The S&P has now fallen on all three of Chair Warsh's Fed Days, with all of the declines coming after the rate decision. At least today the index bounced off lows into the close rather than going out at the lows. Guess it's a start.

The Mile Long Moving Sidewalk of the 1893 Chicago World’s Fair In 1893, visitors arriving at the World’s Columbian Exposition by steamer stepped off onto a long pier stretching into Lake Michigan. Instead of walking the half-mile to the White City, they paid a nickel and boarded the Great Wharf Moving Sidewalk — the first public moving walkway ever built. Period engineering accounts said the platforms could seat about 4,300 people and, when riders also stood, carry roughly 6,000 at once. Hourly throughput estimates ranged from about 32,000 to 40,000 people. Guinness World Records lists it as both the first and the longest moving walkway of its era. How it worked It was not a conveyor belt in the modern airport sense. Architect Joseph Lyman Silsbee and engineer Max E. Schmidt built a continuous loop of overlapping wooden platforms, each about twelve feet long, riding on ordinary railway trucks and wheels. Passengers stepped from a stationary platform onto a slow-moving section (about 2–3 mph), then onto a faster inner section (about 4–6 mph) lined with benches. You could sit the whole way, stand, or walk against the motion. The loop ran out the pier and back under a long shed that kept riders out of rain and sun. The ride was popular because it was cheap, continuous, and gave a breeze off the lake. By the close of the Exposition it had carried nearly a million people. The sidewalk sat beside the Peristyle, Casino, and Music Hall — the gleaming classical colonnade that framed the Court of Honor. After the Exposition closed, fire in January 1894 destroyed the Peristyle and damaged part of the pier. The sidewalk itself was later dismantled. The one major exception still standing is the Palace of Fine Arts, rebuilt in limestone and now the Museum of Science and Industry. The sidewalk was real engineering, It was also a prototype that never realized to city streets, which is why it still feels like a glimpse of a future that did not arrive. A larger, elevated version appeared at the 1900 Paris Exposition (the trottoir roulant). Airport moving walkways arrived decades later. Urban planners kept drawing multi-speed sidewalks for New York and other cities well into the twentieth century. None of those city-scale systems were built. The 1893 machine remains the most ambitious public version ever operated in the United States. The sidewalk was not erased from history. It was dismantled after the fair, photographed while it ran, and then mostly forgotten.

The market hunts stops. Every wick through support or resistance is designed to shake out weak hands before reversing. Let me explain. A wick through a level is a test. The close is the verdict. Price touches the level intrabar. Weak hands panic. Their stops execute. Liquidity fills the buy or sell orders on the other side. Then price snaps back into the range. In practice: ➫ Don't move your stop based on a wick ➫ Don't flip your bias based on a wick ➫ Wait for the close If the candle closes back inside the range or above support, the level held. This one rule saves you from the single most common mistake in technical analysis: reacting to intrabar noise as if it were confirmed direction. Patience for the close is one of the simplest edges in trading. Also one of the least practiced. The market is designed to make you react before the information is complete. Your only job is to wait until it confirmed. Agree or disagree?

The S&P 500 $SPY is less than a week and 2% from record highs. And already there are 3x more new lows than highs on the NYSE. Last time that happened was Dec 14, 2021. We'll see if it holds into the close. It's not exactly a great longer-term sign.

The announcement of our 2Q26 results today marked the close of a fantastic week in New York, engaging with investors and stakeholders to share how VEON is accelerating growth through connectivity, technology and digital innovation. Read the full 2Q26 earnings release here:

The FANG Innovation names start reporting tomorrow, and the semis are where the biggest moves sit. $NFLX leads off after the close tomorrow for the Solactive FANG Innovation Index, but the widest implied moves belong to the chipmakers: $AMD (±20.1%, reporting 8/4) and $INTC (±15.7%, 7/23). $TSLA prints 7/22. Across the 15-name index, $AMD and $PLTR carry the largest weighted impact at 1.31% and 1.11%. Full calendar with estimates and implied moves below.

The close of the Civil War was, in large measure, Lincoln’s victory. But it was also the victory of the Fourth of July, and that victory is with us still, writes Allen C. Guelzo

The Fake News media has the story wrong, again. @SpaceX remains a strong and valued partner to the Department of War. The claims in this article are simply not based in reality and do not reflect the close, effective collaboration between our teams.