Morning Brief
Trump Calls Iran “Totally Defeated” for What May Be the Tenth Time Since March, and Oil Doesn't Believe Him
Brent crude topped $92 and the 10-year Treasury yield climbed to 4.75% as September opens with the Dow, S&P, and Nasdaq futures all lower. Trump repeated a...
Warsh's “Discipline, Not Decision” Turned Out to Be Hawkish, and Iran Just Ended Weeks of Calm
September rate-hike odds jumped from 35.4% Thursday to 57.5% after Warsh's Jackson Hole keynote, a genuinely hawkish surprise from a chair whose entire brand...
Marvell Beat, Raised Guidance Twice, and Landed a $120B Deal, and Still Fell: The Week Closes on Warsh
Record revenue, a beat on every line, guidance raised for both fiscal 2027 and fiscal 2028, and a newly disclosed Google custom-chip partnership worth up to...
Nvidia Answered Every Question at Once: $96.2B Revenue, a $108B Guide, and a $2T Backlog
Revenue of $96.22B beat the $92.17B estimate, adjusted EPS of $2.22 beat $2.10, and third-quarter guidance of $108B crushed the $104.2B analysts expected....
The Fulcrum Day: PCE Ran Hot, and Nvidia Reports Tonight Into a Market Priced for Perfection
July's headline PCE came in at 0.2% month over month and 3.7% year over year, both a tenth above consensus, while core PCE matched expectations exactly at 0.2%...
“Economic D-Day” Turned Out to Be a Relief Rally: Oil Fell 3%+ as Markets Bet on Diplomacy Over War
Yesterday's sanctions announcement, billed as the single greatest financial offensive ever marshalled against an adversary, produced the opposite of what the...
“Economic D-Day”: Bessent Unveils Sweeping Iran Sanctions Today, Opening the Most Consequential Week Since July
Treasury Secretary Scott Bessent holds a 2:00 PM press conference today to detail what he has called “the single greatest financial offensive ever marshalled...
Walmart's Worst Day Since 2022 Dragged the Dow Down 703 Points, and JPMorgan Says Buy the Dip
Yesterday's pre-market estimate undersold it: Walmart closed down roughly 9% to 9.8%, its worst single session since May 2022, erasing nearly $90B in market...
Walmart Beat and Raised Guidance, and Fell 5%: The GAAP Numbers Explain Why
Adjusted EPS of $0.81 beat the $0.74 estimate, revenue topped consensus, and the company raised its full-year outlook. Shares still sank roughly 5% pre-market....
OpenAI Just Lost the AI Revenue Race to Anthropic, and Nvidia's Entire Financing Web Is Feeling It
OpenAI's Q2 revenue grew 18% to $6.7B while losses widened to $12.3B. Anthropic more than doubled its own revenue to $11.6B, surpassing OpenAI for the first...