Bob Michele, global head of fixed income at JPMorgan Asset Management, sees a path to markets turning optimistic and putting the Iran war “in the distant rearview mirror” over the next month, even if oil remains at $100 per barrel. (Source: Bloomberg)
Bob Michele, global head of fixed income at JPMorgan Asset Management, sees a path to markets turning optimistic and putting the Iran war “in the distant rearview mirror” over the next month, even if oil remains at $100 per barrel. (Source: Bloomberg)
VV Shots/iStock Editorial via Getty Images Tesla, Inc.'s ( TSLA ) shares took another nosedive recently, in a considerable reversal, closing around multi-month lows, and bringing its total peak to trough decline to roughly 33% now. The uncertainty and volatility from the war, a "rough" delivery number , general market weakness in the higher multiple space, a recent " high profile downgrade ," and ...
VV Shots/iStock Editorial via Getty Images Tesla, Inc.'s ( TSLA ) shares took another nosedive recently, in a considerable reversal, closing around multi-month lows, and bringing its total peak to trough decline to roughly 33% now. The uncertainty and volatility from the war, a "rough" delivery number , general market weakness in the higher multiple space, a recent " high profile downgrade ," and other elements have enabled Tesla's share price to decline considerably recently. Tesla 1-Year Chart TSLA (Stock Charts ) Technically, while Tesla's stock could experience more near term volatility, unless a broad equity bear market develops, Tesla's stock price could be close to a low point now. Tesla's recent price drop closed a key gap around the $350-340 support range. Also, the reversal on April 8th could be a retest of the recent low. Therefore, I am cautiously optimistic on the near term technical image now. Still, in a worse-case, Tesla could have a more considerable decline in the near term, and my next buy-in level is in the $320-300 range. Regardless whether Tesla's stock goes higher from here, of if it goes marginally lower in the near term, I remain bullish on Tesla in the intermediate and in longer term especially. Why Tesla Remains My Most Significant Holding Besides its solid positioning in the EV space, Tesla's stock could benefit enormously due to its multifaceted business approach, and multiple "futuristic-style" businesses segments it could potentially dominate in the coming years. Tesla has vast Full Self-Driving ("FSD") and Robotaxi potential. Additionally, the company is making important strides in AI, supercomputing , chip manufacturing , robotics, and has an excellent energy generation and storage business. Moreover, Tesla has an enormous ecosystem that could provide Tesla with significant competitive advantages, which may lead to substantially more profitability than the market anticipates. Therefore, despite the recent weakness, I am keeping my St...
VV Shots/iStock Editorial via Getty Images Tesla, Inc.'s ( TSLA ) shares took another nosedive recently, in a considerable reversal, closing around multi-month lows, and bringing its total peak to trough decline to roughly 33% now. The uncertainty and volatility from the war, a "rough" delivery number , general market weakness in the higher multiple space, a recent " high profile downgrade ," and ...
VV Shots/iStock Editorial via Getty Images Tesla, Inc.'s ( TSLA ) shares took another nosedive recently, in a considerable reversal, closing around multi-month lows, and bringing its total peak to trough decline to roughly 33% now. The uncertainty and volatility from the war, a "rough" delivery number , general market weakness in the higher multiple space, a recent " high profile downgrade ," and other elements have enabled Tesla's share price to decline considerably recently. Tesla 1-Year Chart TSLA (Stock Charts ) Technically, while Tesla's stock could experience more near term volatility, unless a broad equity bear market develops, Tesla's stock price could be close to a low point now. Tesla's recent price drop closed a key gap around the $350-340 support range. Also, the reversal on April 8th could be a retest of the recent low. Therefore, I am cautiously optimistic on the near term technical image now. Still, in a worse-case, Tesla could have a more considerable decline in the near term, and my next buy-in level is in the $320-300 range. Regardless whether Tesla's stock goes higher from here, of if it goes marginally lower in the near term, I remain bullish on Tesla in the intermediate and in longer term especially. Why Tesla Remains My Most Significant Holding Besides its solid positioning in the EV space, Tesla's stock could benefit enormously due to its multifaceted business approach, and multiple "futuristic-style" businesses segments it could potentially dominate in the coming years. Tesla has vast Full Self-Driving ("FSD") and Robotaxi potential. Additionally, the company is making important strides in AI, supercomputing , chip manufacturing , robotics, and has an excellent energy generation and storage business. Moreover, Tesla has an enormous ecosystem that could provide Tesla with significant competitive advantages, which may lead to substantially more profitability than the market anticipates. Therefore, despite the recent weakness, I am keeping my St...
Michael Vi/iStock Editorial via Getty Images Zscaler ( ZS ) shares tumbled 8% during morning trading on Thursday, as it now leads nearly all cybersecurity stocks in year-to-date declines. It has plunged more than 40% year to date. In comparison, CrowdStrike ( CRWD ) dropped 13% in that time frame, Palo Alto Networks ( PANW ) fell 9%, SentinelOne ( S ) declined 14%, Rubrik ( RBRK ) sank 37%, and Cl...
Michael Vi/iStock Editorial via Getty Images Zscaler ( ZS ) shares tumbled 8% during morning trading on Thursday, as it now leads nearly all cybersecurity stocks in year-to-date declines. It has plunged more than 40% year to date. In comparison, CrowdStrike ( CRWD ) dropped 13% in that time frame, Palo Alto Networks ( PANW ) fell 9%, SentinelOne ( S ) declined 14%, Rubrik ( RBRK ) sank 37%, and Cloudflare ( NET ) remained flat. Only Netskope ( NTSK ), which went public in September, has fallen more, with a 50% year-to-date drop. Fortinet ( FTNT ) is one of the only cyber stocks up year to date, albeit just 2.5%. What's more, BTIG downgraded Zscaler to Neutral from Buy due in part to its share price drop and increasing competition. "In the near term, demand appears stable," said BTIG analysts Gray Powell and Trevor Rambo in a Thursday investor note. "However, feedback on the next 6 to 12 months skewed cautious across the majority of our contacts. And we are now picking up on a meaningful increase in competition from multiple sources. The two most notable competitive challenges we found stem from Cloudflare (NET, Buy, $243 PT) and Netskope (NTSK, Buy, $17 PT)." BTIG also removed Zscaler from its “Top Picks” list for the first half of 2026. "NTSK is emerging as a more credible threat, pricing 25% - 30% below ZS with comparable functionality, while NET is gaining traction in larger deals at roughly half the price of ZS," Powell noted. "Meanwhile, Fortinet (FTNT, Neutral) and Check Point (CHKP, Neutral) are showing some signs of improved upsell activity with SSE into their installed base, which further pressures ZS's ability to expand its footprint." However, Seeking Alpha analysts are more upbeat on the stock's potential. Julian Lin upgraded it to a Strong Buy on Wednesday. "While the company continues posting growth rates near the top of the sector, investors may be concerned regarding potential risks to seat-based pricing from AI," Lin said. "Yet I view ZS's mission-c...
Investing.com -- Palantir Technologies (NYSE:PLTR) fell 7% Thursday as software stocks declined following new AI product launches and comments from short seller Michael Burry about competitive threats.
Investing.com -- Palantir Technologies (NYSE:PLTR) fell 7% Thursday as software stocks declined following new AI product launches and comments from short seller Michael Burry about competitive threats.
Rimma_Bondarenko/iStock via Getty Images Altimmune Inc ( ALT ) rallied over 60% from lows in April 2025, to highs in June 2025, prior to the 24-week data from its phase 2b IMPACT trial of pemvidutide in metabolic-dysfunction associated steatohepatitis (MASH). A key catalyst lies ahead in Q3'26, and investors might be wondering if we could see a similar run-up in the stock. My last article on ALT, ...
Rimma_Bondarenko/iStock via Getty Images Altimmune Inc ( ALT ) rallied over 60% from lows in April 2025, to highs in June 2025, prior to the 24-week data from its phase 2b IMPACT trial of pemvidutide in metabolic-dysfunction associated steatohepatitis (MASH). A key catalyst lies ahead in Q3'26, and investors might be wondering if we could see a similar run-up in the stock. My last article on ALT, in December 2025, rated the name a hold as the market remained unreceptive to updated IMPACT data, perhaps reflecting competition or the lack of a partner for phase 3. ALT's notable run-ups into data ALT rallied from April to June 2025, concluding the rally with a sizable drop when the market didn't like the 24-week data from IMPACT, which was met with an ~64% drop on June 26 pre-market when it was announced. Perhaps then the run-up trade was the better trade. Data by YCharts ALT trading since January 1, 2025, note the rally from below $4 towards $8 from April to June heading into 24-week data from IMPACT. A similar run up can be seen heading into 48-week data in December, before another drop on results. A less sizable, but still tradeable rally was seen after Q3'25 earnings , at which time ALT confirmed that the company expected to report 48-week data from IMPACT before year-end 2025. Of course the market didn't like that update either, or perhaps the regulatory update that came with it, regarding the design of the company's proposed phase 3 MASH trial. Indeed the stock closed down over 20% on December 19, the day of that update. ALT's RECLAIM study This time pemvidutide has another opportunity to perform, with the company confirming that it expects to report data from a placebo-controlled trial of pemvidutide in alcohol use disorder (AUD) called RECLAIM. ALT announced RECLAIM had completed its ~100-patient enrollment on November 3, 2025. A 24-week study might reach its endpoint by April 20, 2026, but ALT nonetheless gave guidance that the topline results were expected in ...
SlavkoSereda/iStock via Getty Images U.S. crude oil rose more than 6% Thursday to pass the $100/bbl level, a day after Nymex crude plunged in its biggest single-day drop since 2020, as the fragile ceasefire between the U.S. and Iran has not yet improved traffic flows in the Persian Gulf. Only seven ships made the voyage out of the Persian Gulf on Wednesday and into Thursday morning, according to B...
SlavkoSereda/iStock via Getty Images U.S. crude oil rose more than 6% Thursday to pass the $100/bbl level, a day after Nymex crude plunged in its biggest single-day drop since 2020, as the fragile ceasefire between the U.S. and Iran has not yet improved traffic flows in the Persian Gulf. Only seven ships made the voyage out of the Persian Gulf on Wednesday and into Thursday morning, according to Bloomberg, compared to normal transits in both directions that typically average ~135/day. Iran's Ports and Maritime Organization published two safe routes for shipping, Iranian state media reported, adding the routes were necessary to avoid any anti-ship mines in the usual routes through the narrow Strait of Hormuz. U.S. Vice President Vance said there were signs that Hormuz is starting to reopen, but Abu Dhabi National Oil CEO Sultan Ahmed Al Jaber disputed that notion, saying, "Access is being restricted, conditioned, and controlled." " Let's be clear: the Strait of Hormuz is not open ," Jaber wrote on social media. "Iran has made clear—through both its statements and actions—that passage is subject to permission, conditions, and political leverage. That is not freedom of navigation. That is coercion." Iran will allow no more than 15 vessels daily to pass through the strait under the ceasefire agreement, Russian state news agency TASS reported, citing an unnamed senior Iranian source. Front-month Nymex crude ( CL1:COM ) for May delivery jumped 8.2% to $102.21/bbl, and front-month Brent crude ( CO1:COM ) for June delivery added 4.7% to $99.20/bbl. ETFs: ( USO ), ( BNO ), ( UCO ), ( SCO ), ( USL ), ( DBO ), ( DRIP ), ( GUSH ), ( USOI ), ( XLE ) More on crude oil Commodities: Hormuz Remains Blocked For Now Higher Crack Spreads Are The Real Nightmare For Airlines 14-Day Ceasefire With Iran: Sell Oil And Buy Oil Companies
Prae_Studio/iStock via Getty Images By Samantha Parsons Determining how to allocate to fixed income requires careful consideration. Our monthly Fixed-Income Monitor consolidates the views of our investment team to help identify opportunities and risks across the asset class. Key takeaways for April 2026 The U.S.-Iran conflict continues to drive market volatility, with oil prices fluctuating around...
Prae_Studio/iStock via Getty Images By Samantha Parsons Determining how to allocate to fixed income requires careful consideration. Our monthly Fixed-Income Monitor consolidates the views of our investment team to help identify opportunities and risks across the asset class. Key takeaways for April 2026 The U.S.-Iran conflict continues to drive market volatility, with oil prices fluctuating around $100 per barrel for Brent crude. In bond markets, this translated into a growing disconnect between rate volatility and credit market resilience. The U.S. dollar strengthened as the preferred safe-haven asset. The Federal Reserve held rates steady at 3.5%-3.75% at its March meeting, maintaining a cautious stance amid elevated inflation concerns and heightened economic uncertainty. The Fed noted that inflation remains somewhat elevated and explicitly cited Middle East developments and rising oil prices as key risks to the economic outlook. Treasury yields rose significantly through March, with the 10-year U.S. Treasury ( US10Y ) reaching its highest level since July 2025, driven by a combination of elevated oil prices from the ongoing U.S.-Iran conflict, rising inflation expectations and diminishing near-term rate cut expectations. Rising real rates accounted for most of the increase in Treasury yields. Credit markets remained resilient , with spreads widening modestly. Duration was a larger headwind than credit, as investment-grade credit spreads widened but lagged the move higher in Treasury yields. Yields and credit spread tracker The proprietary fixed-income tracker compares yields and credit spreads over 20 years of history and across fixed income, which can help investors evaluate how they are being compensated for taking on risk. 1 Source: Columbia Threadneedle Investments. Data as of March 26, 2026. Each bar represents the range for the last 20 years, with the current percentile position indicated. Yield is represented by yield to worst, which is the minimum return ...
Tesla's March retail sales in China fell compared to the same time last year, even though exports from its Shanghai gigafactory surged. The stock is closing in on its eighth consecutive down week.
Tesla's March retail sales in China fell compared to the same time last year, even though exports from its Shanghai gigafactory surged. The stock is closing in on its eighth consecutive down week.
rarrarorro/iStock via Getty Images Trump Blinks. Disaster Averted. What's Next? The world has averted disaster for now. The Iranian war has entered a two-week truce, although it's way too early for us to ascertain a permanent cessation to the hostilities. The market has reacted favorably, and understandably so. After all, risk aversion reached feverish highs as investors contemplated far worse out...
rarrarorro/iStock via Getty Images Trump Blinks. Disaster Averted. What's Next? The world has averted disaster for now. The Iranian war has entered a two-week truce, although it's way too early for us to ascertain a permanent cessation to the hostilities. The market has reacted favorably, and understandably so. After all, risk aversion reached feverish highs as investors contemplated far worse outcomes in a prolonged conflict. And as I write this commentary, the Nasdaq ( QQQ ) ( NDX ) has almost recovered the losses from March as it took the brunt of the selling. Investors appear willing to look past the worst of the war, as dip buyers are looking for a way forward from here after President Trump's "imminent destruction" threat. Yet, I think we must be careful as we assess elongated tail risks from the deepening cracks in the underlying global order. And although I informed my subscribers (in Ultimate Growth Investing) that the bottom appears ready, I'm still paying close attention to the cracks and reordering of the global supply chain. Iran's Control Over The Strait Of Hormuz Unlikely To Be Weakened Iranian regime hold on the Strait of Hormuz (Yardeni research) Nevertheless, the temporary ceasefire should at least help the market calm down and reassess the risk/reward from here. One thing that we shouldn't be mistaken about is that Iran's control on the Strait of Hormuz remains resolute. Strategist Ed Yardeni reminds us that the Iranian regime “seems to have firm command and control of the economy." With that, investors shouldn't so quickly assume that a long-lasting peace is readily upon us, even as the ceasefire talks commence. And, the base case of a higher VIX ( VIX ) might just be reality that we have to deal with, as the world shifts its focus to an even more dangerous Middle East theater. While the volatility in the region has been generally high, Iran's newfound role as the de facto gatekeeper and toll collector of the Strait of Hormuz has arguably flipped...