“Trump Says Administration Is ‘Reviewing Everything’ About Minneapolis Shooting… In an interview, the president says immigration-enforcement officers will ‘at some point’ leave the area.”
—
1/23/26 8:08 AM
US Futures are down from -6 to -18 bps. Europe Futures are mixed from -72 to +11 bps. Asia Futures are down with the Nikkei -123, Hang Seng -61, and CSI -22 bps respectively.
US Equities ended up from +55 to +91 bps. Europe Equities are mixed from -76 to +14 bps. Asia Equities ended mixed with the Nikkei +29, Hang Seng +45, and CSI -45 bps respectively.
Events. S&P Global PMI Flash numbers today.
Earnings. Today SLB, ERIC, FCNCA, BAH, and WBS before the open. Monday RYAAY and STLD before the open. NUE, BRO, and WRB after the close.
“Elon Musk Is Diving Back Into U.S. Politics… Billionaire has mended rift with Trump and he is giving millions to Republicans again”
“The world’s richest man has already donated $10 million to a Republican Senate candidate this year, and his icy relationship with President Trump has thawed.”
“For 2026, Musk is focused on converting Trump voters, some of whom have only shown up to vote for Trump in the presidential election, into midterm and down-ballot voters, according to some of the people.”
https://www.wsj.com/politics/elections/elon-musk-2026-midterms-1890c056
“Natural-Gas Prices Soar as U.S. Braces for Arctic Blast… A big concern is Texas, where cold temperatures threaten to ice oil-and-gas fields and wreak havoc on the power grid”
“Natural-gas prices have jumped 63% this week in response to forecasts calling for some of the coldest, snowiest weather in years to freeze the country from the West Texas desert to the Great Lakes.”
https://www.wsj.com/us-news/natural-gas-prices-arctic-blast-6542d0a8
—
1/22/26 8:11 AM
US Futures are up from +29 to +84 bps. Europe Futures are mixed from -40 to +121 bps. Asia Futures are up with the Nikkei +146, Hang Seng +38, and CSI +48 bps respectively.
US Equities ended higher from +116 to +121 bps. Europe Equities are trading high from +34 to +125 bps. Asia Equities ended higher with the Nikkei +173, Hang Seng +17, and CSI +1 bps respectively.
Events. GDP Numbers, PCE Numbers, Personal Income and Spending Numbers, and Jobless Numbers all today.
Earnings. Today PG, GE, and ABT before the open. INTC, ISRG, and COF after the close. Tomorrow SLB, ERIC, FCNCA, BAH, and WBS before the open.
“Alarm Over Trump’s Greenland Threat Gives Way to Uncertainty Around Future Deal… There was little clarity about what would happen next after the president made an abrupt U-turn in his push to take control of the island”
“Trump called the framework ‘really fantastic’ but offered few details. Negotiations that will follow are expected to include a potential U.S. agreement with Denmark about stationing forces at bases in Greenland and giving America right of first refusal over investments in the island’s mineral resources, according to European officials.”
“The U.S. is due to officially exit the World Health Organization on Thursday, in the face of warnings it will hit both U.S. health and global health and also in violation of a U.S. law that requires Washington to pay the U.N. health agency $260 million in fees that it owes.”
“The U.S. withdrawal from WHO could weaken the systems and collaborations the world relies on to detect, prevent, and respond to health threats”
—
1/21/26 7:52 AM
US Futures are down from -11 to -27 bps. Europe Futures are down from -16 to -114 bps. Asia Futures are mixed with the Nikkei +66, Hang Seng +65, and CSI -50 bps respectively.
US Equities ended lower from -176 to -239 bps. Europe Equities are trading lower from -30 to –130 bps. Asia Equities ended mixed with the Nikkei -41, Hang Seng +37, and CSI +9 bps respectively.
Events. MBA 30-Year Mortgage Rate today. Trump Speech and Redbook as well.
Today JNJ, SCHW, and PLD before the open. Tomorrow PG, GE, and ABT before the open. INTC, ISRG, and COF after the close.
“Trump Seeks ‘Decisive’ Options for Iran as Assets Move Into Middle East… U.S. jet fighters have arrived in the region, and an aircraft carrier is on its way”
“Trump has yet to order strikes on Iran, and what he ultimately will decide remains unclear, officials say. But the continued discussions show Trump hasn’t ruled out punishing Tehran for killing protesters in the midst of Iran’s spiraling economy.”
https://www.wsj.com/world/middle-east/trump-iran-military-options-b49429c4
—
1/20/26 8:12 AM
US Futures are down from -117 to -159 bps. Europe Futures are trading down from -34 to -131 bps. Asia Futures are mixed with the Nikkei -238, Hang Seng -76, and CSI +17 bps respectively.
US Equities ended lower from -6 to -17 bps. Europe Equities are trading lower from -76 to -141 bps. Asia Equities ended lower with the Nikkei -111, Hang Seng -29, and CSI -33 bps respectively.
Events. ADP Employment Change Weekly today.
Earnings. MMM, USB, FAST, and DHI earnings before the open. NFLX after the close. Tomorrow JNJ, SCHW, and PLD before the open.
“Trump Doubles Down on Greenland Ahead of Davos Arrival… The president fired off a series of posts in which he stressed his desire to take over the territory”
https://www.wsj.com/livecoverage/greenland-trump-tariffs-trade-eu
“Warner Strikes New All-Cash Deal With Netflix… The media company also released financial details on its soon-to-be spun-off cable networks”
“Tuesday they struck a new all-cash deal for Netflix to buy Warner’s studios and HBO Max streaming business. Warner also released financial details on the cable-networks business it plans to spin off.”
https://www.wsj.com/business/media/warner-strikes-new-all-cash-deal-with-netflix-85e29099
“Supreme Court Will Decide if Fed Independence Has Any Legal Teeth… Wednesday’s arguments in the Lisa Cook case come amid a broader Trump campaign to bend the central bank to presidential will”
“It will test whether the court’s conservative majority, which has spent years eroding the independence of regulatory agencies, is willing to make an exception for the institution that controls interest rates, inflation and the stability of the global financial system.”
https://www.wsj.com/economy/central-banking/jerome-powell-federal-reserve-supreme-court-de15b2d1
—
1/15/26 7:54 AM
US Futures are up from +2 to +52 bps. Europe Futures are mixed from -74 to +3 bps. Asia Futures are mixed with the Nikkei -28, Hang Seng -120, and CSI +12 bps respectively.
US Equities ended up from +25 to +60 bps. Europe Equities are down from -6 to -75 bps. Asia Equities ended lower with the Nikkei -32, Hang Seng -29, and CSI -41 bps respectively.
Events. Today Capacity Utilization For December.
Earnings. Today PNC, STT, MTB, WIT, and RF before the open. Monday no major earnings.
“Powell Investigation Upends Final Stretch of Fed Chair Contest… Backlash to Justice Department probe highlights how Trump’s and senators’ goals are in conflict”
“The episode is creating new obstacles on Capitol Hill and raising hard questions about whether any nominee can be seen as independent—tension that was always present but is now much harder to ignore. Trump has made clear he prizes loyalty in his pick, but the Justice Department probe—which Powell said was part of a pressure campaign to get the Fed to lower interest rates—threatens to make that quality a liability.”
https://www.wsj.com/economy/central-banking/trump-fed-chair-nominee-search-powell-bb5dba1d
—
1/14/26 8:08 AM
US Futures are down from -27 to -51 bps. Europe Futures are mixed from -31 to +78 bps. Asia Futures are mixed with the Nikkei +34, Hang Seng -21, and CSI -53 bps respectively.
US Equities ended lower from -10 to -80 bps. Europe Equities are trading mixed from -28 to +74 bps. Asia Equities ended mixed with the Nikkei +148, Hang Seng +56, and CSI -40 bps respectively.
Events. MBA Mortgage Numbers, PPI, Core PPI, EIA, and Home Sales Numbers all today.
Earnings. Today BAC, WFC, C, and UCB before the open. HOMB, and FUL after the close. Tomorrow TSM time not provided. MS, GS, and BLK before the open.
“Japan’s New Prime Minister Set to Call Snap Election… Sanae Takaichi hopes to boost power just months after taking office”
“Takaichi plans to dissolve parliament on or after Jan. 23 and a vote will be held in early February, Hirofumi Yoshimura, co-leader of the Japan Innovation Party, the junior partner in Takaichi’s ruling coalition, said at a brief press conference on Wednesday.”
https://www.wsj.com/world/asia/japanese-prime-minister-set-to-call-snap-election-c7f25c32
—
1/13/26 8:12 AM
US Futures are down from -13 to -22 bps. Europe Futures are mixed from -44 to +21 bps. Asia Futures are mixed with the Nikkei -57, Hang Seng -53, and CSI +74 bps respectively.
US Equities ended up from +16 to +26 bps. Europe Equities are trading mixed from -48 to +31 bps. Asia Equities ended mixed with the Nikkei +310, Hang Seng +90, and CSI -60 bps respectively.
Events. Core Inflation Rate, CPI, and New Home Sales all today.
Earnings. Today JPM, BK, DAL, and CNXC before the open. Tomorrow BAC, WFC, C, and UCB before the open. HOMB, and FUL after the close.
“America’s Biggest Power Grid Operator Has an AI Problem—Too Many Data Centers”
“Rates are going up for consumers. Older power plants are going out of service faster than new ones can be built. And the grid’s capacity is in danger of maxing out during periods of high demand, which could force PJM to call for rolling blackouts during heat waves or deep freezes to avoid damaging grid infrastructure.”
http://wsj.com/business/energy-oil/power-grid-ai-data-centers-1235f296?mod=hp_lead_pos7
—
1/12/26 7:55 AM
US Futures are down from -57 to -78 bps. Europe Futures are mixed from -9 to +53 bps. Asia Futures are up with the Nikkei +62, Hang Seng +78, and CSI +52 bps respectively.
US Equities ended higher from +48 to +81 bps. Europe Equities are trading mixed from -11 to +59 bps. Asia Equities ended mixed with the Nikkei +161 (closed), Hang Seng +144, and CSI +65 bps respectively.
Events. Quarterly Grain Stock Numbers Today.
Earnings. SIFY before the open Monday. Tomorrow JPM, BK, DAL, and CNXC before the open.
“U.S. Prosecutors Are Investigating Fed Chair Jerome Powell… Criminal probe looks at his testimony to Congress over central-bank renovations”
“U.S. prosecutors are investigating Federal Reserve Chair Jerome Powell over his testimony last summer about the central bank’s building-renovation project, according to government officials with knowledge of the matter.”
“What 10% Credit-Card Rate Cap Would Mean for Your Wallet… Trump’s call for cap promises to save Americans billions in interest but also can lead to tightened access to credit”
“In a move aimed at easing economic pressures on American households, President Trump is calling for a temporary 10% cap on credit-card interest rates.”
—
1/9/26 9:10 AM
US Futures are up from +30 to +33 bps. Europe Futures are mixed from -19 to +121 bps. Asia Futures are mixed with the Nikkei +125, Hang Seng +2, and CSI -80 bps respectively.
US Equities ended mixed from -44 to +55 bps. Europe Equities are trading mixed from -20 to +174 bps. Asia Equities ended higher with the Nikkei +161, Hang Seng +32, and CSI +45 bps respectively.
Events. US Housing Numbers, and Payroll Numbers Today.
Earnings. None Today. SIFY before the open Monday.
“Iran’s Supreme Leader Says He Won’t Bow Down to Protests or Trump… More protests loom Friday, a day after the largest demonstrations in years rocked Tehran”
“Iranian Supreme Leader Ali Khamenei said Friday the Islamic Republic won’t back down in the face of fast-growing protests and threats from President Trump to intervene.”
—
1/8/26 9:07 AM
US Futures are lower from -18 to -37 bps. Europe Futures are mixed from -50 to +14 bps. Asia Futures are mixed with the Nikkei -98, Hang Seng -78, and CSI -30 bps respectively.
US Equities ended mixed from -94 to +16 bps. Europe Equities are trading mixed from -121 to +3 bps. Asia Equities ended lower with the Nikkei -163, Hang Seng -117, and CSI -82 bps respectively.
Events. US Imports, Exports, Balance of Trade, Initial and Continuing Jobless Claims, and Nonfarm Productivity all today.
Earnings. Today RM, SNX, AYI, CMC, and SMPL before the open. WDFC after the close. Tomorrow none above $250m Market Cap.
“Trump threatens to ban Wall Street investments in single-family homes”
“‘For a very long time, buying and owning a home was considered the pinnacle of the American Dream," Trump wrote, adding that inflation had put that dream out of reach for many Americans. ‘People live in homes, not corporations,’ said Trump, who is under growing pressure to address voter anxiety over the cost of living ahead of this year's congressional midterm elections.”
—
1/7/26 8:40 AM
US Futures are mixed from -21 to +8 bps. Europe Futures are mixed from -54 to +64 bps. Asia Futures are mixed with the Nikkei -17, Hang Seng -106, and CSI +148 bps respectively.
US Equities ended higher from +62 to +99 bps. Europe Equities are trading mixed from -81 to +65 bps. Asia Equities ended lower with the Nikkei -106, Hang Seng -4, and CSI -29 bps respectively.
Events. MBA Mortgage Numbers, MBA Purchase Numbers, MBA Refinance Numbers, ADP Employment Change, ISM Services PMI, ISM Service Numbers, and EIA Oil Numbers today.
Earnings. TodayACI, MSM, and CALM before the open. STZ, JEF, APLD, PSMT after the close. Tomorrow RM, SNX, AYI, CMC, and SMPL before the open. WDFC after the close.
“Warner Discovery Rejects Paramount’s Amended Hostile Bid… Warner tells shareholders to back existing deal with Netflix, says Paramount deal not ‘even comparable’”
“Warner’s board unanimously decided Paramount’s latest offer ‘remains inadequate particularly given the insufficient value it would provide.’ The board also cited uncertainty in Paramount’s ability to close the deal and the potential risks to shareholders if the proposed transaction fails.”
https://www.wsj.com/business/media/warner-discovery-rejects-paramounts-amended-hostile-bid-72ea199c
“Venezuela to Give U.S. Up to 50 Million Barrels of Oil, Trump Says… Figure would represent a significant amount of all the oil the country produces annually”
“In a post on Truth Social, Trump said that he has directed Energy Secretary Chris Wright to carry out his plan for the oil to be taken by storage ships and transported to the U.S.”
—
1/6/26 9:02 AM
US Futures are mixed from -6 to +17 bps. Europe Futures are mixed from -3 to +112 bps. Asia Futures are mixed with the Nikkei -32, Hang Seng +66, and CSI +210 bps respectively.
US Equities ended higher from +64 to +123 bps. Europe Equities are trading mixed from -1 to +110 bps. Asia Equities ended higher with the Nikkei +132, Hang Seng +138, and CSI +155 bps respectively.
Events. LMI Logistics Managers Index for Dec and Redbook YoY today.
Earnings. Today AIR after the close. Tomorrow ACI, MSM, and CALM before the open. STZ, JEF, APLD, PSMT after the close.
“Trump’s Hint to Oil Executives Weeks Before Maduro Ouster: ‘Get Ready’ U.S. president now wants oil companies to grow Venezuela’s production”
“Although Trump gave the executives a hint, he didn’t provide them with specific details of the strikes on Venezuela’s capital, Caracas, that unfolded early Saturday, according to people familiar with the matter. Nor did he seek their advice on a plan unveiled the same day to have U.S. energy companies revitalize Venezuela’s dilapidated oil fields with multibillion-dollar investments.”
https://www.wsj.com/business/energy-oil/venezuela-chevron-trump-strikes-maduro-195eb6e3
“Nvidia Unveils Faster AI Chips Sooner Than Expected… CEO Jensen Huang says more powerful chips will enable training of models in simulated environments”
“Chief Executive Jensen Huang unveiled the company’s newest AI server systems, known as Vera Rubin, which go on sale in the second half of this year.”
https://www.wsj.com/tech/ai/nvidia-unveils-faster-ai-chips-sooner-than-expected-626154a5
—
1/5/26 9:17 AM
US Futures are up from +15 to +86 bps. Europe Futures are mixed from -93 to +112 bps. Asia Futures are mixed with the Nikkei +185, Hang Seng -51, and CSI -65 bps respectively.
US Equities ended mixed from -3 to +66 bps. Europe Equities are trading mixed from -76 to +124 bps. Asia Equities ended higher with the Nikkei +297, Hang Seng +3, and CSI +190 bps respectively.
Events. ISM Manufacturing Numbers today.
Earnings. Today BNED time not provided. Tomorrow AIR after the close.
“Stock Market Today: Chevron and Other Energy Stocks Jump After U.S. Captures Venezuela's Maduro”
“Chevron, the sole remaining U.S. oil major in Venezuela, jumped more than 6% premarket. Other big gainers included ConocoPhillips and Exxon Mobil, which pulled out of Venezuela nearly 20 years ago after Maduro's predecessor nationalized their assets. Oilfield-services stocks such as SLB and Baker Hughes also rose.”
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-01-05-2026
—
1/2/26 9:16 AM
US Futures are up from +28 to +90 bps. Europe Futures are up from +21 to +80 bps. Asia Futures are mixed with the Nikkei +122, Hang Seng +303, and CSI -65 bps respectively.
US Equities ended lower from -63 to -76 bps. Europe Equities are trading higher from +20 to +166 bps. Asia Equities ended mixed with the Nikkei -37, Hang Seng +276, and CSI -46 bps respectively.
Events. S&P Global Manufacturing and FED Balance Sheet today.
Earnings. No Earnings today. Monday BNED time not provided.
“Trump threatens Iran over protest crackdown as deadly unrest flares”
“U.S. President Donald Trump threatened on Friday to come to the aid of protesters in Iran if security forces fire on them, days into unrest that has left several dead and posed the biggest internal threat to Iranian authorities in years.”
“Mayor Zohran Mamdani unveils new orders to tackle NYC housing crisis on Day 1”
“Newly sworn-in Mayor Zohran Mamdani made his first major policy announcement moments after his grand inauguration ceremony, detailing three new housing executive orders he was putting forward to protect tenants and fast-track housing across New York City.”
https://www.nbcnewyork.com/new-york-city/zohran-mamdani-housing-executive-orders/6437886/
—
12/31/25 9:22 AM
US Futures are up from +1 to +14 bps. Europe Futures are mixed from -58 to +116 bps. Asia Futures are mixed with the Nikkei -12, Hang Seng -102, and CSI +39 bps respectively.
US Equities ended lower from -14 to -24 bps. Europe Equities are trading mixed from -23 to +114 bps. Asia Equities ended lower with the Nikkei -37, Hang Seng -87, and CSI -46 bps respectively.
Events. Initial and Continuing Jobless Claims, EIA Numbers, and Mortgage Rates today.
Earnings. Today JBS time not provided. Tomorrow AXIA time not provided.
“Bankers Are Gearing Up for Another Onslaught of Monster Deals in 2026… Firms anticipate more spinoffs, crypto M&A and participation from sovereign-wealth funds”
“There were a record 68 transactions valued at $10 billion or more announced globally this year, according to data from LSEG going back to 1980. That drove the average annual deal size to a new high of nearly $227 million.”
“Exclusive: Nvidia sounds out TSMC on new H200 chip order as China demand jumps, sources say”
“Chinese technology companies have placed orders for more than 2 million H200 chips for 2026, while Nvidia currently holds just 700,000 units in stock, two of the people said.”
—
12/30/25 9:11 AM
US Futures are down from -3 to -16 bps. Europe Futures are up from +35 to +299 bps. Asia Futures are mixed with the Nikkei +53, Hang Seng +114, and CSI -51 bps respectively.
US Equities ended lower from -35 to -50 bps. Europe Equities are trading higher from +33 to +122 bps. Asia Equities ended mixed with the Nikkei -37, Hang Seng +86, and CSI +26 bps respectively.
Events. Redbook and US House Price Index Numbers today.
Earnings. Today BHP time not provided. Tomorrow JBS time not provided.
“After a Year of Blistering Growth, AI Chip Makers Get Ready for Bigger 2026… Nvidia leads the pack, but faces increasing competition and supply-chain challenges”
“Last week, Nvidia signed a $20 billion licensing deal with the chip startup Groq, which designs chips and software that help accelerate AI inference, the process whereby trained AI models serve up answers to prompts.”
“Meta Buys AI Startup Manus for More Than $2 Billion…The deal is one of the first in which a major U.S. tech company has bought a startup with Chinese roots”
“The acquisition is among the highest-profile examples of a major U.S. tech company buying an artificial-intelligence product developed in Asia’s AI and startup ecosystem.”
https://www.wsj.com/tech/ai/meta-buys-ai-startup-manus-adding-millions-of-paying-users-f1dc7ef8
—
12/29/25 9:06 AM
US Futures are down from -12 to -49 bps. Europe Futures are mixed from -17 to +160 bps. Asia Futures are mixed with the Nikkei -64, Hang Seng -96, and CSI +38 bps respectively.
US Equities ended lower from -3 to -9 bps. Europe Equities are trading mixed from -11 to +56 bps. Asia Equities ended lower with the Nikkei -44, Hang Seng -71, and CSI -38 bps respectively.
Events. Home sales MoM and YoY and EIA Numbers Today.
Earnings. Today LU, DJCO, and BNED time not provided. Tomorrow BHP time not provided.
“Justice Department Using Fraud Law to Target Companies on DEI… Google and Verizon are among firms being investigated under novel interpretation of law applying to government contractors”
“Alphabet’s Google and Verizon Communications are among a list of companies that have received Justice Department demands for documents and information about their workplace programs, according to people familiar with the investigations.”
https://www.wsj.com/politics/policy/trump-doj-dei-fraud-investigations-93213d52
“Lululemon Founder Chip Wilson Launches Proxy Fight to Change Board”
“founder Chip Wilson is launching a proxy fight at the athletic-apparel retailer in an effort to remake the company’s board while Lululemon searches for a new chief executive… Wilson said Monday that he has nominated three director candidates to the company’s board, confirming an earlier report by The Wall Street Journal.”
https://www.wsj.com/business/lululemon-activist-investor-campaign-70c61e8e
—
12/26/25 9:08 AM
US Futures are mixed from -10 to +6 bps. Europe Futures are mixed from -27 to +50 bps. Asia Futures are up with the Nikkei +29, Hang Seng +6, and CSI +37 bps respectively.
US Equities ended up from +22 to +60 bps. Europe Equities are trading mixed from -19 to +60 bps. Asia Equities ended higher with the Nikkei +68, Hang Seng +17, and CSI +32 bps respectively.
Events. Baker Hughes Oil Rig Numbers today.
Earnings. Today SVRN time not provided. Monday LU, DJCO, and BNED time not provided.
“China Sanctions Boeing, Other U.S. Companies Over Taiwan Arms Sale… Beijing responds to Trump administration’s approval of large weapons package for Taipei with restrictions on firms and executives”
“The Chinese government “sanctions on 20 U.S. defense companies and 10 of their executives on Friday in retaliation for the Trump administration’s approval of a large package of weapons for sale to Taiwan.”
“America’s Biggest Oil Field Is Turning Into a Pressure Cooker… Drillers’ injection of wastewater is creating mayhem across the Permian Basin, raising concern about the future of fossil-fuel production there”
“Producers in the Permian Basin of West Texas and New Mexico extract roughly half of the U.S.’s crude. They also produce copious amounts of toxic, salty water, which they pump back into the ground. Now, some of the reservoirs that collect the fluids are overflowing—and the producers keep injecting more.”
—
12/24/25 8:48 AM
US Futures mixed from -2 to +1 bps. Europe Futures are mixed from -27 to +50 bps. Asia Futures are mixed with the Nikkei -44, Hang Seng +6, and CSI +13 bps respectively.
US Equities ended higher from +16 to +57 bps. Europe Equities are trading mixed from -19 to +68 bps. Asia Equities ended mixed with the Nikkei -14, Hang Seng +17, and CSI +29 bps respectively.
Events. MBA Mortgage Numbers, Initial, and Continuing Jobless Claims all today.
Earnings. Today JBS time not provided. Tomorrow AXIA time not provided.
“Whoever Trump Picks, the Next Fed Chair Won’t Be Independent… President’s social-media post shows worries about Hassett miss the point. Trump’s conditions compromise all the candidates.”
“And yet this Fed transition is unique in that the president wants a Fed chair who doesn’t fit traditional notions of ‘independent.’ He wants someone to support his overall economic agenda, which means lowering interest rates, a lot.”
“Bitcoin Miners Thrive Off a New Side Hustle: Retooling Their Data Centers for AI… The pivot to AI has lifted a bitcoin-mining ETF by around 90% this year, even as bitcoin itself has slumped.”
“That’s because these firms have something in common with the hottest investment theme on the planet: the massive, electricity-hungry data centers expected to power the artificial-intelligence boom. Some companies are figuring out how to remake themselves as vital suppliers to Alphabet, Amazon, Meta, Microsoft and other ‘hyperscalers’ bent on AI dominance.”
—
12/23/25 8:48 AM
US Futures are lower from -6 to -10 bps. Europe Futures are mixed from -60 to +145 bps. Asia Futures are mixed with the Nikkei +45, Hang Seng -60, and CSI +91 bps respectively.
US Equities ended higher from +47 to +64 bps. Europe Equities are trading mixed from -35 to +69 bps. Asia Equities ended mixed with the Nikkei +2, Hang Seng -11, and CSI +20 bps respectively.
Events. ADP Employment Change Weekly, Durable Goods Orders, GDP Growth Rate QoQ 2nd Est, GDP Price Index, Core PCE, PCE, Non Defense Goods Orders, Real Consumer Spending, and Redbook all today.
Earnings. Today BHP and KEP time not provided. Tomorrow JBS time not provided.
“U.S. Economy Posts Robust Growth in the Third Quarter… A long-delayed government report shows GDP grew at an annual 4.3% rate”
“The jobs market has weakened, with unemployment rising in November to 4.6%, the highest level in more than four years.”
https://www.wsj.com/economy/us-gdp-q3-2025-2026-6cbd079e
“Pill Version of Wegovy Is Approved for Use in the U.S… Novo Nordisk’s tablet is the first GLP-1 drug that can be swallowed for weight loss”
“Novo Nordisk said Monday it plans to start selling the new pill in the U.S. in early January, with a cash price of $149 a month for the starting dose.”
https://www.wsj.com/health/pharma/fda-approves-glp1-weight-loss-pill-6d6a6f2d
—
12/22/25 8:59 AM
US Futures are up from +4 to +67 bps. Europe Futures are down from -1 to -52 bps. Asia Futures are mixed with the Nikkei -8, Hang Seng +4, and CSI +30 bps respectively.
US Equities ended up from +38 to +131 bps. Europe Equities are trading lower from -17 to -57 bps. Asia Equities ended higher with the Nikkei +181, Hang Seng +43, and CSI +95 bps respectively.
Events. Today Chicago Fed National Activity Index.
Earnings. Today LU time not provided. Tomorrow BHP and KEP time not provided.
“Larry Ellison Provides Personal Guarantee for Paramount’s Bid for Warner… Warner earlier recommended that shareholders reject Paramount’s $30-per-share bid for all of the company”
“Paramount amended its offer for Warner Bros. Discovery with billionaire Larry Ellison agreeing to personally guarantee $40.4 billion of equity financing for the deal and publish records related to the family trust that backstops the deal.”
—
12/19/25 9:09 AM
US Futures are mixed from -2 to +26 bps. Europe Futures are mixed from -27 to +139 bps. Asia Futures are mixed with the Nikkei +148, Hang Seng +23, and CSI -102 bps respectively.
US Equities ended higher from +14 to +138 bps. Europe Equities are trading mixed from -21 to +45 bps. Asia Equities ended higher with the Nikkei +103, Hang Seng +75, and CSI +34 bps respectively.
Events. US Home Sales, Michigan Consumer Sentiment, and Inflation Expectations all today.
Earnings. Today PAYX, CCL, CUK, CAG, LW, and WGO before the open. Tomorrow LU time not provided.
“EU Commits to a $105 Billion Loan to Ukraine—but Without Russian Assets… The bloc is divided about how to confront Russia over its war in Ukraine.”
“European leaders committed to lend Ukraine 90 billion euros, or around $105 billion, to help the country keep fighting Moscow’s invasion but failed to agree on a plan to use frozen Russian assets for the loan.”
“Jobs Could Soon Replace Prices as Focus of Anxiety… Inflation has been top-of-mind for years. That could change.”
“The inflation report was part of a deluge of data released this week, with a delay caused by the federal government shutdown. It also showed unemployment rising, to a four-year high of 4.6% in November, and earnings growth slowing.”
https://www.wsj.com/economy/jobs-could-soon-replace-prices-as-focus-of-anxiety-3ca2416a
—
12/18/25 8:51 AM
US Futures are up from +41 to +113 bps. Europe Futures are mixed from -15 to +100 bps. Asia Futures are up with the Nikkei +97, Hang Seng +128, and CSI +198 bps respectively.
US Equities ended lower from -47 to -181 bps. Europe Equities are trading mixed from -23 to +97 bps. Asia Equities ended mixed with the Nikkei -103, Hang Seng +12, and CSI -59 bps respectively.
Events. Core Inflation Rate, CPI, and Initial and Continuing Jobless Claims are all today.
Earnings. Today ACN, CTAS, and DRI before the open. NKE, FDX, and HEI after the close. Tomorrow PAYX, CCL, CUK, CAG, LW, and WGO before the open.
“Inflation Hit 2.7% in November, Less Than Expected… Consumer inflation prices cooled from 3% in September”
https://www.wsj.com/economy/consumers/consumer-price-index-inflation-november-2025-b0440253
“Warner Demands Larry Ellison’s Personal Guarantee in Paramount Bid… In rejecting hostile takeover bid, Warner questions Ellison family trust and commitment to $77.9 billion deal”
“Warner said it had lingering concerns about the financing, including the use of an Ellison family trust to backstop the deal. The company wants Larry Ellison to give a stronger personal guarantee that he, not an opaque trust, is fully committed to the $77.9 billion bid.”
https://www.wsj.com/business/media/warner-bros-paramount-larry-ellison-bid-7f942087
—
12/17/25 9:05 AM
US Futures are up from +18 to +20 bps. Europe Futures are mixed from -41 to +133 bps. Asia Futures are mixed with the Nikkei -21, Hang Seng +123, and CSI -127 bps respectively.
US Equities ended mixed from -62 to +23 bps. Europe Equities are trading mixed from -34 to +159 bps. Asia Equities ended higher with the Nikkei +26, Hang Seng +92, and CSI +182 bps respectively.
Events. MBA Mortgage Numbers and EIA Oil Numbers today.
Earnings. Today MU after the close. Tomorrow ACN, CTAS, and DRI before the open. NKE, FDX, and HEI after the close.
“Warner Rejects Paramount’s Hostile Bid, Saying Netflix Deal Still Superior… Warner raises concerns about credibility of Paramount’s ‘illusory’ offer and its backing from Ellison family”
“Nasdaq moves to make trading nearly 24 hours. Why some on Wall Street say that’s a bad idea”
“The exchange said it plans to submit paperwork to the Securities and Exchange Commission to allow U.S.-listed equities and exchange-traded products to trade nearly 24 hours a day, five days a week. If approved, the new schedule would launch in the second half of 2026.”
https://www.cnbc.com/2025/12/16/nasdaq-moves-to-near-24-hour-trading-some-say-thats-a-bad-idea.html
—
12/16/25 8:55 AM
US Futures are mixed from -18 to +1 bps. Europe Futures are mixed from -52 to +98 bps. Asia Futures are down with the Nikkei -86, Hang Seng -116, and CSI -49 bps respectively.
US Equities ended lower from -9 to -59 bps. Europe Equities are mixed from -67 to -49 bps. Asia Equities ended lower with the Nikkei -156, Hang Seng -154, and CSI -120 bps respectively.
Events. Nonfarm Payrolls, Retail Sales, Unemployment Rate, Hourly Earnings MoM and YoY, and Government Payrolls today.
Earnings. Today BHP time not provided. Tomorrow MU after the close.
“Delayed Data Shows November Job Gains in November, But Unemployment Rate Rises to 4.6%... The U.S. economy gained 64,000 jobs in November, but lost 105,000 jobs in October”
“A long-delayed government report on Tuesday showed that 64,000 jobs were gained in November, while 105,000 jobs were lost in October.”
https://www.wsj.com/economy/jobs/jobs-report-october-november-2025-unemployment-economy-7f6eea90
“CoreWeave’s Staggering Fall From Market Grace Highlights AI Bubble Fears… The data-center provider’s terrible six-week slide picked up speed when a famous short seller piled concerns on top of delays”
“The share-price plunge of 46% comes as investors worry about a possible AI bubble, the fallout from a failed merger and public criticism from high-profile short seller Jim Chanos, known for predicting the collapse of Enron.”
https://www.wsj.com/tech/ai/coreweave-stock-market-ai-bubble-a3c8c321
—
12/15/25 8:58 AM
US Futures are up from +48 to +56 bps. Europe Futures are up from +64 to +148 bps. Asia Futures are mixed with the Nikkei +70, Hang Seng -11, and CSI +67 bps respectively.
US Equities ended lower from -51 to -169 bps. Europe Equities are trading higher from +31 to +152 bps. Asia Equities ended lower with the Nikkei -131, Hang Seng -134m and CSI -63 bps respectively.
Events. NY Empire State Manufacturing Index today.
Earnings. Today NAVN after the close. LU, BNED, and RICK time not given. Tuesday BHP time not provided.
JPMorgan Steps Further Into Crypto With Tokenized Money Fund… The new private fund will run on the Ethereum blockchain and be available to qualified investors”
“JPMorgan will seed the fund with $100 million of its own capital, and then open it to outside investors on Tuesday… Called My OnChain Net Yield Fund, or “MONY,” the private fund is supported by JPMorgan’s tokenization platform, Kinexys Digital Assets, and will be open to qualified investors”
—
12/12/25 9:03 AM
US Futures are mixed from -47 to +18 bps. Europe Futures are mixed from -44 to +135 bps. Asia Futures are mixed with the Nikkei -51, Hang Seng +56, and CSI -66 bps respectively.
US Equities ended mixed from -25 to +134 bps. Europe Equities are trading mixed from -10 to +52 bps. Asia Equities ended higher with the Nikkei +137, Hang Seng +175, and CSI +63 bps respectively.
Events. Fed Speeches today.
Earnings. Today VZLA time not provided. Monday NAVN after the close. LU, BNED, and RICK time not given.
“Seizure of Venezuelan Oil Strikes at the Heart of Maduro’s Grip on Power… U.S. officials said they plan to confiscate more tankers in effort to oust strongman”
—
12/11/25 9:08 AM
US Futures mixed from -52 to +3 bps. Europe Futures mixed from -5 to +89 bps. Asia Futures are mixed with the Nikkei -76, Hang Seng +22, and CSI -14 bps respectively.
US Equities ended higher from +33 to +105 bps. Europe Equities are trading mixed from -3 to +99 bps. Asia Equities ended lower with the Nikkei -90, Hang Seng -4, and CSI -86 bps respectively.
Events. Balance of Trade, Imports, Exports, and Jobless Claims all today.
Earnings. Today CIEN and MANU before the open. AVGO, COST, LULU, NTSK, and RH after the close. Tomorrow VZLA time not provided.
“Fed’s Fractured Vote Signals Trouble Ahead for Future Rate Cuts… Trump wants lower rates and a new Fed chair. Wednesday’s divisions suggest one won’t guarantee the other.”
“The decision drew three dissents—two from officials who opposed any cut and one from a Trump ally who wanted a larger reduction.”
—
12/10/25 7:53 AM
US Futures are down from -8 to -22 bps. Europe Futures are mixed from -87 to +18 bps. Asia Futures are mixed with the Nikkei -71, Hang Seng +56, and CSI -78 bps respectively.
US Equities ended mixed from -38 to +13 bps. Europe Equities are trading mixed from -87 to +26 bps. Asia Equities ended mixed with the Nikkei -10, Hang Seng +42, and CSI -14 bps respectively.
Events. MBA Numbers, Employment Costs, and EIA Numbers today. FED Rate decision also today.
Today CHWY, UEC, and REVG before the open. ORCL, ADBE, SNPS, NDSN, MTN, and PL after the close. Tomorrow CIEN and MANU before the open. AVGO, COST, LULU, NTSK, and RH after the close.
“Paramount’s $77.9 billion bid for Warner—backed by $54 billion in debt—is making some bond investors queasy”
“The debt load will likely escalate if the bidding war continues. That is particularly worrying because excessive borrowing played a big part in Warner’s past financial troubles, the fund managers said.”
https://www.wsj.com/finance/investing/massive-debt-fueled-deals-are-back-on-wall-street-22c94ac5
“Australia begins enforcing world-first teen social media ban”
“Australia became on Wednesday the first country to ban social media for children under 16, blocking access in a move welcomed by many parents and child advocates but criticised by major technology companies and free-speech advocates”
—
12/9/25 8:35 AM
US Futures are mixed from -4 to +5 bps. Europe Futures are mixed from -52 to +29 bps. Asia Futures are mixed with the Nikkei +109, Hang Seng -143, and CSI +85 bps respectively.
US Equities ended lower from -14 to -45 bps. Europe Equities are trading mixed from -49 to +33 bps. Asia Equities ended mixed with the Nikkei +14, Hang Seng -129, and CSI -51 bps respectively.
Events. ADP Employment Change Weekly and Redbook Today.
Earnings. Today AZO, FERG, and SAIL before the open. CASY, AVAV, and GME after the close. Tomorrow CHWY, UEC, and REVG before the open. ORCL, ADBE, SNPS, NDSN, MTN, and PL after the close.
“An Unusually Divided Fed Is Expected to Deliver a Rate Cut… Despite unease among voters, Chair Jerome Powell appears set to lower interest rates again and signal a higher bar to further easing”
https://www.wsj.com/economy/central-banking/federal-reserve-interest-rate-cut-ef7118b8
“BAT Sets Out $1.73 Billion Share Buyback, Backs 2025 Targets… Momentum in the U.S. was driven by combustible products and its Velo Plus nicotine product in particular”
—
12/8/25 8:10 AM
US Futures are up from +6 to +28 bps. Europe Futures are mixed from -32 to +46 bps. Asia Futures are mixed with the Nikkei +11, Hang Seng -115, and CSI +110 bps respectively.
US Equities ended higher from +19 to +31 bps. Europe Equities are trading mixed from -17 to +46 bps. Asia Equities ended mixed with the Nikkei +18, Hang Seng -123, and CSI +81 bps respectively.
Events. Consumer Inflation Expectations for NOV today.
Earnings. Today TOL, PHR, and CMP after the close. LU and YEXT time not provided. Tomorrow AZO, FERG, and SAIL before the open. CASY, AVAV, and GME after the close.
“China’s Trade Surplus Tops $1 Trillion, Underscoring Its Export Dominance… Milestone boosts Chinese economy even as it fuels global trade tensions”
“For the first 11 months of the year, China’s exports increased 5.4% from the year-earlier period to $3.4 trillion, while the country’s imports declined 0.6% over that same stretch to $2.3 trillion”
https://www.wsj.com/economy/trade/chinas-exports-rebound-in-november-97f24e06
“What Netflix Gains From Buying Warner Bros.”
“Netflix says it plans to keep HBO Max as a separate service initially after the merger, which could mean households continuing to pay for each separately, at least in the near term.”
https://www.wsj.com/business/media/netflix-warner-bros-deal-charts-490d4797
—
12/5/25 8:40 AM
US Futures are up from +6 to +26 bps. Europe Futures are mixed but higher from -9 to +109 bps. Asia Futures are up with the Nikkei +25, Hang Seng +84, and CSI +33 bps respectively.
US Equities ended mixed from -7 to +22 bps. Europe Equites are trading higher from +19 to +81 bps. Asia Equities ended mixed with the Nikkei -105, Hang Seng +58, and CSI +84 bps respectively.
Events. Core PCE Price Index MoM, Michigan Consumer Sentiment Prel, Personal Income MoM, Personal Spending MoM, PCE Price Index MoM and YoY today.
Earnings. Today VSCO and KNOP before the open. USBC Time not given. Monday TOL, PHR, and CMP after the close. LU and YEXT time not provided.
“Netflix to Buy Warner Bros. After Split for $72 Billion… Move comes after latest round of bids for media company; Paramount and Comcast also made offers”
“The offer is valued at $27.75 per Warner Discovery share and has an enterprise value of roughly $82.7 billion.”
“Stock Market Today: Nasdaq Futures Lead Gains Before Inflation Data”
“The Federal Reserve is getting one last inflation reading before next week's rate decision… A delayed readout of the Fed's preferred gauge, PCE, is expected to show price pressures accelerated slightly in September. The personal-consumption expenditures index comes ahead of the Fed's meeting, on Tuesday and Wednesday, at which policy makers are widely expected to cut interest rates again.”
https://www.wsj.com/livecoverage/stock-market-inflation-consumers-12-05-2025
—
12/4/25 8:03 AM
US Futures are up from +2 to +11 bps. Europe Futures are mixed from -22 to +121 bps. Asia Futures are mixed with the Nikkei +189, Hang Seng +44, and CSI -41 bps respectively.
US Equities ended up from +17 to +86 bps. Europe Equities are trading higher from +11 to +100. Asia Equities ended higher with the Nikkei +233, Hang Seng +68, and CSI +34 bps respectively.
Events. Initial and Continuing Jobless Claims for NOV 29th/22nd today at 9:30.
Earnings. Today TD, BMO, CM, KR, and DG before the open. HPE, ULTA, IOT, and COO after the close. Tomorrow VSCO and KNOP before the open. USBC Time not given.
“EU Seeks to Remove Barriers to Single Financial Markets… The package would eliminate barriers to trading and asset management, the commission says”
“It also seeks to remove regulatory barriers to distributed ledger technology, or digital systems for recording transactions and information across a network of participants… Furthermore, it aims to centralize supervision of market infrastructure, such as central counterparties, which stand between buyers and sellers of financial instruments to mitigate risk.”
https://www.wsj.com/world/europe/eu-seeks-to-remove-barriers-to-single-financial-markets-1b3a734a
—
12/3/25 8:00 AM
US Futures are up from +21 to +27 bps. Europe Futures are trading mixed from -14 to +244 bps. Asia Futures are mixed with the Nikkei +36, Hang Seng -68, and CSI -40 bps respectively.
US Equities ended higher from +25 to +59 bps. Europe Equities are trading mixed from -14 to +170 bps. Asia Equities ended mixed with the Nikkei +114, Hang Seng -128, and CSI -51 bps respectively.
Events. MBA Numbers, Imports, Exports, S&P Global PMI Numbers, ISM Numbers, and EIA Numbers all today.
Events. Today RY and DLTR before the open. CRM, SNOW, and GWRE after the close. Tomorrow TD, BMO, CM, KR, and DG before the open. HPE, ULTA, IOT, and COO after the close.
“Sterling Could Fall if U.K. Treasury Chief Reeves Is Pressured to Resign”
“Sterling is at risk of falling in coming weeks if there are indications U.K. Treasury chief Rachel Reeves could lose her job after last week’s budget, Ebury strategist Matthew Ryan says in a note.”
https://www.wsj.com/finance/currencies/singapore-dollar-consolidates-amid-risk-on-sentiment-d0271134
“The AI frenzy is driving a memory chip supply crisis”
“An acute global shortage of memory chips is forcing artificial intelligence and consumer-electronics companies to fight for dwindling supplies, as prices soar for the unglamorous but essential components that allow devices to store data.”
-Side note, this is not just happening right now
RAM is controlled by SK Hynix, Samsung, and Micron. For a computer builder, we have been feeling this squeeze for a few months now. Feels like GPU shortage
https://www.reuters.com/world/china/ai-frenzy-is-driving-new-global-supply-chain-crisis-2025-12-03/
—
12/2/25 8:06 AM
US Futures are up from +3 to +28 bps. Europe Futures are up from +32 to +114 bps. Asia Futures are mixed with the Nikkei +43, Hang Seng -58, and CSI +96 bps respectively.
US Equities ended lower from -38 to -90 bps. Europe Equities are trading higher from +12 to +81 bps. Asia Equities ended mixed with the Nikkei flat, Hang Seng +24, and CSI -48 bps respectively.
Events. Today Redbook YoY and LMI Logistics Managers Index.
Earnings. Today BNS before the open. CRWD, MRVL, and PSTG, and OKTA after the close. Tomorrow RY and DLTR before the open. CRM, SNOW, and GWRE after the close.
“U.K. Loosens Bank Capital Demands for First Time Since Financial Crisis… Move is latest by U.K. authorities seeking to boost a sluggish economy”
“The benchmark ratio of capital to risk-weighted assets will fall to 13% from 14%, the Bank of England said Tuesday. The BOE, like the Federal Reserve, both regulates banks and sets interest rates. The lenders it oversees include major international players such as HSBC and Barclays, whose shares rose in London.”
“Amazon Web Services’ big annual event, re:Invent 2025, is getting into full swing in Las Vegas this week.”
“The event formally kicks off tomorrow, December 2, at 9 a.m. PT. You can expect editorial coverage of the keynotes, interviews with AWS execs, and a roundup of news as the week’s programming rolls out, all of which you’ll be able to find on our site or by just keeping tabs on our AWS re:Invent tag.”
https://techcrunch.com/2025/12/01/aws-reinvent-2025-how-to-watch-and-follow-along-live/
—
12/1/25 8:05 AM
US Futures are down from -47 to -96 bps. Europe Futures are down from -11 to -144 bps. Asia Futures are mixed with the Nikkei -237, Hang Seng +1, and CSI +16 bps respectively.
US Equities ended higher from +54 to +65 bps. Europe Equities are trading lower from -11 to -135 bps. Asia Equities ended mixed with the Nikkei -189, Hang Seng +67, and CSI +110 bps respectively.
Events. S&P Global Manufacturing PMI Final for NOV today. ISM Manufacturing PMI, Employment, New Orders, and Prices today as well.
Earnings. Today CRDO and MDB after the close. Tomorrow BNS before the open. CRWD, MRVL, and PSTG after the close.
“Silver Hits Record High on U.S. Rate-Cut Bets, Supply Tightness… Investor interest in precious metals has surged, partly driven by concerns over rising debt levels in major economies”
“In afternoon European trade, silver futures in New York were up 1.2% at $57.86 a troy ounce after hitting an intraday high of $58.61, while spot prices gained 1.7% to $57.35 an ounce after reaching $57.88. Prices have soared 99% this year, outpacing both gold and platinum.”
“Hong Kong authorities said on Monday they had arrested 13 people for suspected manslaughter in a probe into the city's deadliest fire in decades, pointing to substandard renovation materials for fuelling a blaze that has claimed at least 151 lives.”
Chances of Dec10 Rate Cut around 87%.
—
11/28/25 8:27 AM
US Futures are up from +10 to +18 bps. “Due to a cooling issue at CyrusOne data centers, our markets are currently halted.” Europe Futures are mixed from -2 to +21 bps. Asia Futures are higher with the Nikkei +14, Hang Seng +7, and CSI +4 bps respectively.
US Equities were closed yesterday. Europe Equities are trading mixed from -11 to +19 bps. Asia Equities ended mixed with the Nikkei +17, Hang Seng -34, and CSI +25 bps respectively.
Events. Fed Balance Sheet Today.
Earnings. CHA Before the open.
“Who Is D.C. Shooting Suspect Rahmanullah Lakanwal? … The 29-year-old Afghan national settled in Bellingham, Wash., after working with CIA in his home country”
“Tech Outage Halts Trading in U.S. Stock Futures, Other Key Markets… Problem at data center hits CME’s equity, bond and commodity futures”
“The glitch kept traders of commodities such as crude oil, gold and palm oil in limbo with prices frozen, raising concerns that market volatility would intensify when the systems were brought back up.”
https://www.wsj.com/finance/cme-options-futures-trading-halted-amid-data-center-issue-16e96ed1
—
11/26/25 8:30 AM
US Futures are up from +6 to +39 bps. Europe Futures are up from +18 to +162 bps. Asia Futures are mixed with the Nikkei +85, Hang Seng -1, and CSI +69 bps respectively.
US Equities ended higher from +67 to +143 bps. Europe Equities are trading higher from +40 to +77 bps. Asia Equities ended higher with the Nikkei +185, Hang Seng +13, and CSI +61 bps respectively.
Events. MBA 30 Year Mortgage Rate, Mortgage Applications, Mortgage Market Index, Mortgage Refinance Index, and Purchase Index today. Initial and Continuing Job Claims Today. Chicago PMI, and EIA Numbers today as well. Fed Beige Book later today.
Earnings. Today DE, LI, CMCM, HDL, EH, and GOTU before the open. Tomorrow AXIA, LPL no time given.
“AI Trade Splinters as Google Challenges Nvidia’s Dominance… Dow industrials add more than 600 points, biggest gain since August”
“Tuesday’s divergence followed news that Meta Platforms is in talks to spend billions of dollars on Google’s AI chips, one of the few alternatives to Nvidia’s. But that was just the latest in a split between the two index heavyweights that this month has driven Alphabet 15% higher and Nvidia 12% lower.”
“Fed Chair Powell’s Allies Provide Opening for December Rate Cut… A divided committee, missing data and a whiff of stagflation leave Powell to choose between two paths—each with drawbacks”
Highly recommend reading this one to understand the two choices and their repercussions.
https://www.wsj.com/economy/central-banking/fed-interest-rate-cut-powell-december-e9207386
—
11/25/25 8:52 AM
US Futures are mixed from -20 to +3 bps. Europe Futures are up from 29 to +163 bps. Asia Futures are mixed with the Nikkei -167, Hang Seng +63, and CSI +6 bps respectively.
US Equities ended up from +44 to +269 bps. Europe Equities are trading up from +44 to +64 bps. Asia Equities ended higher with the Nikkei +7, Hang Seng +69, and CSI +95 bps respectively.
Events. PPI, Core PPI, Retail Sales, House Price Index all today.
Earnings. Today BABA, ADI, before the open. DELL, ADSK, WDAY, ZS, and HPQ after the close. Tomorrow DE, LI, CMCM, HDL, EH, and GOTU before the open.
“Fed Chair Powell’s Allies Provide Opening for December Rate Cut… A divided committee, missing data and a whiff of stagflation leave Powell to choose between two paths—each with drawbacks”
https://www.wsj.com/economy/central-banking/fed-interest-rate-cut-powell-december-e9207386
“Why Google’s Soaring Stock Is Defying Fears of an AI Bubble… While other big tech stocks have fallen, Google’s market value is approaching $4 trillion”
“Google’s progress with advanced models and its own chips could be a troubling sign for Nvidia, Microsoft, Oracle and other major tech players that have a lot riding on OpenAI’s aggressive spending plans.”
https://www.wsj.com/finance/stocks/google-alphabet-stock-ai-36724d9f
—
11/24/25 9:18 AM
US Futures up from +25 to +88 bps. Europe Futures are mixed from -46 to +64 bps. Asia Futures are mixed with the Nikkei +47, Hang Seng +102, and CSI -237 bps respectively.
US Equities ended higher from +88 to +108 bps. Europe Equities are trading mixed from -72 to +67 bps. Asia Equities ended mixed with the Nikkei -240, Hang Seng +197, and CSI -12 bps respectively.
Events. Dallas Fed Manufacturing Index Today.
Earnings. Today A, SYM, KEYS, ZM, WWD, SMTC, and SNEX after the close. Tomorrow BABA, ADI, before the open. DELL, ADSK, WDAY, ZS, and HPQ after the close.
“Japan’s New Leader Infuriated Beijing. She Isn’t Backing Down.”
“Some allies are rallying to her defense. Taiwan’s de facto embassy in Tokyo on Friday urged Taiwanese seafood lovers to buy all the Japanese scallops they can to counter Beijing’s threatened import ban.”
https://www.wsj.com/world/asia/japan-china-sanae-takaichi-xi-jinping-d5d1a97d
“White House Hails Progress on Ukraine Talks, but Zelensky Is Cautious… Top U.S. officials met with Ukraine representatives in Geneva to discuss Trump’s proposal”
“The Trump administration had spurred anxiety in Europe and Ukraine by crafting a 28-point plan that critics said infringed on Ukraine’s sovereignty and security.”
—
11/21/25 7:36 AM
US Futures are mixed from -62 to +12 bps. Europe Futures are mixed from -118 to +38 bps. Asia Futures are lower with the Nikkei -64, Hang Seng -142, and CSI -83 bps respectively.
US Equities ended lower from -156 to -215 bps. Europe Equities are trading lower from -7 to -156 bps. Asia Equities ended lower with the Nikkei -240, Hang Seng -238, and CSI -244 bps respectively.
Events. Today S&P Global Composite PMI Flash, Manufacturing PMI Flash, Services PMI Flash, Michigan Consumer Sentiment, Consumer Expectations, and 5 year Inflation Expectations.
Earnings. Today BJ, BMNR, IESC, MNSO, MOG.A/MOG.B, and AZTA before the open. Monday A, SYM, KEYS, ZM, WWD, SMTC, and SNEX after the close.
“Nvidia’s Best Wasn’t Enough to Prop Up a Wobbly Stock Market… The tech juggernaut’s results sparked a furious rally, and then a slump”
“One factor behind the moves: The much-awaited release of the September jobs report, postponed during the government shutdown, showed the U.S. added 119,000 positions, beating consensus forecasts. The unemployment rate, however, unexpectedly ticked up to 4.4%.”
https://www.wsj.com/finance/stocks/nvidia-earnings-ai-stock-market-af933127
“'A close call': Global brokerages split on Fed's December rate cut view after jobs report”
“Traders are betting on a 67.1% chance for the Fed to keep rates steady in December, as per the CME FedWatch tool.”
—
11/20/25 7:54 AM
US Futures up +49 to +150 bps. Europe Futures are mixed from -9 to +112 bps. Asia Futures are up with the Nikkei +97, Hang Seng +11, and CSI +59 bps respectively.
US Equities ended higher from +10 to +59 bps. Europe Equities are trading higher from +2 to +81 bps. Asia Equities ended mixed with the Nikkei +265, Hang Seng +2, and CSI -51 bps respectively.
Events. Today Non Farm Payrolls, Unemployment Rate, Average Hourly Earnings, Participation Rate, Average Weekly Hours, Manufacturing Payrolls, and Non Farm Payrolls Private.
Earnings. Today WMT, NTES, J, and WMG before the open. INTU, ROST, VEEV, and CPRT after the close. Tomorrow BJ, BMNR, IESC, MNSO, MOG.A/MOG.B, and AZTA before the open.
“Nvidia’s Strong Results Show AI Fears Are Premature… Chip maker says demand looks strong through next year, while a selloff has made the $4.5 trillion company look cheap”
https://www.wsj.com/finance/stocks/nvidias-strong-results-show-ai-fears-are-premature-ed2a7f89
China is mobilizing an armada of civilian ships that could help in an invasion of Taiwan – a mission that could surpass the Second World War’s Normandy landings. Reuters used ship tracking data and satellite images to monitor the role civilian vessels played in Chinese Maritime exercises this summer”
https://www.reuters.com/graphics/USA-CHINA/TAIWAN-INVASION/zjpqdekmlvx/
—
11/19/25 7:57 AM
US Futures are up from +20 to +48 bps. Europe Futures are mixed from -162 to +81 bps. Asia Futures are mixed with the Nikkei +58, Hang Seng -57, and CSI -64 bps respectively.
US Equities ended lower from -82 to -121 bps. Europe Equities are trading mixed from -7 to +81 bps. Asia Equities ended mixed with the Nikkei -34, Hang Seng -38, and CSI +44 bps respectively.
Events. Imports, Exports, Balance of Trade, and EIA Numbers today. Tomorrow Payroll numbers.
Earnings. Today TJX, LOW, TGT, VIK, and WSM before the open. NVDA, PANW, and ZTO after the close. Tomorrow WMT, NTES, J, and WMG before the open. INTU, ROST, VEEV, and CPRT after the close.
“The Crypto Trades That Amplified Gains Are Now Turbocharging Losses… Bitcoin’s steep fall highlights the growth of risky bets offered by Wall Street and crypto firms alike”
“Strategy, a firm that pioneered the use of corporate funds to accumulate bitcoin, has tumbled 29% in the past month. BitMine Immersion Technologies, an ether-treasury company backed by Peter Thiel and run by veteran Wall Street strategist Tom Lee, is down 35%. Both stocks are well off the pace of bitcoin itself, which has fallen 13% in that same period.”
https://www.wsj.com/finance/currencies/crypto-stock-market-gains-losses-c25a2124
“Nvidia Results and Delayed Jobs Data Set Up Critical Test for Wall Street”
“For the first time in 138 trading sessions, the S&P 500 and Nasdaq composite Monday dipped below their 50-day moving averages. It was one of the warning lights for technicians who watch such yardsticks for clues about the market’s direction.”
—
11/18/25 8:00 AM
US Futures are down from -44 to -66 bps. Europe Futures are down from -21 to -289 bps. Asia Futures are down with the Nikkei -231, Hang Seng -104, and CSI-104 bps respectively.
US Equities ended lower from -84 to -118 bps. Europe Equities are trading lower from -48 to -183 bps. Asia Equities ended lower with the Nikkei -332, Hang Seng -172, and CSI -65 bps respectively.
Events. Initial Jobless Claims, Continuing Jobless Claims and Jobless Claims 4-week Average for Oct 11th and Oct 18th today. Tomorrow Imports/Exports and EIA Numbers.
Earnings. Today HD, PPD, MDT, BIDU, FUTU, KLAR, ESLT, and AS before the open. BHP and KEP time not given. Tomorrow TJX, LOW, TGT, VIK, and WSM before the open. NVDA, PANW, and ZTO after the close.
“U.S. Investigators Probe Exec Facing Fraud Allegations From BlackRock’s HPS… Federal officials have opened a criminal investigation into Bankim Brahmbhatt, who was sued by HPS and other lenders earlier this year”
“In August, lenders accused Brahmbhatt, the owner of little-known telecom-services companies Broadband Telecom and Bridgevoice, of fabricating accounts receivable that were supposed to be used as loan collateral. The lenders have filed multiple lawsuits, alleging Brahmbhatt’s companies owe them more than $500 million.”
“Japan warns citizens in China about safety as diplomatic crisis deepens”
“Beijing claims democratically governed Taiwan as its own and has not ruled out using force to take control of the island. Taiwan's government rejects Beijing's claims.”
—
11/17/25 7:59 AM
US Futures are trading mixed from -4 to +18 bps. Europe Futures are trading lower from -12 to -242 bps. Asia Futures are trading lower with the Nikkei -61, Hang Seng -99, and CSI -109 bps respectively.
US Equities ended mixed from -65 to +13 bps. Europe Equities are trading lower from -26 to -103 bps. Asia Equities ended lower with the Nikkei -10, Hang Seng -71, and CSI -65 bps respectively.
Events. NY Empire State Manufacturing Index, Fed Speeches today as well.
Earnings. Today XPEV, HTHT, TMM, and ARMK before the open. TCOM, ACM, XP, and HP after the close. Tomorrow HD, PPD, MDT, BIDU, FUTU, KLAR, ESLT, and AS before the open. BHP and KEP time not given.
“U.S. President Donald Trump on Sunday urged his fellow Republicans in Congress to vote for the release of files related to the late convicted sex offender Jeffrey Epstein, reversing his earlier resistance to such a move.”
—
11/14/25 9:22 AM
US Futures down from -61 to -142 bps. Europe Futures down from -120 to -231 bps. Asia Futures mixed with the Nikkei -39, Hang Seng -96, and CSI +97 bps respectively.
US Equities ended lower from -165 to -229 bps. Europe Equities are trading lower from -141 to -228 bps. Asia Equities ended lower with the Nikkei -177, Hang Seng -185, and CSI -157 bps respectively.
Events. EIA Natural Gas Stocks Change and Baker Hughes Oil Rig Count numbers today.
Earnings. Today SR, ABTC, LGN, RLX, SRRK, and TWST before the open. CSAN, QUBT, and HIVE after the close . Monday XPEV, HTHT, TMM, and ARMK before the open. TCOM, ACM, XP, and HP after the close.
“Investors Dump Tech Shares as Shutdown Relief Evaporates… A rush of delayed economic data threatens to spark bigger swings”
https://www.wsj.com/finance/stocks/investors-dump-tech-shares-as-shutdown-relief-evaporates-38d34928
CME FedWatch has chance of a Dec rate cut around 50%.
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
—
11/13/25 8:06 AM
US Futures slightly down from -3 to -6 bps. Europe Futures are mixed from -68 to +41 bps. Asia Futures are mixed with the Nikkei -65, Hang Seng +81, and CSI -6 bps respectively.
US Equities ended mixed from -26 to +68 bps. Europe Equities are trading mixed from -77 to +36 bps. Asia Equities ended higher with the Nikkei +43, Hang Seng +56, and CSI +121 bps respectively.
Events. Today many EIA Oil numbers for November. Backlog of Gov numbers as well.
Earnings. Today DIS, BN, JD, AEG, and BILI before the open. AMAT, BAP, EC, STN, and FIGR after the close. Tomorrow SR, ABTC, LGN, RLX, SRRK, and TWST before the open. CSAN, QUBT, and HIVE after the close
“The Secret Meeting That Ended the Shutdown… A group of centrists broke from Democrats, negotiating with Republicans to end the shutdown”
“The meeting—one of several—had been requested by King and other centrists, including New Hampshire’s Democratic Sens. Jeanne Shaheen and Maggie Hassan, all former governors. Republicans in attendance were Thune and Sen. John Hoeven of North Dakota, also a former governor and senior member of the powerful appropriations committee.”
https://www.wsj.com/politics/policy/government-shutdown-deal-secret-meeting-e194c236
“Robinhood Offers to Bring Cash to Your Doorstep, for a Fee… The brokerage is teaming with mobile app Gopuff to provide customers home delivery on their cash”
“The brokerage is partnering with food-and-drink delivery app Gopuff to allow customers to withdraw cash from their Robinhood accounts and have it brought right to their door.”
—
11/12/25 8:09 AM
US Futures up +26 to +61 bps. Europe Futures mixed from -13 to +278 bps. Asia Futures mixed with the Nikkei +45, Hang Seng +46, and CSI -74 bps respectively.
US Equities ended mixed from -25 to +118 bps. Europe Futures are trading flat to up from 0 to +137 bps. Asia Equities ended mixed with the Nikkei +43, Hang Seng +85, and CSI -13 bps respectively.
Events. Today MBA 30-Year Mortgage Rate, Applications, Market Index, Refinance Index, and Purchase Index.
Earnings. Today TDG, TME, CRCL, ONON, GFS, and ICL before the open. CSCO, MFC, FLUT, PAAS, ASND, and TTEK after the close. Tomorrow DIS, BN, JD, AEG, and BILI before the open. AMAT, BAP, EC, STN, and FIGR after the close.
“The Fed Is Increasingly Torn Over a December Rate Cut… As data went dark, inflation hawks pushed to pause rate cuts at a contentious October meeting. The divide might not end soon.”
“The split was exacerbated by the government shutdown, which turned off the employment and inflation reports that can help reconcile such disagreements. The data void allowed officials to cite private surveys or anecdotes that reinforced earlier assessments.”
Chance of Dec cut down to 65% from 100% a month ago: https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
“White House Explores Rules That Would Upend Shareholder Voting… Officials discuss executive order to limit influential proxy advisers including ISS and index-fund giants such as BlackRock”
https://www.wsj.com/finance/regulation/trump-executive-order-proxy-index-fund-votes-638f396e
“Three AI Megadeals Are Breaking New Ground on Wall Street… Novel approaches to financing in OpenAI, Meta and xAI deals show risks and rewards of the AI frenzy”
“Exhibit One is the deal fund manager Blue Owl Capital struck with Meta in their joint venture to build a giant data center in Louisiana called Hyperion. Blue Owl is buying private equity in the deal and is receiving a debt-like guarantee from Meta if the partnership falls apart, an extraordinary protection, according to several people involved. Another deal involving OpenAI and Oracle ORCL involves a lending syndicate of more than 30 banks, according to deal materials reviewed by The Wall Street Journal.”
https://www.wsj.com/tech/ai/three-ai-megadeals-are-breaking-new-ground-on-wall-street-896e0023
—
11/11/25 7:50 AM
US Futures are mixed from -37 to +4 bps. Europe Futures are mixed from -4 to +242 bps. Asia Futures are mixed with the Nikkei -65, Hang Seng +42, and CSI +18 bps respectively.
US Equities ended higher from +81 to +227 bps. Europe Equities are trading higher from +8 to +116 bps. Asia Equities ended mixed with the Nikkei -14, Hang Seng +18, and CSI -91 bps respectively.
Events. NFIB Business Optimism Index and ADP Employment Change Weekly today.
Earnings. Today SE, AU, NBIS, FRMI, and HSIA before the open. ALC, OKLO, DOX, and CAE after the close. Tomorrow TDG, TME, CRCL, ONON, GFS, and ICL before the open. CSCO, MFC, FLUT, PAAS, ASND, and TTEK after the close.
“Obesity Drugs Are About to Go Mass-Market… Medicare coverage will cut obesity-drug prices but open the door to millions of new patients”
“The crux of the White House deal announced Thursday centers on Medicare. While the details—like most President Trump drug agreements—remain murky, the big picture is clear: The companies offer discounts to the net price of their drugs, and in return the administration extends coverage under a government program for seniors.”
https://www.wsj.com/health/pharma/ozempic-glp1-weight-loss-mass-market-f70f8484
“BBC crisis exposes fractures at renowned British institution”
“LONDON, Nov 10 (Reuters) - Top-level resignations from the BBC over the editing of a speech by President Donald Trump have blown the lid off wider tensions at the British broadcaster over how it is run and whether it still commands public trust in its journalism… Director General Tim Davie and head of news Deborah Turness quit on Sunday after an internal report by a former adviser that was leaked to the Daily Telegraph cited failings in its coverage of Trump, the Israel-Hamas war and transgender issues.”
—
11/10/25 7:57 AM
US Futures up from +36 to +140 bps. Europe Futures are mixed from -1 to +214 bps. Asia Futures are mixed with the Nikkei +108, Hang Seng +205, and CSI -23 bps respectively.
US Equities ended mixed from -21 to +16 bps. Europe Equities are trading higher from +94 to +211 bps. Asia Equities ended higher with the Nikkei +126, Hang Seng +155, and CSI +35 bps respectively.
Events. 3 Month, 6 month, and 3 year note auctions today.
Earnings. Today B, VG, TSN, BEKE, ROIV, KSPI, and TSEM before the open. CRWV, OXY, RKLB, ASTS, SBS, RGTI, and PSKY after the close. Tomorrow SE, AU, NBIS, FRMI, and HSIA before the open. ALC, OKLO, DOX, and CAE after the close.
“Senate Clears Key Hurdle Toward Ending Government Shutdown… Bloc of Democrats helps Republicans advance spending measure but more steps remain before federal operations can resume”
“The vote was 60-40 on a measure to take up House-passed spending legislation that required 60 votes under the Senate’s filibuster procedures. Eight members of the Democratic caucus joined almost all Republicans in voting in favor, allowing the bill to move forward after more than a dozen failed votes since September.”
“The Year’s Hottest Crypto Trade Is Crumbling… Selloff in bitcoin and other digital tokens hits crypto-treasury companies”
“Bitcoin prices have fallen 15% in the past month. Strategy is off 26% over that same period, while Matthew Tuttle’s related ETF—MSTU—which aims for a return that is twice that of Strategy, has fallen 50%.”
https://www.wsj.com/finance/currencies/the-years-hottest-crypto-trade-is-crumbling-43e8bab5
—
11/7/25 7:39 AM
US Futures are down from -21 to -32 bps. Europe Futures are down from -11 to -92 bps. Asia Futures are mixed with the Nikkei -10, Hang Seng -118, and CSI +138 bps respectively.
US Equities ended lower from -84 to -190 bps. Europe Equities are trading lower from -50 to -113 bps. Asia Equities ended lower with the Nikkei -119, Hang Seng -92, and CSI -31 bps respectively.
Events. Today Michigan Consumer Sentiment Prel, Michigan 5 Year Inflation Expectations Prel, Michigan Consumer Expectations Prel, Michigan Current Conditions Prel, Michigan Inflation Expectations Prel, and Consumer Inflation Expectations.
Earnings. Today CEG, KKR, ENB, DUK, BAM, TU, BIP, EMA, CNH, and BEN before the open. Monday B, VG, TSN, BEKE, ROIV, KSPI, and TSEM before the open. CRWV, OXY, RKLB, ASTS, SBS, RGTI, and PSKY after the close.
“This Unlikely Duo Is Developing a Weight-Loss Pill. Big Pharma Is Obsessed. The founders of Metsera have Pfizer and Novo Nordisk battling to buy their company. It would be their second time striking deal gold.”
“unusually bitter fight to pay upward of $10 billion to buy Metsera… nd its stable of at least eight potential new drugs that can enter a global weight-loss market that analysts project will surpass $100 billion in 2030.”
https://www.wsj.com/health/pharma/metsera-pfizer-bid-weight-loss-drugs-e95dadcc
“Trump Administration Must Fund Full SNAP Benefits for November, Judge Rules Government appeals order directing it to deliver money by Friday for federal food-assistance benefits delayed by the shutdown”
—
11/6/25 8:10 AM
US Futures up from +5 to +16 bps. Europe Futures are mixed from -57 to +105 bps. Asia Futures are mixed with the Nikkei -40, Hang Seng +166, and CSI +55 bps respectively.
US Equities ended up from +37 to +65 bps. Europe Equities are trading mixed from -54 to +35 bps. Asia Equities ended higher with the Nikkei +134, Hang Seng +212, and CSI +143 bps respectively.
Events. Challenger Job Cuts and EIA Natural Gas Stocks Change today.
Earnings. Today AZN, COP, PH, CNQ, VST, DDOG, WBD, APD, TRP, and BDX before the open. ABNB, MNST, EOG, TTWO, and XYZ after the close. Tomorrow CEG, KKR, ENB, DUK, BAM, TU, BIP, EMA, CNH, and BEN before the open.
“U.S. to Reduce Flight Traffic by 10% at 40 Airports Because of Shutdown”
“Tesla shareholders will decide on Thursday whether to approve a record-setting pay package for Elon Musk that could ultimately give him new stock worth $1 trillion and a roughly 25% stake.”
“EU Antitrust Watchdog Probes Deutsche Boerse and Nasdaq Over Financial Derivatives”
“The European Commission said Thursday that it was looking into concerns that Deutsche Boerse and Nasdaq entities might have agreed to not compete for the listing, trading and clearing of financial derivatives—contracts with their value tied to a specific asset such as stocks or commodities—in the EU.”
—
11/5/25 8:30 AM
US Futures are mixed to lower from 0 to -24 bps. Europe Futures are mixed from -29 to +45 bps. Asia Futures are mixed with the Nikkei -121, Hang Seng +5, and CSI -103 bps respectively. US Equities ended lower from -53 to -204 bps. Europe Equities are trading mixed from -30 to +30 bps. Asia Equities ended mixed with the Nikkei -250, Hang Seng -7, and CSI +19 bps respectively.
Events. MBA 30-Year Mortgage Rate, Applications, Market Index, Refinance Index, and Purchase Index today. S&P Global Composite PMI Final, S&P Global Services PMI Final, ISM Services PMI, Business Activity, Employment, New Orders, and Services Prices today as well.
Earnings. NVO, MCD, EMR, JCI, and COR before the open. AAP, QCOM, ARM, HOOD, DASH, MCK, CRH, and FTNT after the close. Tomorrow AZN, COP, PH, CNQ, VST, DDOG, WBD, APD, TRP, and BDX before the open. ABNB, MNST, EOG, TTWO, and XYZ after the close.
“Election Day 2025: Zohran Mamdani Takes NYC as Democrats Win Key Races”
“In California, voters approved Proposition 50, a measure that temporarily redraws the state’s congressional maps to put Democrats in a position to flip several seats in the 2026 midterm election. The move is intended to counter President Trump’s effort to draw new congressional maps in other states.”
https://www.wsj.com/livecoverage/election-day-2025
“Trump Tariffs Case at Supreme Court Today; Nasdaq Futures Slip”
“Prediction markets anticipate the Supreme Court will most likely reject Trump's arguments. On Polymarket, bettors assessed the president's chances of victory at 39% early Wednesday. S&P 500 and Nasdaq-100 futures slipped ahead of the hearing, after markets stumbled Tuesday.” - Interesting that prediction markets seem to be creeping their way into journalism for popular opinions/expected results.
https://www.wsj.com/livecoverage/supreme-court-tariffs-case-stock-market-11-05-2025
“Three billionaires dropped by a fried-chicken joint—and Jensen Huang bought everyone dinner"
“By the next morning, the hype had spilled into the markets. Kyochon F&B, one of South Korea’s largest fried-chicken chains, saw its shares jump as much as 20%. Poultry processor Cherrybro Co. hit the daily trading limit with a 30% surge, while Neuromeka—a company that manufactures chicken-frying robots—also rallied.”
“The phenomenon underscores a broader pattern in South Korea’s markets, where retail investors are known to chase sudden, meme-driven surges tied to a cultural or political moment, often to their own detriment.”
—
11/4/25 7:55 AM
US Futures down -58 to -129 bps. Europe Futures down from -34 to -126 bps. Asia Futures down with the Nikkei -231, Hang Seng -113, and CSI -103 bps respectively.
US Equities ended mixed from -48 to +46 bps. Europe Equities are trading lower from -38 to -118 bps. Asia Equities ended lower with the Nikkei -174, Hang Seng -79, and CSI -75 bps respectively.
Events. LMI Logistics Managers Index today.
Earnings. Today SHOP, UBER, ETN, PFE, SPOT, RACE, BP, MAR, APO, TRI, ZTS and MPC before the open. AMD, ANET, AMGN, CPNG, and AXON after the close. Tomorrow NVO, MCD, EMR, JCI, and COR before the open. AAP, QCOM, ARM, HOOD, DASH, MCK, CRH, and FTNT after the close.
“U.S. President Donald Trump endorsed former New York Governor Andrew Cuomo for mayor of New York City on Monday and threatened to hold back federal funds to the city if Democratic candidate Zohran Mamdani wins the mayoral election on Tuesday.”
—
11/3/25 7:59 AM
US Futures are mixed from -4 to +55 bps. Europe Futures are mixed from -16 to +105 bps. Asia Futures are mixed with the Nikkei +33, Hang Seng +80, and CSI -134 bps respectively.
US Equities ended higher from +9 to +61 bps. Europe Equities are trading higher from +8 to +111 bps. Asia Equities ended higher with the Nikkei +212, Hang Seng +97, and CSI +27 bps respectively.
Events. S&P Global Manufacturing PMI Final, Total Household Debt, ISM Manufacturing PMI, Employment, New Orders, and Manufacturing Prices today.
Earnings. Today IDXX, ARES, PEG, RYAAY, BNTX, ON, and L before the open. PLTR, VRTX, WMB, SPG, O, FANG, and FNV after the close. Tomorrow SHOP, UBER, ETN, PFE, SPOT, RACE, BP, MAR, APO, TRI, ZTS and MPC before the open. AMD, ANET, AMGN, CPNG, and AXON after the close.
“Assassin Guns Down Mexican Mayor Who Pleaded for Hard Line Against Cartels”
“Carlos Manzo, the mayor of Uruapan, the hub of Mexico’s multibillion-dollar avocado industry in violence-torn Michoacán state, was gunned down as he officiated a candle-lighting ceremony observing the Day of the Dead in the city’s main plaza. He was shot seven times by a gunman who was killed by security forces, officials said.”
“Trump says China, other countries can't have Nvidia's top AI chips… Blackwell chips for US Companies Only.”
—
10/31/25 7:46 AM
US Futures are up from +8 to +124 bps. Europe Futures are mixed from -65 to +4 bps. Asia Futures are mixed with the Nikkei +187, Hang Seng -149, and CSI -53 bps respectively.
US Equities ended lower from -23 to -157 bps. Europe Equities are trading mixed from -74 to +19 bps. Asia Equities ended mixed with the Nikkei +212, Hang Seng -143, and CSI -147 bps respectively.
Events. Chicago PMI today.
Earnings. Today XOM, ABBV, CVX, LIN, AON, CL, CNI, D, IMO, and GWW before the open. Monday IDXX, ARES, PEG, RYAAY, BNTX, ON, and L before the open. PLTR, VRTX, WMB, SPG, O, FANG, and FNV after the close.
“Trump Urges Republicans to End the Filibuster to Reopen Government”
“It is now time for the Republicans to play their ‘TRUMP CARD,’ and go for what is called the Nuclear Option — Get rid of the Filibuster, and get rid of it, NOW!” he wrote on Truth Social, while criticizing Democrats’ healthcare demands at the center of the current impasse. Trump said that Democrats would end the filibuster if they ever won back the Senate, so Republicans should go ahead and do it now.”
“Federal Reserve cut rates by quarter of a percentage point. Fed cites elevated inflation, rising unemployment. Don't count on a December rate cut, Chairman Jerome Powell says Government shutdown has limited data on economy U.S. President Donald Trump criticized Powell again on Tuesday”
https://www.reuters.com/world/us/fed-meeting-updates-rate-cut-expected-powell-speak-2025-10-29/
—
10/30/25 8:29 AM
US Futures are mixed from -28 to +2 bps. Europe Futures are down from -17 to -93 bps. Asia Futures are mixed with the Nikkei +124, Hang Seng -161, and CSI +102 bps respectively. US Equities ended mixed from -16 to +55 bps. Europe Equities are trading mixed from -141 to +10 bps. Asia Equities ended mixed with the Nikkei +4, Hang Seng -24, and CSI -80 bps respectively.
Events. NY Fed Treasury Purchases TIPS 7.5 to 30 yrs, 15 and 30 year Mortgage Rates, and Fed Balance Sheet today. Today LLY, MA, MRK, SPGI, TTE, and BUD before the open. AAPL, AMZN, GILD, SYK after the close. SHEL time not provided. Tomorrow XOM, ABBV, CVX, LIN, AON, CL, CNI, D, IMO, and GWW before the open.
“Trump Meets With Xi, Declares Immediate Cut to Tariffs”
“The agreement includes a reduction in stiff U.S. tariffs on Chinese goods in exchange for a pledge by China to crack down on the trade in the chemicals used to produce fentanyl… China also promised to ease the exports of rare earths—minerals that Western manufacturers rely on to make a range of goods. And Beijing promised to buy “tremendous amounts” of American soybeans, said Trump.”
https://www.wsj.com/world/china/trump-meets-xi-for-high-stakes-u-s-china-summit-a9c7738f
“Trump granted Zhao a presidential pardon last week, likely paving the way for the world’s largest crypto-trading platform to return to the U.S., from where it was banned after the company pleaded guilty in 2023 to violating anti-money-laundering rules.”
https://www.wsj.com/finance/currencies/binance-trump-crypto-pardon-cz-changpeng-zhao-1007fde9
“Despite expectations, Trump did not discuss Nvidia's Blackwell chip with Xi”
—
10/29/25 7:51 AM
US Futures up +17 to +48 bps. Europe Futures are mixed from -7 to +109 bps. Asia Futures are mixed with the Nikkei +141, Hang Seng +34, and CSI -27 bps respectively.
US Equities ended higher from +23 to +80 bps. Europe Equities are trading mixed from -10 to +68 bps. Asia Equities ended mixed with the Nikkei +217, Hang Seng -33, and CSI +119 bps respectively.
Events. MBA Mortgage numbers and EIA Oil numbers today. Fed Interest Rate Decision today at 2 PM. Tomorrow Fed Balance Sheet.
Earnings. Today CAT, BA, VZ, SAN, UBS, ADP, CVS, GSK, EQNR before the open. MSFT, GOOFL, GOOG, META, NOW, KLAC, MELI, SBUX, EQIX, AEM, CVNA, CP, CMG, PSA, EBAY, after the close. Tomorrow LLY, MA, MRK, SPGI, TTE, and BUD before the open. AAPL, AMZN, GILD, SYK after the close. SHEL time not provided.
“Big Banks Are Fighting a New $10 Million FDIC Cap… Scott Bessent and Elizabeth Warren want to raise the deposit insurance cap. A Senate bill proposes a 40-fold increase.”
“In a nightmare scenario for the nation’s biggest banks, Treasury Secretary Scott Bessent and Sen. Elizabeth Warren (D., Mass.) both want to raise the $250,000 limit on insured deposits.”
https://www.wsj.com/finance/banking/fdic-cap-raise-bank-reactions-2162dd98
“The Federal Reserve is widely expected to cut interest rates again on Wednesday by 0.25 percentage point. Less certain is whether the Fed will stop shrinking its $6.6 trillion asset portfolio and what it will do at its next meeting, in December.”
https://www.wsj.com/livecoverage/fed-interest-rate-decision-live-10-29-2025
“Nvidia shares rose more than 3.5% in premarket early on Wednesday—edging the AI chipmaker towards a $5 billion market cap—after President Donald Trump said he will discuss export controls on the company’s advanced Blackwell chips with his Chinese counterpart Xi Jinping when the two leaders meet on Thursday, in a bid to ease trade tensions between the world’s two largest economies.”
—
10/28/25 8:17 AM
US Futures are up from +6 to +36 bps. Europe Futures are mixed from -13 to +127 bps. Asia Futures are lower with the Nikkei -5, Hang Seng -53, and CSI +127 (closed) bps respectively.
US Equities ended higher from +71 to +186 bps. Europe Equities are trading mixed from -89 to +27 bps. Asia Equities ended lower with the Nikkei -58, Hang Seng -33, and CSI -51 bps respectively.
Events. Today Redbook YoY Richmond Fed Manufacturing Index, Fed Manufacturing Shipments Index, Fed Services Revenues Index, Dallas Fed Services Index, Dallas Fed Services Revenues Index, and Money Supply. Tomorrow MBA Mortgage numbers and EIA Oil numbers. Wednesday Fed cut decision. Expected 25 bps and ending quantitative tightening policy. Trump Xi summit Thursday.
Earnings. Today UNH, NVS, NEE, AMT, RCL SHW, ECL, UPS, FLW, PYPL, REGN, CARR, and DHI before the open. V, BKNG, MDLZ, and EA after the close. Tomorrow CAT, BA, VZ, SAN, UBS, ADP, CVS, GSK, EQNR before the open. MSFT, GOOFL, GOOG, META, NOW, KLAC, MELI, SBUX, EQIX, AEM, CVNA, CP, CMG, PSA, EBAY, after the close.
“Hurricane Melissa Barrels Down on Jamaica as Category 5 Storm. Three people killed as island prepares for flash floods and heavy rainfall”
“Federal food aid will not go out starting Nov. 1 amid government shutdown, Trump administration says”
https://www.cbsnews.com/news/federal-food-aid-govenrment-shutdown/
Airport delays also higher due to Gov shutdown.
—
10/27/25 8:12 AM
US Futures up 43 to 121 bps. Europe Futures mixed from -66 to +83 bps. Asia Futures up with the Nikkei +184, Hang Seng +94, and CSI +133 bps respectively.
US Equities ended higher from +79 to +115 bps. Europe Equities trading mixed from -66 to +77 bps. Asia Equities ended higher with the Nikkei +246, Hang Seng +105, and CSI +119 bps respectively.
Events. Dallas Fed Manufacturing Index Today. 2 year, 6 month, and 3 month auction. Tomorrow Redbook YoY Richmond Fed Manufacturing Index, Fed Manufacturing Shipments Index, Fed Services Revenues Index, Dallas Fed Services Index, Dallas Fed Services Revenues Index, and Money Supply. Wednesday Fed cut decision. Expected 25 bps and ending quantitative tightening policy. Trump Xi summit Thursday.
Earnings. WELL, SDNS, WM, NXPI, HIG, ACGL, CLS, NUE, BRO, and CINF all after the close. Tomorrow UNH, NVS, NEE, AMT, RCL SHW, ECL, UPS, FLW, PYPL, REGN, CARR, and DHI before the open. V, BKNG, MDLZ, and EA after the close.
“Shortly after Trump’s arrival in Japan on Monday afternoon, Emperor Naruhito welcomed the president to the Imperial Palace in central Tokyo. “It’s wonderful to see you again,” Naruhito said.”
https://www.wsj.com/world/asia/japan-woos-trump-with-a-royal-welcome-9310fd1a
“Argentine President Javier Milei's party cruised to victory in midterm legislative elections as voters handed him a mandate to keep pushing through his radical overhaul of the economy despite widespread discontent with his deep austerity measures.”
—
10/24/25 7:59 AM
US Futures are up from +13 to +45 bps. Europe Futures are down from -14 to -58 bps. Asia Futures are mixed with the Nikkei +81, Hang Seng -9, and CSI +4 bps respectively.
US Equities ended up from +31 to +89 bps. Europe Equities are trading mixed from -59 to +20 bps. Asia Equities ended higher with the Nikkei +135, Hang Seng +74, and CSI +118 bps respectively.
Events. Core Inflation Rate MoM and YoY, Inflation Rate MoM and YoY, and CPI all today at 8:30.
“The CPI report is being published despite an economic data blackout because of the government shutdown in order to help the Social Security Administration calculate its 2026 cost-of-living adjustment for millions of retirees and other benefits recipients. It was initially due on October 15.”
Earnings. Today, PG, SNY, HCA, GD, ITW before the open. NWG, E, and SHG time not supplied. Monday. WELL, SDNS, WM, NXPI, HIG, ACGL, CLS, NUE, BRO, and CINF all after the close.
“Trump Pardons Convicted Binance Founder”
https://www.wsj.com/finance/currencies/trump-binance-changpeng-zhao-pardon-7509bd63
“Meta Charged by EU Over Handling of Illegal Content”
“The European Commission, the EU’s executive arm, said Friday that Meta fails to give users a simple way to flag illegal content such as sexual abuse of children and terrorist material. It also accused the company of not giving its users adequate tools to appeal content-moderation decisions when their posts are removed or their accounts are suspended.”
https://www.wsj.com/tech/meta-charged-by-eu-over-handling-of-illegal-content-9a436992
—
10/23/25 7:54 AM
US Futures are down from -4 to -16 bps. Europe Futures are mixed from -12 to +63 bps. Asia Futures are mixed with the Nikkei -15, Hang Seng +118, and CSI -37 (closed) bps respectively.
US Equities ended lower from -53 to -93 bps. Europe Equities are trading mixed to higher from -12 to +62 bps. Asia Equities ended mixed with the Nikkei -135, Hang Seng +72, and CSI +30 bps respectively.
Events. Chicago Fed National Activity Index, Existing Home Sales, Kansas Fed Composite and Manufacturing Indexes, and Fed Balance sheet all today.
Earnings. Today, TMIS, UNP, HON, BX, LYG, and FCX before the open. INTC, NEM, NSC, and DLR after the close. Tomorrow, PG, SNY, HCA, GD, ITW before the open. NWG, E, and SHG time not supplied.
“Xi Jinping’s Purges Shrink Ranks of China’s Communist Elite… Nearly one in six officials who had Central Committee seats were absent from a major conclave, many of them now disgraced”
“The reduced ranks in the party elite reflect how Xi has centralized control and emerged as China’s most dominant leader since Mao Zedong. Since taking power in 2012, Xi has packed the leadership with loyalists, sidelined subordinates who owed their rise to predecessors and even cashiered some of his own protégés.”
https://www.wsj.com/world/china/xi-jinpings-purges-shrink-ranks-of-chinas-communist-elite-0fdd1ca3
“Technology stocks fell on Wednesday after reports that the Trump administration was considering curbs on software-related exports to China, the latest potential escalation of a volatile trade war.”
https://www.wsj.com/finance/stocks/global-stocks-markets-dow-news-10-22-2025-62cc83df
—
10/22/25 8:17 AM
US Futures are slightly down from -5 to -23 bps. Europe Futures are mixed but mostly down from -56 to +91 bps. Asia Futures are lower with the Nikkei -84, Hang Seng -86, and CSI +171 (closed) bps respectively.
US Equities ended mixed from -16 to +47 bps. Europe Equities are trading moved from -66 to +94 bps. Asia Equities ended lower with the Nikkei -2, Hang Seng -94, and CSI -33 bps respectively.
Events. MBA Mortgage numbers and EIA oil numbers today.
Earnings. Today TSLA, SAP, IBM, and LRCX after the close. TMO, T, GEV, APH, and BSX before the open. Tomorrow, TMIS, UNP, HON, BX, LYG, and FCX before the open. INTC, NEM, NSC, and DLR after the close.
Fragile ceasefire threatens to break between Israel and Gaza
“Israel struck dozens of Hamas targets on Sunday following what it said was a Hamas attack that left two soldiers dead. Hamas denied any involvement in the attack and said it was carried out by a rogue cell.”
—
10/21/25 8:20 AM
US Futures slightly up from +3 to +6 bps. Europe Futures mixed from -21 to +161 bps. Asia Futures are mixed with the Nikkei -19, Hang Seng -72, and CSI +45 bps respectively.
US Equities ended higher from +107 to +137 bps. Europe Equities are trading mixed to higher from -19 to +39 bps. Asia Equities ended higher with the Nikkei +27, Hang Seng +65, and CSI +153 bps respectively.
Events. Redbook and API Crude Oil Stock Change.
Earnings. Today NFLX, TXN, COF and CB after the close. GE, KO, PM, RTX, DHR, LMT, NIC, MMM, ELV, GM, NDAQ, PCAR all before the open. Tomorrow TSLA, SAP, IBM, and LRCX after the close. TMO, T, GEV, APH, and BSX before the open.
“U.S. Banks Are Hunting for Collateral to Back $20 Billion Argentina Bailout
Banks are looking for assets or guarantees from the U.S. that would back a private-sector loan to support Argentine President Javier Milei”
40 billion package, 20 billion currency swap and 20 billion bank led debt facility
https://www.wsj.com/finance/argentina-bailout-banks-collateral-721bc2b5
—
10/20/25 7:58 AM
US Futures are up from +15 to +36 bps. Europe Futures are mixed from -38 to +125 bps. Asia Futures are mixed with the Nikkei +217, Hang Seng -25, and CSI -216 (closed since 17/10) bps respectively.
US Equities ended higher from -52 to +53 bps. Europe Equities are trading mixed to higher from -38 to +129 bps. Asia Equities ended higher with the Nikkei +337, Hang Seng +242, and CSI +53 bps respectively.
Events. CB Leading Index MoM today at 11 AM. 3 and 6 Month Bill Auction.
Earnings. WRB, STLD, CCK, AGNC, and WTFC today after the close. SMMT before the open. Tomorrow NFLX, TXN, COF and CB after the close. GE, KO, PM, RTX, DHR, LMT, NIC, MMM, ELV, GM, NDAQ, PCAR all before the open.
“The Federal Reserve will go into a policy meeting next week with its view of the economy obscured by a U.S. government shutdown that has suspended the release of key data”
Still expecting a 25 bp cut as job growth has been seen as weak, however a longer shutdown will inhibit Fed confidence.
“China’s economy grows 4.8% in third quarter as expected, but investment sees ‘rare and alarming’ drop”
Slowdown from 5.2% to 4.8% GDP per quarter.
Fixed asset investment (including real estate) dropped by 0.5% in the first nine months of the year.
“Industrial production grew by 6.5% year-on-year in September, faster than the 5% forecast and 5.2% growth in the prior month”
AWS outage today causing many disruptions.
https://www.cnn.com/business/live-news/amazon-tech-outage-10-20-25-intl
—
10/17/25 7:48 AM
US Futures are down from -15 to -54 bps. Europe Futures are down from 0 to -176 bps. Asia Futures are mixed with the Nikkei -23, Hang Seng -151, and CSI +1 bps respectively.
US Equities ended lower from -47 to -65 bps. Europe Equities are trading lower from -18 to -175 bps. Asia Equities ended lower with the Nikkei -144, Hang Seng -248, and CSI -226 bps respectively.
Events. Net Long-term TIC Flows today.
Earnings. AXP, TFC, SLB, STT, FITB, HBAN, RF, and ALLY before the close. HDB time not supplied. Monday WRB, STLD, SMMT, PAC, CCK, AGNC, and WTFC.
“The bankruptcies of U.S. auto parts supplier First Brands and car dealership Tricolor have prompted soul searching on Wall Street, with JPMorgan Chase saying it re-examined its controls after finding itself exposed, although banks broadly said that U.S. borrowers’ credit quality is robust.”
—
10/16/25 8:11 AM
US Futures are up from +22 to +55 bps. Europe Futures are mixed from -24 to +114 bps. Asia Futures are mixed with the Nikkei +91, Hang Seng +27, and CSI +144 bps respectively.
US Equities ended mixed from -4 to +66 bps. Europe Equities are trading mixed from -27 to +119 bps. Asia Equities ended mixed with the Nikkei +133, Hang Seng -9, and CSI +26 bps respectively.
Events. Philadelphia Fed Manufacturing Index, Business Conditions, CAPEX Index, Employment, New Orders, and Prices Paid all today at 8:30 AM.
Earnings. TSM, SCHW, MMC, BK, and UBS before the open. IBKR and CSX after the close. AXP, HDB, TFC, SLB, STT, FITB, HBAN, RF, ALLY, and CMA tomorrow.
“French Prime Minister Sebastien Lecornu survived two no-confidence votes in parliament on Thursday, winning crucial backing from the Socialist Party thanks to his pledge to suspend President Emmanuel Macron’s contested pension reform”
—
10/15/25 8:02 AM
US Futures up from +49 to +80 bps. Europe Futures are mixed from -77 to +216 bps. Asia Futures are mixed with the Nikkei +257, Hang Seng +52, and CSI -108 bps respectively.
US Equities ended mixed from -76 to +44 bps. Europe Equities are trading mixed from -41 to +219 bps. Asia Equities ended higher with the Nikkei +176, Hang Seng +184, and CSI +148 bps respectively.
Events. MBA 30 Year Mortgage Rate, Applications, Market Index, Refinance Index, and Purchase Index today.
Earnings. ASML, BAC, MS, ABT, and PGR today before the open. Tomorrow TSM, SCHW, and IBKR tomorrow.
“China expects that the prospect of another market meltdown ultimately will force Trump to negotiate at an expected summit with Xi late this month… On his Truth Social platform, Trump said the U.S. is considering “terminating business” with China on cooking oil and other “elements of Trade,” because of China’s refusal to buy U.S. soybeans—a decision Beijing has said is retaliation for Trump’s own tariffs.”
https://www.wsj.com/world/china/china-trade-war-trump-talks-25c50136
“Investors dug into forecast-beating results from Bank of America and Morgan Stanley, following a clutch of strong earnings from big banks yesterday.”
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-10-15-202
Summary of Powell remarks yesterday.
https://www.bloomberg.com/news/live-blog/2025-10-14/powell-s-speech-at-nabe-conference
—
10/14/25 7:44 AM
US Futures are lower from -63 to -124 bps.. Europe Futures are mixed from -106 to +13 bps. Asia Futures are lower with the Nikkei -47, Hang Seng -119, and CSI -75 bps respectively.
US Equities ended higher from +129 to +221 bps. Europe Equities are trading lower from -24 to -108 bps. Asia Equities ended lower with the Nikkei -258, Hang Seng -173, and CSI -120 bps respectively.
Events. Fed Powell Speech and NFIB Business Optimism Index today.
Earnings. JPM, JNJ, WFC, GS, BLK, C, and AMX all today.
—
10/13/25 8:21 AM
US Futures up from +70 to +159 bps. Europe Futures are mixed from -34 to +50 bps. Asia Futures are mixed with the Nikkei +208, Hang Seng +331, and CSO -205 bps respectively.
US Equities ended lower from -190 to -356 bps. Europe Equities are trading mixed from -11 to +110 bps. Asia Equities ended lower with the Nikkei -101, Hang Seng -152, and CSI -50 bps respectively.
Events. Fed Paulson Speech today. No other major economic news.
Earnings. FAST and RMCF today. Tomorrow starts bank earnings.
“Stock Market Today: Dow Futures Rally After Trump Softens China Threats”
Friday’s selloff due to Trump posting has slightly recovered after reassuring things with China will be fine.
—
10/10/25 8:14 AM
US Futures are trading higher +11 to +14 bps. Europe Futures are trading mixed from -11 to +27 bps. Asia Futures are mixed with the Nikkei -195, Hang Seng -17, and CSI +161 bps respectively.
US Equities ended lower from -8 to -52 bps. Europe Equities are trading mixed to lower from -15 to +24 bps. Asia Equities ended lower with the Nikkei -101, Hang Seng -173, and CSI -197 bps respectively.
Events. Michigan Consumer Sentiment, 5 Year Inflation Expectations, Consumer Expectations, Current Conditions, and IInflation Expectations today. These numbers will be watched due to lack of official data collecting.
Earnings. HIFS, UNTY, and GLDG today.
“Israeli Troops Start Leaving Parts of Gaza as Cease-Fire Begins”
https://www.wsj.com/world/middle-east/israel-hamas-gaza-hostage-ceasefire-deal-815d533f
“Japan's ruling coalition splits, throwing Takaichi's PM bid into doubt”
—
10/9/25 8:23 AM
US Futures are flat from -4 to +3 bps. Europe Futures are trading mixed from -92 to +50 bps. Asia Futures are trading mixed with the Nikkei +130, Hang Seng -26, and CSI +24 bps respectively.
US Equities ended higher from 0 to +112 bps. Europe Equities are trading mixed from -66 to +47 bps. Asia Equities ended mixed with the Nikkei +177, Hang Seng -29, and CSI +148 respectively.
Events. No Jobs report today due to Gov shutdown. Fed Balance Sheet and 15 and 30 year mortgage rates today.
Earnings. PEP, DAL, LEVI, and APLD today. First Q3 earnings.
“Joy in Israel and Gaza after ceasefire announced”
“Israelis and Palestinians rejoiced on Thursday after a ceasefire and hostage deal was announced…The enemies publicly endorsed the deal and had been expected to sign it around noon in the Egyptian beach resort of Sharm el-Sheikh”
“China tightens export rules for crucial rare earths”
“China has tightened export controls on rare earths and other materials critical for advanced tech manufacturing as trade negotiations continue with the US.”
https://www.bbc.com/news/articles/ckgzl0nwvd7o
—
10/8/25 8:17 AM
US Futures up from 19 to 26 bps. Europe Futures are up from +36 to +89 bps. Asia Futures are down with the Nikkei -27, Hang Seng -116, and CSI +24 (closed) bps respectively.
US Equities ended lower from -20 to -67 bps. Europe Equities are trading mixed from -17 to +92 bps. Asia Equities ended lower with the Nikkei -45, Hang Seng -48, and CSI +45 (closed) bps respectively.
Events. Fed minutes and 10 year note auction today.
Earnings. AAZ today.
“Gold Could Top $4,400/oz as Fed Eases Into Higher Inflation Environment”
https://www.wsj.com/articles/gold-edges-higher-supported-by-possible-hedging-demand-c6e4a223
Gov shutdown + limited macro information + decreasing job market + uncertainty has spiked precious metal prices, specifically gold.
—
US Futures are up slightly from +4 to +11 bps. Europe Futures are mixed from -12 to +33 bps. Asia Futures are mixed with the Nikkei -91, Hang Seng +8, and CSI +24 (closed) bps respectively.
US Equities ended mixed from -14 to +71 bps. Europe Equities are trading mixed from -12 to +43 bps. Asia Equities ended mixed with the Nikkei +1, Hang Seng -67, and CSI +45 (closed) bps respectively.
Events. Consumer Inflation Expectations (Sept) and Consumer Credit Change (Aug) today. Imports, Exports, and Balance of trade delayed due to Gov shutdown.
Earnings. MKC, MKC.V, and PENG today.
“The CEOs of the country’s six largest banks—Goldman Sachs, Citigroup, Bank of America, JPMorgan Chase, Morgan Stanley and Wells Fargo—have all made pilgrimages to the White House” to woo Trump into allowing them to lead the Fannie Mae and Freddie Mac offering. https://www.wsj.com/finance/banking/fannie-freddie-ipo-big-banks-6d8884aa
US Futures are trading up from +23 to +75 bps. Europe Equities are trading mixed from -121 to +100 bps. Asia Futures are trading mixed with the Nikkei +510, Hang Seng -55, and CSI +24 bps respectively.
US Equities ended mixed from -28 to +51 bps. Europe Equities are trading mixed from -117 to +74 bps. Asia Equities ended mixed with the Nikkei +475, Hang Seng -67, and CSI +45 bps respectively.
Events. No major events today. Import, Export, and Balance delayed due to Gov shutdown tomorrow.
Earnings. STZ today after the close. MKC and MKC.V tomorrow.
“US natural gas futures rose over 4% to around $3.47/MMBtu, snapping a two-day decline, supported by carryover sentiment from last week’s EIA storage report… Last week’s EIA data showed a smaller-than-expected storage build of 53 bcf for the week ending September 26—well below forecasts and the five-year average of 85 bcf.” https://tradingeconomics.com/commodity/natural-gas
“Prime Minister Sébastien Lecornu resigned less than a day after his cabinet was unveiled” This resignation marks the fifth PM to quit in less than 2 years. Peace Talks between Israel and Hamas https://www.wsj.com/world/middle-east/gazans-have-a-message-for-hamas-end-the-war-now-ec769626
Surprise victory by Sanae Takaichi’s election in Japan as a right wing nationalist. “The internal party vote was triggered by Prime Minister Shigeru Ishiba’s resignation as LDP president in September.” https://www.wsj.com/world/asia/japans-ruling-party-following-global-trend-veers-right-2101fa90
US Futures are up from +1 to +9 bps. Europe Futures are mixed from -30 to +68 bps. Asia Futures are mixed with the Nikkei +204, Hang Seng -38, and CSI +24 bps respectively.
US Equities ended higher from +6 to +39 bps. Europe Equities are trading mixed from -23 to +60 bps. Asia Equities ended mixed with the Nikkei +185, Hang Seng -54, and CSI +45 bps respectively.
Events. S&P Global Composite PMI, S&P Global Services PMI, and ISM Services PMI today.
Earnings. LFCR today.
A new “Dream Exchange” has applied for an SEC license and has been accused of misappropriating funds https://www.wsj.com/finance/regulation/sec-probes-scientology-connections-at-startup-stock-exchange-cbb4312d
US Futures mixed to up from -8 to +47 bps. Europe Futures are up from +2 to +137 bps. Asia Futures are up with the Nikkei +60, Hang Seng +198, and CSI +24 bps respectively.
US Equities ended higher from +9 to +42 bps. Europe Equities are trading up from +17 to +156 bps. Asia Equities ended up with the Nikkei +97, Hang Seng +161, and CSI +45 bps.
Events. Friday ISM Services PMI, Non-Farm Payrolls, and Unemployment Rate.
Earnings. Today ANGO.
First Day of Gov. shutdown. Democrats pushing for extensions of expiring health-insurance subsidies https://www.wsj.com/politics/policy/government-shutdown-democrats-trump-cadec6cd
US Futures are lower from -34 to -46 bps. Europe Futures are higher from -3 to +149 bps. Asia Futures are mixed with the Nikkei -36, Hang Seng +33, and CSI +24 respectively.
US Equities ended higher from +18 to +41 bps. Europe Equities are trading higher from +12 to +159 bps. Asia Equities ended mixed with the Nikkei -84, Hang Seng +87, and CSI +45 bps respectively.
Events. ISM Manufacturing PMI, and ISM Manufacturing Prices today. Initial Jobless Claims and Continuing Jobless Claims are delayed due to gov shutdown. https://www.reuters.com/world/us/us-weekly-jobless-claims-report-will-not-be-released-if-government-shuts-down-2025-09-30/
Earnings. RPM, and AYI today.
Senate meeting failed to reach a funding decision, prompting a gov shutdown. https://www.wsj.com/politics/policy/government-shutdown-begins-as-funding-lapses-07f1027d
US Futures are slightly down from -13 to -21 bps. Europe Futures are mixed from -20 to +60 bps. Asia Futures are mixed with the Nikkei -91, Hang Seng +80, and CSI +155 bps respectively.
US Equities ended higher from +15 to +48 bps. Europe Equities are trading mixed from -27 to +60 bps. Asia Equities ended mixed with the Nikkei -25, Hang Seng +87, and CSI +45 bps respectively.
Events. House Price Index for July today. Tomorrow PMI, Mortgage Applications for Sept, and Construction Spending.
Earnings. NKE after the close. BNED today.
Funding Runs Out tonight for Government. This will prevent many major reporting numbers such as Jobless Claims. https://www.wsj.com/politics/policy/how-government-shutdowns-affect-the-economy-94446606 “The Bureau of Labor Statistics said it won’t release or collect any economic data during a shutdown, which means this Friday’s monthly jobs report is in doubt.”
US Futures up from +32 to +59 bps. Europe Futures mixed from -15 to +166 bps. Asia Futures mixed with the Nikkei -10, Hang Seng +220, and CSI -89 bps respectively.
US Equities ended higher from +44 to +65 bps. Europe Equities are trading mixed to higher from -16 to +214 bps. Asia Equities ended mixed with the Nikkei -69, Hang Seng +189, and CSI +154 bps respectively.
Events. Pending Home Sales for August Today. Jobless Claims Thursday. Unemployment rate Friday.
Earnings. CCL, CUK, JEF, MTN, and PRGS earnings today. NKE earnings tomorrow after the close.
EA LBO for 50 billion dollar deal to go private. Likely to be the largest LBO of all time. https://www.cnbc.com/2025/09/26/electronic-arts-buyout.html
Probable Government shutdown as deadline approaches https://www.wsj.com/politics/policy/trump-faces-democrats-as-shutdown-deadline-nears-ec8e5d54
US Futures up from +2 to +15 bps. Europe Futures up from +1 to +85 bps. Asia Futures mixed with the Nikkei -74, Hang Seng -82, and CSI +109 bps respectively.
US Equities ended lower from -38 to -50 bps. Europe Equities are trading higher from +5 to +86 bps. Asia Equities ended lower with the Nikkei -87, Hang Seng -135, and CSI -95 bps respectively.
Events. Core PCE Price Index, Personal Income, and Personal Spending today.
Earnings. JKS and KRKR today. CCL, CUK, JEF, and PRGS earnings Monday.
Trump to impose 100% Tariffs on companies who are not building a pharmaceutical manufacturing plant in the United States. https://www.wsj.com/economy/trade/trump-to-slap-new-tariffs-on-pharma-big-trucks-ab37416e
US Futures ticking down from -10 to -48 bps. Europe Futures trading mixed to lower from +42 to -111 bps. Asia Futures are mixed with the Nikkei -54, Hang Seng +21, and CSI +145 respectively.
US Equities ended lower from -28 to -37 bps. Europe Equities are trading lower from -25 to -108 bps. Asia Equities ended mixed with the Nikkei +27, Hang Seng -13, and CSI +60 bps respectively.
Events. PCE prices, Core PCE prices, Jobless Claims, Retail and Wholesale Inventories, and Retail Consumer Spending. Tomorrow Core PCE Price Index, Personal Income and Spending.
Earnings. Today COST, ACN, KKK, and BB. Tomorrow JKS and KRKR.
US Futures are ticking up from +4 to +22 bps. Europe Futures are trading mixed from -67 to +85 bps. Asia Futures are mixed with the Nikkei +34, Hang Seng +96, and CSI -34 bps respectively.
US Equities ended lower from -19 to +95 bps. Europe Equities are trading lower from -17 to -100 bps. Asia Equities ended higher with the Nikkei +30, Hang Seng +137, and CSI +102 bps respectively.
Events. Mortgage Applications, New Home Sales, Building Permits, and EIA numbers today. Tomorrow PCE, Core PCE, Jobless Claims, Retail and Wholesale Inventories, and Retail Consumer Spending all tomorrow.
Earnings. Today UEC, CTAS, and KBH. Tomorrow COST, ACN, KMX, and BB.
Trump has flipped in rhetoric about his stance on the Russia Ukraine War. https://www.nbcnews.com/politics/white-house/major-shift-trump-says-ukraine-can-win-back-land-from-russia-rcna233287
Many of US allies are recognizing Palestinian statehood putting pressure on Trump to respond. https://www.reuters.com/world/middle-east/us-allies-embrace-palestinian-statehood-tests-trumps-israel-policy-2025-09-24/
US Futures are flat from -3 to +10. Europe Futures are mixed from -84 to +92 bps. Asia Futures are mixed with the Nikkei +10, Hang Seng -64, and CSI +5 bps respectively.
US Equities ended higher from +14 to +70 bps. Europe Equities are trading higher from flat to +70 bps. Asia Equities ended mixed with the Nikkei +99, Hang Seng -70, and CSI -6 bps respectively.
Events. 12:35PM Today Powell Speech. UN General Assembly today. Thursday Initial Jobless Claims, GDP Growth Rate, Trade Balance, Core PCE, Retail Consumer Spending, and Durable Goods Orders Thursday.
Earnings. MU today after the close. AZO, MLKN, and BNED as well. Tomorrow UEC. Trump talks about possible link to Tylenol (acetaminophen) and Autism? https://www.wsj.com/politics/in-targeting-a-common-painkiller-trump-oversteps-his-own-advisers-guidance-on-autism-571e9eae
Nvidia to invest $100 Billion in OpenAI https://finance.yahoo.com/news/nvidia-stock-jumps-on-100-billion-openai-investment-as-huang-touts-biggest-ai-infrastructure-project-in-history-171740509.html
US Futures down from -33 to -37 bps. Europe Futures mixed from -70 to +100 bps. Asia Futures mixed with the Nikkei +39, Hang Seng -38, and CSI +55 bps respectively.
US Equities ended higher from +37 to +72 bps. Europe Equities are trading mixed from -146 to +31 bps. Asia Equities ended mixed with the Nikkei +102, Hang Seng -76, and CSI +46 bps respectively.
Events. Fed Speeches today. Flash PMI tomorrow. Powell speech tomorrow. PCE and Jobless claims Thursday.
Earnings. FLY and PACS today. MU tomorrow.
House Passed spending bill, Senate failed to pass Republican and Democratic plan. Markets don’t seem to care. Not a debt ceiling.
H1B Visa news pushing down tech stocks. https://www.wsj.com/economy/jobs/will-the-100-000-visa-fee-create-more-u-s-jobs-economists-arent-so-sure-8693001d Restrictions on importing talent could slow growth in certain industries, and in turn, companies may reduce or relocate workforces, which could put upward pressure on unemployment.
US Futures up slightly from +4 to +11 bps. Europe Futures mixed from -33 to +80 bps. Asia Futures down with the Nikkei -126, Hang Seng -35, and CSI -172 bps respectively.
US Equities ended higher from +27 to +94 bps. Europe Equities trading mixed from -22 to +71 bps. Asia Equities ended mixed with the Nikkei -63, Hang Seng flat, and CSI +8 bps respectively.
Events. No major economic numbers today. Monday many Fed speeches (Willaims, Musalem, Barkin, and Hammack. Sunday UN General Assembly meeting.
Earnings. JKS today.
Reaching the end of this earnings season. Bank of Japan has started selling riskier ETF holdings gradually. Signals hawkish shift and a need to raise borrowing rates. https://www.investing.com/news/economy-news/boj-to-keep-interest-rates-steady-as-tariff-us-slowdown-risks-loom-4245814
Trump and Xi to call Friday to talk about Tiktok deal and a possible restart of China purchasing American soybeans. https://www.reuters.com/world/china/trump-xi-seek-tiktok-win-break-us-china-gridlock-2025-09-19/
Gov spending bill will need to be passed soon to avoid Gov shutdown.
US Futures up +49 to +107 bps. Europe Futures mixed to up from -20 to +142 bps. Asia Futures are mixed with the Nikkei +203, Hang Seng -89, and CSI +70 bps respectively.
US Equities ended mixed from -33 to +57 bps. Europe Equities are trading mixed from -11 to +179 bps. Asia Equities ended mixed with the Nikkei +115, Hang Seng -135, and CSI -116 bps respectively.
Events. Jobless claims at 8:30 AM. Oct expected 25 bp cut. Dec expected 25 bp cut.
Earnings. FDX after the close.
NVDA to invest 5B into INTC https://www.wsj.com/tech/ai/nvidia-intel-5-billion-investment-ad940533
Disney Pulls Jimmy Kimmel’s Show after Kirk remarks. https://www.wsj.com/business/media/disney-to-pull-jimmy-kimmels-show-after-kirk-remarks-47b4b400
US Futures mixed to flat from -7 to +5 bps. Europe Futures mixed from -144 to +21 bps. Asia Futures mixed with the Nikkei +6, Hang Seng +105, and CSI -24 bps respectively.
US Equities ended lower from -7 to -27 bps. Europe Equities are trading mixed from -123 to +28 bps. Asia Equities ended mixed with the Nikkei -25, Hang Seng +178, and CSI +61 bps respectively.
Events. Today is the FOMC meeting. Widely expected 25 bp cut but market catalyst will be the guidance and outlook for the rest of the year. Jobless Claims Thursday.
Earnings. GIS, BLSH, and MANU today. FDX tomorrow.
Miran, Waller, and Bowman expected to dissent in favor of a larger cut at Fed meeting. https://www.wsj.com/economy/central-banking/fed-reserve-voters-division-dissent-99e932a6
Markets are at all time highs due to optimism about AI and interest rates, Fed is looking at a weaker job market with revisions and Jobless Claims numbers weak, and inflation is hotter than targeted. Fed afraid of accelerating inflation past 2.9%, and the target rate of 2%.
US Futures up from -1 to +21 bps. Europe Futures are down from -8 to - 51 bps. Asia Futures mixed with the Nikkei -12, Hang Seng -22, and CSI +5 bps respectively.
US Equities ended higher from +11 to +94 bps. Europe Equities are trading lower from -10 to -60 bps. Asia Equities are mixed with the Nikkei +32, Hang Seng -3, and CSI -21 bps respectively.
Events. Retail Sales, Imports, Exports, and Manufacturing Production today. Tomorrow at 2 PM Target Interest Rate, FOMC meeting, and Interest Rate projections.
Earnings. FERG and NBIS today. Tomorrow BLSH and GIS.
Appeals Court rejects Trump’s Request to remove Lisa Cook as Fed Governor https://www.wsj.com/economy/central-banking/appeals-court-rejects-trump-request-to-remove-fed-governor-lisa-cook-immediately-fc96f39b
Trump Sues the NYT for $15B https://www.wsj.com/business/media/trump-files-15-billion-lawsuit-against-new-york-times-0dded44a
US Futures up from +13 to +20 bps. Europe Futures up from +9 to +133 bps. Asia Futures mixed with the Nikkei +12, Hang Seng +40, and CSI -37 bps respectively.
US Equities ended mixed from -59 to +44 bps. Europe Equities are trading higher from +4 to +131 bps. Asia Equities ended higher with the Nikkei +89, Hang Seng +22, and CSI +24 respectively.
Events. Retail Sales, Imports, Exports, and Manufacturing Production all Tuesday. Wednesday FED rate cut decision. 25 bps priced at 96%, 50 cuts 3.8%.
Earnings. KEP today. Tuesday NBIS, FERG, and BNED.
NVDA under China probe for anti-monopoly law. Not a large development as this has been ongoing and expected. https://www.reuters.com/sustainability/boards-policy-regulation/china-says-preliminary-probe-shows-nvidia-violated-anti-monopoly-law-2025-09-15/ (edited)
US Futures mixed from -24 to +6 bps. Europe Futures are trading mixed from -52 to +50 bps. Asia Futures are trading mixed with the Nikkei -18, Hang Seng -13, and CSI +221 bps respectively.
US Equities ended higher from +72 to +136 bps. Europe Equities are trading mixed from -48 to +54 bps. Asia Equities ended mixed with the Nikkei +89, Hang Seng +116, and CSI -57 bps respectively.
Events. Retail Sales, Import, Export, and Manufacturing Production all next Tuesday. Most important event will be Sept 17th FED decision.
Earnings. JKS.
US Futures higher from +16 to +30 bps. Europe Futures up from +24 to +93 bps. Asia Futures up with the Nikkei +166, Hang Seng +40, and CSI +54 bps respectively.
US Equities ended mixed from -48 to +30 bps. Europe Equities are trading higher from +28 to +89 bps. Asia Equities ended mixed with the Nikkei +122, Hang Seng -43, and CSI +231 bps respectively.
Events. Core Inflation MoM, YoY, and Inflation MoM, YoY at 8:30 AM today. CPI and Jobless Claims at 8:30 AM as well.
Earnings. ADBE earnings after the close. KR this morning.
Charlie Kirk shot and killed in Utah Valley. https://www.wsj.com/us-news/charlie-kirk-shooting-utah-valley-university-9c2f9817
Colorado High School Shooter dead. https://www.nytimes.com/2025/09/10/us/colorado-high-school-shooting.html
Poland has invoked article 4 of NATO, and will discuss the possibility of military action against Russia. https://www.nytimes.com/2025/09/10/world/europe/what-is-nato-article-4.html
US Futures are mixed from -15 to +34 bps. Europe Futures are trading higher from -3 to +120 bps. Asia Futures are mixed with the Nikkei +50, Hang Seng +56, and CSI -81 bps respectively.
US Equities ended higher from +27 to +43 bps. Europe Equities are trading higher from -4 to +115 bps. Asia Equities ended higher with the Nikkei +87, Hang Seng +101, and CSI +21 bps respectively.
Events. PPI, Core PPI, and MBA purchase index today. CPI, Core inflation, CPI, Core CPI, and Jobless Claims all tomorrow.
Earnings. CHWY, QSG, and MANU earnings today. ADBE, KR, and AACT earnings tomorrow.
Read what is happening in Nepal and Indonesia. Understand how the media has framed these revolutions, and the impact of their corrupt governments. https://time.com/7315492/nepal-gen-z-protests-social-media-nepo-kids-corruption-explainer/ https://www.bbc.com/news/articles/c0m4vjwrdwgo https://apnews.com/article/indonesia-protests-ministers-fired-3776bd9365804cda9f7c3f85b2104502
French PM lost vote of confidence. https://www.bbc.com/news/live/c5yqgnzw759t
Job revisions of 911,000 fewer jobs created revised by the BLS. https://www.wsj.com/opinion/donald-trump-economy-job-revisions-bls-joe-biden-tariffs-8145ed52
Israel strike Qatar to kill Hamas leader. https://www.wsj.com/world/middle-east/inside-israels-audacious-airstrike-on-hamas-leaders-in-qatar-a-u-s-ally-89104bcd
US Futures trading higher from +10 to +20 bps. Europe Futures trading mixed from -47 to +48 bps. Asia Futures mixed with the Nikkei -170, Hang Seng +100, and CSI +14 respectively.
US Equities ended higher from +21 to +45 bps. Europe Equities are trading mixed from -47 to +44 bps. Asia Equities ended mixed with the Nikkei -42, Hang Seng +119, and CSI -70 bps respectively.
Events. PPI tomorrow, CPI, Inflation, and Jobless Claims Thursday.
Earnings. ORCL after market, NBIS time not specified today. GME after hours. Tomorrow CHWY pre-market.
BLS revisions as well coming out
https://www.wsj.com/articles/singapore-dollar-steady-amid-risk-off-mood-88c24b47
US Futures up 7 to 28 bps. Europe Futures up from 0 to +69 bps. Asia Futures high with the Nikkei +212, Hang Seng +96, and CSI +269 bps respectively.
US Equities ended lower Friday from -3 to -48 bps. Europe Equities are trading positive from +20 to +67 bps. Asia Equities amended higher with the Nikkei +162, Hang Seng +85, and CSI +16 bps respectively.
Events. Today, Consumer Inflation Expectations. Labor revisions tomorrow. Wednesday PPI, Core PPI, and MBA Mortgage data. Thursday CPI, Core CPI, and Inflation rates for AUG.
Earnings. Today CASY, KEP, and KT. Tomorrow ORCL.
France vote of confidence today, PM expected to lose. https://www.reuters.com/world/europe/france-faces-more-turmoil-with-government-brink-collapse-ahead-confidence-vote-2025-09-08/
French bonds red: https://www.cnbc.com/france-government-bonds/
US Futures mixed from -24 to +47 bps. Europe Futures mixed from -14 to +42 bps. Asia Futures mixed with the Nikkei +36, Hang Seng +148, and CSI -222 bps respectively.
US Equities ended higher from +77 to +98 bps. Europe Equities trading higher from flat to +57 bps. Asia Equities ended higher with the Nikkei +103, Hang Seng +143, and CSI +218 bps respectively.
Events. Non Farm Payrolls, Unemployment Rate, Hourly Earnings, and Participation Rate today. Consumer Inflation Expectations Monday.
Earnings. ABM today. Oracle next week on Tuesday.
“OpenAI to launch its first AI chip in 2026 with Broadcom, FT reports” https://www.msn.com/en-ca/money/topstories/openai-to-launch-its-first-ai-chip-in-2026-with-broadcom-ft-reports/ar-AA1LUEoS
LULU worst retail sales quarterly earnings report. Stock is down 20% before the open.
US Futures are mixed from -9 to +16 bps. Europe Futures are trading higher from +8 to +164 bps. Asia Futures are mixed with the Nikkei +97, Hang Seng -125, and CSI -91 bps.
US Equities ended mixed from -5 to +102 bps. Europe Equities are trading higher from +2 to +167 bps. Asia Equities ended mixed with the Nikkei +153, Hang Seng -112, and CSI -212 bps respectively.
Events. Imports, Exports, Jobless claims, Nonfarm productivity, Labor Costs, and PMI all out today. Nonfarm payrolls tomorrow.
Earnings. AVGO, LULU, and GWRE today. FIG earnings were weak, down 15% pre-market trading.
Xi, Putin, and Kim met this week in Beijing for a military parade. https://www.wsj.com/world/hot-mic-in-beijing-captures-leaders-drive-for-longevity-55a86f1a
US Futures up +1 to +68 bps. Europe Futures mixed from -41 to + 96 bps. Asia Futures mixed with the Nikkei +5, Hang Seng -39, and CSI -91 bps.
US Equities closed lower from -55 to -82 bps. Europe Equities are trading higher from -7 to +89 bps. Asia Equities ended lower with the Nikkei -88, Hang Seng -60, and CSI -68 bps respectively.
Events. Redbook Index this morning for retail sales YoY. JOLTS job openings and quits today. Imports Exports tomorrow. Jobless Claims, Productivity, and Productivity tomorrow as well. Non-farm payrolls and Unemployment rate for Aug Friday.
Earnings. CRM, FIG, HPE, and M today. Tomorrow AVGO, LULU, and GWRE.
“Google Dodges Worst Penalties in U.S. Antitrust Case” https://www.wsj.com/tech/judge-bars-google-from-exclusive-search-deals-orders-data-sharing-e65a2191 No spin off for chrome, and Apple can continue its arrangement.
US Futures trading down from -75 to -124 bps. Europe Futures also trading down from -47 to -173 bps. Asia Futures trading down with the Nikkei -118, Hang Seng -57, and CSI -91 bps respectively.
US Equities ended lower from -20 to -115 bps. Europe Equities are trading lower from -46 to -177 bps. Asia Equities ended mixed with the Nikkei +29, Hang Seng -47, and the CSI -74 respectively.
Events. July Imports, Exports, Jobless Claims, PMI, and Productivity all Thursday.
Earnings. QMCO, NIO, NBIS, and ZS.
US Congress has 1 month to avoid shutdown and reach a spending deal. US Debt at 37.25 Trillion. https://www.reuters.com/legal/government/us-congress-returns-with-one-month-deadline-avert-government-shutdown-2025-09-02/
French vote of confidence likely to fail Sept 8th.
Large tech sell-off, US appeals court ruled Trump’s tariffs illegal. “But the court allowed the tariffs to remain in place through October 14 to give the administration a chance to file an appeal with the U.S. Supreme Court.” https://www.reuters.com/markets/tariff-challenge-thickens-market-fog-confusion-2025-09-02/
US Futures are trading lower from -27 to -49 bps. Europe Futures are down from -17 to -100 bps. Asia Futures are mixed with the Nikkei -59, Hang Seng +52, and CSI +149 bps respectively.
US Equities ended high from +16 to +53 bps. Europe Equities are trading negative from -15 to -100 bps. Asia Equities ended mixed with the Nikkei -26, Hang Seng +32, and CSI +74 bps respectively.
Events. PCE and Core PCE MoM this morning. Jobless Claims 229K.
Earnings. BABA up 6% pre market.
Alibaba Creates AI Chip to Help China Fill Nvidia Void https://www.wsj.com/tech/ai/alibaba-ai-chip-nvidia-f5dc96e3
US Futures mixed from -13 to +11 bps. Europe Futures are mixed to low from -56 to +11 bps. Asia Futures mixed with the Nikkei -42, Hang Seng +5, and CSI +47 bps respectively.
US Equities ended higher from +21 to +32 bps. Europe Equities are trading mixed from -34 to +14 bps. Asia Equities ended mixed with the Nikkei +73, Hang Seng -81, and CSI +177 bps respectively.
Events. GDP Growth Rate and Jobless Claims today at 8:30 AM. Core PCE Index tomorrow.
Earnings. TD, DELL, MRVL, ULTA, and DKS today.
US Futures slightly higher at +7 to +9 bps. Europe Futures are trading mixed from -27 to +45 bps. Asia Futures are trading lower with the Nikkei -24, Hang Seng -35, and CSI -99 bps respectively.
US Equities ended higher from +30 to +44 bps. Europe Futures are trading mixed from -30 to +45 bps. Asia Equities ended mixed with the Nikkei +30, Hang Seng -127, and CSI -149 bps respectively.
Events. 8:30 GDP Growth Rate QoQ. Friday Core PCE Price Index MoM.
Earnings. NVDA after close. CRWD after close. SNOW after close.
DXY strength at 98.8, VIX 14.79.
Prime Minister François Bayrou to call confidence vote Sept 8th. Macron into crisis mode. Summary: https://chatgpt.com/c/68aef5c7-1ecc-8328-abf5-98774ff3dc1c
US Futures down -11 to -16 bps. Europe Futures are down heavily from -28 to -164 bps. Asia Futures mixed with the Nikkei -5, Hang Seng +46, and CSI +4 bps respectively.
US Equities ended lower from -22 to -77 bps. Europe Equities are trading much lower from -44 to -163 bps. Asia Equities ended lower with the Nikkei -97, Hang Seng -118, and CSI -37 bps respectively.
Events. House Price Index numbers today. GDP numbers Thursday.
Earnings. BMO, BNS, and NBIS. NVDA Earnings Tomorrow.
Google AntiTrust Decision soon possibly.
Lisa Cook was terminated as Fed Governor.
France announced to hold a confidence vote Dec 8th. Gov crumbling.
US Futures slightly down from -21 to -33 bps. Europe Futures are down from -23 to -55 bps. Asia Futures mixed with the Nikkei -28, Hang Seng -31, and CSI +192 bps respectively.
US Equities rallied higher from +152 to +189 bps. European Equities ended mixed from -69 to +13 bps. Asia Equities ended higher from +41 to +208 bps.
Earnings Today. PDD, HEI, and KT.
Events. Thursday important numbers. GDP Growth Rate MoM and Jobless Claims. Increase YTD. https://tradingeconomics.com/united-states/continuing-jobless-claims FED Speech Powell was more doveish. Inflated prices due to tariffs but more shocking was the jobs report which will drive target to 375 to 400 EOY.
US Futures down -33 to -37 bps. Europe Futures are down from -5 to -64 bps. Asia Futures are mixed with the Nikkei -14, Hang Seng -2, and CSI +56 bps respectively.
US Equities ended lower from -67 to +4 bps. Europe Equities are trading lower from -2 to -65 bps. Asia Equities ended mixed with the Nikkei -65, Hang Seng -24, and CSI +39 bps respectively.
Events. Jobless claims today. Tomorrow Powell Speech. Next week GDP numbers on Thursday.
Earnings. ROST, ZM, and BIBI today. Next week NVDA. WMT beats earnings and raises guidance but stock falls.
No update tomorrow, leave early in the morning
US Futures down from -3 to -25 bps. European Futures are mixed from -35 to +78 bps. Asia Futures are mixed with the Nikkei -2, Hang Seng +8, and CSI +78 bps respectively.
US Equities ended lower from -146 to +2 bps. European Equities are trading mixed from -31 to +65 bps. Asia Equities ended mixed with the Nikkei -151, Hang Seng +17, and CSI +114 bps respectively.
Events. No major economic data today. Some oil and gasoline numbers and FOMC Minutes.
Earnings. TGT stock down pre-market. LOW up 2.92% pre-market. TJX up 4.68%. Israel to Call Up 60,000 Reservists for Gaza City Invasion. https://www.wsj.com/world/middle-east/israel-to-call-up-60-000-reservists-for-gaza-city-invasion-f172e843 Sept 50 bp cut down to 84.9%.
US Futures mixed from -10 to +16 bps. Europe Futures positive from +41 to +96 bps. Asia Futures mixed with the Nikkei +32, Hang Seng +26, and CSI -39 bps respectively.
US Equities ended mixed from -8 to +3 bps. Europe Equities are trading higher from +30 to +98 bps. Asia Futures ended lower with the Nikkei -38, Hang Seng -21, and CSI -38 respectively.
Events. Jobless Claims Thursday. Powell speech Friday.
Earnings. HD, MTD, and NBIS today. European defense stocks down as Trump pushes for Ukraine peace conference. If you have time, read into the Online Safety Act and the controversy: https://www.wsj.com/tech/u-s-official-says-u-k-drops-access-request-for-apple-data-ea74eda2
US Futures down slightly from -4 to -20 bps. Europe Futures down slightly from -31 to -73 bps. Asia Futures positive with the Nikkei +97, Hang Seng +2, and CSI +65 bps respectively.
US Equities ended mixed from -40 to +8 bps. Europe Equities trading lower from -13 to -71 bps. Asia Equities closed mixed with the Nikkei +77, Hang Seng -37, and CSI +88 bps respectively.
Events. 3 month and 6 month bill Auction today. Jobless claims Thursday. Powell speech Friday.
Earnings. PANW, FN, and XP today. HD, MDT, and NBIS Tuesday. LOW, TGT, and TJX Wednesday. WMT, BABA, and ROST Thursday. UI, BJ, and RLX Friday. Russia US Summit uneventful. Tariffs appear to be affecting the economies of other counties. https://www.wsj.com/economy/trade/european-trade-takes-fresh-hit-from-trump-tariffs-e912062e https://www.wsj.com/economy/swiss-economy-slows-sharply-as-tariffs-weigh-b1fa3c33 News is Israel Gaza and Russia Ukraine.
US Futures are trading flat from -9 to +55 bps. Europe Futures are trading mixed from -37 to +110 bps. Asia Futures are trading mixed with the Nikkei +133, Hang Seng -32, and CSI -2 bps respectively.
US Equities ended flat. Europe Equities are trading positive from -14 to +111 bps. Asia ended mixed with the Nikkei +171, Hang Seng -98, and CSI +70 bps respectively.
Earnings Today. RNA, ATHR, and GPUS.
Events. Strong Retail sales report today all within expectations. Jobless Claims next Thursday to watch. Sept pricing in a 50 bp cut at 94.6% chance. Trump to meet with Russia about war today in Alaska.
US Futures slightly negative from -34 to -41 bps. Europe Futures higher at +22 to +40 bps. Asia Futures mixed with the Nikkei -114, Hang Seng -117, and CSI +44 bps respectively.
US Equities ended higher from +14 to +104 bps. Europe Equities up +38 to +59 bps. Asia Equities ended lower with the Nikkei -145, Hang Seng -37, and CSI -8 bps respectively.
Events. PPI Higher than expected. (act 0.9% est 0.2%) both core and actual. Jobless claims more in line. Tomorrow Import Export Prices.
Earnings. AMAT, DE, and NTES.
US Futures up +28 to +37 bps. Europe Futures up +12 to +80 bps. Asia Futures mixed with the Nikkei -36, Hang Seng +232, and CSI +44 bps respectively.
US Equities ended high from +113 to +139 bps. Europe is trading up from +17 to +112 bps. Asia ended high with the Nikkei +130, Hang Seng +258, and CSO +79 bps respectively.
Earnings. Today CSCO, MRX, and KB.
Events. PPI tomorrow. Friday is Retail Sales, Export Prices, and Import Prices both MoM and YoY. Stock rally on hopes for a FED cut Sept. Russia Ukraine conflict seeing uptick in pushes pre-Russia US talks Friday. Trump trade talks with EU hoping to be finalized as he visits Scotland. https://www.wsj.com/world/uk/hopes-rise-for-u-s-europe-trade-deal-as-trump-visits-scotland-cde9439a
US Futures up +13 to +54 bps. Europe Futures mixed to flat from -2 to +9 bps. Asia Futures mixed with the Nikkei +206, Hang Seng +83, and CSI +54 bps respectively.
US Equities closed lower from -25 to -45 bps. Europe Equities trading mixed from -20 to +55 bps. Asia ended positive with the Nikkei +101, Hang Seng +25, and CSI +43 bps respectively.
Events. Core inflation relatively tame numbers, within expectations for forecasts. PPI Thursday.
Earnings. CRWV and CRCL (+11.25%). China Tariff extension. Russia US Summit Friday.
US Futures slightly up +4 to +14 bps. Europe Futures slightly down from -16 to -42 bps. Asia Futures mixed with the Nikkei +1, Hang Seng -29, and CSI -12 bps respectively.
US Equities closed high +47 to +98 bps. Europe trading lower from -16 to -45 bps. Asia ended with Nikkei +185, Hang Seng -19, and CSI +43 bps respectively.
Events. CPI Tuesday. PPI Thursday. Going to be catalysts for a possible 50 bp cut Sept.
Earnings. OKLO
US Futures up +13 to +20 bps. Europe Futures mixed to trading up from -35 to +102 bps. Asia Futures mixed with Nikkei +211, Hang Seng -19, and CSI -8 bps respectively.
US Equities ended flat yesterday with DOW -51, S&P -8, and NASDAQ +35 bps respectively. Europe Equities are mixed to high from -31 to +72 bps. Asia Equities were mixed with the Nikkei +185, Hang Seng -96, and CSI -24 bps respectively.
Events. CPI and PPI next Tuesday and Thursday respectively.
No major earnings today. Next week Tuesday earnings of CRWV and CRCL.
US Futures up +53 to +74 bps. Europe Futures up +116 to +180 bps. Asia Futures up with Nikkei +108, Hang Seng +46, and CSI +36 bps respectively.
US Equities closed higher from +1 8 to +129 bps. Europe Equities trading mixed to high anywhere from -84 to +166 bps. Asia closed mixed with Nikkei +65, Hang Seng +69, and CSI -18 bps respectively.
Earnings today. CLSK, LLY, TM, GILD, and MSI. Tariff uncertainty still driving the markets. Trump to meet with Putin soon to talk about Russia Ukraine War. BLS under scrutiny for data collection. Good article to see threatened rates and settled rates: https://www.wsj.com/economy/trade/trump-tariffs-countries-trade-explained-7f826419
US Futures up +12 to +30 bps. Europe Futures up from +13 to +29 bps. Asia Futures Mixed with Nikkei -22, Hang Seng +8, and CSI +85 bps respectively.
US Equities ended low from -14 to -73 bps. Europe Equities trading mixed to lower from -86 to +51 bps. Asia Equities ended mixed with the Nikkei +60, Hang Seng +3, and CSI +24 bps respectively.
Earnings today. NVO, MCD, DIS, UBER, SHOP, and SONY.
Events. Trump FED pick. CPI next week. Tariff news.
US Futures up +20 to +40 bps. Europe Futures up +11 to +154 bps. Asia Futures mixed with the Nikkei +4, Hang Seng +52, and CSI +40 bps respectively.
US Equities closed high from +134 to +195 bps. Europe is trading positive from +8 to +154. Asia closed up with the Nikkei +64, Hang Seng +68, and CSI +55 bps respectively.
Events. Balance of Trade $-61.6B. FED talk tomorrow. Sept almost fully priced in rate cut.
AMD, CAT, ANET, and PFE earnings today.
US Futures up 45 to 72 bps. Europe Futures up 47 to 148 bps. Asia Futures mixed with Nikkei +115, Hang Seng +186, and CSI -49 bps respectively.
US Equities ended low from -123 to -196 bps. Europe Equities trading higher from +46 to +193 bps. Asia ended mixed with the Nikkei -125, Hang Seng +92, and CSI +39 bps respectively.
Events. 3 and 6 month bill auction Monday. Imports and Exports Tuesday. Inflation MoM YoY, SPI, Tuesday the 12th. PPI Thursday the 14th. Nonfarm payrolls growth totaled 73,000 for July, above the June total of 14,000 but below even the meager Dow Jones estimate for a gain of 100,000. June and May totals were revised sharply lower, down by a combined 258,000 from previously announced levels.
Earnings Today. PLTR, MELI, VRTX, AXON, and SPG.
US Futures are mixed to flat from -16 to +10 bps. Europe Futures are trading downward from -44 to -83 bps. Asia Futures are trading mixed with the Nikkei at +24, the Hang Seng at -17, and the CSI at -51 bps respectively.
US Equities ended mixed with the DOW -70, S&P +7, and NASDAQ +18. European Equities are trading downward from 0 to -66 bps. Asia ended low with the Nikkei at -88, Hang Seng at -109, and CSI at -53 bps respectively.
Events. Next week a lot of important numbers. GDP QoQ annualized 7/30. Durable Good Orders today. Personal income and spending 7/31. And FOMC rate decision expected for 4.5%.
Earnings. CHTR act 9.18 est 9.81 trading -6% pre-market. CNC act -0.16 est 0.55 trading -12% pre-market.
New trade deals might be moving toward a 15% baseline up to 50%, different from Trump’s initial 10% baseline announced at the beginning of negotiations. August 1st deadline is important for countries. DXY showing strength up 0.4%. VIX at 15. Yield curve in a “u” shape, reflecting uncertainty.