The oil markets had a negative day today.

The S&P 500 dropped 100 points today while the advance-decline line sat at 50-50. That combination should not be possible.

Today saw the S&P 500 and Nasdaq finish lower for both the day and week, with the latter dropping 398 points for the session, as investors rotated out of Big Tech. 

The lay of the land for the indices is solid. The rally has broadened significantly as evidenced by leadership in the S&P 400 mid caps and Russell 2000 small caps.

While official nonfarm payroll employment has grown a healthy 600K from January to September, the implied benchmark revision has only grown 400K over the corresponding period.

Silver has been outperforming gold, and the gold/silver ratio is falling hard. But it remains above past averages, which means it’s still undervalued, both on its own and relative to gold.

25Q3 Y/Y earnings are expected to be 15.0%. Excluding the energy sector, the Y/Y earnings estimate is 15.8%.

Tokenization is becoming part of the core financial system. And as more institutions test digital settlement, tokenization becomes harder to dismiss.

XAU/USD retreats from a seven-week $4,353 peak as traders lock in profits after a strong weekly rally.

Intel explores a SambaNova acquisition to expand its AI hardware footprint and accelerate its push into enterprise-focused AI solutions.

Supply tightness and heightened industrial and investment demand are bolstering silver prices.

Oracle stands as the starkest cautionary tale: aggressive capex without matching cash flows risks a sector-wide crunch if AI hype falters.

The U.S. is adding $1 trillion in new debt every 100 days. The Fed can either induce a melt-up via inflation… or let the bond bubble burst, triggering a crisis.

The year 2025 will be remembered as the best year in the history of the European ETF industry so far.

The S&P 500 was able to achieve a fresh all-time closing high yesterday thanks to a powerful move from tech stocks into more cyclical and rate-sensitive sectors.

Koc Holding AS provides a conglomeration of industrial services.

Despite a significant revenue miss and a 10% stock decline, Oracle’s fundamentals are stronger than ever when taking into account Larry Ellison’s reach.

ADBE stock could be worth over 21% over the next year or so at $425 per share.

Stocks are slumping into the weekend.

Consumers and technology spending, not least on AI, are the two main reasons why we think the U.S. economy will continue to do well next year.