Markets Open · No. 065 · Published 9:31 AM ET
Make sense of the market, every morning.
← Issue 064 Issue 065
01

Three Things to Know

1

Oil pops 2.4% while yields climb to 4.70%

Both are inflation warning lights flashing at once. Rising crude plus rising rates is a tough combo for expensive tech stocks that just hit new highs.

2

Fed hawks go public: hike now or regret it

Three officials dissented, arguing waiting makes inflation harder to beat. Warsh's Fed is openly split, and that uncertainty is a bigger story than today's calm tape.

3

Big Oil quadrupled profits during the Iran war

Exxon and Chevron's combined earnings jumped 4x in a quarter. Exxon reports today — a live read on whether energy is still the best inflation hedge around.

02

Markets at a Glance

Composite Risk Score
5.0/10
Moderate · Stable Conditions
S&P 500+0.54%
7,478
5-day trend
NASDAQ+0.94%
25,357
5-day trend
10Y YIELD+0.88%
4.70%
5-day trend
VIX-0.12%
17.07
5-day trend
DOW JONES
52,440
+0.44%
RUSSELL 2K
GOLD
4,093
-0.18%
OIL WTI
85.59
+2.39%
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03

World Markets

North America
S&P 5007,477.72+0.54%
Nasdaq25,357.40+0.94%
Dow Jones52,439.77+0.44%
Oil (WTI)85.59+2.39%
Gold4,092.80-0.18%
10Y Yield4.70%+0.88%
VIX17.07-0.12%
USD Index100.33+0.32%
Europe
FTSE 10010,907.28+0.09%
DAX25,642.13+0.12%
CAC 408,535.77+0.59%
Euro Stoxx 506,372.26+0.44%
Asia
Nikkei 22564,362.02+4.03%
Hang Seng25,884.43+0.10%
Shanghai3,832.26+0.72%
04

The Big Picture

Stocks drifted higher across the board, with the Nasdaq leading at +0.94% and the S&P 500 setting another high near 7478. The mood is quietly confident, but the real action is elsewhere: oil jumped 2.39% to $85.59 and the 10-year yield climbed to 4.70%. Both point the same direction — inflation isn't done. Three Fed officials just dissented in favor of a rate hike, arguing waiting makes the problem worse. Under Kevin Warsh, that internal fight is now public.

The risk is that the market is pricing calm while the Fed is pricing worry. If oil keeps climbing and yields follow, the 'buy the dip in tech' crowd gets tested fast — high-flying stocks hate rising rates. The opportunity cuts the other way: energy is minting money. Exxon and Chevron quadrupled profits in three months as the Iran war lifted crude. If you want to hedge an inflation scare, that's where the cash is actually piling up.

05

Story of the Day

CNBC Markets

New York sues Kalshi, says prediction market is running 'illegal gambling operation'

Kalshi lets people bet real money on things like elections and economic data, and New York is now calling that illegal gambling. If the state wins, it could kneecap a fast-growing industry that Wall Street had started treating as a legitimate way to trade on real-world events. For everyday investors, it's a reminder that 'prediction markets' still sit in a legal gray zone regulators can shut down.

06

More Headlines

07

Coming Up This Week

FRI
31
XOM Earnings ★★
After profits quadrupled, watch whether high oil is already fading
10:00 AM ET
Consumer Sentiment (UMich, final) ★★
Gauge of how nervous shoppers feel as oil bites
MON
3
10:00 AM ET
ISM Manufacturing PMI ★★
First factory read of the month; weakness would rattle the growth story
TUE
4
10:00 AM ET
JOLTS Job Openings ★★
A cooling labor market gives the Fed's hawks less ammunition
WED
5
SMR Earnings ★★
Small-cap nuclear name; a tell on the energy-AI power trade
10:00 AM ET
ISM Services PMI ★★
Services drive the economy; a hot print revives rate-hike fears
THU
6
8:30 AM ET
Jobless Claims ★★
Watch for any uptick — first crack in the labor story
FRI
7
8:30 AM ET
Jobs Report (NFP) ★★★
The week's main event; sets the tone for the Fed's next fight
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