Saxo Market Call

Today, a look at the market returning to its past form as AI-related hardware stocks ripped higher even as the median stock on the S&P 500 posted a negative day. Also, a look at the many interesting earnings reports up next week, a rundown of the action in FX after massive USDJPY intervention and a Bank of Japan meeting and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

John's The FX Trader piece from today. 

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at the market's concern that this Fed isn't determined to get ahead of inflation and the impact on US treasury yields, which spooked market sentiment broadly in the US yesterday. Elsewhere, Microsoft's strong earnings report after the close is doing what it can to stabilize risk sentiment, even as the market soured further on Meta on its earnings call. Today and tomorrow feel high stakes with the negative shift in sentiment after the important FOMC pivot point, and Apple and Amazon are reporting after the close today. This and more on today's pod, which was hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

WSJ Fed reporter (no longer whisperer?) Nick Timiraos with a good quick take on the contradictory messages and takeaways from this FOMC meeting.

Are the memory prices just too darn high? FTAlphaville takes a look.

ArsTechnica reports that Anthropic's Mythos is finding bugs faster than Microsoft can fix them.

Mike Green with a forensic investigation of the pump in semiconductor stocks in Q2 and to what degree leveraged ETFs were to blame (Behind paywall, but can be read for free as a one-off). 

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, we wonder if the back side of SK Hynix's earnings report overnight and the popping of the leveraged ETF bubble in some of the single tech names has now largely run its course - leaving the market for its next move - whether broadly up or otherwise. Certainly, a key event risk like today's FOMC and/or Friday's Bank of Japan meeting could serve as a pivot point. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at the intensifying sell-off in high momentum AI hardware names, led by a an ugly meltdown in the two Korean memory stocks overnight. Meanwhile, the broader market posted a very different and far more positive day, an intensification of recent patterns. Also, we looked at the recent Alphabet, Tesla and Intel earnings reports and the coming reports from Meta, Microsoft, Amazon.com and Apple with Saxo Equity Strategist Ruben Dalfovo. Finally, a preview of the FOMC meeting tomorrow in the macro and FX discussion and much more also on today's pod, which was hosted by Saxo Global Macro Strategist John J. Hardy.

Links

From what appears a credible source on X on the risks from the AI transformation to Alphabet's/Google's legacy "benevolent monopoly" business model.

Bloomberg weighs in on the circular financing concerns linked to Nvidia after a spate of recent stories.

Meta is fighting a mountain of social-media lawsuits, possibly worst legal challenge in its 22-year history.

Ford joins race to build the next US light duty vehicle for the US military.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, we look at a few things that unfolded late last week in reaction to some of the first big earnings reports of this quarter and preview the week ahead, which is the biggest one for this quarterly earnings cycle. It's a big week ahead for macro as well, as the FOMC, Bank of England and Bank of Japan are all up later this week. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.