Daily Market Notes

Largest one-day gain in 15 months. SanDisk +26%, Micron +18%. Microsoft Azure and Samsung memory shortage warning. Read →

WSJ: executives told to prepare for separation of China business. Spinoff, sale, or closure on the table for a SpaceX firewall. Read →

Microsoft proved the spend can convert. Meta raised the bill. Tonight Amazon and Apple report into that exact split. Read →

30-year Treasury at 5.23–5.24%, highest since 2007. The long end is doing the tightening the Fed declined to deliver. Read →

Brent pushed back above $90 after U.S. retaliatory strikes. Inventories tight, Strait risk still priced. Read →

Forced liquidation of the entire public equity book under margin pressure. WSJ: Citadel bought the bulk. Read →

Microsoft delivered a clean beat: $90B revenue (+18%), Azure +43%, EPS $4.81. Meta beat revenue but missed EPS on $2.4B charges, raised 2026 capex, and sold off 7–8% after-hours. Read →

Three FOMC members voted for a 25 bp hike. Chair Warsh rejected any softened inflation target. 30-year yield punched above 5.2%, highest since 2007. Read →

SPCX has fallen from a post-IPO peak of $225.64 to $116.41, a 48.4% drawdown, seven weeks after the largest IPO in history. The mechanics matter more than the headline. Read →

Johnson & Johnson agreed to pay $5.5 billion to resolve talc claims. The headline number is the least informative part: the deal is contingent on 95% acceptance, and the total is not capped. Read →

Korean trading halts, SK Hynix down sharply, US futures lower. The move that started as a question about AI spending now carries a competitive driver, and the two do not resolve the same way. Read →

Brent hit $100 before retreating. Big Tech's $725bn AI spend runs through power-constrained data centres. The two are the same trade. Read →

What dark pools are, why big institutions use them, how to read a dark pool print, and what these off-exchange trades can, and can't, tell you. Read →