Afternoon Note
Although it has been a bumpy day, following a big parade of big tech companies reporting last night and this morning, most indices are now in the green, except for the Nasdaq Composite.

The Ten-Year Yield (TNX) continues its downtrend, briefly dropping below 4.5% for the first time in six weeks.

Technology (XLK) is the only sector in the red, contributing to the Nasdaq Composite’s underperformance. Parts of the Artificial Intelligence (AI) story continue to rebound, lifting Utilities (XLU) to the top performing sector.

On the economic front, the Q4’24 GDP grew at an annual rate of 2.3%, down from 3.1% in the previous quarter and missing estimates of 2.6%.
Notable Points:

Core PCE in Q4’24 increased by 2.5% Q/Q, accelerating from a 2.2% Q/Q increase in Q3 and in-line with estimates.

Continuing Jobless Claims and Initial Jobless Claims declined last week from the prior week and came in below estimates.

Pending Home Sales in December fell 5.5% M/M, below Novembers 1.6% increase and below estimates of 0%.

Apple (AAPL) reports after the bell today, making it the fourth “Magnificent Seven” to report this week. The Street will be watching closely the demand for its products, namely the iPhone. The company has faced fierce competition in its major Chinese market, possibly affecting sales during the crucial holiday shopping season.

| Tweet |
| 10/2/2026 1:08 PM | A Friday Lift |
| 10/2/2026 9:41 AM | A GENTLE WAVE |
| 10/1/2026 1:15 PM | Volatile Start |
| 10/1/2026 9:28 AM | THE SILENT BEAR & RAGING BULL |
| 9/30/2026 1:35 PM | Waiting on Micron |
| 9/30/2026 9:42 AM | SALAD DAYS FOR SUPER INTELLIGENCE |
| 9/29/2026 1:38 PM | Weak Tone |
| 9/29/2026 9:35 AM | STRANGE DAYS INDEED |
| 9/28/2026 1:15 PM | A Soft Start to the Week |
| 9/28/2026 9:35 AM | BOND MARKET HISTORY LESSON HELPS |
| 9/25/2026 1:21 PM | Diplomatic Hopes Set the Mood |
| 9/25/2026 9:38 AM | THE LEAD HORSES ARE BACK |
| 9/24/2026 1:20 PM | Yields Set the Tone |
| 9/24/2026 9:35 AM | TOO HOT? |
| 9/23/2026 1:09 PM | Rate Hike Fears |
| 9/23/2026 9:29 AM | RECORDS, RIVALS, AND THE RACE FOR AI |
| 9/22/2026 1:17 PM | Digesting Monday’s Rally |
| 9/22/2026 9:36 AM | A Strong Start to the Week |
| 9/21/2026 1:14 PM | Monday Momentum |
| 9/21/2026 9:33 AM | Tech Poised to Surge |
| 9/18/2026 1:32 PM | Yields Overshadowing Chip Strength |
| 9/18/2026 10:09 AM | REMEMBER 3D PRINTING? |
| 9/17/2026 1:29 PM | Bounce Back Thursday |
| 9/17/2026 9:45 AM | TIME FOR WARSH TO LEARN BLACKJACK AND BOXING |
| 9/16/2026 1:19 PM | Setting the Stage |
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