It was a tough session yesterday, as the clock ticked closer to the close, and word came that VP Vance didn’t board a plane to Pakistan to resume negotiations with Iranian officials. Oil was the only “winner” yesterday, but the main surprise was weakness in Health Care (XLV) after the UnitedHealth (UNH) beat. Meanwhile, software (IGV) keeps catching a bid.

Software is looking good, and the Dow Jones Transportation Index (TRAN) has gone parabolic.

This move in transportation bodes very well for the economy.

The big upside move in copper corroborates the message of the big upside move in transports.

Factors Flushed

There were no winners in factors, but an interesting decline in low volatility. Investors are not interested in safe havens right now.

The Consumer

The media used the spike in gasoline prices to dismiss any notion that consumer spending is holding up. Still, there were strong moves in furniture and general merchandise, including a major jump in department stores.

There was a decline in miscellaneous, which includes florists.  

Big earnings day.

Spying GEV Vernova Inc. (GEV) and Vertiv Holdings (VRT) big time before the open, and ServiceNow (NOW), Texas Instruments (TXN), Lam Research (LRCX), and Tesla (TSLA) after the close.

Today’s Session

Major indices are starting the day in the green as investors await several key earnings releases after the close and continue to watch Iranian peace talks.

Alphabet (GOOG/L) unveiled their new TPU 8t and TPU 8i.

The 8t will be used for training frontier models, while the 8i will be used for lower-latency inference.

On the Iran front Trump has indicated that the next round of talks could occur as soon as Friday. He also highlighted that Iran’s new leadership is fractured and having trouble coming up with a unified proposal.

 

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