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January 21, 2026 Both of yesterday’s shocks – Japan and Greenland – are cause for relief today.  Both crises seem to be calming down. On Japan , the global bond market is recovering after yesterday’s pullback.  Japan’s bond yields are falling by nearly the entire amount they gapped up yesterday.  As a result, bonds are cooling off across the globe.  US rates are falling a bit.  The 10yr yield is down a bit, but still up meaningfully versus last week.  This is still an issue o

President Trump is now threatening tariffs for obvious non-trade related reasons. This increases the importance of the upcoming Supreme Court Ruling.

Today, SCOTUS is hearing arguments about whether the claims against Lisa Cook are "cause" for her removal from the court. At actual stake is the Fed's independence.

January 20, 2026 The increasing tension over Greenland and the bond selloff in Japan are having the most pronounced market moves today.  But as always, there are some stock specific news worth highlighting today. Semiconductor Stocks Intel (INTC) and Sandisk (SNDK) are the two leading gainers in the S&P 500 today.  Intel got a double upgrade from two brokers this morning, who are expecting the company to report strong results in a couple days.   Storage makers WDC and STX als

Japan's govn bond prices fell sharply last night, leading to a global selloff in bonds around the world. Long-term treasury rates in the US are rising too.

President Trump threatened new tariffs on European countries who opposed his plan to acquire Greenland. EU officials threatened a counter-response.

Despite strong near-term results, software stocks recently have been under pressure. The most commonly cited reason is AI and the threat it poses to the companies' revenue model.

The White House in conjunction with several state governments is forming a plan to "force" large tech companies to bid on long-term contracts for electricity.

(1) Taiwan Semi gave strong guidance for the year. (2) GS and MS reported strong 4Q earnings. (3) LLY had a negative update on the oral form of its fat loss drug.

(1) Gold prices continue rising. (2) Bank earnings and the economy. (3) Retail sales and PPI data.

(1) December inflation data. (2) JPM earnings and Jamie Dimon's comments. (3) White House wants to cut credit card swipe fees.

(1) DOJ is investigating the Fed Chair. (2) Trump proposed a 10% cap on credit card rates. (3) Oil is rising from further tensions in Iran.

The monthly jobs report remains weak, but it is not worsening.

Job opening survey showed fewer than expected job openings -- another data point showing a weak job market. However, for the economy overall, stronger than expected productivity growth should help bolster overall GDP growth.

US defense stocks swing on two updates from the President. We also got insight into what will happen to Vez's oil. Last, we've introduced a global risk board.

Our 2026 Market Outlook looks at (1) the current market valuation relative to history and (2) expected profit growth this year. These will be the primary drivers for the market return in 2026.

Our outlook for 2026 has big unresolved questions that need answers. These are the key questions that will drive market returns this year.

Will the big US oil stocks benefit from increased access to oil fields in Venezuela?

Let's review the final market performance for 2025. We'll compare key sectors and key stocks to their performance over the past few years.

NVDA's CEO made 3 big announcements at the Consumer Electronics Show. The announcements had market-moving impacts on a range of stocks in our universe.