S&P 500 Index futures rise 0.2% as of 7:50 a.m. in New York, with stocks heading toward their longest streak of weekly gains since 2023. Nasdaq 100 futures are up 0.2% Dow Jones Industrial Average futures are up 0.3% The MSCI World Index is up 0.2% Here are some of the biggest US movers before the bell: Magnificent Seven stocks: Alphabet (GOOGL) +0.06%, Nvidia (NVDA) +0.2%, Apple (AAPL) +0.07%, Te...
S&P 500 Index futures rise 0.2% as of 7:50 a.m. in New York, with stocks heading toward their longest streak of weekly gains since 2023. Nasdaq 100 futures are up 0.2% Dow Jones Industrial Average futures are up 0.3% The MSCI World Index is up 0.2% Here are some of the biggest US movers before the bell: Magnificent Seven stocks: Alphabet (GOOGL) +0.06%, Nvidia (NVDA) +0.2%, Apple (AAPL) +0.07%, Tesla (TSLA) +0.05, Amazon (AMZN) -0.2%, Microsoft (MSFT) +0.1%, Meta Platforms (META) -0.2% US-listed Chinese stocks decline after China’s securities regulator announced plans to penalize three cross-border brokerages, adding to investor concerns around Beijing’s stance toward internet firms. Among large-cap Chinese internet firms, Alibaba (BABA) -4% and Baidu (BIDU) -3%. Booz Allen Hamilton (BAH) rises 5% after the defense contractor forecast adjusted Ebitda for 2027 that beat the average analyst estimate. Deckers Outdoor (DECK) gains 2% after the parent company of both Ugg and Hoka reported revenue for the fourth quarter that beat the average analyst estimate. Estee Lauder Cos. (EL) climbs 10% after the collapse of a proposed combination with Puig Brands SA that would have created one of the world’s largest fragrance and skincare companies. IBM (IBM) rises 2%, GlobalFoundries (GFS) gains 3% and smaller quantum computing firms climb, putting them on track to build on Thursday’s rally that came after the US government awarded $2 billion to IBM and several other companies as part of an investment push to develop quantum wafer facilities. IMAX Corp. (IMAX) gains 15% after the Wall Street Journal reported the large-screen theater company is exploring a sale and has approached entertainment companies as potential buyers. Ross Stores (ROST) rises 4% after the off-price retailer boosted its comparable sales forecast for the full year. Sweetgreen (SG) gains 6% after JPMorgan raised its recommendation on the restaurant chain to overweight from neutral on new products and an improvin...
BioStem Technologies ( BSEM ) announced on Friday it had entered into a securities purchase agreement with an institutional investor for the sale of 0.75M shares of common stock at $3.35 per share, raising approximately $2.5M in gross proceeds. Net proceeds from the offering will be used for working capital and general corporate purposes. The offering is expected to close on or about May 22, 2026....
BioStem Technologies ( BSEM ) announced on Friday it had entered into a securities purchase agreement with an institutional investor for the sale of 0.75M shares of common stock at $3.35 per share, raising approximately $2.5M in gross proceeds. Net proceeds from the offering will be used for working capital and general corporate purposes. The offering is expected to close on or about May 22, 2026. The agreement contains anti-dilution clauses that could obligate the company to issue additional shares or pre-funded warrants in future financing transactions. Shares +2.63%. More on BioStem Technologies BioStem Technologies, Inc. (BSEM) Q1 2026 Earnings Call Transcript BioStem Technologies, Inc. (BSEM) Q4 2025 Earnings Call Transcript BioStem Technologies, Inc. 2025 Q4 - Results - Earnings Call Presentation BioStem Technologies GAAP EPS of -$0.67, revenue of $10.1M Seeking Alpha’s Quant Rating on BioStem Technologies
As a standalone, the new adventure is perfectly fine matinee fodder – but the galaxy is now so congested that we seem doomed to shiny retreads of the same old story When Disney bought Lucasfilm for roughly $4bn in 2012, it must have felt like an obvious piece of business: who wouldn’t throw wads of cash at a saga boasting an entire galaxy in a box? For a while, it seemed too good to be true. The F...
As a standalone, the new adventure is perfectly fine matinee fodder – but the galaxy is now so congested that we seem doomed to shiny retreads of the same old story When Disney bought Lucasfilm for roughly $4bn in 2012, it must have felt like an obvious piece of business: who wouldn’t throw wads of cash at a saga boasting an entire galaxy in a box? For a while, it seemed too good to be true. The Force Awakens made more than $2bn worldwide. Rogue One did more than $1bn. The Last Jedi conjured up more than $1.3bn, even while triggering a culture war so radioactive it could power the Death Star. Most of the fandom hated The Rise of Skywalker, but that most execrable of movies still earned Disney more than $1bn. Then came Disney+, the perfect delivery system. No more waiting years between films: just hang around for a few months and something else would pop up on the conveyor belt. Andor, The Book of Boba Fett, Obi-Wan Kenobi, Ahsoka, The Mandalorian. Plot holes were filled, animated side characters got their magnum opus, and we all learned far more about the middle-management structure of galactic fascism than we had ever imagined possible. So why are we, almost 14 years on from that monumental shift in the Star Wars power structure, reading yet another slew of critical notices declaring that the saga has run its course? The Mandalorian and Grogu, at time of writing, has a rating of 61% on Rotten Tomatoes , pushing it just into the “fresh” category. The positives, broadly speaking, are that it is charming, brisk, visually polished and has Baby Yoda, a character precision-engineered for adorability. On the negative side, critics have complained the film feels thin, formulaic and weirdly televisual, less a grand restoration of Star Wars on the big screen than three Disney+ episodes. Continue reading...
Commodity trader Mercuria Energy Group Ltd. was granted an early trial over an alleged distortion to the world’s benchmark oil tanker rate that it argues is costing the company hundreds of millions of dollars. A London judge passed an order on Friday that the case would be listed for trial starting October 26. While it’ll be an expedited hearing, the company had asked that part of the case would b...
Commodity trader Mercuria Energy Group Ltd. was granted an early trial over an alleged distortion to the world’s benchmark oil tanker rate that it argues is costing the company hundreds of millions of dollars. A London judge passed an order on Friday that the case would be listed for trial starting October 26. While it’ll be an expedited hearing, the company had asked that part of the case would begin in July, before then requesting a full hearing in September. The 282-year-old Baltic Exchange is a cornerstone of the global shipping industry, publishing rates that help set the price of freight as well as underpinning billions of dollars in derivatives. The lawsuit centers on the world’s main oil tanker rate, which is based on the cost of hiring a giant supertanker from inside the Persian Gulf. Since the Iran war began, very few ships have crossed Hormuz, meaning the Baltic Exchange had to decide how to fairly assess the rate. “It seems to be that there is a wider market concern in relation to the relevant benchmark,” Judge Christopher Butcher said in court. The issues in the claim are not just about damages “but for the purposes of obtaining the legal position.” The timing of the trial will allow the court to deliver a verdict by the end of this year or early next, he added. The Baltic Exchange told brokers in March that they effectively needed to put a price on owners’ willingness to put their ships and crews at risk when assessing the route. That means the rate has remained elevated throughout the war, even as earnings on other tanker routes have eased. Mercuria argued that value no longer accurately represents the market it is intended to measure. “We are not here to extract money from the exchange. We have a concern which is a market concern,” David Wolfson, a lawyer for Mercuria said. “A declaration is enough for us commercially.” The commodity trader said it estimates that its own losses are in the hundreds of millions of dollars and are racking up each day th...
Key Points The minimum you should contribute to a 401(k) is the maximum your employer will match. IRAs come with unique benefits that you don't receive with a 401(k). Choosing between a traditional and Roth IRA comes down to when you want to pay taxes. The $23,760 Social Security bonus most retirees completely overlook › When it comes to retirement accounts, there's the 401(k), and then everyone e...
Key Points The minimum you should contribute to a 401(k) is the maximum your employer will match. IRAs come with unique benefits that you don't receive with a 401(k). Choosing between a traditional and Roth IRA comes down to when you want to pay taxes. The $23,760 Social Security bonus most retirees completely overlook › When it comes to retirement accounts, there's the 401(k), and then everyone else. It's by far the most used retirement account in the country, with a large number of working-age Americans having one. It's a win-win: you proactively save and invest for retirement and get a tax break for doing it. I have always thought the goal was to max out your 401(k) and set aside as much money for retirement as possible. And although that's well-intentioned, it's not feasible for most people -- nor is it always a smart move for those who can afford it. After doing it for years, here's a strategy I wish I had adopted sooner. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » The three-step strategy I follow When I first started my career, an IRA was somewhat of an afterthought for me. My approach was always to contribute as much as I could to my 401(k) and worry about an IRA later. However, IRAs -- both traditional and Roth -- are among the best retirement savings tools, and I wish I had taken advantage of their benefits sooner. In retrospect, here is the route I would have taken with my retirement savings strategy: Contribute as much to my 401(k) as my employer will match. If they match 3%, contribute 3%. If they match 5%, contribute 5%. Focus on maxing out an IRA. Once the IRA is maxed out, increase my 401(k) contribution to a sustainable amount. IRAs have much lower contribution limits than 401(k)s, so maxing them out isn't as tall an order. Account Type Contribution Limit Under 50 Years Old Con...
In this article ENHA Follow your favorite stocks CREATE FREE ACCOUNT A new sports competition featuring Olympic medalists will take place in Las Vegas on Sunday. The twist? The competitors can take performance-enhancing drugs. The Enhanced Games, dubbed the "Steroid Olympics," will see 42 athletes compete across swimming, track and weightlifting. The World Anti-Doping Agency (WADA) and the Interna...
In this article ENHA Follow your favorite stocks CREATE FREE ACCOUNT A new sports competition featuring Olympic medalists will take place in Las Vegas on Sunday. The twist? The competitors can take performance-enhancing drugs. The Enhanced Games, dubbed the "Steroid Olympics," will see 42 athletes compete across swimming, track and weightlifting. The World Anti-Doping Agency (WADA) and the International Olympic Committee have been highly critical of the games, which were announced in 2023. Others, however, see opportunity. Donald Trump Jr.'s investment firm, 1789 Capital, is joining Peter Thiel on the cap table of the company behind the games and leading its Series B in 2025. Trading as Enhanced Group , its stock is up by around 35% over the last week ahead of the inaugural games. However, they have fallen by around 40% since going public on the New York Stock Exchange via a SPAC earlier this month. "The Enhanced Games represent the future — real competition, real freedom and real records being smashed," Trump Jr. said in a statement when announcing his involvement. What will happen? A purpose-built arena will host 2,500 spectators to witness dozens of athletes. They'll also catch rock band The Killers performing at the post-event show. Alongside the standard training regime athletes go through for competitive events, most of those taking part will also have been using performance-enhancing substances. Athletes can only use substances that have been approved by the U.S. Food and Drug Administration (FDA). Participants using such substances have been monitored under strict medical supervision, organizers have said. They aren't releasing individual details of athletes' substance programs. But the company said competitors have used testosterone and testosterone esters, human growth hormones, stimulants like Adderall, metabolic modulators used alongside anabolic agents, erythropoietin, and anabolic steroid agents. All of these are banned by WADA. And the event has convi...
Twin Capital Management Inc. acquired a new stake in shares of Intel Corporation (NASDAQ:INTC - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 18,927 shares of the chip maker's stock, valued at approximately $698,000. Other institutional investors and hedge funds have also bought and sold shares of the company. Legacy Bridge LLC acquired a ...
Twin Capital Management Inc. acquired a new stake in shares of Intel Corporation (NASDAQ:INTC - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 18,927 shares of the chip maker's stock, valued at approximately $698,000. Other institutional investors and hedge funds have also bought and sold shares of the company. Legacy Bridge LLC acquired a new stake in Intel during the 4th quarter valued at approximately $26,000. Raleigh Capital Management Inc. acquired a new stake in Intel during the 4th quarter valued at approximately $29,000. Provenance Wealth Advisors LLC lifted its stake in Intel by 89.2% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 946 shares of the chip maker's stock valued at $32,000 after acquiring an additional 446 shares during the period. Strengthening Families & Communities LLC acquired a new stake in Intel during the 3rd quarter valued at approximately $33,000. Finally, HighMark Wealth Management LLC lifted its stake in Intel by 177.7% during the 4th quarter. HighMark Wealth Management LLC now owns 886 shares of the chip maker's stock valued at $33,000 after acquiring an additional 567 shares during the period. 64.53% of the stock is currently owned by institutional investors and hedge funds. Get Intel alerts: Sign Up Wall Street Analyst Weigh In INTC has been the subject of several research reports. Needham & Company LLC restated a "hold" rating on shares of Intel in a research note on Friday, January 23rd. JPMorgan Chase & Co. lifted their target price on shares of Intel from $35.00 to $45.00 and gave the company an "underweight" rating in a report on Friday, April 24th. Citigroup lifted their target price on shares of Intel from $95.00 to $130.00 and gave the company a "buy" rating in a report on Monday. Royal Bank Of Canada reaffirmed a "neutral" rating and set a $80.00 target price on shares of Intel in a report on Monday, May 4th. Finally, Cantor Fitzgerald lifted their ...
Wrapmanager Inc. lowered its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 15.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,994 shares of the electric vehicle producer's stock after selling 1,491 shares during the period. Tesla makes up approximately 1.2% of Wrapmanager Inc.'s portfolio, maki...
Wrapmanager Inc. lowered its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 15.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,994 shares of the electric vehicle producer's stock after selling 1,491 shares during the period. Tesla makes up approximately 1.2% of Wrapmanager Inc.'s portfolio, making the stock its 23rd biggest holding. Wrapmanager Inc.'s holdings in Tesla were worth $3,595,000 at the end of the most recent reporting period. Get Tesla alerts: Sign Up A number of other institutional investors have also modified their holdings of TSLA. Networth Advisors LLC acquired a new position in Tesla during the fourth quarter worth $26,000. Chapman Financial Group LLC acquired a new position in Tesla during the second quarter worth $26,000. Davidson Capital Management Inc. grew its holdings in Tesla by 79.4% during the fourth quarter. Davidson Capital Management Inc. now owns 61 shares of the electric vehicle producer's stock worth $27,000 after acquiring an additional 27 shares during the period. Prism Advisors Inc. acquired a new position in Tesla during the fourth quarter worth $30,000. Finally, Turning Point Benefit Group Inc. acquired a new position in Tesla during the third quarter worth $30,000. Institutional investors and hedge funds own 66.20% of the company's stock. Tesla Stock Up 0.1% TSLA opened at $417.85 on Friday. The business's fifty day moving average is $387.39 and its two-hundred day moving average is $416.85. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.62 and a current ratio of 2.04. The company has a market cap of $1.57 trillion, a price-to-earnings ratio of 383.35, a PEG ratio of 16.48 and a beta of 1.79. Tesla, Inc. has a one year low of $273.21 and a one year high of $498.83. Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results on Thursday, April 23rd. The electric vehicle producer reported $0.41 EPS...
Wrapmanager Inc. purchased a new stake in Intel Corporation (NASDAQ:INTC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,490 shares of the chip maker's stock, valued at approximately $313,000. A number of other hedge funds and other institutional investors also recently bought and sold shares ...
Wrapmanager Inc. purchased a new stake in Intel Corporation (NASDAQ:INTC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,490 shares of the chip maker's stock, valued at approximately $313,000. A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Tensor Edge Capital LLC acquired a new stake in Intel in the fourth quarter valued at $38,745,000. Global Retirement Partners LLC raised its stake in Intel by 28.6% in the fourth quarter. Global Retirement Partners LLC now owns 171,717 shares of the chip maker's stock valued at $6,336,000 after buying an additional 38,150 shares in the last quarter. Twin Capital Management Inc. acquired a new stake in Intel in the fourth quarter valued at $698,000. Fi3 FINANCIAL ADVISORS LLC raised its stake in Intel by 4.0% in the fourth quarter. Fi3 FINANCIAL ADVISORS LLC now owns 15,227 shares of the chip maker's stock valued at $562,000 after buying an additional 588 shares in the last quarter. Finally, MJP Associates Inc. ADV raised its stake in Intel by 6.7% in the fourth quarter. MJP Associates Inc. ADV now owns 11,537 shares of the chip maker's stock valued at $426,000 after buying an additional 728 shares in the last quarter. 64.53% of the stock is currently owned by institutional investors and hedge funds. Get Intel alerts: Sign Up Insider Transactions at Intel In related news, EVP Boise April Miller sold 40,256 shares of the business's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $99.53, for a total value of $4,006,679.68. Following the transaction, the executive vice president owned 105,077 shares in the company, valued at $10,458,313.81. The trade was a 27.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.05% of the stock is owned by company ...
hapabapa/iStock Editorial via Getty Images Shares of Workday ( WDAY ) surged about 8% premarket on Friday after fiscal first-quarter results and outlook, which beat estimates, saw positive reactions from analysts. RBC Capital Markets kept its Outperform rating and $180 price target on the stock. "Workday reported solid F1Q results sending shares up ~12% after-hours w/ Revenue (+13.5% YoY; ~1.0% be...
hapabapa/iStock Editorial via Getty Images Shares of Workday ( WDAY ) surged about 8% premarket on Friday after fiscal first-quarter results and outlook, which beat estimates, saw positive reactions from analysts. RBC Capital Markets kept its Outperform rating and $180 price target on the stock. "Workday reported solid F1Q results sending shares up ~12% after-hours w/ Revenue (+13.5% YoY; ~1.0% beat vs. consensus), Subscription Revenue (+14.3% YoY; ~0.8% beat vs. consensus), cRPO [current remaining performance obligation] (+15.5% YoY; ~0.4% beat vs. consensus), and Non-GAAP Operating Margin (31.8% vs. consensus of 30.6%), all coming in above street estimates. We remain encouraged by accelerating AI momentum as total ARR [Annual Recurring Revenue] from Agentic AI Solutions approached $500M in the Q," said analysts led by Rishi Jaluria. Evercore maintained its In Line rating and $160 price target on Workday's shares. "Workday delivered solid F1Q results and a materially improved tone around demand, execution, and AI monetization versus where the company exited FY26," said analysts led by Kirk Materne. "The biggest shift in the narrative this quarter was around AI execution and adoption. Rather than discussing AI as a longer-term opportunity, management increasingly framed agentic AI as a current monetization and workflow automation story, with Agentic AI ACV growing +200% y/y, AI ARR now approaching ~$500mm, and more than 4,000 customers already using at least one organically developed agent." The analysts noted that the fiscal first quarter results benefited from some slipped deals closing and the Defense Intelligence Agency, or DIA, contract kicking in a little early. While the first quarter execution is a clear positive, seeing organic subscription revenue stabilize in the second half is going to be key to any sustained multiple rerate as the agentic opportunity remains in the early innings, according to the analysts. The analysts believe the expansion into areas l...
pinglabel/iStock via Getty Images The Starbucks ( SBUX ) brand continues to face pressure in South Korea after the Interior Minister said his ministry would stop offering products from companies that “make light” of the country's democratic history. The public outcry in the nation kicked off earlier in the week over a Starbucks Korea marketing campaign that evoked a 1980 military crackdown on pro-...
pinglabel/iStock via Getty Images The Starbucks ( SBUX ) brand continues to face pressure in South Korea after the Interior Minister said his ministry would stop offering products from companies that “make light” of the country's democratic history. The public outcry in the nation kicked off earlier in the week over a Starbucks Korea marketing campaign that evoked a 1980 military crackdown on pro-democracy protesters. The coffee chain launched a “Tank Day” campaign on the same day as the anniversary of the May 18 Gwangju uprising, when the then military government sent in troops and tanks to suppress mass rallies for democracy. "Conduct that makes light of that history or consumes it as commercial material is an issue that can never be taken lightly," wrote South Korea Interior Minister Yun Ho-jung on X. Earlier in the week, the head of Starbucks Korea was reportedly fired. The issue is important because the Starbucks ( SBUX ) brand has been very popular in South Korea, with 2,115 stores nationwide, trailing only the U.S. and China. Seoul alone has more Starbucks ( SBUX ) locations than any other single city globally, exceeding even New York City and London. Starbucks ( SBUX ) does not own an equity stake in Starbucks Korea after exiting the South Korean joint venture in July 2021 by selling its 17.5% ownership stake to E-Mart. Starbucks Korea operates under a licensing agreement where it pays to use the Starbucks name and brand. More on Starbucks Starbucks: The Comeback Has Started But The Growth Story Is Not Proven Starbucks Earnings: Fully Caffeinated? Starbucks: This Undefeatable Coffee Champion Has Been Judged Beyond Logic Starbucks fires its AI inventory tool to go back to employees taking stock Starbucks Korea chief fired after controversial marketing campaign sparks backlash
anankkml/iStock via Getty Images My regular readers know that I have a cautious stance around the overall market. Equities trade at extreme valuation levels viewed from a historical lens. We are late in a credit cycle with growing worries around the private credit space. CMBS delinquency rates for loans against office properties are nearly 12% and higher than the peak of the Great Financial Crisis...
anankkml/iStock via Getty Images My regular readers know that I have a cautious stance around the overall market. Equities trade at extreme valuation levels viewed from a historical lens. We are late in a credit cycle with growing worries around the private credit space. CMBS delinquency rates for loans against office properties are nearly 12% and higher than the peak of the Great Financial Crisis. Advisor Perspectives The housing sector has been moribund for several years and is not being helped by the recent spike in mortgage rates. Inflation pressures are building thanks to the impact of the effective closure of the Strait of Hormuz for nearly three months now. The year began with expectations for two more 25bps reductions to the Fed Funds in 2026. The current futures now are pointing to the next move by the Federal Reserve being an interest rate hike. Mortgage News Daily, Wolf Street The top 10% of American households now account for roughly half of all consumer spending in what has become a K-shaped economy. Most other consumers are increasingly struggling. Job growth has been anemic since the start of 2025, and there are growing fears of AI replacing many jobs in the near future. Bloomberg Delinquencies on student loans, auto credit obligations, and credit card debt all continue to rise. Consumer sentiment is tracking at its lowest levels since the University of Michigan began this survey in 1978. Massive capex spending is dramatically cutting free cash flow at the hyperscalers, and debt issuance to fund the construction of massive data centers is increasing rapidly. University of Michigan Recently, sovereign debt yields have hit multi-decade highs in Japan and the U.K. Earlier this week, the yield on the 30-Year treasury flirted with the 5.2% level for the first time since June 2007, which was one month after Fed Chair Bernanke infamously quipped that the subprime crisis was 'contained.' Most signs are pointing to a significant market top in my view. The ' sm...
alexsl/iStock via Getty Images Last Friday closed with the 10-year Treasury yield at 4.60%, a one-year high, and the doom commentary about rising interest rates was waiting before the bell even rang. Hyperinflation. Bond market breakdown. Paradigm shift. A 1981 fair-value retest. The Fed is about to “push the brrrr button” or pop “the everything bubble.” If you spent any time on social media over ...
alexsl/iStock via Getty Images Last Friday closed with the 10-year Treasury yield at 4.60%, a one-year high, and the doom commentary about rising interest rates was waiting before the bell even rang. Hyperinflation. Bond market breakdown. Paradigm shift. A 1981 fair-value retest. The Fed is about to “push the brrrr button” or pop “the everything bubble.” If you spent any time on social media over the weekend that followed, you saw a version of every one of those. So I posted a short thread that Friday, making a simple point. Over time, yields track growth and inflation. The chart that drew the strongest pushback roughly showed that relationship, and a wave of responses argued that the framework is broken, debt is about to break the bond market, supply-side inflation has changed everything, and rates have nowhere to go but higher. However, let’s slow down and look at what the data actually says. Some of those critiques are weak. A few are partially right. And one of them deserves a serious answer. I’ll work through them in order. After 30 years of watching market cycles, the pattern in this setup is more familiar than most commentary suggests. Rising Interest Rates Follow A Framework That Has Held For Six Decades Start with the basic identity behind rising interest rates. Of course, a bond yield is what an investor demands to hold a piece of paper for ten years. That demand has two main inputs: the opportunity cost of economic growth and the inflation rate that erodes the dollars being repaid. If real growth is 2.5% and inflation is 3.5%, then a 6% nominal yield breaks even before any term premium . The investor isn’t going to lend at 2% in a 6% nominal economy because that’s a guaranteed loss of purchasing power and a worse return than the broader economy offers. Importantly, that isn’t a theory I invented. It’s the framework Wicksell wrote about more than a century ago, and it shows up cleanly in the data when you plot yields alongside nominal GDP growth, which is ...