May 23, 2026
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4 min read
Walmart beat Q1 estimates and posted 7.1% revenue growth. Then Q2 guidance came in light and the CFO said lower-income Americans are perhaps navigating "financial distress." That is worth sitting with.
May 21, 2026
The SEC approved Nasdaq's 23-hour trading day in April. The launch is December 6, 2026. Foreign holdings of U.S. equities have surged 97% since 2019. The market that opens at 9:30 and closes at 4:00 is quietly becoming a relic.
May 20, 2026
3 min read
Kevin Warsh's confirmation was the most divisive in Fed history at 54-45. He inherits inflation at 3.8%, oil above $105, and a committee that had four dissents at its last meeting. His first meeting is June 16.
May 18, 2026
High-bandwidth memory has become the binding constraint in AI infrastructure. Memory stocks posted their best week on record, with the sector up 30% in five sessions. Supply cannot catch demand for years. Here is what that condition looks like.
May 16, 2026
Goldman Sachs says market breadth has not been this narrow since the dotcom era. The index is at all-time highs. Those two facts describe the same market.
May 14, 2026
Wall Street expects total revenue around $78 to $80 billion. The hyperscalers just raised their capex again. If any company can beat those expectations, it is Nvidia. The question is whether it does.
May 13, 2026
Trump arrives in Beijing tonight for his first China visit since 2017. Markets rallied last week on summit optimism. Goldman Sachs expects modest outcomes. Both of those things are true right now.
May 10, 2026
Berkshire's cash hit $397 billion this quarter, a new all-time record, while it sold a net $8 billion in stocks for the 14th consecutive quarter. The market is at record highs. Both true at once.
May 9, 2026
The S&P averages just 2% between May and October since 1945. It just came off its best April since 2020. Whether the old rule applies this year is actually an interesting question.
May 7, 2026
At the start of 2026 the estimate was $546 billion. After earnings season it is now north of $700 billion. Five companies, one thesis, a number that will not stop growing.
May 6, 2026
Meta had one of its best quarters in years last night. The stock dropped anyway. That gap between the result and the reaction is what is worth understanding right now.
May 4, 2026
The Fed held rates steady today, but the 8-4 vote was anything but routine. Three officials wanted to remove the easing bias entirely, and that changes the picture.
May 2, 2026
Consumer sentiment just hit its lowest reading in 74 years of data while the S&P closed at all-time highs. That gap is not a contradiction. It is a classification.
Apr 30, 2026
The PHLX Semiconductor Index just posted 18 straight days of gains, its longest streak ever, up 42% year to date. That kind of run has a specific historical signature.
Apr 29, 2026
Microsoft, Meta, Alphabet, Amazon, and Apple report this week. The AI thesis that has been driving this market all year is about to meet actual evidence.
Apr 27, 2026
Gold is sitting near $4,800 an ounce, up over 40% year over year. The S&P just hit a fresh record. Both things are true simultaneously, and that combination has a specific historical signature.
Apr 25, 2026
Iran seized two ships in the Strait on Wednesday. Oil pushed back above $100. The S&P hit a fresh record the same day. That combination has a name.
Apr 23, 2026
Tech is up 45%. Healthcare is down nearly 10%. Companies are quietly pulling their guidance. All of that is the same earnings season everyone is celebrating right now.
Apr 22, 2026
A single post from Iran's foreign minister moved oil 11% and sent stocks to a record. By Saturday the Strait was closed again. The gap between those two facts is the whole story.
Apr 21, 2026
The S&P at all-time highs while an Iranian gunboat fires on a tanker and the ceasefire expires Wednesday is not a contradiction. It is a classification.
Apr 18, 2026
2 min read
Early April gains are being supported by a smaller group of names, while broader participation remains uneven.
Apr 16, 2026
Early to mid April price action shows markets reacting less to events themselves and more to how those events ripple through the system.
Apr 14, 2026
Early to mid April price action shows increasing sensitivity to intraday swings in Treasury yields, not just their level.
Apr 11, 2026
Early April price action shows equities reacting more directly to Treasury yield moves again.
Apr 9, 2026
Early April price action shows declines lasting longer and dips being bought less aggressively.
