1. It’s still a bull market

Earnings continue to drive the day-to-day moves, and traders are betting on the bull market to continue. But today was all about Tesla’s earnings results and the 22% jump. The stock added $150 billion in market cap alone.

2. As usual, not everybody agrees

3. Gold is at a new all-time high, but the world’s largest gold miner misses the bull move.

Newmont Mining shares posted their worst day since 2008, falling 15% after reporting adjusted earnings and revenues that missed analyst expectations. Capital expenditures jumped over 30% (!) YoY to $877 million, weighing on results even as the average realized gold price rose $2,518 per ounce from $1,920.

4. There is no shortage of risks for stocks right now. But maybe the one most likely to cause the biggest damage for investors is the march higher in bond yields.

Yields have been on an upward trajectory for more than a month now, during which time global stocks happily added about another 8% to their rally. We could be getting closer to the point when stocks finally begin to feel the pressure.

5. So what’s the macro rationale for interest rates going up right now?

The reasoning is a new US election calculus, according to Nomura’s Charlie McElligott.

A Trump win would mean more public spending and deregulation, laying the ground for policies that overheat the economy and inflation coming back. “In a world where there is zero willingness from US politicians to stop the government spending spree, rates could go higher.”

6. US Data Centers under construction and at the planning stage

The majority of projects under construction and at the planning phase (by MWs) are in states where the data center developer can competitively procure power generation.

7. Is it all pie in the cloud?

Are we going in circles and how much value does AI really create?

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