The S & P 500 celebrated its 18 th new all-time for 2026 and its remarkable seventh record thus far in the month of May. This nearly 20% parabolic rally has pushed all three major U.S. stock indexes firmly into the green, with the S & P 500 and Nasdaq closing at fresh record levels. RSI (relative strength index) levels in State Street SPDR S & P 500 ETF Trust (SPY) have signaled overbought conditi...
The S & P 500 celebrated its 18 th new all-time for 2026 and its remarkable seventh record thus far in the month of May. This nearly 20% parabolic rally has pushed all three major U.S. stock indexes firmly into the green, with the S & P 500 and Nasdaq closing at fresh record levels. RSI (relative strength index) levels in State Street SPDR S & P 500 ETF Trust (SPY) have signaled overbought conditions in recent weeks and this morning's profit taking makes sense. However, I believe the rally has more room to run and I want to produce some income with an attempt to capture this spike in volatility (VIX +6%) by using options. .SPX YTD mountain SPX year to date The S & P 500 has endured a tremendous snapback from the end of the March selloff (10% correction in March) to this week's achievement of momentarily vaulting 7,500. FOMO and investors who flinched in March have been a significant input of this one-way and dominating trade for equity bulls. Emotions have been driving the market for sure, but earnings have been the undercurrent as investors witnessed a historic quarter of growth and corporate profitability, YoY growth of 27% for the S & P 500 in Q1. For context, the 10-year average for the S & P 500's year-on-year growth sits at 8.6%. We are currently in a "Foundry Renaissance" where semis (led by my Essential 40 ETF (ESN) 's top holding of 2026, Intel ) are growing at 95% and the "Magnificent Seven" is expanding at 60%. The "Other 493" are showing signs of life too, growing at 19% as the markets seeks to broaden out. This is the fundamental floor that has supported the relentless new all-time highs in 2026. I want to sell a put spread to create an income stream for the next month, as option premiums have increased off this 1% pullback in the S & P 500. However, I want to define my risk and additional equity exposure up here as the market is still bothered by geopolitical tensions and stubbornly high U.S Treasury yields (10-year note rose to recent highs of 4.58%)....
Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. (Source: Bloomberg)
Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day. (Source: Bloomberg)
Revolut Ltd. Chief Executive Officer Nik Storonsky is offering employees across the digital bank £1000 ($1,334) to woo more businesses to bank with Revolut, setting it as its highest priority to further boost the digital lender’s growth, valuation and revenue. The financial technology firm is planning to roll out business banking alongside retail in every new market it enters in 2027, Storonsky sa...
Revolut Ltd. Chief Executive Officer Nik Storonsky is offering employees across the digital bank £1000 ($1,334) to woo more businesses to bank with Revolut, setting it as its highest priority to further boost the digital lender’s growth, valuation and revenue. The financial technology firm is planning to roll out business banking alongside retail in every new market it enters in 2027, Storonsky said in a memo sent to staff globally on Friday. “Many legacy banks treat B2B as a stagnant side-bet, but we are making it P0 to supercharge our growth and valuation,” he said, using an initialism for “priority zero.” Storonsky asked each staffer across all departments to push for sales to “deliver on these aggressive targets.” He also requested employees send pitches for the business to him personally. A spokesperson for Revolut declined to comment. Revolut is looking to launch credit products for businesses next year and build out a dedicated new business growth and onboarding department, according to the memo. It’s also instigating new key performance metrics for employees and “heads of business” persons of contact across the company, Storonsky said. For many businesses, reaching sales targets can mean increased bonuses across the board. Business customers also generally deposit more cash with banks than individuals, and can lead to growth across private banking and lending. Revolut had almost 800,000 business customers in 2025, up 33% from the prior year, according to its 2025 financial statement, but the unit is still nascent in many markets. Revolut Business accounted for 16% of total revenue in 2025, according to financial statements. The firm wants to reach 100 million customers, Storonsky has said previously. The directive comes as the firm is yet to achieve its primary bank status in most markets. Revolut is also eyeing to go public in a hotly anticipated listing as soon as 2028. Read More: Revolut CEO Storonsky Says Digital Bank’s IPO Is Two Years Out
Now arriving: an Amazon order at your doorstep in the time it takes to watch a "Cheers" rerun. The e-commerce giant has expanded the reach of its ultra-fast service delivery service Amazon Now, which brings thousands of grocery, household essentials and other items tailored for local markets to customers in about 30 minutes or less. The service is now live in cities including Atlanta, the Dallas F...
Now arriving: an Amazon order at your doorstep in the time it takes to watch a "Cheers" rerun. The e-commerce giant has expanded the reach of its ultra-fast service delivery service Amazon Now, which brings thousands of grocery, household essentials and other items tailored for local markets to customers in about 30 minutes or less. The service is now live in cities including Atlanta, the Dallas Fort-Worth area, Philadelphia, and Seattle. It plans to expand to dozens more including Austin, Houston, Phoenix, and Denver, reaching tens of millions of customers by the end of the year. Amazon Now caters to items that "customers need urgently," according to the company, including fresh produce like vegetables, eggs, and dairy, as well as daily personal care, and electronics. The service carries a $3.99 fee for Prime members, or $13.99 for non-members, plus additional fees for orders under $15. Amazon Prime costs $14.99 per month, or $139 annually. To make 30-minute delivery feasible, Amazon uses smaller fulfillment centers strategically located close to where customers live. The expansion builds on Amazon's efforts to reduce delivery times and increase convenience for shoppers, particularly for commonly purchased grocery items — all with the goal of making a Prime membership indispensable and reinforcing the "flywheel" that investors love. In mid-March, Amazon announced one- and three-hour delivery in certain U.S. areas for over 90,000 products including everyday essentials and items typically found in a local supercenter. These delivery options are currently more widely available than 30-minute Amazon Now. The one-hour option is accessible in hundreds of cities and towns; the three-hour service covers over 2,000 locales. In August of last year, Amazon announced a broad rollout of same-day grocery delivery . On the physical grocery side, Amazon this year pulled the plug on its Amazon Fresh and Go stores and instead is leaning into the Whole Foods banner. Amazon also keeps...
On a recent episode of the Rich Habits Podcast titled “169: Our Favorite Passive Income Strategy (2026),” co-host Austin Hankwitz called covered calls “one of the simplest options strategies in investing” and “the freest money that exists.” His receipt: “In 2024, 2025, I’ve made north of $18,000 in premium income on my 200-ish shares of ... I Made $18,000 in ‘Free Money’ Selling Call Options on 20...
On a recent episode of the Rich Habits Podcast titled “169: Our Favorite Passive Income Strategy (2026),” co-host Austin Hankwitz called covered calls “one of the simplest options strategies in investing” and “the freest money that exists.” His receipt: “In 2024, 2025, I’ve made north of $18,000 in premium income on my 200-ish shares of ... I Made $18,000 in ‘Free Money’ Selling Call Options on 200 Tesla Shares: Here’s How the Strategy Works
Funtap/iStock via Getty Images Introduction In my view, Root has proved that a telematics-based model can generate real profits, but after the strong re-rating valuation, the company now requires a stable revenue growth and the ability to maintain margins. Root, Inc. ( ROOT ) is a technology-based insurance company, which at the current time is demonstrating a shift from an aggressive growing phas...
Funtap/iStock via Getty Images Introduction In my view, Root has proved that a telematics-based model can generate real profits, but after the strong re-rating valuation, the company now requires a stable revenue growth and the ability to maintain margins. Root, Inc. ( ROOT ) is a technology-based insurance company, which at the current time is demonstrating a shift from an aggressive growing phase to a more sustainable profitability stage. The company‘s business is based on telematics data and artificial intelligence algorithms, which allow to individualise pricing based on the real driver's behaviour, rather than traditional demographic indicators. In the 2026 Q1 results, the company recorded a net income of $35.9 million, which is a record high and is almost two times higher than a year ago. The revenues in this period reached $393.5 million, recording annual growth of 12.6%, though it was a bit behind the initial market expectations. An essential operating efficiency ratio, which is the combined ratio, improved to 91.4%, compared to 95.6% last year. This shows that the company earns 8.6 cents underwriting profit for every premium dollar, after all the costs and claims, which is a critical breaking point in the insurtech sector. The number of valid policies grew 9%, which suggests about a stable client retention rate despite the stricter risk screening. Capital structure optimization, including the $200 million debt refinancing with Huntington National Bank, lowered the annual interest expense costs by $5 million, directly adding to the net income. The current P/E ratio of around 17.50x reflects the market‘s expectation due to the further stability of margins. Even though the $75 million share buyback program shows excess capital, the slowing new policy written rate in the direct channel remains a risk for the long term volume increase. Strategic partnerships with Carvana and Toyota, as well as an expanded 15000 independent agent network, is now generating almost...
Cannes film festival: Ryusuke Hamaguchi’s ocean-hopping treatise on love and mortality is undeniably beautiful – but it works best in its quieter, compassionate moments rather than the flurries of self-conscious solemnity Falling seriously ill, like falling in love, can happen all of a sudden – although this film is not exactly about either. Drive My Car director Ryusuke Hamaguchi’s new movie, co-...
Cannes film festival: Ryusuke Hamaguchi’s ocean-hopping treatise on love and mortality is undeniably beautiful – but it works best in its quieter, compassionate moments rather than the flurries of self-conscious solemnity Falling seriously ill, like falling in love, can happen all of a sudden – although this film is not exactly about either. Drive My Car director Ryusuke Hamaguchi’s new movie, co-scripted by Hamaguchi with the Franco-Japanese screenwriter Léa Le Dimna and his first not set entirely in Japan, is a bold and high-minded if rather pedagogic work that spreads itself over three hours. It’s tender and sometimes beautifully made, but also contrived and occasionally features some too-good-to-be-true caring characters. Frankly, it’s rather precious. Hamaguchi and Le Dimna have taken as their starting point the nonfiction book You and I: The Illness Suddenly Get Worse by Makiko Miyano and Maho Isono, a meditative correspondence between a philosopher and medical professional on the subjects of love and mortality. Hamaguchi has opened this out to create a drama set in Paris and Kyoto, and it’s incidentally hard not to suspect that Hamaguchi, like many a celebrated movie director spending so much time on the international festival circuit, has been led to create an uneasy international mixture. Continue reading...
Macy's ( M ) declares $0.1915/share quarterly dividend , in line with previous. Forward yield 4.23% Payable July 1; for shareholders of record June 15; ex-div June 15. See M Dividend Scorecard, Yield Chart, & Dividend Growth. More on Macy's Macy's: Valuation Has Limited Upside With Technical And Macroeconomic Risks Macy's: Healthy 4% Dividend Amid Bump In Comp Sales Macy's, Inc. 2025 Q4 - Results ...
Macy's ( M ) declares $0.1915/share quarterly dividend , in line with previous. Forward yield 4.23% Payable July 1; for shareholders of record June 15; ex-div June 15. See M Dividend Scorecard, Yield Chart, & Dividend Growth. More on Macy's Macy's: Valuation Has Limited Upside With Technical And Macroeconomic Risks Macy's: Healthy 4% Dividend Amid Bump In Comp Sales Macy's, Inc. 2025 Q4 - Results - Earnings Call Presentation Stocks to watch after market on Thursday: MDGL, M, MODD Macy's sees strong results from tests of its Gemini-powered chatbot
alengo/iStock via Getty Images Introduction While I am not a Bitcoin fan, this report on Strategy ( MSTR ) is neutral crypto and focused on the entities' creative investor funding schemes that most financial professionals would call a house of cards or, as I see it, upside-down math. At the heart of the strategy is to buy Bitcoin with highly overvalued MSTR shares, which runs into a serious proble...
alengo/iStock via Getty Images Introduction While I am not a Bitcoin fan, this report on Strategy ( MSTR ) is neutral crypto and focused on the entities' creative investor funding schemes that most financial professionals would call a house of cards or, as I see it, upside-down math. At the heart of the strategy is to buy Bitcoin with highly overvalued MSTR shares, which runs into a serious problem when the market no longer believes in the iteration. While the convertible debt carries an under 1% coupon, the $8bn needs to be paid or converted through 2032. The Preferred shares need to pay $1bn a year in USD. Both funding mechanisms require Bitcoin sales, equity dilution, or debt. The math suggests that a direct investment in Bitcoin has less risk than MSTR, while any of the Preferred shares seems sounder as long as Bitcoin does not collapse. Created by author with data from MSTR The Magic of Circular Reference When the result of a formula is dependent on itself, the math does not close unless you apply iteration, which calculates the circular reference 100x and accepts the outcome. In my experience, using this is a recipe for disaster; you can no longer rely on the data outcomes. This is what Strategy has done. They borrow capital (convertible bonds), issue preferred shares, and raise equity at a significant premium to NAV to buy Bitcoin; in reality, it could be Gold or any “asset” that does not generate income and depends on investor psychological demand to drive up the price. But the bond and preferred investors will require a return, and if the market loses confidence in this circular reference and won't price MSTR at a high premium to NAV, at best, it will underperform Bitcoin, and the Bitcoin Yield idea is eliminated. The Bitcoin Yield I built an operating model to test the company's strategy. I assume they will buy $20bn in Bitcoin per year, funded by $16bn in equity and $6bn preferred shares. The $2bn extra is to pay dividends and keep a cash cushion. I do no...
The Philadelphia Semiconductor Index has climbed roughly 64% since late March. Nathan Peterson, Director of Derivatives Research and Strategy at Schwab, framed last week’s action around a single dominant theme on the firm’s Market Update podcast: “The driving engine behind last week’s push higher in stocks continued to be the AI infrastructure plays, especially in ... The AI Chip Rally Is Masking ...
The Philadelphia Semiconductor Index has climbed roughly 64% since late March. Nathan Peterson, Director of Derivatives Research and Strategy at Schwab, framed last week’s action around a single dominant theme on the firm’s Market Update podcast: “The driving engine behind last week’s push higher in stocks continued to be the AI infrastructure plays, especially in ... The AI Chip Rally Is Masking a Dangerous Truth. Half the S&P 500 Is Being Left Behind
Great Global Energy Rewiring Accelerates: UAE To Double Crude Export Capacity Bypassing Hormuz Chaos Days after the U.S. bombing campaign against Iran began, we pointed out on March 3 that the conflict was likely to accelerate a major Gulf infrastructure push to bypass the Strait of Hormuz . Saudi Arabia's East-West pipeline to the Red Sea stood out as the clearest signal that regional producers n...
Great Global Energy Rewiring Accelerates: UAE To Double Crude Export Capacity Bypassing Hormuz Chaos Days after the U.S. bombing campaign against Iran began, we pointed out on March 3 that the conflict was likely to accelerate a major Gulf infrastructure push to bypass the Strait of Hormuz . Saudi Arabia's East-West pipeline to the Red Sea stood out as the clearest signal that regional producers needed a credible Plan B for moving crude and crude products when the Hormuz chokepoint becomes disrupted. That logic is now coming into sharper focus for the UAE. March 3: Surprising Fujairah is not a bigger oil terminal: it bypasses the straits completely. Expect major infrastructure push here after the war. https://t.co/Do1gK7KBDQ — zerohedge (@zerohedge) March 3, 2026 Abu Dhabi National Oil Co. (ADNOC) is the UAE's state-owned energy giant and is set to double its crude-export capacity that bypasses the Hormuz chokepoint next year with the construction of a new pipeline to Fujairah on the Gulf of Oman , according to a new Bloomberg report . The pipeline project would expand an existing 1.5 million-barrel-a-day pipeline , which has become critical for ADNOC amid the ongoing Hormuz disruption. This allows the UAE to keep about half of its oil exports flowing to the world. BREAKING: UAE discloses it’s building an additional second pipeline bypassing the Strait of Hormuz. The new pipeline will be finished in 2027 and will double the country’s export capacity in Fujairah (the current pipeline has a capacity of 1.5-1.8m b/d) pic.twitter.com/adsRgnDbjX — Javier Blas (@JavierBlas) May 15, 2026 The current bottleneck for the UAE is that ADNOC's pipeline can handle only about half of its normal export volumes, limiting revenues and proving particularly troubling for the Gulf producer, whose oil-related activity accounted for 22.7% of GDP in Q1 2025. The urgency to divert flows, or in fact rewire energy flows, will be a top priority for other Gulf producers because oil still matter...
FabrikaCr Bank of America’s Michael Hartnett is sounding the alarm on U.S. inflation, warning that rising prices are moving back into market-relevant territory. Producer prices are running near 6% Y/Y while CPI is approaching 4% Y/Y, driven by increases in energy, electricity, transportation, goods prices and rents. The path forward depends heavily on monthly price gains. BofA’s analysis shows ann...
FabrikaCr Bank of America’s Michael Hartnett is sounding the alarm on U.S. inflation, warning that rising prices are moving back into market-relevant territory. Producer prices are running near 6% Y/Y while CPI is approaching 4% Y/Y, driven by increases in energy, electricity, transportation, goods prices and rents. The path forward depends heavily on monthly price gains. BofA’s analysis shows annual CPI could fall toward 3.0% if monthly increases average just 0.1%, but could surge to 5.2% if the recent 0.4% monthly pace persists through November’s midterm elections. The 4% CPI threshold is particularly concerning for investors. Hartnett noted that risk assets ( SPY ) ( DIA ) ( QQQ ) historically become more vulnerable once inflation crosses that level, with the S&P 500 ( SP500 ) averaging a 4% decline over the following three months and a 7% drop over six months. Bank of America Research More on SPDR S&P 500 ETF Trust, SPDR Dow Jones Industrial Average ETF, etc. Summer Stock Plunge? I'm 99% Convinced A Major Recession Is Coming, Let Me Convince You The Hindenburg Omen Flashes A Warning Sign How To Build A $6,300/Mo Income Using Nuveens's 7.61% Yielding 37 CEFs Apollo’s Torsten Slok says recession playbook may fail as deficits swell SOX rally rivals Mississippi, dot-com manias as BofA warns on June