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Laurie’s Abbreviation Index:

** ‘div’ – dividend 

** ‘m/m’ – month over month

** ‘y/y’ – year over year

** ‘Inven’ – inventories

** ‘mfg’ – manufacturing ** +/- – plus or minus, positive or negative

** Underlined text – higher volume premarket

** ‘d’ – day

** ‘Y’ – year

**govt – government 

Color Key: Positive – Neutral – Negative

Global Markets:  USA, Europe, Japan, China, Hong Kong – slight negative    set-up

·         Commodities:  Gold, Silver, Copper,  Palladium, Oil, natgas, AGGS,  Bitcoin

·         Yields: 30Y Bond –0.26%  Currencies:  USA$-0.00% CAD +0.04% YEN -0.17%  BTC/USD-0.33%  Vix:18.75

·         Events USA: Jobless claims 830ET; ECB: Rate decision
Stock News NOW+6.4% TECK+5.1% TSCO+3% TMO+4.7%   GOOGL-3.9% TSLA-5.6% TXN-4.2% STM-14% NOK-1.3% IBM-1%   Earnings
Comments USA indices lower with a combination of macro factors and earnings reactions. WTI above 90 and 10Y yield > 4.6% as USA continues to attack Iran and Iran retaliates with off ramp not in sight. GOOGL lower despite earnings “beat” aided by Anthropic gain with the market not liking capex increase for the rest of time and negative cash flow and comments that GOOGL could continue to sell stock and bonds. TSLA lower on earnings miss and no guidance. Memory names higher as Koreans are buyers and notion that hyperscalers will follow GOOGL into burning cash on capex forever. Neoclouds are higher as GOOGL comment that running out of capacity implies will be buyers from third parties. Semis lower with TXN and STM lower post earnings and NVDA lower because it was squeezed Wed. AMZN, MSFT, META lower on thought that they will follow GOOGL into the abyss with capex spending. Software higher with NOW earnings beat and usual rotation from semi to software.  Metals lower premarket to burn the Wed chasers as oil and yields rise and the defeated Iran threatens to shut down Red sea oil in addition to Hormuz. Yields and oil are at levels where another ceasefire tweet from Axios is common but the media are now suggesting that USA may escalate. QQQ 700 is the put wall and level to watch. SPX has some support 0DTE 7440/30  and 7500 would be the upside pivot. Positioning should continue to support markets as long as SPX > 7400 and result in choppy BTD and STR and rotation into other sectors. For now it looks like merchants of AI hardware are bid and customers are sold at least until the next hyperscaler reports

Stock NOW MU RTX  GOOGL AMZN META STM   Speculative  AXTI BE  RKLB
Indices USO DRAM XLE IGV UNG KWEB XLI AIPO  SLV MAGS XLY GDX XLC QQQ EFA IBIT SMH SPY

S&P500 NOW RTX TMO TSCO WDC MU SMCI PLTR GLW   TSLA GOOGL TXN AMZN META IBM
Other SKM AXTI BE BP IREN AAOI NBIS RIOT WULF CRWV STM INFY AAL AG RKLB

INTC

INTC reports after the close with an expected move +/- 12. IV is 246% for this week which makes butterflies attractive for the week or diagonal trades. Fundamentally INTC has risen rapidly with govt investment, a squeeze after the last earnings report where it made a profit and the general AI euphoria turning to computing but trades at a PE > 100 with a longer term growth expected to be 9%. Option skew is tilted towards puts so potential for a squeeze on a beat and potential for a larger than expected move on a miss but IV is already pricing in a large move