Ирина Мещерякова/iStock via Getty Images The March 2026 consumer price index came in at 3.3% YoY, with the core figure, less food and fuel, coming in at 2.6%. As expected, gasoline was the big culprit in this report, pushing prices up 0.9% MoM, the largest single-month gain since 2022. BLS Markets moved little, largely because this figure was actually 0.1% less than expected, and markets are prici...
Ирина Мещерякова/iStock via Getty Images The March 2026 consumer price index came in at 3.3% YoY, with the core figure, less food and fuel, coming in at 2.6%. As expected, gasoline was the big culprit in this report, pushing prices up 0.9% MoM, the largest single-month gain since 2022. BLS Markets moved little, largely because this figure was actually 0.1% less than expected, and markets are pricing in that this is a temporary disruption. Still, the report itself has more to tell us than just that fuel prices are up; we still see above-target areas in the report that are far less affected by Hormuzian supply disruptions. The markets can handle pain so long as they see it coming. The March 2026 CPI Report Here's the headline table for the report with the categories I've been watching the most highlighted: Annotations by author (BLS) Of course, it's no surprise to see fuel and gasoline rise from 18.9% to 44.2%, with diesel certainly bringing up the high end. These prices affect almost all people, as fuel costs are embedded in basically every product that has to travel to be sold, which is the vast majority of what's sold. Transportation expenses rose 4.1% and delivery services by 3.1%, reflecting rising fuel cost passthrough. The worst passthrough point was airfare—jet fuel price hikes have been just as brutal as diesel, if not worse in some regions—which rose 14.9% YoY. Unlike past reports, core goods and groceries (“food at home”) contributed less to this report than they are weighted; this is largely because of the massive contribution from energy costs, but it means that it also obscures some of the trends we've been watching, such as how core goods—the most tariff-sensitive component—had been leading inflation reports throughout 2025. Duality Research We can still inspect the core itself to see what's moving it, as stripping out food and fuel can offer clarity for what else is going on in the report. Apparel's jump this month, running at 3.4% YoY, had a large imp...
J Studios/DigitalVision via Getty Images Seabridge Gold Update Data by YCharts Seabridge Gold's ( SA ) KSM project in British Columbia is truly massive, make no mistake about it. As of writing, it contains 95.5 million M&I ounces of gold and over 21 billion pounds of copper, making it what may be the largest undeveloped gold project on the planet. At roughly $31 per share, the stock trades at a fr...
J Studios/DigitalVision via Getty Images Seabridge Gold Update Data by YCharts Seabridge Gold's ( SA ) KSM project in British Columbia is truly massive, make no mistake about it. As of writing, it contains 95.5 million M&I ounces of gold and over 21 billion pounds of copper, making it what may be the largest undeveloped gold project on the planet. At roughly $31 per share, the stock trades at a fraction of its updated NPV, using spot metals prices. The company recently updated its resource estimate using more realistic metal price assumptions, boosting M&I gold by 6.8 million ounces and inferred gold by nearly 13 million ounces. A joint venture partner announcement could be the next major catalyst that sends shares much higher. This is a pre-production name with real development and permitting risk, and it needs a deep-pocketed partner to move forward. But I think that for investors comfortable with that risk profile, the leverage to gold prices here is unlike anything else in the sector. KSM: The Biggest Bet in Gold Mining Seabridge Gold I spend most of my time covering producers. Companies with cash flow, dividends, quarterly earnings you can hold up against guidance. But once in a while I see a pre-production asset that I simply can't ignore, and Seabridge Gold ( SA ) is one of those examples. KSM isn't just another development-stage project. It is, by virtually any measure, the single largest undeveloped gold deposit on earth. And it's not close. The company has been quietly building this resource for more than two decades, growing total gold resources by more than 1,000% since 2003. The stock has run from under $10 to north of $30 over the past year, and I think there's still room to go if the JV partner materializes. A Resource That Defies Comparison Seabridge has grown gold resource by 10x since 2023, while share count has only risen 2.8x. (Seabridge Gold) On March 31, Seabridge released updated mineral resource estimates for KSM using higher metal price assu...
denisik11/iStock via Getty Images I believe that Nebius Group ( NBIS ) is beginning to be seen not as a neocloud competitor but rather as an emerging hyperscaler and its recent breakout past $130 after many months of consolidation is a reflection of this transition. This does not come off as a momentum play to me but I see this as a re-setting of market expectations regarding where this business w...
denisik11/iStock via Getty Images I believe that Nebius Group ( NBIS ) is beginning to be seen not as a neocloud competitor but rather as an emerging hyperscaler and its recent breakout past $130 after many months of consolidation is a reflection of this transition. This does not come off as a momentum play to me but I see this as a re-setting of market expectations regarding where this business will ultimately land strategically. Strategic support from Nvidia ( NVDA ), hyperscaler-level agreements and rapidly growing infrastructure investments are all driving this company into a new classification. From Narrative to Deadline: Nebius Enters Its Execution Phase The last month has seen Nebius move from an intriguing story into a well-underwritten narrative, and the pace at which it got there is what impressed me most. In just weeks, the company secured a strategic investment of $2 billion from Nvidia , struck infrastructure deals with hyperscalers for more than $40 billion worth, primarily with Microsoft and Meta, and closed a convertible debt deal raising $4.34 billion . Essentially, it took care of three main issues of capital, visibility and hardware all at once. However, the neocloud industry is still restricted. The supply for GPUs remains limited, pricing hasn’t budged much, and demand continues to increase, with Nebius having a deal pipeline of more than $4 billion and contracts with a higher duration. This environment is positive but it does pose high expectations. It’s fascinating to note how expectations have narrowed down so rapidly. From being about possibilities, it’s now about execution within a highly accelerated timeline. Here I think it is useful to address the fact that Nebius has ambitious plans regarding capital expenditures. Specifically, the company expects to spend $16 billion to $20 billion in 2026 alone . It is obvious that at the current pace of the demand, this is quite reasonable. However, while it is clear that it will be possible to fund ...
J Studios Tariffs imposed through November 2025 can explain the full increase in core goods inflation relative to historical norms and added about 0.8% to core personal consumption expenditures prices through February 2026, according to new Federal Reserve research. In a note published by the Federal Reserve , staff economists analyze how recent tariff measures have passed through to consumer pric...
J Studios Tariffs imposed through November 2025 can explain the full increase in core goods inflation relative to historical norms and added about 0.8% to core personal consumption expenditures prices through February 2026, according to new Federal Reserve research. In a note published by the Federal Reserve , staff economists analyze how recent tariff measures have passed through to consumer prices in near real time. The study finds that tariffs were the primary driver behind elevated core goods inflation, particularly in categories with higher exposure to imported inputs. Using detailed pricing data and model-based estimates, the authors show that goods such as household furnishings, appliances, and recreational items experienced the strongest tariff-related price pressures. The effects were both broad-based and persistent, suggesting that higher import costs have been steadily transmitted to consumers. The analysis also indicates that firms have passed on a significant portion of these cost increases, rather than absorbing them through profit margins. This points to a relatively high degree of price pass-through, challenging expectations that competitive dynamics would dampen the inflationary impact. While the overall contribution to core PCE inflation is estimated at 0.8 percentage points, the findings highlight how trade policy has played a measurable role in shaping underlying inflation trends in the U.S. economy (Federal Reserve, 2026). More on S&P 500 Index Strange Times: GDP Growth Slows Down, Inflation Is Rising, But Markets Don't Care U.S.-Iran Ceasefire: What To Expect From Negotiations This Weekend Inflation Uncertainties Make 60-40 A Bad Idea For 2026 U.S. stocks are mixed as core CPI comes in slightly softer, Middle East tensions continue Higher gas prices and inflation will negate recent tax cuts – Goldman Sachs’ David Mericle
A Brazilian lawmaker has proposed a bill to create a state-run company focused on rare earths and critical minerals in the latest push from the South American nation to localize refining and position itself as alternative to top producer China. The proposal from Congressman Rodrigo Rollemberg would create Terras Raras Brasileiras SA, or Terrabras, and target minerals research, exploration and comm...
A Brazilian lawmaker has proposed a bill to create a state-run company focused on rare earths and critical minerals in the latest push from the South American nation to localize refining and position itself as alternative to top producer China. The proposal from Congressman Rodrigo Rollemberg would create Terras Raras Brasileiras SA, or Terrabras, and target minerals research, exploration and commercialization. The company would operate similarly to state-controlled oil producer Petrobras and would have a capital structure that could include private companies, development banks and sovereign funds, with the federal government keeping a minimum stake to ensure its control. Brazil is home to the world’s largest rare earths reserves outside China. Western countries have been courting the Latin American nation with efforts to build a major critical minerals partnership as they seek to diversify partnerships to reduce reliance on the Asian supply. Read More: How Brazil Can Chip Away at China’s Rare Earth’s Lead: Explainer Developing a rare earths industry is a high priority for President Luiz Inacio Lula da Silva , who is pushing to build a full local supply chain. Rollemberg, who is a former undersecretary of Lula’s cabinet, says “foreign intervention in Brazil’s mining sector is already underway,” citing in the bill a $565 million loan from the US International Development Finance Corporation to Serra Verde, Brazil’s only rare earths producer. The funding includes an option for the US to take a stake in the company. The lawmaker also references a memorandum of understanding between the US and the state of Goias, led by former Governor Ronaldo Caiado . The conservative politician recently left the post to run against Lula in this year’s election, and the Goias plan is a source of discord between the US and Brazil’s government. Read More: US Snubbed by Lula Government at Critical Minerals Summit (1) The bill needs approval and will have to wind its way through the proces...
The tensions that led Giorgia Meloni to replace Roberto Cingolani at Leonardo SpA built up over time, and had their roots in a mismatch between the Italian prime minister’s control over decisionmaking and her appointee’s independence. As chief executive officer of Italy’s most important defense contractor, Cingolani occasionally displayed reluctance to follow the implicit rules of working within M...
The tensions that led Giorgia Meloni to replace Roberto Cingolani at Leonardo SpA built up over time, and had their roots in a mismatch between the Italian prime minister’s control over decisionmaking and her appointee’s independence. As chief executive officer of Italy’s most important defense contractor, Cingolani occasionally displayed reluctance to follow the implicit rules of working within Meloni’s government, said people familiar with their interactions, who spoke on condition of anonymity. The CEO was used to taking initiative and didn’t always check with Meloni beforehand, some of the people said. This irked the premier and her entourage in Rome’s Palazzo Chigi, the people added, asking not to be named discussing private conversations. Meloni ousted Cingolani late Thursday in a round of executive appointments at state-backed companies, nominating another Leonardo veteran Lorenzo Mariani , to replace him. Investors have panned the move — with some considering a long-shot move to reverse it. The shares fell 5.3% on Friday. Cingolani, a physicist who served as energy minister during Mario Draghi ’s government, was appointed to Leonardo by Meloni in 2023, several months after she became prime minister. Over the past three years, he engineered a turnaround at the company and oversaw an about fivefold increase in the share value. “Cingolani has personally created over €25 billion ($29 billion) in value for the shareholders,” said Marco Elser , a partner at Lonsin Capital in Rome. “Why get rid of him?” The personnel changes require shareholder approval at Leonardo’s annual general meeting, scheduled for May 7. That’s given hope to activist investor Guy Wyser-Pratte — who has criticized Cingolani’s ouster — despite the Italian government’s ownership of 30% of Leonardo and its role nominating board candidates. The 85-year-old investor is considering legal action to challenge the move, he said in an interview. “We are studying various possibilities,” Wyser-Pratte sai...
On the Everybody's Business podcast, we often find unusual items to serve as economic indicators. Hosts Stacey Vanek Smith and Max Chafkin discuss why a $7 bag of Doritos ended up costing PepsiCo billions of dollars and what it can tell us about the US consumer. (Source: Bloomberg)
On the Everybody's Business podcast, we often find unusual items to serve as economic indicators. Hosts Stacey Vanek Smith and Max Chafkin discuss why a $7 bag of Doritos ended up costing PepsiCo billions of dollars and what it can tell us about the US consumer. (Source: Bloomberg)
aprott Avalyn Pharma ( AVLN ), a biotech focused on developing inhaled therapeutics for the lung disorder pulmonary fibrosis, has filed paperwork with the SEC for its initial public offering in the U.S. The Boston, Massachusetts-based biotech submitted its S-1 filing on Wednesday for a Nasdaq listing under the ticker symbol “AVLN,” noting it intends to use the IPO proceeds for multiple operational...
aprott Avalyn Pharma ( AVLN ), a biotech focused on developing inhaled therapeutics for the lung disorder pulmonary fibrosis, has filed paperwork with the SEC for its initial public offering in the U.S. The Boston, Massachusetts-based biotech submitted its S-1 filing on Wednesday for a Nasdaq listing under the ticker symbol “AVLN,” noting it intends to use the IPO proceeds for multiple operational activities, including R&D work related to its lead programs, AP01 and AP02. AP01 (inhaled pirfenidone) and AP02 (inhaled nintedanib) are currently undergoing Phase 2 studies for progressive pulmonary fibrosis and idiopathic pulmonary fibrosis, respectively, with their topline readouts expected in H2 2027. Since its inception, the company has raised nearly $384M in equity funding from investors, including Novo Holdings. The investment arm of the Novo Nordisk Foundation, the controlling shareholder of weight loss drug developer Novo Nordisk ( NVO ), owns more than 13% of Avalyn ( AVLN ) stock. The development-stage company, founded in 2011, has yet to generate profits, and in 2025, its net loss widened ~72% YoY to $85.3M. More on Avalyn Pharma Inc. Avalyn Pharma Begins IPO Process For Pulmonary Fibrosis Pipeline Financial information for Avalyn Pharma Inc.
Cloud Infrastructure as a Service (IaaS) has become a core foundation for organizations scaling operations and supporting increasingly complex workloads. By providing on-demand access to computing, storage, and networking resources, IaaS allows teams to move faster while reducing the burden of managing physical infrastructure. The 2026 Cloud Infrastructure as a Service Data Quadrant Report from In...
Cloud Infrastructure as a Service (IaaS) has become a core foundation for organizations scaling operations and supporting increasingly complex workloads. By providing on-demand access to computing, storage, and networking resources, IaaS allows teams to move faster while reducing the burden of managing physical infrastructure. The 2026 Cloud Infrastructure as a Service Data Quadrant Report from Info-Tech Research Group identifies the top three providers that differentiate through performance, sc
Monty Rakusen/DigitalVision via Getty Images The Industrial Select Sector SPDR Fund ( XLI ) tracks the Industrial Select Sector Index, which is a market cap weighted benchmark of S&P 500-classified industrial companies. This spans aerospace and defense, machinery, ground transportation, and commercial services. XLI is the most liquid vehicle for U.S. industrial sector exposure, averaging over $10 ...
Monty Rakusen/DigitalVision via Getty Images The Industrial Select Sector SPDR Fund ( XLI ) tracks the Industrial Select Sector Index, which is a market cap weighted benchmark of S&P 500-classified industrial companies. This spans aerospace and defense, machinery, ground transportation, and commercial services. XLI is the most liquid vehicle for U.S. industrial sector exposure, averaging over $10 million in average daily volume and carrying a 0.08% expense ratio. I rate XLI a Buy based on two durable, policy-backed spending cycles for the long term. These are defense rearmament and domestic manufacturing reshoring, which are generating multi-year revenue visibility for the fund's largest holdings. This is happening at a time when geopolitical shock and the resulting broader equity market pullback has pushed XLI to a meaningful discount from its March 2026 all-time high. Industry Investment Thesis The thesis for XLI rests on three intersecting forces, each with a multi-year duration and, most importantly, the policy backing that limits cyclical reversal risk. Global Defense Rearmament Before the Iran conflict was in focus, the conflict between Russia and Ukraine accelerated a structural shift in sovereign defense posture. At the 2025 NATO Summit, allies committed to a target of 5% of GDP annually for core defense requirements by 2035. This is an extremely ambitious goal that reflects serious procurement acceleration across NATO's European members. Germany alone plans to increase its annual defense budget from €86 billion in 2025 to €152 billion by 2029 . The US is no different, with Trump having publicly committed to a $1.5 trillion defense budget. World military expenditure by region since 1988 (CrispIdea) I've written about this at length but it bears repeating that this rearmament cycle is one of the strongest secular trends in the market right now, and I do not see that changing in the near-term. This is important for investors, as XLI's aerospace and defense all...
Vehicle veered into a ravine on island of La Gomera while transporting a tour group for a boat excursion A man has died and 27 people are in hospital after a bus carrying British passengers crashed in the Canary Islands, local officials have said. The incident happened at 1.15pm local time on Friday when the vehicle veered into a ravine on the GM-2 highway near the town of San Sebastián de La Gome...
Vehicle veered into a ravine on island of La Gomera while transporting a tour group for a boat excursion A man has died and 27 people are in hospital after a bus carrying British passengers crashed in the Canary Islands, local officials have said. The incident happened at 1.15pm local time on Friday when the vehicle veered into a ravine on the GM-2 highway near the town of San Sebastián de La Gomera. Continue reading...
TD Cowen is initiating coverage on four crypto treasury firms – public companies that make it their job to buy and hold crypto to increase shareholder value. Almost a year ago, these companies were the newest mania in crypto at a time when investors were chasing returns during a bitcoin price slump. Dozens of companies rushed in positioning themselves as the next Strategy , and often beyond bitcoi...
TD Cowen is initiating coverage on four crypto treasury firms – public companies that make it their job to buy and hold crypto to increase shareholder value. Almost a year ago, these companies were the newest mania in crypto at a time when investors were chasing returns during a bitcoin price slump. Dozens of companies rushed in positioning themselves as the next Strategy , and often beyond bitcoin and across a spectrum of crypto assets. To many, it was inevitable that most players wouldn't last, but those that survived and succeeded would become compelling long-term opportunities for investors. Now, TD Cowen has identified four, saying the subsector "merits specific focus." On Thursday it initiated coverage of Strive , Nakamoto Holdings , The Smarter Web Company (all bitcoin accumulators) and SharpLink (which invests in ether) – all with buy ratings. It also reiterated its buy rating on Strategy, the pioneer of the bitcoin accumulation strategy. "These companies best represent a nascent industry sector, with operating activities that add meaningful value to investors as well as their respective underlying digital asset ecosystems," analyst Lance Vitanza said in the note. "We believe the sector is likely here to stay and could command increasing investor attention over time." Each of the stocks is down more than 50% in the past six months amid the macro-driven downturn in crypto asset prices. Investors anticipate prices will recover, however, an expectation supported by signals of institutional appetite for crypto, such as Morgan Stanley launching its own bitcoin ETF, MSBT , this week. TD Cowen sees more than 100% upside potential in Strive and SharpLink, about 200% in Smarter Web and more than 300% in Nakamoto. Compared to exposure through spot or ETF holdings, there's amplified upside potential in treasury companies, according to the firm. They grow the amount of crypto held per share over time, utilize institutional leverage that individual investors typically ca...
Rafael_Wiedenmeier/iStock Unreleased via Getty Images Julius Bär ( JBAXY ) ( JBARF ) on Friday said CFO Evie Kostakis will step down from her role to pursue another international leadership opportunity. The transition is expected to be in the second half. A successor is set to be announced in due course. Kostakis is set to remain with the group until the end of 2026. More on Julius Baer Julius Bae...
Rafael_Wiedenmeier/iStock Unreleased via Getty Images Julius Bär ( JBAXY ) ( JBARF ) on Friday said CFO Evie Kostakis will step down from her role to pursue another international leadership opportunity. The transition is expected to be in the second half. A successor is set to be announced in due course. Kostakis is set to remain with the group until the end of 2026. More on Julius Baer Julius Baer: Rising Stock Markets Help Drive A Welcome Rerate (Downgrade) Julius Bär Gruppe AG (JBAXY) Q4 2025 Earnings Call Transcript Julius Baer reports FY results Seeking Alpha’s Quant Rating on Julius Baer Historical earnings data for Julius Baer
Columbia Financial (CLBK) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Columbia Financial (CLBK) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.