The gyrations stopped, and folks got back on the train yesterday. Breadth was better, but there were more new lows than highs on the NASDAQ, underscoring the market's feast-or-famine nature.

Market Breadth	NYSE	NASDAQ
Advancers	1,925	3,033
Decliners	836	1,600
New Highs	91	111
New Lows	80	207
Up Volume	3.2 billion	5.13 billion
Down Volume	1.55 billion	3.92 billion

Tepid Session but Greater Participation

We almost saw every sector finish higher on the session, but safe havens (Consumer Staples (XLP) and Real Estate (XLRE)) continue to struggle. 

The sizzling stocks of 2025 found buyers and rose to the top. Airlines were a pleasant surprise as well. The AES Corp. (AES) (model portfolio) shook off pre-opening pressure after posting earnings.

Speaking of earnings, this has been a fantastic quarter of beats.

But jitters remain, as seen after the close when several names were hammered after posting earnings, including e.l.f. Beauty (ELF). I’ve had my share of earnings disasters, but I feel great about having closed out a nice profit in the Hotline model portfolio two weeks ago at $129.50.

Different Kind of Tariff Jitters

Speaking of jitters, the Street seems worried that tariffs will be lifted, and the administration will have to go back to the drawing board.

Bonds Like Tariffs?

Not only did the stock rally lose steam after arguments before the Supreme Court, but yields also climbed.

Today’s Session

I’m loving the action in non-tech earnings results.

Lots of news is out this morning, including a monster spike in job layoff announcements. It pains me to see members of the Federal Reserve appearing on television, this morning, to discuss the inflation threat while overlooking a potential jobs crisis that could arise. In part, due to the rapid deployment of AI.

Speaking of AI, there is a significant effort to secure government funding as a backstop for rapid deployment.

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