Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Microsoft Corporation (Symbol: MSFT), where a total of 658,881 contracts have traded so far, representing approximately 65.9 million underlying shares. That amounts to a
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Microsoft Corporation (Symbol: MSFT), where a total of 658,881 contracts have traded so far, representing approximately 65.9 million underlying shares. That amounts to a
Lemon_tm/iStock via Getty Images By Christopher Gannatti, CFA and Nitesh Shah Geopolitics in the Driver’s Seat New geopolitical events have been arriving fast and furious over the past year. Key events include Liberation Day in April 2025; regime change in Venezuela in January 2026; Trump’s discussion of possibly acquiring Greenland in January 2026; and then the start of the U.S./Israel-Iran war a...
Lemon_tm/iStock via Getty Images By Christopher Gannatti, CFA and Nitesh Shah Geopolitics in the Driver’s Seat New geopolitical events have been arriving fast and furious over the past year. Key events include Liberation Day in April 2025; regime change in Venezuela in January 2026; Trump’s discussion of possibly acquiring Greenland in January 2026; and then the start of the U.S./Israel-Iran war at the end of February 2026. Figure 1 shows how much gold has risen following past geopolitical shock events. In most cases, gold tended to outperform equities by a significant margin. Figure 1: Gold’s Performance vs. Equities During Historic Geopolitical Events Source: Bloomberg, WisdomTree, 1973–2026. Past performance is not indicative of future results. *Not a full year since event, so latest data taken March 13, 2026. Equities refers to the S&P 500 Index, specifically the price return, which does not include the impact of any dividend reinvestment. Gold refers to the LBMA gold price, calculated as of the afternoon fixing. Relative refers to the gold price return minus the equity return. The return is calculated as the 1 year period following the date specified, for example, the Israel-Hamas War was October 7, 2023, so the period would be from that date to October 7, 2024. Others are calculated analogously. No backtested performance is used in the calculation of this table. Down-Before-Up Pattern Looks Familiar Multiple weeks into the Iran conflict, gold prices have remained below where they were when the conflict began. Is this unusual? Not really. Looking back at historical geopolitical shock events, this pattern has been fairly common. The figure below is a subset of the table above, focusing on cases where prices initially came under pressure. The 9/11 terrorist attacks, the dot-com bubble, Black Monday, Nixon’s resignation, the Russia-Ukraine war and the Greek sovereign crisis all saw some degree of negative gold price pressure before prices subsequently surged. As w...
kentoh/iStock via Getty Images Transcript Oscar Pulido: Once the domain of large, sophisticated, and primarily institutional investors, private markets are now making their way into individual investor portfolios in a much bigger way. As companies stay private longer and seek new ways to diversify their borrowing needs, investors are asking a big question: Is it time to expand the investment unive...
kentoh/iStock via Getty Images Transcript Oscar Pulido: Once the domain of large, sophisticated, and primarily institutional investors, private markets are now making their way into individual investor portfolios in a much bigger way. As companies stay private longer and seek new ways to diversify their borrowing needs, investors are asking a big question: Is it time to expand the investment universe to include both public and private markets? Welcome to The Bid, where we break down what's happening in the markets and explore the forces changing the economy and finance. I'm Oscar Pulido. We're coming to you live from the Future Proof Citywide Conference in Miami, where investors, advisors, and asset managers are gathering to talk about what's next. And one topic that keeps coming up: private markets. I'm joined by Jon Diorio, head of Product and alternatives for BlackRock's US Wealth Business. We'll discuss how access to private markets has expanded dramatically over the last decade, and what new considerations come with that access, from liquidity and time horizon to complexity and risk. Jon, thank you so much for joining us on The Bid. Jon Diorio: Great to be here, Oscar. Thanks for having me. Oscar Pulido: And Jon, we are at the Future Proof Citywide Conference in Miami. This is an event that brings together investment professionals from the asset management industry as well as the wealth management industry. And the conference is really here to talk about trends over the next year. One of those trends that is being talked about here at the conference, and that has actually been in the headlines over the last few years, are alternatives and private markets. This is a space that you know well. And these are categories that investors are increasingly more interested in. So, maybe talk a little bit about alternatives and private markets. Are these the same things, and why are people interested in investing in these now? Jon Diorio: Yeah, great. And it's great to be ...
Cory Booker Blasts Party, Says Democrats 'Failed This Moment', And Calls For New Leaders Sen. Cory Booker (D-N.J.) appeared on NBC's Meet the Press Sunday morning and delivered a scathing rebuke of his own party, saying it has “failed this moment.” Booker was on the show to promote his new book, and host Kristen Welker read a passage from it in which he argues that political coalitions can’t succe...
Cory Booker Blasts Party, Says Democrats 'Failed This Moment', And Calls For New Leaders Sen. Cory Booker (D-N.J.) appeared on NBC's Meet the Press Sunday morning and delivered a scathing rebuke of his own party, saying it has “failed this moment.” Booker was on the show to promote his new book, and host Kristen Welker read a passage from it in which he argues that political coalitions can’t succeed if they exclude people based on “purity tests” or demand total agreement on every issue. In his book, he wrote, “ We cannot cancel everyone who fails a purity test. We cannot exile those who don’t align with our every belief, however passionately we hold it. Coalitions that are only composed of the already converted cannot change the country. If everyone in your coalition agrees with you on everything, your coalition is too small, too small to make big change and too small for what our democracy demands.” Welker then pressed him on whether Democrats are shrinking their coalition by doing exactly that. “ Do you believe Democrats are making the mistake of shrinking their coalition with what you describe as purity tests, senator?” “Look, I’m proud of so many things that my Democratic colleagues are doing, but as a whole, our party has failed this moment ,” he replied. “It’s why I’ve called for new leadership in America. I’ve called for a generational renewal, because this left-right divide is killing our country, and our adversaries know it. They come onto our social media and try to whip up hate in America. That is one of our biggest crises. It is time for a new vision of our country that’s far more uniting, that brings people together, doesn’t deepen divides. I really believe this is a time where we need new leadership, new moral imagination to pull our country together, because the challenges on the horizon aren’t just this current crisis that Trump has caused.” Booker even appeared to criticize the Democrats’ Trump obsession , telling Welker that Trump “shouldn’t be the...
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Costco Wholesale Corp (Symbol: COST), where a total of 24,479 contracts have traded so far, representing approximately 2.4 million underlying shares. That amounts to abo
Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Costco Wholesale Corp (Symbol: COST), where a total of 24,479 contracts have traded so far, representing approximately 2.4 million underlying shares. That amounts to abo
Cotton futures are up 65 to 75 points so far on Monday. The US dollar index is $0.386 higher at $100.365. Crude oil futures are up $3.86 to $103.50 at midday. Spec funds trimmed another 6,757 contracts from their net short position as of Tuesday, taking it to 33,448 contracts....
Cotton futures are up 65 to 75 points so far on Monday. The US dollar index is $0.386 higher at $100.365. Crude oil futures are up $3.86 to $103.50 at midday. Spec funds trimmed another 6,757 contracts from their net short position as of Tuesday, taking it to 33,448 contracts....
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Micron Technology Inc. (Symbol: MU), where a total volume of 539,154 contracts has been traded thus far today, a contract volume which is representative of appro
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Micron Technology Inc. (Symbol: MU), where a total volume of 539,154 contracts has been traded thus far today, a contract volume which is representative of appro
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in First Solar Inc (Symbol: FSLR), where a total volume of 16,077 contracts has been traded thus far today, a contract volume which is representative of approximate
Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in First Solar Inc (Symbol: FSLR), where a total volume of 16,077 contracts has been traded thus far today, a contract volume which is representative of approximate
Jordan Rochester, now a macro strategist at Mizuho Bank, talks about the impact of the war in Iran on oil prices, the dollar and monetary policy in the US and Europe. He speaks on Bloomberg Surveillance. (Source: Bloomberg)
Jordan Rochester, now a macro strategist at Mizuho Bank, talks about the impact of the war in Iran on oil prices, the dollar and monetary policy in the US and Europe. He speaks on Bloomberg Surveillance. (Source: Bloomberg)
Phillip Faraone/Getty Images Entertainment Block, Inc. ( XYZ ) has forever etched itself in AI history following its aggressive cost rationalization plans. The company has paired accelerating top-line growth with projected margin expansion that may become more common in the age of AI. The stock looks very cheap given the strong balance sheet and margin momentum, though investors should not ignore ...
Phillip Faraone/Getty Images Entertainment Block, Inc. ( XYZ ) has forever etched itself in AI history following its aggressive cost rationalization plans. The company has paired accelerating top-line growth with projected margin expansion that may become more common in the age of AI. The stock looks very cheap given the strong balance sheet and margin momentum, though investors should not ignore the implied cyclicality. I reiterate my "S trong Buy" rating for the stock. XYZ Stock Price I last covered XYZ in November , where I explained that the turnaround has begun and “I’m loading up.” The stock has fallen around 8% since. Data by YCharts I am surprised that the market hasn’t rewarded the company more positively given the dramatic implications for profit margins going forward. XYZ Stock Key Metrics XYZ is a fintech company with diversified operations across payment processing (through Square), peer-to-peer transactions, and consumer lending (both through Cash App). In its most recent quarter, XYZ generated $2.872 billion in gross profit, representing 24% YoY growth and crushing guidance for $2.755 billion. 2025 Q4 Presentation The company generated $588 million in adjusted operating income, representing a 20% margin and crushing guidance of $560 million. This means that the company officially reached the “Rule of 40,” and I note that adjusted operating income does not exclude stock-based compensation. 2025 Q4 Presentation XYZ notably saw Cash App monthly user growth continue to inflect higher, jumping 3% YoY. 2025 Q4 Presentation Some investors may be concerned regarding how much of the recent growth has been driven by increasing the Cash App loan book. Management appears aware of this view and has disclosed their “Cash App Score” distribution, which shows that their loan book credit ratings are significantly ahead of “stress case” scenarios. 2025 Q4 Presentation XYZ did see Square's gross profit growth decelerate. Investors may be wary of rising competitive threa...
(RTTNews) - Treasuries moved sharply higher during trading on Monday, regaining some ground following the steep drop seen over the two previous sessions.
(RTTNews) - Treasuries moved sharply higher during trading on Monday, regaining some ground following the steep drop seen over the two previous sessions.
Kathrin Ziegler/DigitalVision via Getty Images Investment Overview Earlier this month, Relmada Therapeutics, Inc. ( RLMD ) stock surged in value from ~$4.5 to >$7, up ~55%. The gains were triggered by the Coral Gables, Florida-based biotech's reporting Phase 2 clinical study data for its drug delivery device NDV-01 - a sustained-release, intravesical formulation of the chemotherapies gemcitabine a...
Kathrin Ziegler/DigitalVision via Getty Images Investment Overview Earlier this month, Relmada Therapeutics, Inc. ( RLMD ) stock surged in value from ~$4.5 to >$7, up ~55%. The gains were triggered by the Coral Gables, Florida-based biotech's reporting Phase 2 clinical study data for its drug delivery device NDV-01 - a sustained-release, intravesical formulation of the chemotherapies gemcitabine and docetaxel (Gem/Doce) - in patients with non-muscle invasive bladder cancer ("NMIBC") according to a press release : It is designed to enable Gem/Doce bladder retention and gradual drug release over 10 days. The formulation creates a soft matrix that enhances local exposure while minimizing systemic toxicity. The NDV-01 formulation is ready to use, convenient to administer in-office in approximately 5 minutes and does not require anesthesia or specialized equipment. It is protected by patents through 2038. The 12-month interim data from an initial 48-patient subset showed: a 12-month complete response ("CR") rate of 76% with a favorable safety profile. Notably, a 12-month CR rate of 80% was achieved in the BCG-unresponsive population, one of the most difficult-to-treat segments of NMIBC. Taken together, these findings support the potential best-in-class profile of NDV-01 and support advancement into the Phase 3 RESCUE registrational program evaluating NDV-01 in both 2L BCG-unresponsive and adjuvant intermediate-risk NMIBC. Remarkably, Relmada stock is now up nearly 2,000% on a one-year basis - an explanation of what has occurred at the company is shared in its 2025 annual report/ 10-K filing as follows: We substantially redesigned our development programs following a comprehensive strategic review in late 2024 and early 2025. We concluded in our review that the most promising path to create shareholder value was to lever our extensive drug development expertise and clinical operations capabilities by acquiring new development candidates, while terminating further work on ...
KathyDewar Krispy Kreme ( DNUT ) continues to advance its refranchising plans as part of a broader turnaround strategy aimed at reducing debt and shifting to a more capital-light model. The most recent step was a transaction with WKS Restaurant Group that increased WKS’s ownership in their Western U.S. joint venture from 45% to 80%, while also bringing in 23 company-owned Krispy Kreme shops in Cal...
KathyDewar Krispy Kreme ( DNUT ) continues to advance its refranchising plans as part of a broader turnaround strategy aimed at reducing debt and shifting to a more capital-light model. The most recent step was a transaction with WKS Restaurant Group that increased WKS’s ownership in their Western U.S. joint venture from 45% to 80%, while also bringing in 23 company-owned Krispy Kreme shops in California and Hawaii. The deal is worth about $90M, including roughly $50M in cash at closing. Krispy Kreme ( DNUT ) said it plans to use the proceeds to pay down debt. Management described the transaction as advancing sustainable, profitable growth through refranchising and lowering leverage. WKS now has about 50 Krispy Kreme shops plus roughly 1,000 "Delivered Fresh Daily" points of distribution through partners like Kroger ( KR ), Target ( TGT ), and Walmart ( WMT ). Notably, the updated agreement calls for additional shop development and wider DFD growth over time. Outside the U.S., Krispy Kreme ( DNUT ) is also targeting two to three international refranchising deals in 2026, and it recently completed a refranchising transaction in Japan with Unison Capital that brought in nearly $70M in cash proceeds. During its last earnings conference call, Krispy Kreme (DNUY) management said that as a result of the refranchising efforts, the company expects nearly 50% of system-wide sales to come from franchisees as it begins 2027. The refranchising effort is expected to enable Krispy Kreme ( DNUT ) to more profitably drive system-wide sales growth and accelerate unit development through the capital-light franchise model. Shares of Krispy Kreme ( DNUT ) are down 18.0% on a year-to-date basis and trade on the lower end of the 52-week range of $2.50 to $5.73. Short interest on DNUT stands at 11.3% of the total float. More on Krispy Kreme Krispy Kreme, Inc. 2025 Q4 - Results - Earnings Call Presentation Krispy Kreme: Fewer Holes In The Turnaround Story (Rating Upgrade) Krispy Kreme, Inc...
The share of Affordable Care Act insurance customers in plans that cost more than $6,000 a year doubled, a sign of the squeeze on household budgets after Congress let Covid-era assistance expire. The US Centers for Medicare and Medicaid Services posted data late Friday on ACA plans, also called Obamacare, that showed total enrollment this year dipping by about 5% to 23.1 million. That figure doesn...
The share of Affordable Care Act insurance customers in plans that cost more than $6,000 a year doubled, a sign of the squeeze on household budgets after Congress let Covid-era assistance expire. The US Centers for Medicare and Medicaid Services posted data late Friday on ACA plans, also called Obamacare, that showed total enrollment this year dipping by about 5% to 23.1 million. That figure doesn’t yet count people who still may drop off plans because they can’t pay premiums, so the decline is expected to deepen. The share of people paying more than $500 a month — or $6,000 a year — is 8%, double the level of the previous four years, according to CMS data. The report shows how the distribution of costs has shifted, with more people paying higher premiums since enhanced subsidies expired at the end of 2025. Far fewer people are getting free or low-cost plans, while the proportion paying the highest prices is rising, according to data from the federal HealthCare.gov site, which covers 30 states. A growing percentage of Obamacare customers willing to pay the highest premiums may signal that the pool of recipients is skewing toward those with significant health care needs, as healthier members drop off due to rising costs. This would be problematic, given the program depends on payments from healthy individuals to help offset the higher costs associated with customers that need more expensive treatment. Despite the dip in customers, the Trump administration touted the enrollment numbers as a sign of “strength and stability” in the ACA marketplaces on Friday. Two days later, President Donald Trump renewed calls for the ACA to be replaced with direct payments to individuals, a proposal his administration hasn’t detailed. “ObamaCare is not and, never has been, sustainable!” Trump posted on social media. Data on the number of people who drop off because they can’t pay premiums is expected this spring, CMS said.
Live cattle futures are 75 to 85 cents in the green so far on Monday. Cash trade was light last week with a few early $234-235 sales. A few late sales were reported at $238 in the south. Feeder cattle futures are up $1.35 to $1.85 so far on Monday....
Live cattle futures are 75 to 85 cents in the green so far on Monday. Cash trade was light last week with a few early $234-235 sales. A few late sales were reported at $238 in the south. Feeder cattle futures are up $1.35 to $1.85 so far on Monday....
Corn futures are showing 4 to 5 cent gains in the front months on Monday. The CmdtyView national average Cash Corn price is up 4 3/4 cents to $4.15 3/4. USDA reported a private export sale of 145,000 MT of corn to unknown destinations this morning. USDA’s FGIS tallied corn...
Corn futures are showing 4 to 5 cent gains in the front months on Monday. The CmdtyView national average Cash Corn price is up 4 3/4 cents to $4.15 3/4. USDA reported a private export sale of 145,000 MT of corn to unknown destinations this morning. USDA’s FGIS tallied corn...
MoMo Productions/DigitalVision via Getty Images Key takeaways 1 MLPs total return outperformed the broader equity market For the quarter, master limited partnerships (MLPs), as measured by the Alerion MLP Index (AMZ), rose 1.81% on a price basis and returned 3.79% when including distributions. The S&P 500 Index rose 2.35% on a price basis and had a total return of 2.66%. 2 Better-than-expected ope...
MoMo Productions/DigitalVision via Getty Images Key takeaways 1 MLPs total return outperformed the broader equity market For the quarter, master limited partnerships (MLPs), as measured by the Alerion MLP Index (AMZ), rose 1.81% on a price basis and returned 3.79% when including distributions. The S&P 500 Index rose 2.35% on a price basis and had a total return of 2.66%. 2 Better-than-expected operating results During the quarter, 62% of midstream sector participants reported third quarter results in line with or better than consensus. Earnings before interest, taxes, depreciation & amortization (EBITDA) were about 5% higher than the second quarter and about 7% above the third quarter of 2024. 3 We remain focused on the long-term investment horizon We believe valuations remain attractive and fundamentals support expectations for cash flow growth. Further, the rise of artificial intelligence (AI) models has been increasing power demand from data centers, which may meaningfully increase demand for natural gas. Investment objective The fund seeks total return. Fund facts Fund AUM ($M) 2,011.83 Portfolio managers Brian Watson, Stuart Cartner Manager perspective and outlook West Texas Intermediate (WTI) crude oil priced at the Cushing hub ended the quarter at $57.42 per barrel, down 8% from the end of the third quarter and 20% lower than one year ago. The price spread between Brent crude, a proxy for international crude prices, and WTI ended at $3.43 per barrel, narrowing during the quarter. Crude oil priced in Midland, Texas maintained a premium relative to WTI as crude pipeline capacity out of the Permian basin remained sufficient and there appeared to be an incentive for incremental volumes to move toward the Gulf Coast and export markets. Henry Hub natural gas prices ended the quarter at $3.69 per million British thermal units (MMBtu), up 12% from the end of the third quarter and 1% higher than one year ago. Gas pricing in the Permian Basin ended the quarter at negat...