Cotton trading with early Wednesday gains of 23 to 71 points. Futures posted losses of 143 to 231 across most contracts on Tuesday. The outside factors are pressure, with crude oil down $2.60 to $88.70/barrels. The US dollar index is down $0.049 at $99.975. Monday afternoon’s Crop Progress showed 77%...
Cotton trading with early Wednesday gains of 23 to 71 points. Futures posted losses of 143 to 231 across most contracts on Tuesday. The outside factors are pressure, with crude oil down $2.60 to $88.70/barrels. The US dollar index is down $0.049 at $99.975. Monday afternoon’s Crop Progress showed 77%...
adventtr/E+ via Getty Images Vertical Aerospace ( EVTL ) is a speculative, pre-revenue, early-stage company. When a company like this is hitting its project timelines, has ample available liquidity, and market sentiment is running high—shareholders win. But they are currently receiving no joy on any of those fronts: Data by YCharts Some may have foreseen more near-term warmth to the name in consid...
adventtr/E+ via Getty Images Vertical Aerospace ( EVTL ) is a speculative, pre-revenue, early-stage company. When a company like this is hitting its project timelines, has ample available liquidity, and market sentiment is running high—shareholders win. But they are currently receiving no joy on any of those fronts: Data by YCharts Some may have foreseen more near-term warmth to the name in consideration of SpaceX's ( SPCX ) listing and the increased attention this would provide to the broader aerospace sector. But we have not seen that, and I do not foresee that we will. EVTL is nearing its all-time lows ($1.90). With market sentiment in the dusters combined with poor operational performance and limited liquidity, I believe EVTL is likely to put in new all-time lows this year. Lost access to cheap capital When British entrepreneur Stephen Fitzpatrick brought Vertical Aerospace to the New York Stock Exchange in late 2021, the market's excitement for speculative names was high, giving pre-revenue businesses access to cheap capital. This was a perfect crossroads for EVTL, and the listing made sense. The company immediately raised $300m . The valuation was ~$2.2b. The market capitalization today is $278m, shares are down 98%+ since its SPAC, and outstanding shares have soared due to extensive dilution. December 2021 June 2026 Shares outstanding (M) 12 127.33 Click to enlarge The share count has increased some 10x+ since the SPAC. Investors who bought in at the SPAC have been left holding significant losses. This is in-line with other Vertical Take Off and Landing (VTOL) businesses—the need to raise capital to fund its losses. However, EVTL dilution is heavy even by this industry's standards. This hefty dilution stems from the loss of cheap access to capital. For companies in distress/short of liquidity, a declining stock price significantly implicates their ability to raise capital at favorable valuations; they then issue a substantial amount of shares at a discount, w...
Key PointsBeilman sold 4,122 shares in open-market transactions on June 2, 2026, for a total value of ~$1.13 million at a weighted average price around $275.03 per share.
Key PointsBeilman sold 4,122 shares in open-market transactions on June 2, 2026, for a total value of ~$1.13 million at a weighted average price around $275.03 per share.
Mike Wilson, Morgan Stanley's chief US equity strategist and CIO, explains the recent market volatility is part of an ongoing rotation among cyclical and commodity sectors. He highlights that earnings revision breadth has reached unsustainably high levels, particularly in the semiconductor sector, signaling a near-term rollover. He speaks on "Bloomberg Open Interest." (Source: Bloomberg)
Mike Wilson, Morgan Stanley's chief US equity strategist and CIO, explains the recent market volatility is part of an ongoing rotation among cyclical and commodity sectors. He highlights that earnings revision breadth has reached unsustainably high levels, particularly in the semiconductor sector, signaling a near-term rollover. He speaks on "Bloomberg Open Interest." (Source: Bloomberg)
Andrii Yalanskyi/iStock via Getty Images In November 2025, I had framed the YieldMax Universe Fund of Option Income ETFs ( YMAX ) and the Roundhill WeeklyPay Universe ETF ( TOPW ) as alternatives to manufacture high weekly income from a basket of non-dividend growth stocks. YMAX uses covered calls to generate this alpha/income, while TOPW uses a 1.2x leverage approach to answer the income question...
Andrii Yalanskyi/iStock via Getty Images In November 2025, I had framed the YieldMax Universe Fund of Option Income ETFs ( YMAX ) and the Roundhill WeeklyPay Universe ETF ( TOPW ) as alternatives to manufacture high weekly income from a basket of non-dividend growth stocks. YMAX uses covered calls to generate this alpha/income, while TOPW uses a 1.2x leverage approach to answer the income question better. I had rated YMAX a Buy on the view that it behaves like a high-growth ETF with payouts as a side benefit, and I rated WPAY a Hold pending more data, tilting toward YMAX because I expected valuation pressures to show up. The market regime call went right up until March, where a sharp rebound from the lows saw the Nasdaq take out prior highs at great speed - net-net up ~15% over the past 6-7 months from the time of the thesis. That slower grind down followed by a fast melt-up provides perfect data to test my YMAX versus TOPW thesis lined up in November. Both income ETFs stay relatively muted in total return terms due to two separate reasons. For TOPW, the V-shaped move is enough to erode the leverage advantage as I had expected, plus the underlying holdings have also been different for a large part of this period. That explains the total returns underperformance too in what has net-net been a positive period for the growth markets. For YMAX, the underperformance is somewhat expected given its option-capped upside capturing potential, but the degree of divergence marks a challenge to my earlier thesis around YMAX as a growth-like income ETF. The relative YMAX over TOPW call has gone right though. Data by YCharts This thesis tests the November hypothesis against real data. It looks at structural changes in both YMAX and TOPW's strategy and portfolio changes that are starting to alter their relative performance profile. It looks at the TOPW payout more closely, now that we have more data. And it finds that despite a lower expectation from YMAX going forward (in terms of...
MicroStockHub/iStock via Getty Images By Avi Lavi Why have value stocks been more durable than expected in today’s uncertain market environment? Since early 2025, value stocks have enjoyed a strong run, defying market volatility driven by trade tensions, geopolitical stress and macroeconomic uncertainty. That resilience may seem counterintuitive given value’s historically cyclical profile. Yet, we...
MicroStockHub/iStock via Getty Images By Avi Lavi Why have value stocks been more durable than expected in today’s uncertain market environment? Since early 2025, value stocks have enjoyed a strong run, defying market volatility driven by trade tensions, geopolitical stress and macroeconomic uncertainty. That resilience may seem counterintuitive given value’s historically cyclical profile. Yet, we believe the underlying characteristics of value stocks are proving particularly well-suited to today’s evolving market landscape. Global markets have faced a wave of destabilizing forces over the last two years. In 2025, President Trump’s tariff agenda fueled market turbulence and made it hard for investors to forecast earnings. Ongoing AI disruption has added an unpredictable variable to businesses while raising profitability questions about the US mega-caps. Meanwhile, the Middle East conflict prompted a surge in oil prices with cascading effects across economies and sectors . Investors in value equities have largely surmounted these shocks. Even though growth stocks have rebounded in the second quarter, since the beginning of 2025, the MSCI World Value outperformed both growth and the broader market during major market shocks ( Display ). So how can we explain value’s resilience? Three reasons stand out. The “HALO” Effect of AI Build-Out AI has led to rapid expansion in digital capacity in areas such as software and automation. At the same time, it has exposed bottlenecks in the physical economy. Massive spending on AI infrastructure is benefiting companies with heavy assets and long-lived capital bases—sometimes referred to as “HALO” (heavy assets, low obsolescence). These companies can be found in industries such as energy, materials and resources—big constituents of global value benchmarks ( Display ). Many are considered quality, cyclical businesses, which struggled back in the lower-growth 2010s as globalization peaked and inventories were efficient. Today, however...
Soybeans are trading with 5 to 7 cent gains early on Wednesday. Futures were weaker on Tuesday, with contracts closing fractionally to 4 ¾ cents lower. Open internet was down 6,156 contracts on Tuesday The cmdtyView national average Cash Bean price was up 1/4 cent at $10.58. Soymeal futures were...
Soybeans are trading with 5 to 7 cent gains early on Wednesday. Futures were weaker on Tuesday, with contracts closing fractionally to 4 ¾ cents lower. Open internet was down 6,156 contracts on Tuesday The cmdtyView national average Cash Bean price was up 1/4 cent at $10.58. Soymeal futures were...
Corn prices are up 3 to 5 cents so far on Wednesday morning. Futures fell back off midday gains on Tuesday, with contracts steady to 1 ½ cents lower, with a ¾ cent gain in front month July. Open interest was up 17,705 contracts on Tuesday, with the roll out...
Corn prices are up 3 to 5 cents so far on Wednesday morning. Futures fell back off midday gains on Tuesday, with contracts steady to 1 ½ cents lower, with a ¾ cent gain in front month July. Open interest was up 17,705 contracts on Tuesday, with the roll out...
JaysonPhotography/iStock via Getty Images Wall Street drifted down in the red on Wednesday as the retail inflation came largely in line, while investors also assessed ongoing tensions in the Middle East. The blue chip Dow ( DJI ) was -0.4%, the benchmark S&P 500 ( SP500 ) was -0.1%, and the tech focused Nasdaq Composite ( COMP:IND ) was -0.2%. From a sector-by-sector perspective, five of the 11 S&...
JaysonPhotography/iStock via Getty Images Wall Street drifted down in the red on Wednesday as the retail inflation came largely in line, while investors also assessed ongoing tensions in the Middle East. The blue chip Dow ( DJI ) was -0.4%, the benchmark S&P 500 ( SP500 ) was -0.1%, and the tech focused Nasdaq Composite ( COMP:IND ) was -0.2%. From a sector-by-sector perspective, five of the 11 S&P segments pushed higher, with energy leading the charge. At the other end of the spectrum, industrials suffered the most so far. The May U.S. Consumer Price Index came in at +0.5% M/M vs. +0.5% consensus and +4.2% Y/Y vs. +4.2% consensus and +3.8% in April. Core CPI (excludes food and energy): +0.2% vs. +0.3% consensus and +2.9% Y/Y vs. +2.9% consensus and +2.8%. “While Wednesday's CPI was in line with expectations, inflation is still elevated and far from the Federal Reserve's 2% target… It's clear that rate cuts are off the table, and while there is chatter about a potential rate hike, we believe it's unlikely that we'll see a rate hike before the midterm elections, and any such hike is likely a year away,” Skyler Weinand, chief investment officer of Regan Capital, stated. On the geopolitical front, the United States launched the strikes on Tuesday in response to the shooting down of an American helicopter gunship near the Strait of Hormuz. U.S. President Donald Trump on Wednesday criticized Iran for failing to reach a peace agreement with the U.S. following a fresh round of attacks that have heightened tensions and tested a fragile two-month ceasefire. Treasury yields were mostly muted. The U.S. 2 Year Treasury yield ( US2Y ) was at 4.12%. At the same time, the U.S. 10 Year Treasury yield ( US10Y ) hovered near 4.52%, and the U.S. 30 Year Treasury yield ( US30Y ) was last at 5.00%. As for stocks that were on the move, shares of Robinhood Markets ( HOOD ) advanced by 6.7%, while shares of Super Micro Computer ( SMCI ) fell 12.1%. Community sentiment survey: Are you plann...
From Token-maxxing To Token-panic: Citrini Warns AI Goldilocks Narrative Hitting A Wall When the world and their pet rabbit was buying the hype and extrapolating trends to infinity and beyond, we dared to highlight a few 'economic' realities of the new 'tokenomics'. From Singularity To Tokenomics: The AI Narrative Just Hit A Serious Snag Was Amazon's Tokenmaxxing Fiasco Behind Claude's $500M Myste...
From Token-maxxing To Token-panic: Citrini Warns AI Goldilocks Narrative Hitting A Wall When the world and their pet rabbit was buying the hype and extrapolating trends to infinity and beyond, we dared to highlight a few 'economic' realities of the new 'tokenomics'. From Singularity To Tokenomics: The AI Narrative Just Hit A Serious Snag Was Amazon's Tokenmaxxing Fiasco Behind Claude's $500M Mystery Bill? From Singularity To Tokenomics, Part II: The Subsidy Just Ran Out - And GitHub Users Went Splat This morning we got confirmation of this AI reality questioning from none other than Goldman Sachs Partner, Rich Privorotsky , who highlighted that Token Spend had 'peaked' ... And now, Citrini Research - who infamously issued a less than utopic view of the world under AI back in March - has written a follow up on the status quo of the AI ecosystem, noting that in just weeks we’ve gone from tokenmaxxing to tokenpanic . In March, we and many others were writing about the astounding growth in token consumption driven by the release of agents and more intensive models. This was enough to send the infrastructure trade sharply higher – the market value of the semiconductor industry doubled in two months. But that goldilocks narrative is beginning to hit a wall. The corollary of explosive token usage is explosive cost to customers, which is coming just as the US labs and hyperscalers are turning up the dial on monetization. The public story is increasingly turning to corporate pushback. The first real signs of this shift were from the much-discussed report of Uber burning through its entire AI budget in just four months. Then there was the anonymous report of a $500 million oopsie. In the past week, the idea has turned into a media avalanche. According to The Economist’s reporting, Anthropic’s ARR has increased 5x since the start of the year, reaching $45 billion in May. Great for the lab, but it also means the “AI Opex” line item on P&Ls is going through the roof . The issue ...
ServiceNow (NYSE: NOW) is positioning itself as the enterprise control tower for artificial intelligence-powered workflows. The bullish case is built on Now Assist adoption, deep customer integration, subscription revenue growth, and a massive opportunity for agentic automation.
ServiceNow (NYSE: NOW) is positioning itself as the enterprise control tower for artificial intelligence-powered workflows. The bullish case is built on Now Assist adoption, deep customer integration, subscription revenue growth, and a massive opportunity for agentic automation.
Commerzbank AG expressed fresh doubts whether the rising acceptance level of UniCredit SpA ’s takeover bid is a full reflection of investor support. It’s a “reasonable assumption that the tendered shares stem almost exclusively from banks and parties connected to UniCredit,” Commerzbank said in a statement Wednesday. It said it recommends that “investors refrain from drawing definitive conclusions...
Commerzbank AG expressed fresh doubts whether the rising acceptance level of UniCredit SpA ’s takeover bid is a full reflection of investor support. It’s a “reasonable assumption that the tendered shares stem almost exclusively from banks and parties connected to UniCredit,” Commerzbank said in a statement Wednesday. It said it recommends that “investors refrain from drawing definitive conclusions regarding ownership positions, influence, control or the ultimate level of shareholder support for the offer” for now. It’s the latest escalation in a heated argument between the two banks. Commerzbank first raised doubts last week and UniCredit responded on Tuesday, accusing Commerzbank of circulating “increasingly serious and unfounded misinformation.” It also said that “any insinuation” that it “willfully conflated disclosure categories” to create an impression of investor support for its offer is “without factual or legal foundation.” Read More: UniCredit’s Commerzbank Bid Progresses Amid Escalating Rhetoric UniCredit on Tuesday said its takeover proposal for Commerzbank had been accepted by shareholders representing 10.91% of the target’s share capital. That was up from 7.58% in the previous week, showing the bank is gradually moving toward full control. The Italian bank’s proposal valued the German bank at roughly €37.5 billion ($43.3 billion) at Tuesday’s closing price, compared with a market value of around €39 billion. It has been open to investors since early May and runs through June 16, though takeover rules may require an extension. “None of the tendering parties connected to UniCredit held material stakes in Commerzbank prior to the takeover offer,” Commerzbank said in the statement Wednesday. “UniCredit’s disclosures continue to fall short of the required level of transparency and cannot be regarded as evidence of independent shareholder support for the offer.” Commerzbank has “observed a significant increase in securities lending activity involving its shar...