TABLE OF CONTENTS

A. EXECUTIVE SUMMARY
B. MARKET DATA
C. HIGH-IMPACT STORIES (5)
D. MODERATE-IMPACT STORIES (5)
E. ECONOMY WATCH (5)
F. EARNINGS WATCH (0)
G. WHAT’S NEXT
H. CHART OF THE DAY

A. EXECUTIVE SUMMARY -> TOP

B. MARKET DATA -> TOP

South Korean chip stock collapses (Kospi -4.07%) ignited a global semiconductor contagion, dragging Nasdaq 100 -3.30% and S&P 500 -1.44% while the Dow held nearly flat (-0.09%), insulated by IBM’s 5% JPMorgan-driven surge and its lower tech weighting. The session split cleanly into risk-off defensives: Consumer Defensive (+1.85%), Healthcare (+1.37%), and Real Estate (+1.28%) rallied as flight-to-quality rotation while Technology (-3.94%) and Basic Materials (-2.99%) absorbed the selling. The most telling cross-asset signal was bonds buying alongside the equity selloff — 10Y yields fell 4.4 bps as investors sought safe-haven duration even as the BofA rate hike note drove gold -1.75% and copper -3.78%. VIX closed at 19.48, still in the lower fear zone — a tactical pullback signature, not structural panic.

CLOSING PRICES – Tuesday, June 23, 2026:

MAJOR INDICES

The semis rout drove a clean narrative divergence: Nasdaq 100 -3.30% bore the brunt while the Dow’s -0.09% quasi-flat close confirmed the selloff as tech-specific, not broad. Russell 2000’s -0.94% outperformed the Nasdaq by more than two points — and over the past 10 sessions, RUT returned +4.17% vs SP500 -0.54%, sustaining a 4th consecutive session of small-cap relative outperformance: breadth widening even as headline indices pull back. No Dow Theory threshold crossed; DJIA sits 0.65% from its 10-session high and DJTA 4.27% below — neutral posture.

VOLATILITY & TREASURIES

VIX spiked to 19.48 (+12.73%) while 10Y yields fell 4.4 bps — a growth-scare signature, not inflation fear; in an inflation scare, bonds sell off (yields rise) alongside equities. Instead, investors bought duration as safe-haven from Asian contagion even as the BofA rate hike note lifted DXY +0.33%. The yield curve flattened marginally (10Y fell more than 2Y) — consistent with growth-risk demand concentrated in the long end.

COMMODITIES

Gold’s -1.75% decline amid a risk-off session is the tell: the BofA rate hike note was powerful enough to override any safe-haven bid, making non-yielding gold a liability as the dollar firmed. Silver amplified the drop at -6.03% — its industrial component added growth-fear selling pressure on top of precious metals weakness. Copper’s -3.78% on subdued Chinese industrial demand confirmed the session’s growth-scare thesis. Bitcoin -2.86% tracked equities in lockstep, reinforcing its risk-proxy role.

ENERGY

WTI and Brent fell in lockstep (-1.10% / -1.26%), no meaningful spread widening — a demand-driven decline confirming growth-fear pricing, not supply relief. Energy sector held +0.39% despite crude’s drop, suggesting equities are anchored to Iran de-escalation fundamentals rather than the daily oil tape. Henry Hub -2.56% on domestic supply while Dutch TTF eked +0.32% higher — European summer storage demand the lone offset.

S&P 500 SECTORS

Technology led the quarter (+26.42% 3M, +19.82% YTD) but today’s worst decliner (-3.94%) — and extending a week-long slide (-3.90% 1W), confirming a structural rotation, not a single-day flush. Defensives occupy all four top-performer slots today: Consumer Defensive, Healthcare, Real Estate, and Utilities — a classic risk-off flight-to-quality formation. Basic Materials’ -2.99% extends its -6.03% 1-week loss, the steepest non-tech drawdown of the quarter.

TOP MEGA-CAP MOVERS:

GAINERS

DECLINERS

C. HIGH-IMPACT STORIES -> TOP

1. Korean KOSPI Circuit-Breaker Triggers Global Chip Rout; US Semiconductor Index -7.5%, Nasdaq 100 -3.30%

The core facts:South Korea’s Kospi index plunged approximately 10% Tuesday, triggering a circuit-breaker trading suspension at the Korea Exchange after South Korea’s Financial Services Commission publicly expressed concern over the overheating of single-stock leveraged ETFs tied to Samsung Electronics and SK Hynix approved just weeks prior. The forced ETF unwind cascaded globally: SK Hynix and Samsung each fell more than 12%. US semiconductor stocks absorbed the contagion in force — the Philadelphia Semiconductor Index fell approximately 7.5%, with SanDisk (SNDK) -13.6%, Micron Technology (MU) -13.2% (ahead of its June 24 AMC earnings), Lam Research (LRCX) -9.3%, KLA Corporation (KLAC) -9.2%, and Nvidia (NVDA) -3.2%. The Nasdaq 100 declined 3.30%, the Nasdaq Composite fell 2.2% (approximately $776 billion in market value erased), and the S&P 500 fell 1.44%.

Why it matters:The Korean ETF-triggered selloff illustrates a structural vulnerability in the global chip rally: when derivative products on concentrated positions in a single-country chip market become a systemic risk, the forced unwind does not discriminate between Korea-exposed and US-only chip stocks. The resulting US semiconductor index decline (-7.5%) was not driven by demand deterioration or earnings misses — it was a purely financial-contagion event that compressed valuations across the entire AI hardware supply chain. For institutional investors: (1) The AI hardware complex (chips, memory, equipment) has traded at premium multiples priced for strong demand visibility — a 7.5% single-session decline due to Korean ETF mechanics, not fundamentals, represents a valuation reset risk that can recur without advance warning. (2) Micron (-13.2%) now faces its Q3 FY2026 earnings call on June 24 with the stock already down 13% from the prior close — the stakes for the HBM4 demand guidance are significantly elevated. (3) Equipment makers (LRCX, KLAC) losing 9%+ in a single session is particularly notable because their revenue is driven by long-cycle wafer fabrication commitments that remain fully intact — the selloff is decoupled from the underlying backlog reality.

What to watch:Micron’s Q3 FY2026 earnings (June 24 AMC) as the first fundamental data point to confirm or refute whether the AI memory demand thesis underpinning the chip rally remains intact; whether South Korea’s financial regulator takes additional action on leveraged ETF products and generates further forced-unwind pressure in Asian trading.

2. Bank of America Raises Fed Forecast to Three 2026 Rate Hikes; Futures Hit 66% Year-End Probability — Growth Stocks and Gold Sold

The core facts:Bank of America’s economics team — citing the June 17 FOMC’s hawkish surprise (9 of 18 officials projecting at least one 2026 hike, Chair Warsh’s revised core PCE projection to 3.6%) and stronger-than-expected labor data — escalated its Federal Reserve rate forecast to three consecutive 25 basis-point increases in September, October, and December 2026. Under BofA’s revised base case, the federal funds rate would end 2026 at 4.25–4.50%, up 75 basis points from the current 3.50–3.75% target range — a more aggressive call than Goldman Sachs (one September hike) and diametrically opposed to JPMorgan (hold through year-end). CME FedWatch futures pricing reflects the hawkish absorption: probability of at least one 2026 hike reached approximately 66%. Asset-class reactions were divergent: gold fell -1.75% on rate-hike expectations; the DXY dollar index gained +0.33%; paradoxically, 10-year Treasury yields fell 4.4 basis points as growth-scare safe-haven demand from the equity selloff overwhelmed the rate signal in the bond market.

Why it matters:BofA’s escalation from 0 hikes to 3 represents the sharpest upward revision to the Fed path from a major bank since the 2022 tightening cycle. The previous consensus included Goldman (1 hike) and JPMorgan (none) — BofA’s call now defines the hawkish tail risk the market must price. For equity portfolios: (1) Three additional 25 bps hikes compress the discount rate on growth-stock valuations — technology and AI stocks with terminal-value-heavy earnings profiles are most directly exposed. (2) The 10Y falling despite BofA’s hawkish call reflects an important inversion: the immediate market reaction is equity-driven flight to safety, not rate-driven yield pressure; this divergence may resolve once the growth-scare subsides, at which point the 10Y could face renewed upward pressure aligned with the BofA scenario. (3) For rate-sensitive sectors (utilities, REITs, homebuilders, regional banks): three hikes add approximately 75 bps to mortgage rates and funding costs — further multiple compression if BofA proves correct.

What to watch:July PCE data (released late August) as the decisive inflation print that confirms or refutes the 3-hike scenario; CME FedWatch futures odds — a move above 70% probability for September hike would signal markets have broadly capitulated to the BofA scenario.

3. Flash PMI Manufacturing Hits 6-Year Output High (55.7); Composite 52.2 — But Factory Employment Bleeding at Fastest Rate Since 2009

The core facts:S&P Global’s June 2026 Flash US Manufacturing PMI registered 55.7, above the 54.8 consensus estimate and the fastest pace of manufacturing output growth in six years. The Flash Composite PMI rose to 52.2 — a 5-month high — from 51.5 in May. Services PMI came in at 51.3 versus 51.0 prior. Despite the headline beat, the underlying data carries a critical caveat: factory employment contracted at the fastest pace since 2009 (excluding the pandemic), and S&P Global economists noted the manufacturing surge is partly attributable to Middle East supply-chain front-running — companies pre-building inventory ahead of potential shipping disruptions — rather than organic end-demand acceleration. The composite signal is consistent with only approximately 1% annualized GDP growth in Q2 2026, suggesting the expansion remains narrow and input-driven.

Why it matters:The manufacturing PMI beat is pulling in opposite directions simultaneously. For rate hawks: a 55.7 manufacturing reading reduces the Fed’s justification for easing and strengthens the case for the BofA-called September hike — the data does not provide cover for staying on hold. For growth bulls: the GDP-consistent growth rate of ~1% annualized combined with factory job cuts running at the fastest since 2009 (excluding pandemic) signals the surge is narrow and front-running-driven, not broad-based. The front-running dynamic is particularly important: supply-chain pre-purchasing has pulled demand forward from H2 2026 into Q2 — this could create a manufacturing deceleration in the second half even absent new shocks. For fixed income: the PMI beat, combined with the BofA 3-hike call, creates a complex signal — strong short-term activity data that would normally pressure yields is being offset by equity-driven flight to safety that is pulling the 10Y down 4.4 bps today.

What to watch:July Flash PMI (approximately July 23) for whether the front-running demand normalizes; June ISM Manufacturing PMI (scheduled July 1) as the more widely-watched survey that will confirm or contradict today’s S&P Global flash reading.

4. Richmond Fed Manufacturing Collapses to 4 vs 9 Consensus; Shipments Implode from 16 to 3 — Sharply Contradicts Flash PMI Headline

The core facts:The Richmond Federal Reserve’s June 2026 Manufacturing Survey posted a composite reading of 4, sharply missing the consensus expectation of 9 and contracting from May’s strong reading of 13. The components were uniformly weak: shipments dropped from 16 to 3; services revenues turned negative (from +14 to -1); and the employment index fell to -1 from +3 in May. The Richmond survey covers the Fifth Federal Reserve District (Virginia, Maryland, North and South Carolina, Washington DC, and parts of West Virginia) and is one of five regional Fed manufacturing surveys. Today’s Richmond collapse stands in sharp contrast to S&P Global’s Flash Manufacturing PMI national reading of 55.7 — creating the largest single-day divergence between a major regional Fed survey and the flash national composite in recent memory.

Why it matters:The Flash PMI vs. Richmond divergence is the most analytically important element of today’s manufacturing data. National flash PMIs are timelier but sample-weighted toward large companies and coastal manufacturers — they may overrepresent the AI/tech capex supply chain and the Middle East supply-chain front-runners. Richmond’s district includes defense-adjacent manufacturers, mid-Atlantic industrials, and services businesses less exposed to tech-driven pre-purchasing. When a regional survey collapses while the national flash beats, the divergence typically signals the national headline is driven by a narrow, identifiable segment. The Richmond collapse is a yellow flag for Q3 manufacturing momentum: if similar weakness appears in subsequent regional surveys (Empire State, Philadelphia, Dallas), the national PMI would likely converge lower — removing one of the primary data-driven arguments for a September rate hike. For the Fed: 9 of 18 officials already split on a 2026 hike face contradictory signals — strong national flash but weak regional data does not make September’s decision simpler.

What to watch:Philadelphia Fed Manufacturing Survey (released mid-July) and Empire State Manufacturing (early July) for corroboration of the Richmond weakness; June ISM Manufacturing index (July 1) for which survey — flash or regional — the definitive survey sides with.

5. Senate Passes Iran War Powers Resolution (50-48); WTI Extends Decline to $73.74 — Energy-Sector Earnings Models Face Forced Revision

The core facts:The US Senate voted 50-48 Tuesday to pass a War Powers Act resolution directing President Trump to remove US forces from hostilities against Iran — the first time both chambers of Congress have passed such a resolution after 10 prior attempts. Four Republicans broke ranks: Senators Cassidy (LA), Collins (ME), Paul (KY), and Murkowski (AK); one Democrat, Fetterman (PA), voted against. The resolution is a concurrent resolution and carries no legal enforcement mechanism — it does not require the President’s signature. But as the first bipartisan passage by both chambers, it represents an unprecedented political signal on the Iran engagement. The Senate vote compounded ongoing oil-market de-escalation: WTI crude extended its decline to approximately $73.74 per barrel, building on Monday’s $74.09 close and down sharply from the $80+ pre-de-escalation level. Brent settled at approximately $77.08.

Why it matters:The Senate vote’s market significance is twofold. First, the bipartisan passage — even without legal force — reduces the political feasibility of re-escalation: when 4 Republican senators break ranks on war powers, the White House faces political cost from renewed military engagement during the 60-day bridging period. This makes the Iran de-escalation more durable than a purely executive-driven process. Second, and more immediately: WTI at $73.74 continues to force downward revisions to energy-sector earnings models. At $80+ WTI — the pre-conflict planning price — XOM, CVX, COP, and independent E&Ps projected strong 2026 cash flows. At $73.74 WTI — and trending toward the IEA’s long-term supply-surplus scenario — per-barrel profitability for US shale is under meaningful pressure. For portfolio managers: energy sector weight reduction (XLE approximately 3.8% of S&P 500) is the logical portfolio consequence if WTI remains range-bound at $73–77 through the 60-day bridging period.

What to watch:WTI holding above $70 as the critical floor for broad US shale profitability; Wednesday’s EIA crude inventory report (June 24) for the first hard data on whether Iranian crude is beginning to appear in US supply statistics; any White House response to the concurrent resolution.

D. MODERATE-IMPACT STORIES -> TOP

6. IBM Surges +5.04% Against Tech Rout — JPMorgan Upgrades to Overweight ($291 PT), OpenAI Cyber Partnership, Quantum EO Converge

The core facts:IBM (IBM) gained 5.04% Tuesday — one of the sharpest advances in the Technology sector on a day the sector fell 3.94% — as three catalysts converged simultaneously. JPMorgan upgraded IBM to Overweight from Neutral and raised its price target to $291 from $270, citing the company’s broadening AI deployment strategy, improving enterprise software pipeline, and expanding consulting reach into AI implementation. Separately, IBM announced a strategic cyber defense partnership with OpenAI focused on enterprise-scale AI-driven threat detection. A federal executive order signed this week boosted funding for quantum computing research, a field where IBM is the dominant large-scale incumbent. IBM’s 9-percentage-point intraday spread versus the Technology sector (IBM +5.04%, sector -3.94%) is an unusually large divergence for a mega-cap diversified technology company.

Why it matters:IBM’s session performance reflects the market’s emerging distinction between “AI infrastructure enablers” (chips, memory, servers — sold off hard today) and “AI enterprise deployment” companies (software, consulting, hybrid cloud — partially bid on the theory that corporate AI spending is shifting from infrastructure buildout to deployment and productivity). JPMorgan’s upgrade specifically cites IBM’s AI strategy expansion — suggesting the firm sees IBM’s consulting business and software stack as positioned to capture the application layer of the AI cycle rather than the hardware layer now under valuation pressure. The OpenAI cyber defense partnership directly connects IBM to the enterprise AI ecosystem; if Alphabet’s talent exodus (covered June 22) benefits OpenAI, IBM is now a named beneficiary of that partnership. For portfolio managers: IBM’s performance today is a clean signal that the rotation within technology is real — certain enterprise software and services names can be defensive or even bullish during hardware selloffs.

What to watch:IBM’s next earnings report for initial evidence that the JPMorgan AI-consulting thesis is correct — specifically, AI-driven services revenue as a percentage of total services; enterprise reception to the OpenAI cyber defense partnership as a forward demand signal.

7. Former NY Fed President Dudley: “Fed Risks Losing Inflation-Fighter Credibility” — Warns Reliance on Market Signals Is a Structural Error

The core facts:Former New York Federal Reserve President William Dudley published a Bloomberg opinion piece Tuesday warning that the Federal Reserve risks losing its inflation-fighting credibility if it continues to calibrate policy primarily based on financial-market signals. “Reliance on market views for policy is a mistake,” Dudley wrote, noting the Fed has operated above its 2% inflation target for over five years and that the case for cutting rates is “very, very weak.” Dudley’s piece — published on the same day CME futures repriced to 66% odds of a year-end hike — amplifies the BofA 3-hike call as an independent, credible voice. Unlike bank economists who can be accused of talking their book, Dudley’s commentary carries the weight of a former senior policymaker who helped design post-2008 Fed frameworks.

Why it matters:Dudley’s structural critique — that the Fed’s behavioral pattern of waiting for market approval before acting creates a feedback loop that delays necessary tightening — has direct implications for the September 2026 hike timeline. If the Fed waits for market conditions to “clear” before hiking, and markets react negatively to hike expectations (as they did today), the feedback loop could delay the hike further — and push eventual tightening later into the cycle, which is bearish for long-term inflation expectations and bond market credibility. For fixed income: a credibility-loss narrative adopted by additional credible voices has historically led to 10Y yield re-rating well ahead of actual Fed action. Today the 10Y fell on growth-scare safe-haven demand — but as the equity selloff subsides, Dudley’s credibility framework could become the dominant rate narrative in August-September. The timing of his piece is significant: publishing when futures are already at 66% hike odds adds institutional legitimacy to what could have been dismissed as a fringe view.

What to watch:Whether Fed Chair Warsh publicly responds to the credibility narrative — his next major speech would become a significant market event; July PCE data as the anchor point Warsh will likely use to signal the September decision.

8. Pantheon Macro Cuts Q4 Core PCE Forecast to Below 3%; Challenges Fed’s 3.6% Projection and Reduces Year-End Hike Probability

The core facts:Pantheon Macroeconomics lowered its Q4 2026 core PCE inflation forecast on June 23, citing two disinflationary inputs not fully reflected in the Fed’s own June projections: Brent crude at approximately $79/barrel — down from the ~$105 conflict peak — and broad metals retreat (copper -3.78% today, iron ore softening). Under Pantheon’s revised model, core PCE reaches below 3% by year-end, well beneath the Fed’s June median projection of 3.6%. If Pantheon’s forecast proves correct, the case for BofA’s 3-hike scenario deteriorates significantly: at sub-3% core PCE, the Fed’s own stated framework would not support additional tightening. Prediction market pricing for a year-end 2026 hike stood at approximately 60% before today’s equity selloff.

Why it matters:The Pantheon forecast represents the key bull case for risk assets in H2 2026: if energy disinflation from the Iran de-escalation flows through to core PCE faster than the Fed projects, the 3-hike scenario dissolves and the debate shifts back to rate stability or cuts in 2027. For portfolio construction: a 60-day window during the Iran bridging period in which oil prices are likely to remain depressed — if that period extends, it compresses the energy-services inflation component that has been the primary driver of PCE-above-target persistence. Pantheon’s scenario is the counterargument to today’s Dudley warning: where Dudley sees the Fed acting too slowly to contain embedded inflation, Pantheon sees inflation falling faster than the Fed has modeled. The H2 rate path will be determined by which model is closer to reality — and July PCE is the decisive arbiter. Both scenarios are actionable: a portfolio positioned for Pantheon’s outcome owns duration and growth, while a portfolio positioned for Dudley’s outcome owns TIPS and value/dividend names.

What to watch:The July PCE print (released late August) as the first decisive data point that sides with Pantheon’s sub-3% trajectory or the Fed’s 3.6% projection; August Jackson Hole symposium as the likely forum where the Fed signals its September intention.

9. Lockheed Martin +2.04% — DoD Awards $8.4B PAC-3 MSE Contract; Program Value Reaches $13.3B Total

The core facts:Lockheed Martin (LMT) gained 2.04% Tuesday after the Department of Defense awarded an $8.4 billion contract modification for PAC-3 Missile Segment Enhancement (MSE) interceptors, bringing the program’s cumulative contract value to $13.3 billion. PAC-3 MSE is the primary active air-defense interceptor for the Patriot missile system, deployed by US forces and NATO allies. The award comes as global defense budgets have expanded in response to geopolitical volatility over the past 18 months. LMT’s advance on a broadly falling day (S&P -1.44%) illustrates defense stocks’ partial decoupling from technology-driven equity selloffs.

Why it matters:The $8.4B PAC-3 contract is significant for three reasons. First, it is one of the largest single-day US defense contract awards of the year, reflecting sustained DoD commitment to air-defense capacity even as the Iran-US de-escalation advances — signaling the US military is not standing down preemptively. Second, LMT’s +2.04% gain on a broad-market down day confirms institutional managers are treating defense as a defensive sector in equity selloffs — a rotation that benefits LMT, RTX, and NOC during periods of macro uncertainty. Third, the PAC-3 MSE program is exportable: NATO and allied governments have been major buyers, and the $13.3B cumulative value represents sustained allied demand, not just domestic revenue. For portfolio managers: LMT and the broader defense complex offer stable long-cycle government-contract revenue streams insulated from the AI ROI uncertainty now pressuring technology valuations — the performance differential today (+2.04% vs. tech sector -3.94%) illustrates this defensive property.

What to watch:Whether the Iran de-escalation trajectory creates margin pressure on future DoD defense appropriations as the geopolitical risk premium recedes; LMT’s next earnings release for PAC-3 revenue contribution and international sale pipeline update.

10. Copper -3.78% as Chinese Industrial Demand Concerns Deepen; Growth-Scare Narrative Extends to Commodities

The core facts:Copper prices fell 3.78% Tuesday as mounting concerns over subdued Chinese industrial demand combined with rising global copper concentrate supply flows from South America depressed the market. Traditional copper-consuming Chinese industries — construction, consumer appliances, and heavy manufacturing — are operating below capacity as China’s property market recovery remains incomplete. While EV production, renewable energy, and data center construction are partially offsetting traditional demand, the net result is copper demand growth running below consensus expectations for 2026. Copper producers Freeport-McMoRan (FCX) and Southern Copper (SCCO) declined in sympathy with the metal.

Why it matters:Copper’s decline amplifies the growth-scare narrative that dominated today’s equity session. The metal is widely used as an early-warning indicator for global industrial activity (“Dr. Copper”). A 3.78% single-session decline — occurring on the same day as the Korean semiconductor circuit-breaker, the broader equity selloff, and BofA’s hawkish rate call — creates a coherent macro signal: the combination of rate hike fears and genuine demand uncertainty is repricing risk assets across equities, commodities, and currencies simultaneously. For US portfolio managers: the copper decline validates the thesis that today’s semiconductor/tech selloff is not purely financial contagion (Korean ETF dynamics) but has real-economy underpinnings — weak Chinese industrial demand reduces the most optimistic scenarios for the AI hardware upgrade cycle, since China is simultaneously the world’s largest semiconductor consumer and the dominant copper-consuming industrial economy. Weak copper also signals that the green-energy demand narrative is not yet sufficient to offset traditional industrial softness.

What to watch:China’s June industrial production report (expected mid-July) for confirmation of whether the demand weakness is structural or cyclical; copper holding above the $4.00/lb level historically associated with broad US mining company profitability.

E. ECONOMY WATCH -> TOP

June 23’s data split along a familiar but sharper fault line: the S&P Global Flash Composite PMI hit a 5-month high of 52.2 — with manufacturing output growing at its fastest pace in six years — yet the Richmond Fed’s manufacturing index collapsed to 4 against a 9 consensus (prior: 13), with shipments at 3 and services revenues turning negative. The national-versus-regional divergence matters because the Flash PMI’s manufacturing surge appears partly driven by front-running on Middle East supply-chain risk, raising durability concerns. On the inflation side, Pantheon Macro cut its Q4 forecast as oil and metals retreat, offering modest Fed relief — but Bill Dudley’s warning that “reliance on market views for policy is a mistake” signals persistent credibility risk with core PCE still tracking 3.4% YoY. Thursday’s PCE print and Q1 GDP third estimate are the week’s definitive data tests.

F. EARNINGS WATCH -> TOP

YESTERDAY AFTER THE BELL (Markets Reacted Today)

No major earnings yesterday after the bell from companies with >$100B market cap.

TODAY BEFORE THE BELL (Markets Already Reacted)

No major earnings before the bell from companies with >$100B market cap. Carnival Corp (CCL, $39.7B) and Sunbelt Rentals (SUNB, $31.2B) reported BMO but fall below the >$100B threshold.

TODAY AFTER THE BELL (Markets React Tomorrow)

No major earnings after the bell from companies with >$100B market cap. FedEx (FDX, $75.7B) and Cerebras Systems (CBRS, $49.8B) report AMC but fall below the >$100B threshold.

WEEK AHEAD PREVIEW:

G. WHAT’S NEXT -> TOP

UPCOMING RELEASES:

KEY QUESTIONS:

H. CHART OF THE DAY -> TOP

Market Intelligence Brief (MIB) Ver. 18.40
For professional investors only. Not investment advice.

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