Kevin Warsh leads his first FOMC gathering, with the rate decision landing tomorrow. A new chair's debut is a setup for surprises.
WTI fell nearly 5% to $76.75. Cheaper fuel eases inflation pressure right as the Fed sits down to think about rates.
Micron, Western Digital, and SanDisk all touched all-time highs. But one early SpaceX backer warns the 'bottleneck' AI trade is already played out.
Two trades are pulling the market in opposite directions today. AI is hot again — Western Digital, Micron, and SanDisk all sit at record highs as money pours back into chips and storage. At the same time, oil cracked below $80 for the first time since March, falling nearly 5% to $76.75. Cheaper oil usually cools inflation worries, which is handy timing: the Fed starts its two-day meeting today. Gold ticked up to $4,360, the quiet hedge against everyone else's confidence.
The risk to watch is concentration. SpaceX is now valued at $2.1 trillion, and one early investor already says the AI 'bottleneck trade' has run its course. When the same handful of stories drive every gain — chips, rockets, AI — a single disappointment can drag the whole index down. New Fed Chair Kevin Warsh delivers his first rate decision tomorrow. Markets expect calm, but a first-meeting surprise from a new chair is exactly the kind of thing that gets mispriced.
PACCAR makes the big rigs that haul freight across the country, and its stock is climbing on what traders are calling the 'HALO trade' — a bet that truck demand and pricing are about to improve. For everyday investors, it's a reminder that the boring industrial names move on the same economic hopes as the flashy tech ones. When trucking gets optimistic, it often means people expect more goods to ship and a healthier economy ahead.
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