META reported strong earnings and better than expected revenue guidance. But expenses and capex spending keep growing rapidly.

MSFT reported a strong quarter by the numbers. But secular fears and high expectations are pressuring the stock today.

Comments on SAP's earnings call are driving a big pullback in the enterprise software stocks.

Increasing productivity could drive GDP growth, even in the face of zero growth in payrolls. Historically, this would be rare.

Earnings season is in full swing. Today alone, we get earnings from 28 members of the S&P 500. Below are highlights from some of the reports this morning.

Corning partnership with Meta. UPS earnings. UNP earnings. RTX earnings. And the US dollar is falling

The Fed govn announced an increase of only 0.09% in medical costs to insurance companies who offer Medicare Advantage plans.

Silver/Gold, Nat Gas, Earnings Season, ANET, and CRWV

January 23, 2026 Here’s a crazy stat – Intel stock is up 120% over the past year!  Yes, even including today’s 13% drop.  What’s going on there?   Well, it’s not because of the financial results.  Over the past year, Intel’s total sales fell by -0.5%.  And its profits were down by a lot more.  So what the heck is going on?   Intel still designs and makes its own chips.  But it’s slowly getting into the business of making chips for other people – called a “foundry”.  Long-ter

Earnings season continues, with reports from two blue chips - P&G and GE Aerospace. We'll also review inflation and look at the 10yr yield.

January 22, 2026 Jensen Huang, CEO of Nvidia, spoke at Davos yesterday.  And no surprise to anyone, he was bullish about the future.  His bullish comments are helping the AI stocks rally higher today. As a reminder, in 2026 outlook, our #1 most important question for the stock market is:  “how sustainable is AI growth?”   His Davos speech gave us some clues. Importantly, he dismissed the notion of an “AI bubble”, saying that infrastructure investment is still just at the begi

January 22, 2026 In our 2026 outlook, one of our existential questions was “what if NATO dissolves” ?   This week, we got a peek behind that door, and it wasn’t pretty.  The market fell over 2% on Tuesday alone, partially due to tariff related threats.  Talk on both sides of the Atlantic escalated.  The ramifications to global security and trade are severe and frankly hard to predict. People started to ask me questions like: “What happens if the EU sells all our treasury bond

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.