Jack of All Trades

WDAY +7.8%: rev +13.5%, margin raised to 30.5%, backlog +15.5% — AI efficiency in the P&L. ROST +record: comps +17% (highest ever), EPS +37%, Iran trade-down in full effect, FY raised. DE −6.8%: $272M tariff refund inflated beat, FY unchanged. SKORE: ROST 7.8 · WDAY 7.6 · DE 6.2

Dow record 50,285. Nvidia −1.8% (sell-the-news, 5th straight). WMT: US comps +4.1% transaction-led, eCommerce delivery +45%, marketplace +50%, membership +ads = 1/3 of op. income, FY EPS raised $2.75–2.85. Upper-income gaining share. SKORE: WMT 8.0 Buy.

Dow retakes 50K; oil −5.66% to $98 on Iran deal. NVDA: EPS $2.39 vs $1.78, rev $81.62B +85%, Q2 $91B crushed $86.84B, FCF $48.6B, div 25×. 'Agentic AI has arrived.' LOW/TGT: comps +0.6%, consumer stabilizing. SKORE: NVDA 9.2 · TGT 7.1 · LOW 7.0.

30Y Treasury 5.19% — 19-year high; Moody's downgrade watch; S&P 3rd straight loss. HD: rev $41.77B beat, EPS $3.43 beat, US comps +0.4%, 'consumer uncertainty,' housing affordability pressure, FY reaffirmed. Iran peace deal 'very good chance.' Nvidia tomorrow. SKORE: HD 5.7 Hold.

UAE nuclear plant drone strike; Brent $110; Trump delays Iran attack; 10Y yield 4.6%. BIDU: AI revenue +49%, first time >50% of revenue, GPU Cloud +184%, Apollo 3.2M driverless rides. Marketing −22% offset growth. NextEra buys Dominion $66.8B. Nvidia Wednesday. SKORE: BIDU 7.0 Buy.

Trump-Xi: no major deals; semis sold off (Intel −6%, AMD −5.7%). Two AI software bright spots: FIG +12% (rev beat, FY raised, AI converting free→paid) and KLAR +14% (rev +32% adj., −40% headcount vs. 2022 with higher revenue — AI efficiency model in purest form). SKORE: FIG 7.8 · KLAR 7.1

A comprehensive narrative history of US Treasury yields, Federal Reserve policy, and the structural forces reshaping sovereign debt markets — from the March 2020 liquidity crisis through the Iran war yield spike of May 2026.

Dow 50K, S&P + Nasdaq ATH. Trump–Xi: Hormuz free waterway, oil fell. Powell's last day. AMAT record: rev $7.91B, EPS $3.51 crushed $2.71, semicon equipment industry +30% CY2026 raised from +20%, Q3 $8.95B guide crushed est. +8% AH. SKORE: AMAT 8.4 Strong Buy.

PPI +1.4% scorching — markets shrugged, S&P + Nasdaq ATH. CSCO +14% AH: AI orders $5B→$9B, networking +50%, Q4 $16.8B guide crushed consensus. BABA missed: cloud +38% but first op. loss since 2021, profit near zero on AI/commerce spend. SKORE: CSCO 8.3 · BABA 5.8.

CPI 3.8% hottest since May 2023; real wages negative. Qualcomm −13%, SOX −5%. UAA −14%: FY2027 EPS $0.08–0.12 vs. $0.23 est., Iran $35M cost, North America −8%, restructuring overrun $305M. On Holding crushed with record margins. SKORE: UAA 3.6 Sell.