Gary Black(@garyblack00):Tech stock pressure pulled U.S. equities lower (SPX -0.1%, NDX -0.6%) amid a risk-off start to a week featuring $NVDA earnings and July PCE inflation Wednesday and Fed Chair Warsh’s Jackson Hole speech Friday. Brent crude fell 1.6% to $93/bbl, lowering the 10-year yield to 4.71%; BTC held near $77.3K while gold rose. Chipmakers declined led by SK Hynix and Samsung Electronics in Korea and $MU and $MRVL in the U.S. pre-mkt. S&P 500 2026 EPS estimates have continued to climb to $364 (+31% y/y) on AI and energy strength, equating the S&P earnings yield to the 10-year treasury yield for the first time since early 2024 and before that the 2000 internet bubble. I remain cautious on $TSLA given declining forward long-term earnings estimates, rising unsupervised AV competition, and an extended valuation. For additional detail, please see my daily pre-mkt summary for Subscribers.

2026.08.24 08:56

Tech stock pressure pulled U.S. equities lower (SPX -0.1%, NDX -0.6%) amid a risk-off start to a week featuring $NVDA earnings and July PCE inflation Wednesday and Fed Chair Warsh’s Jackson Hole speech Friday. Brent crude fell 1.6% to $93/bbl, lowering the 10-year yield to 4.71%; BTC held near $77.3K while gold rose. Chipmakers declined led by SK Hynix and Samsung Electronics in Korea and $MU and $MRVL in the U.S. pre-mkt. S&P 500 2026 EPS estimates have continued to climb to $364 (+31% y/y) on AI and energy strength, equating the S&P earnings yield to the 10-year treasury yield for the first time since early 2024 and before that the 2000 internet bubble. I remain cautious on $TSLA given declining forward long-term earnings estimates, rising unsupervised AV competition, and an extended valuation. For additional detail, please see my daily pre-mkt summary for Subscribers.