Galeanu Mihai/iStock via Getty Images By Padhraic Garvey, CFA , Regional Head of Research, Americas; Michiel Tukker , Senior UK & Eurozone Rates Strategist; and Benjamin Schroeder , Senior Rates Strategist US 10yr Treasury yield is trending in the 4.45% area The relevance of the shuttering of the Strait for US bonds is not easy to discern from absolute levels of yields. The 10yr inflation expectat...
Galeanu Mihai/iStock via Getty Images By Padhraic Garvey, CFA , Regional Head of Research, Americas; Michiel Tukker , Senior UK & Eurozone Rates Strategist; and Benjamin Schroeder , Senior Rates Strategist US 10yr Treasury yield is trending in the 4.45% area The relevance of the shuttering of the Strait for US bonds is not easy to discern from absolute levels of yields. The 10yr inflation expectation at comfortably under 2.5% is actually quite a benign reading. Even a dramatic reopening of the Strait should not cause a material collapse lower. And the 10yr real yield, at around 2%, is not particularly elevated either. It looks elevated relative to the paths seen in the past couple of decades, but that is a period heavily biased by GFC/pandemic-induced ultra-low real rates, in tandem with Fed bond buying and the fund rate in the area of zero. Indeed, the 10yr real yield dipped deep into negative territory for extended periods. That's not the norm. The norm is more in tune with where we currently are, consistent with a normal 2% GDP growth tendency. In fact, during the dot-com boom, the 10yr real yield was up at 4%. The rationale for maintenance of a high real yield currently centres on higher productivity-driven growth ahead stemming from the ongoing tech boom. And let's throw in there the elevated fiscal deficit too; another circumstance that can correlate with elevated real yields. Real yields can fall ahead, but for that to occur, we'd likely need to see a recessionary tendency. While some macro data point to this risk, that's typically in the " traditional macro economy". Absolutely important, of course, but it's the tech-driven economy that has taken on the mantle of future growth. We think that gets reflected in sticky 10yr yields at elevated levels, while the front end is likely to be more responsive to the traditional day-to-day macro numbers. Euro rates volatility coming down for now but don't discount inflation surprises later this year Despite the sharp mo...
Earnings Call Insights: Credo Technology Group Holding Ltd (CRDO) Q4 fiscal 2026 Management View "Fiscal '26 marked another defining year for Credo. Revenue exceeded $1.3 billion, more than tripling year-over-year, while non-GAAP net income increased more than 5x to $662 million." (President, CEO & Chairman William Brennan) "In the fourth quarter of fiscal '26, revenue reached a record $437 millio...
Earnings Call Insights: Credo Technology Group Holding Ltd (CRDO) Q4 fiscal 2026 Management View "Fiscal '26 marked another defining year for Credo. Revenue exceeded $1.3 billion, more than tripling year-over-year, while non-GAAP net income increased more than 5x to $662 million." (President, CEO & Chairman William Brennan) "In the fourth quarter of fiscal '26, revenue reached a record $437 million." (President, CEO & Chairman Brennan) "We believe fiscal '27 represents an inflection point for Credo's optical business." (President, CEO & Chairman Brennan) "The acquisition of Dust Photonics, which closed last week, significantly expands our optics position with highly differentiated silicon photonics PIC technology." (President, CEO & Chairman Brennan) "In fiscal '27, we expect our optical DSPs, SiPho PICs and ZeroFlap optics will each contribute more than $100 million of revenue and in total, more than $600 million of revenue, with this expected ramp accelerating in the second half of the year." (President, CEO & Chairman Brennan) "Revenue for fiscal year '26 was another record at $1.3 billion, up 206% year-over-year." (Chief Financial Officer Daniel Fleming) Outlook Q1 fiscal '27 revenue guidance of $465 million to $475 million vs. $464.6734 million (analysts’ estimate). "We currently expect revenue in Q1 of fiscal '27 to be between $465 million and $475 million." (Chief Financial Officer Fleming) "We expect Q1 non-GAAP gross margin to be within a range of 67% to 69%." (Chief Financial Officer Fleming) "As we begin fiscal year '27, we expect mid-single-digit sequential growth in the first half with an inflection beginning in the second half." (Chief Financial Officer Fleming) "That inflection is bolstered by more than $600 million in optical revenue ... driving more than 80% year-over-year total revenue growth for the full year." (Chief Financial Officer Fleming) Change from the prior quarter’s framing: in Q3, management said, "As we look ahead to fiscal '27, we exp...
Micron Technology's stock price surpassed $1,000, joining SanDisk and three other industry giants in reaching all-time highs! JPMorgan: This memory supercycle will be 'higher and longer.' 富途牛牛
Micron Technology's stock price surpassed $1,000, joining SanDisk and three other industry giants in reaching all-time highs! JPMorgan: This memory supercycle will be 'higher and longer.' 富途牛牛
Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here's what CNBC TV's producers were watching as a tech rally powered the S & P 500 to fresh records, and what's on the radar for the next session. Goldman Sachs CEO David Solomon will be live on " Halftime Report " in the 12...
Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here's what CNBC TV's producers were watching as a tech rally powered the S & P 500 to fresh records, and what's on the radar for the next session. Goldman Sachs CEO David Solomon will be live on " Halftime Report " in the 12 p.m. ET hour. CNBC's Leslie Picker will be interviewing him at the Economic Club of New York. Goldman Sachs shares have gained 5% in the past week and 13% in the past month. Shares hit a new high Monday. The S & P Financials sector has lost 1% in a week, and it has fallen 1% in a month. The sector is off 9% from the January high. GS 1M mountain Goldman Sachs in the past month Palo Alto Networks reports after the bell CEO Nikesh Arora will be on " Mad Money " with Jim Cramer Tuesday evening. Palo Alto Networks has doubled in the past three months. Shares hitting another new high today. Cisco Systems CEO Chuck Robbins will also be on "Mad Money" Tuesday night with Cramer. Shares of Cisco hit a new high on Monday. Shares have gained 32% in the past month and 52% in three months. CSCO 3M mountain Cisco Systems in the past three months Ulta Beauty The cosmetics retailer reports after the bell Tuesday. Ulta has lost 27% over the past three months. Shares are down 30% from the high reached in February. Before the bell Dollar General will report. The stock has fallen 27% in the past three months. Shares are down 30% from the February high. Victoria's Secret unveils earnings Tuesday morning with that new VSXY ticker. Shares have gained 156% in the past year. The stock is down 19% from the January high.
Lean hog futures are trading with losses of 75 cents to $1.12 at the close, with July 35 cents higher. USDA’s national base hog price was reported at $93.86 on Monday afternoon, up 63 cents from the day prior. The CME Lean Hog Index was back up 48 cents on...
Lean hog futures are trading with losses of 75 cents to $1.12 at the close, with July 35 cents higher. USDA’s national base hog price was reported at $93.86 on Monday afternoon, up 63 cents from the day prior. The CME Lean Hog Index was back up 48 cents on...