Three Fed officials voted to hike, September odds fell anyway, and the thirty-year went to a nineteen-year high. The tightening is happening. The Fed just is not the one doing it.
...SK Hynix printed a 76% operating margin and a 557% profit gain, then fell 11%, because DRAM prices rose 30% instead of 60%.
The Dow gained 537.24 points on paint, cola and aeroplanes whilst the semiconductor index fell 4.5%. Pricing power moved industries.
Nineteen cycles in, the tape priced peace on total silence for three sessions, then repriced war within minutes of Centcom posting.
Bitcoin lost $63,800 on Tuesday and bought it back on Wednesday at $64,313.10, whilst weekly ETF inflows shrank to $33M.
Warsh speaks at 14:30 with no dot plot, Microsoft and Meta report at the bell, and gold has stopped answering the phone.
A Chinese memory maker with 7.67% of the DRAM market was awarded $487 billion in a single session. Seoul halted trading three days after signing $700 billion of AI letters of intent.
...Crude fell 6.99% this morning because nobody bombed anything for two nights. There is no ceasefire, no agreement and no explanation. The blockade is still running, and the tape called it peace anyway.
...Alphabet posted the cleanest Google quarter in five years and got sold $180 billion for it. The rest of the Mag7 caught the same knife. The number that broke the tape was the capex guide.
...Alphabet raised its 2026 capex guide by fifteen billion dollars, Tesla printed its first negative free cash flow in more than two years, and IBM’s software line broke exactly where Krishna said it would in July’s letter. Same evening, three signatures.
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