We're tying market movements to macro and geopolitics as they're colliding this morning.
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Today's PPI data is not the reason the stock market is down because it didn't move the 10-year yield, which remains at 3.98%.
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The market decline is due to fallout from Nvidia's earnings (down ~$145 from pre-earnings) and Coreweave's earnings (down 17.5%), creating uncertainty in the AI/large-cap tech market.
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Geopolitical risks are elevated with crude oil at $66.88 due to US-Iran tensions, though it's off its highs.
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The continued selloff of tech and AI-related stocks is another worry, while economic data isn't a concern since it's not reflected in the 10-year yield.
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There's a risk premium in crude oil. Watch the 10-year yield, crude oil, and geopolitics over the weekend as things might get bumpy.