Markets Open · No. 035 · Published 9:31 AM ET
Make sense of the market, every morning.
← Issue 034 Issue 035
01

Three Things to Know

1

The dollar is the day's real story

The USD Index rose 0.72% to 100.81 while gold and oil both fell. A stronger dollar signals bets that Warsh's Fed stays tight, and it quietly squeezes U.S. companies that sell abroad.

2

Cramer tells SpaceX hype-buyers to cool it

When a TV pundit feels the need to warn people off a hot trade, the crowd is usually already overpaying. Great company, but the story has gotten ahead of the price.

3

A French server company just cratered

Trading was suspended after a short seller's accusations triggered a collapse. A reminder that single-stock bets can vanish overnight when someone pokes holes in the numbers.

02

Markets at a Glance

Composite Risk Score
5.0/10
Moderate · Stable Conditions
S&P 500
5-day trend
NASDAQ
5-day trend
DOW JONES
RUSSELL 2K
GOLD
4,182
-1.00%
OIL WTI
75.72
-1.15%
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03

World Markets

North America
S&P 500
Nasdaq
Dow Jones
Oil (WTI)75.72-1.15%
Gold4,182.00-1.00%
USD Index100.81+0.72%
Asia
Shanghai
04

The Big Picture

The mood is cautious and a little tired. Stocks didn't give us much to chew on today, but the dollar is flexing — up 0.72% — and that's the tell. A stronger dollar usually means money is parking in safety and betting that Kevin Warsh's Fed keeps rates higher for longer. Gold and oil both slipped, which fits: when the dollar rises, everything priced in dollars gets a bit cheaper. Global risk sits at a middling 5 out of 10.

The thing to watch is the dollar's grip. A rising dollar squeezes anything that earns money overseas — big U.S. tech and multinationals get hit when foreign sales convert back into fewer dollars. It also pressures gold, which just fell 1%. The opportunity is patience. Next week brings PCE, the Fed's favorite inflation gauge, and that single number will tell you more about Warsh's next move than any headline this week.

05

Story of the Day

Yahoo Finance

Jim Cramer sends a stern message to SpaceX buyers

Jim Cramer is warning people piling into anything tied to SpaceX to slow down, because the hype is running ahead of the actual business. For everyday investors the lesson is simple: a famous name and a great story don't make a stock cheap or safe. When everyone's excited about the same thing, that's usually when you pay too much.

06

More Headlines

07

Coming Up This Week

THU
25
8:30 AM ET
PCE (Personal Income & Outlays) ★★★
The Fed's favorite inflation gauge; this number guides Warsh's next move
8:30 AM ET
GDP (Q1 2026 Third Estimate) ★★
Final read on how fast the economy actually grew early this year
8:30 AM ET
Durable Goods Orders ★★
Watch business spending on big-ticket items for signs of confidence or caution
8:30 AM ET
Jobless Claims ★★
Any uptick is the first crack in the labor story
FRI
26
10:00 AM ET
Consumer Sentiment (UMich, final) ★★
Tells you whether shoppers still feel like spending
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