Earnings Bombs
@DavidMarlin:
Thursday was another rough day for the AI trade. The $S&P 500(.SPX)$ dropped -0.3%, while the $NASDAQ(.IXIC)$ fell -1.4%. Earlier in the week, Semis rallied 3 straight days on $Anthropic(ANT)$ ’s IPO filing. That bounce didn’t last. $Alphabet(GOOG)$ led the way down today (-12.6%). And after the bell, it got even worse. Fed Recap The Fed held rates steady yesterday at 3.75%-4%. On Sunday, I said this would be a pretty boring FOMC, and it mostly was. The 1 wrinkle was the vote. It was 10-2, with Lisa Cook and Beth Hammack both dissenting in favor of a hike. Cook hadn’t dissented once since joining the Fed in 2022. War
