Newsletter

Dear readers, Wall Street is at record levels, and the stocks that depend on household spending are not. This week...

Dear readers, Investors have a simple test for the fourth quarter: show me the cash. Microsoft passes it and Oracle...

Dear readers, Friday's edition showed how selective spending has become, with Nike punished for its guidance and the jobs report...

Dear readers, Nike's answer to the question we left open yesterday is in, and it isn't kind. The broader question...

Dear readers, Yesterday we traced how AI capital is flowing from chips into the concrete and steel of data centers...

Dear readers, Yesterday we tracked the ten-year Treasury yield's climb past 5.2%, a 19-year high, and the capital rotation it...

Dear readers, The bond market flagged the stress yesterday; today the growth data explains where it's coming from. The U.S....

Dear readers, Yesterday's newsletter tracked the leverage propping up this rally from beneath. Today the pressure comes from above: oil...

Dear readers, Yesterday we asked whether hyperscalers' AI spending would ever generate enough revenue to justify itself. Today's numbers suggest...

Dear readers, Signs of de-escalation in the Middle East are giving markets room to exhale heading into the weekend. After...