Casey McElligott

Sighs of relief were heard across The Street today as equities surged and investors enjoyed a bit of a solace from the recent turbulence. The rally was triggered by a two-week ceasefire announcement between the U.S. and Iran overnight, despite underlying skepticism regarding the deal’s durability. The S&P, Dow, and the Nasdaq all advanced, but it was The Russell that enjoyed the most support. Geopolitical headlines dominated as Brent crude plunged 11.8% in anticipation of improved traffic throu…

The S&P and Nasdaq both took a distinct “risk-off” punch today, though the damage was far from democratic. While the S&P slid (-69bp) and the Nasdaq slumped (-103bp), the Equal-Weight S&P remained stubbornly flat, revealing that the day’s pain was almost entirely a function of mega-cap de-risking. Geopolitical anxiety acted as the primary overhang, with investors eyeing President Trump’s Friday deadline regarding Iran and the potential closure of the Strait of Hormuz. Compounding the tech-heavy…

The S&P spent today doing its best impression of a flatline, dipping a negligible 8bps, while the Nasdaq lifted in an equal and opposite 8bps direction. Very meh. Meanwhile, the Dow decided to take the stairs down with a 61bp drop. If you were hoping for a summer rate cut, The Fed just sent your plans to voicemail as markets now don’t see a “pivot” until late October, pricing in a solitary cut for the entire year as yields marched 5–7bps higher. Geopolitics remain the ultimate “black swan” afte…

The S&P spent today doing its best impression of a flatline, dipping a negligible 8bps, while the Nasdaq lifted in an equal and opposite 8bps direction. Very meh. Meanwhile, the Dow decided to take the stairs down with a 61bp drop. If you were hoping for a summer rate cut, The Fed just sent your plans to voicemail as markets now don’t see a “pivot” until late October, pricing in a solitary cut for the entire year as yields marched 5–7bps higher. Geopolitics remain the ultimate “black swan” afte…