Last wk, S&P +0.5% powered by 1) hardware related AI stocks (SOX Index +10% & now up 18 straight trading days +49% over that time), and 2) with the investigation on Powell now over, optimism on Warsh being confirmed, who wants easy money policies. What was surprising is this strength occurred despite 1) WTI up 13% last week to $94, 2) bond yields also up 7 bps on the 2 & 5yr with the curve flattening with the 30yr only up 2 bps, and 3) the AI displacement names having a tough week due to $NOW (-7% on slowing organic growth and margins) and to a much lesser extent $IBM (-2%) which did not raise CY26 forecasts despite beating Q1 estimates. As for the five Magnificent 7 names reporting this week, I believe all of them will beat estimates for CQ1. I expect accelerating AI related hyperscaler
在 X 查看 ↗