Stocks are digesting recent gains. Equities had a very strong Monday, with index gains +1% across the board. This morning, we’re seeing a minor pullback, though the Dow remains slightly green. For the trailing week, only the Russell 2000 is in the red. For the trailing month, all are firmly in the green. The VIX is up half a point to 18.7, but still near the low for the week.
Earnings continue to come in strong. had solid beats top and bottom and raised guidance. The shares are up 1.3%, +83.3% YTD. had modest beats top and bottom despite weak volumes and a “challenging” environment. The shares are up 3.7%, +14.1% YTD. had strong beats top and bottom and raised guidance, and said they had lower tariff exposure. The shares are up 14.2%, +24.4% YTD. After the close, we’ll get . Tomorrow is Tesla (TSLA), IBM (IBM), and AT&T (T).
are lower across the yield curve. The US 10-year is 3bps lower to 3.95%, the lowest since January 2024. The 2-year is below 3.45%, the lowest since January 2022. We’re seeing most global yields following the US lower. The bets on Fed cuts find October and December near certainty quarter point cuts, and bets on follow-through cuts in January and March 2026 are rising. The US dollar index is up again, now 98.7, the highest in a week.
and are seeing a major correction today, with gold down 4.9% and silver down 7.6%. Both are still up for the trailing week and month. It’s being explained as easing trade worries. Copper is down 2%. is down, dropping as low as $56.36/bbl, the lowest since 2020. Gasoline has fallen to below $3/gal nationwide. remains firm at $3.40/mcf, as high as it’s been since June.