Friday, July 24, 2026

Futures try to steady the ship after Thursday's rout — S&P 500 +0.20%, Dow +0.43%, Nasdaq 100 +0.05% — as WTI slips back below $90 (Brent under $100) on US–Iran ceasefire chatter and Intel rips ~+3–4% pre-market on its fastest revenue growth in 15 years, even as Asia catches down hard to Thursday's oil-and-AI-capex shock (KOSPI –5.7%, Nikkei –2.73%).

The setup this morning is a tentative bounce inside a still-nervous tape. Thursday cascaded into a genuine risk-off flush — S&P 500 –1.21% to ~7,408, Nasdaq Composite –2.2% to 25,137, the "Mag-7" shedding ~$800B (TSLA –14.5%, GOOGL –7.1%) — as AI-capex ROI fear, a $100 Brent print, and a 1969-low jobless-claims number that revived Fed-hike odds all fired at once. Friday premarket flips modestly greener: Dow futures lead on value/traditional-sector earnings, crude eases as mediators float a 10-day pause to restart US–Iran talks, and Polymarket implied a 66% chance the S&P opens higher. But VIX still sits bid near 19 — the vol market is not yet buying the bounce.Asia was the overnight story, catching down to Thursday's US close: the chip-heavy KOSPI plunged –5.7% and the Nikkei fell –2.73% on the same AI-return doubts that hit Wall Street, while Hang Seng fell with the region (–0.98%). The single-stock tape is all about earnings dispersion: Intel blew out revenue (+25% y/y to $16.1B, EPS $0.42 vs ~$0.22) but printed an ~$11B net loss and reversed most of a +12–13% after-hours pop; Amkor jumped +9.66% pre-market on a $1.5B Nvidia advanced-packaging deal; SLB surged ~+10% on a clean oilfield beat; and American Express fell ~5–6% despite an EPS beat, punished for a revenue miss and an unchanged profit outlook.The macro gate is quieter than it looks. The FOMC blackout runs through Jul 30, so there are no Fed speakers, and today's only marquee US data — the S&P Global Flash PMI (9:45 AM) and New Home Sales (10:00 AM) — both land after the open. The real weight sits next week: Thursday's stunning 187K claims print (lowest since 1969) has turned the Jul 29 FOMC into a live hike debate rather than a lock-hold, with Q2 GDP and June PCE landing Jul 30.The cleanest single-name tells: Intel's revenue-beat/net-loss split and a genuinely divided analyst reaction (Wedbush +63% PT, Seaport +39%, against Cantor –17% and Mizuho –19%), PNFP Chief Banking Officer Robert McCabe's $1.0M same-morning open-market buy — the standout genuine executive purchase — and a heavy Friday earnings bookend (AXP, VZ, HCA, CHTR, SLB) that split sharply between beat-and-reward and beat-and-punish. With Thursday's scorecard lesson fresh — when three risk catalysts fire at once, correlated de-risking overwhelms the single-factor tailwind — the tape's message is to respect a two-way weekend headline risk on oil rather than lean hard on either the bounce or the fade.

1. Market Snapshot

Key backdrop: Thursday Jul 23 close: S&P 500 –1.21% to ~7,408; Dow –1%; Nasdaq Composite –2.2% to 25,137.69; VIX 18.70 (+12.38%). Three catalysts cascaded — AI-capex ROI fear (GOOGL, TSLA), Brent topping $100 on Houthi tanker strikes, and a 1969-low 187K jobless-claims print that lifted Fed-hike odds. Friday premarket steadies as crude retreats (WTI $90.13, –2.23%; Brent back below $100) on US–Iran ceasefire chatter — mediators floated a 10-day pause. The 10Y sits near a two-month high (~4.69%); DXY ~101.36. Today's only marquee US data (S&P Global Flash PMI, New Home Sales) release after the open, leaving the earnings tape (AXP, VZ, HCA, INTC-reaction) as the driver into the weekend.

2. Asia Recap

July 24 closes (completed overnight ET).

Net read: Asia bore the full weight of Thursday's Wall Street rout, with the epicenter in the AI-chip complex — the KOSPI's –5.7% collapse is a violent unwind of the same AI-memory conviction that carried it above 7,000 just one session earlier, and the Nikkei's –2.73% confirms the AI-return-doubt regime traveled straight across the Pacific. Hong Kong offered no refuge — the Hang Seng fell –0.98% to 24,963.23, capping its worst week in over a year as the renewed tech sell-off dragged the region uniformly lower. India logged a fifth straight decline directly on crude. The message: the AI-capex de-rating traveled across every major Asian tape, with the chip-heavy proxies (Korea, Japan) hit hardest and no market escaping the flush. Relevant: semiconductor_value, china_tech_rebound.

3. Europe Now

At/near open, July 24.

Read: Europe opens modestly firmer, in step with US futures, as the crude pullback removes some of the risk premium that drove Thursday's flush — and the region's own data gave it a lift. The July flash PMIs surprised broadly to the upside (Eurozone Mfg 52.0 / Composite 51.9; UK Mfg 52.8 / Services 51.8 / Composite 52.1), a genuine acceleration in Q3 momentum that outran consensus. That data, plus a hot UK retail-sales beat (+1.0% M/M vs –0.3% expected), lands against a backdrop where the ECB held Thursday (unanimous) and Lagarde signaled the bank is "primed for a possible September move" — leaving European rate risk tilted hawkish even as growth data firms. SAP trading higher on strong European cloud revenue is the single-name standout. Data note: index figures are at/near-open reads, not confirmed cash-close levels.

4. Economic Calendar

Context: FOMC blackout remains active (runs through midnight Jul 30) — no Fed speakers this week. Thursday's ECB hold and a stunning 187K jobless-claims print (lowest since 1969) are the completed macro anchors — the claims number has turned the Jul 29 FOMC into a live hike debate. Today's only marquee US data are the S&P Global Flash PMI (9:45 AM) and New Home Sales (10:00 AM), both releasing after the 9:30 pre-market cutoff. The market-moving events all sit next week: the Jul 29 FOMC, plus Q2 GDP advance and June PCE on Jul 30.

Upcoming (out of week)

5. News & Events

Oil Flips From Escalation to De-Escalation — Brent Slips Back Below $100

The dominant cross-asset thread reversed overnight. After Brent topped $100 Thursday (~+7% to ~$101 on Houthi strikes on two Saudi tankers and a Saudi-port blockade claim), crude eased back below $100 in pre-market trade on reports that mediators floated a 10-day pause to restart stalled US–Iran talks. WTI sits at $90.13 (–2.23%), still up ~10% on the week. The pullback removes some of the risk premium that drove Thursday's –1.2% S&P selloff — but the war is in its second week and Hormuz shipping remains constrained, so this is genuine two-way headline risk into the weekend, not a resolved event. Relevant: geopolitical_crisis, energy_seasonal, commodity_supercycle.

Intel Blows Out Revenue but Prints an ~$11B Loss — Analysts Split Sharply

Intel posted its fastest revenue growth in 15 years — rev $16.1B (+25% y/y, ~$1.8B above the guide midpoint), non-GAAP EPS $0.42 vs ~$0.22 est, 18A yields improving 65%→85% — but the headline was clouded by a ~$11B net loss, and an after-hours pop of +12–13% largely reversed before firming to ~+3–4% pre-market. The analyst reaction is textbook two-sided: Wedbush hiked its PT +63% ($60→$98) calling the guide "extremely beatable," Seaport +39% ($90→$125, Buy), and Rosenblatt +23% even while holding Sell — against Cantor –17% ($150→$125) and Mizuho –19% ($135→$109), both trimming high-side targets despite the beat. BofA reiterated Buy ($160) on DCAI +59% y/y, "best in 15 years." The split says the print reset the floor without settling the foundry-demand question. Relevant: semiconductor_value, earnings_surprise_drift.

Amkor +9.66% on a $1.5B Nvidia Deal; Oracle Wins ~$7B DoD Contract

Two clean single-name catalysts cut against the AI-capex gloom. Amkor (AMKR) jumped +9.66% pre-market (+17% after-hours) on a multi-year $1.5B advanced-packaging partnership with Nvidia, with an NVDA prepayment funding Arizona capacity expansion — a direct read-through to the physical AI supply chain. Oracle (ORCL) rose +2.5% pre-market after winning a near-$7B, up-to-10-year Defense Department contract — a rare positive for a name that has been the market's largest large-cap drawdown on credit/capex fears. Both are reminders that inside the "AI ROI" panic, the picks-and-shovels layer is still booking real revenue. Relevant: nvidia_supply_chain, ai_infra_picks_shovels.

Friday Earnings Split: Beat-and-Reward vs Beat-and-Punish

The heavy Friday-BMO tape divided sharply on guidance quality, not headline beats. Schlumberger (SLB) surged ~+10.4% — a top S&P gainer — on a clean beat ($0.55 vs $0.51, EBITDA margin +2.6pp). But American Express (AXP) fell ~5–6% despite beating ($4.53 vs $4.40) because revenue came in light ($19.64B vs ~$19.69B) and management reinvested the outperformance rather than raising EPS guidance. Verizon (VZ) beat EPS ($1.30 vs $1.27) with a big postpaid-phone-adds beat (184K vs ~106K) and raised guidance a second straight quarter, but its initial pop faded on the revenue miss. Charter (CHTR) fell ~–5% on a revenue miss and 172K broadband subscriber losses. The lesson: in this tape, a revenue miss or a "reinvest, don't raise" posture gets punished even on an EPS beat. Relevant: earnings_surprise_drift, earnings_gap_and_go.

Insider & Analyst Tape

The buy side has a clean executive tell: PNFP (Pinnacle Financial Partners) — Chief Banking Officer & Director Robert McCabe bought ~$1.0M (10,013 sh @ $99.90, code P) the morning of Jul 24 — the single cleanest genuine officer/director open-market purchase on the tape. Underneath, RA Capital ran a two-name biotech accumulation (ARTV ~$2.58M + PBLS $1.41M), the same 10%-owner fund paying up across sessions. On the sell-side, the standout coordinated calls were a four-firm PT collapse on Rollins (ROL) (JPM $70→$45, Piper $72→$46, WF $46→$32, BNP $63→$44) and a triple downgrade of Albertsons (ACI) on grocery share loss to WMT/AMZN/Aldi. Relevant: insider_buying_real, insider_buying_acceleration.

6. WSB/Retail Sentiment

Retail attention is overwhelmingly on Intel this morning — r/wallstreetbets mentions spiked +591% to +751% in 24 hours on the revenue-beat/AH-pop/reversal drama, making INTC the single most-discussed ticker and a textbook "own the earnings story" retail trade. Oracle is climbing the mention board on its $7B Defense contract, while GOOG, NVDA, and AMD remain the high-conviction bullish AI names with strong AI Scores. The tone reads more "chase the mover" than classic meme-squeeze — momentum-driven, with the caveat that several top mention-gainers carry weak fundamental scores, i.e. chatter running ahead of the numbers.Positioning is split rather than fearful: CBOE equity put/call sits at 0.67 (below the 0.7 "bullish" line — benign single-name flow), but the total/index P/C near 1.6 shows funds hedging the tape via SPX/SPY puts. That "hedge the index, chase the names" split reads as tactical caution, not panic. VIX bid near 19 with the curve likely flattening at the front confirms residual hedging demand from the oil + AI-capex shock — elevated, not capitulatory. Relevant: sentiment_reversal, tail_risk_harvest.

7. Commodities & Currencies

Energy note: Crude is doing what the risk tape wants — bleeding the war premium back out as mediators float a 10-day pause. WTI's –2.23% to $90.13 and Brent slipping under $100 remove the acute pressure that broke Thursday, but the week is still +10% and Hormuz remains constrained, so this is a de-escalation headline, not a de-escalation fact. Energy is the one sector set to give back Thursday's leadership as the premium unwinds. Relevant: energy_seasonal, geopolitical_crisis.

Rates note: The quieter but stickier story is the 10Y near 4.69% and a 2Y at 4.33% — the 187K jobless-claims print (lowest since 1969) has repriced Fed-hike odds toward ~35% into next week's FOMC. That rate backdrop, not oil, is what's pressuring crypto (BTC –1.6% with ETF outflows) and capping the gold bounce. Relevant: fomc_announcement, bond_duration_trade.

8. Earnings This Week

Reported BMO today (Fri Jul 24):

Reporting AH tonight: No major S&P 500 names scheduled — the after-hours slate is effectively empty. The weekend gives the tape time to digest the AXP/VZ revenue-miss reaction; next material AH prints resume Monday Jul 27.

Recap — Thu Jul 23: INTC ✓ blowout rev ($16.1B, +25% y/y, EPS $0.42) but ~$11B net loss, AH pop reversed; TMUS ✓ blowout ($2.99 vs $2.61); LMT ✓ blowout ($7.94 vs $7.22, record $230B backlog); HON ✓ beat+raise; DOW ✓ beat; BX ✓ beat ($1.52 vs $1.34). Wed AH: GOOGL ✓ beat/capex-guide-up → sold off; TSLA ✗ EPS miss ($0.33); TXN ✓ beat; NOW ✓ beat (~+5.5%); IBM ✗ miss (software guide cut to 6–8%).

Guidance signals active: AXP (reinvested outperformance, held EPS guide — a guidance-quality flag, not a warning); HCA (Jul 14 payer-mix reset now confirmed); IBM (software growth cut to 6–8%); Otis (FY26 EPS cut to $4.01–4.05); plus prior-week Air Canada, Constellation Brands, Pentair. Relevant: earnings_surprise_drift, earnings_gap_and_go.

9. Strategy Triggers

The Bounce Is Real but Unconfirmed — VIX Isn't Buying It Yet

Futures are green (Dow +0.43%, S&P +0.20%) and crude is retreating, but VIX sits bid near 19 and the total/index put/call near 1.6 shows funds still hedging the tape via SPX puts. Equity single-name flow (0.67 P/C) is benign, not fearful — the split says tactical caution, not a durable all-clear. This is a "let the tape confirm" setup: the S&P Global Flash PMI (9:45 AM, watch mfg sub-50 risk) and any fresh oil headline are the intraday gates. The discipline from Thursday's scorecard — don't default to a clean directional frame when catalysts are still live — argues for respecting the two-way risk rather than chasing the open. Relevant: vix_mean_reversion, defensive_rotation.

AI Picks-and-Shovels Layer Is Still Booking Revenue Under the Capex Panic

The "AI ROI" fear that broke GOOGL/TSLA is a demand-side narrative — but the supply-side layer keeps printing deals. Amkor's +9.66% on a $1.5B Nvidia advanced-packaging pact, Intel's +25% y/y revenue beat, and Oracle's $7B DoD win all cut against a uniform "AI capex is wasted" read. The tape is discriminating: it punishes the spenders whose ROI is unproven (GOOGL capex guide, TSLA) while still paying the enablers booking hard contracts. That dispersion is a rotation signal within tech, not a blanket de-rating. Relevant: nvidia_supply_chain, ai_infra_picks_shovels, semiconductor_value.

PNFP Is the Cleanest Executive Buy on the Tape

Pinnacle Financial's Chief Banking Officer & Director Robert McCabe bought ~$1.0M of stock (code P, open market) the morning of Jul 24 — a same-day discretionary purchase by a named executive of a $7B+ regional bank, the single cleanest genuine officer/director tell today. Alongside it, RA Capital's two-name biotech accumulation (ARTV + PBLS, ~$4M combined at rising prices) is a strong sector-conviction fund signal. Both are capital-committed buys into names the broad tape has ignored. Relevant: insider_buying_real, insider_buying_acceleration.

Next Week's FOMC Is Now a Live Hike Debate — Rate-Sensitive Selection Matters

Thursday's 187K jobless claims (lowest since 1969) plus oil-driven inflation risk have pushed July FOMC hike odds toward ~35% — the Jul 29 meeting is no longer a lock-hold. With the 10Y near 4.69%, that shifts the risk calculus for rate-sensitive sectors (utilities, REITs, high-multiple growth) into next week. This is a positioning-ahead signal, not a today-trade: the tape into the weekend should weight quality and rate-resilience over duration-heavy exposure. Relevant: fomc_announcement, quality_factor.

10. Thursday's Predictions — Scorecard

11. Trade Ideas

Observations from the research briefs — not investment advice.

ISRG — Intuitive Surgical (~$345–350) | Extreme-Oversold on a Demand-Timing Reset, Not Share Loss — LEAN BUY

The cleanest risk/reward in the batch: a Q2 beat ($2.80 vs $2.51, rev +18.4%) sold off ~14% on a cautious da Vinci procedure-growth outlook — management maintained full-year guidance at 13.5–15.5% rather than raising it despite strong H1 procedures, implying an H2 slowdown, not share loss, with the installed-base razor/blade economics intact. The stock is deeply oversold near its 52-week low, making downside increasingly asymmetric, and the sell-side stayed constructive with Buy ratings intact. Risk: if elective-surgery softness proves macro/structural rather than subsidy-driven, the multiple keeps compressing. A weekly close back above ~$375 breaks the down-channel; an insider cluster would upgrade this to STRONG BUY. Relevant: contrarian_fallen_angels, dcf_deep_value.

GOOGL — Alphabet | Best Fundamentals in the Dip Cohort, Capex-Fear Overshoot — LEAN BUY (buy the base)

Alphabet has the best fundamentals of the whole AI-capex dip group — rev +24%, Cloud +82%, $514B backlog — and sold off ~7% Thursday only because a raised FY26 capex guide ($195–205B) pushed free cash flow negative. The Street is genuinely split (BofA/KeyBanc/BMO/Citizens raised, Piper/Oppenheimer trimmed), which is a positioning tell, not a thesis break, and the stock sits well above any 52-week-low stress. Risk: "AI ROI" fear is a market-wide regime, so GOOGL trades with the capex complex near-term. This is a buy-the-base name — let the third down-day stabilize rather than chase. Relevant: ai_infra_picks_shovels, growth_concentration.

PNFP — Pinnacle Financial (~$100) | Cleanest Genuine Executive Buy on the Tape — BUY

The single strongest genuine officer/director signal today: Chief Banking Officer & Director Robert McCabe bought ~$1.0M (10,013 sh @ $99.90, code P, open market) the morning of Jul 24, lifting his direct stake to 324,233 shares — a same-day discretionary purchase by a named executive of a $7B+ regional bank with the best visibility into the business. Risk: a single insider buy is a signal, not a fundamentals guarantee, and regional banks carry NII/credit sensitivity into a live-hike-debate FOMC next week; size accordingly. Relevant: insider_buying_real, insider_buying_acceleration.

MXL — MaxLinear (~$81) | Beat-and-Raise Sold Off on Positioning, but Let the Flush Settle — WATCH

The freshest same-day dislocation: MaxLinear fell –11.2% despite a Q2 beat ($0.35 vs $0.33, rev $168.8M vs $166.3M) and a Q3 guide ($210–220M) sitting ~$40M above consensus with a raised optical-datacenter outlook — a pure "sell the news" after a two-week run-up, not a fundamentals break. The AI/optical-connectivity story is accelerating. Risk: the prior run means momentum unwinds can overshoot, and semis are richly valued into a soft PMI print (9:45 ET). Prefer to let the first-day flush settle — watch for a base in the low-$70s; a reclaim of $85 confirms the dip was technical. Relevant: semiconductor_value, earnings_gap_and_go.

The Day Ahead in One Paragraph

The session opens with a tentative bounce after Thursday's rout — S&P 500 futures +0.20%, Dow +0.43%, Nasdaq 100 +0.05% — as WTI slips back below $90 (Brent under $100) on reports mediators floated a 10-day US–Iran pause, and Polymarket implies a 66% chance the S&P opens higher.But the vol market isn't confirming: VIX sits bid near 19 and funds are still hedging via index puts (total P/C ~1.6) even as single-name flow stays benign (0.67), a "hedge the index, chase the names" split that reads as tactical caution, not an all-clear. Asia caught down hard overnight to Thursday's US close — KOSPI –5.7%, Nikkei –2.73% on AI-return doubts — with Hong Kong (–0.98%) falling alongside the region.The single-stock tape is all dispersion: Intel ripped on a +25% revenue beat (but printed an ~$11B loss and drew a split analyst reaction), Amkor jumped +9.66% on a $1.5B Nvidia packaging deal, SLB surged ~10% on a clean beat — against AXP –5.6% and Charter –5% punished for revenue misses despite EPS beats.The macro gate is quiet until after the open (S&P Global Flash PMI 9:45, New Home Sales 10:00), leaving the earnings bookend as the driver, with the real weight next week: Thursday's 1969-low jobless claims turned the Jul 29 FOMC into a live hike debate.With Thursday's scorecard lesson fresh — correlated de-risking overwhelms single-factor tailwinds — the tape's message is to respect the two-way weekend oil risk and let the bounce confirm rather than lean hard on either the rebound or the fade.

Today's Predictions

1. S&P 500 closes higher, in a +0.1% to +0.8% range, as the oil pullback and stabilizing big tech support a bounce off Thursday's rout — but the move is contained, not a full recovery, with VIX still bid near 19.
2. Brent closes below $100 and WTI below $92, giving back part of the war premium as US–Iran ceasefire chatter dominates, though both hold well above pre-escalation levels on continued Hormuz risk.
3. Gold closes roughly flat to modestly higher versus ~$4,050, steadying after Thursday's ~2.5% drop as the firm dollar and elevated 10Y cap any safe-haven bounce.
4. VIX closes lower than Thursday's 18.70 but stays above 17, easing on the bounce without collapsing — the vol market stays cautious into next week's FOMC.
5. Intel (INTC) trades higher on the day but off its pre-market highs, as the revenue-beat narrative and PT raises (Wedbush +63%, Seaport +39%) outweigh the net-loss and high-side trims (Cantor, Mizuho).
6. Amkor (AMKR) holds a large gain (closes up mid-to-high single digits or better), as the $1.5B Nvidia advanced-packaging deal is a durable catalyst, not a fade.
7. American Express (AXP) stays lower on the day, closing down but off its pre-market lows, as the revenue miss and held EPS guide outweigh the EPS beat and raised revenue-growth outlook.
8. Energy (XLE) underperforms the S&P as crude retreats and Thursday's oil-premium leadership unwinds — the sector gives back part of Thursday's relative gain.
9. The US S&P Global Flash PMI (9:45 AM) prints with manufacturing holding above 50 (near the ~54 consensus), reinforcing the resilient-growth read that keeps the FOMC hike debate live.
10. The Friday earnings dispersion persists into the close — beat-and-raise names (SLB, VZ's subscriber beat) outperform beat-but-light names (AXP, CHTR), a positioning tape rather than a uniform direction.

Sources
- Benzinga — S&P 500, Dow Futures Gain as Oil Prices Decline; Intel, Edwards, SAP in Focus (2026-07-24)
- Bloomberg — S&P 500 Futures Steady as Big Tech Rebounds, Oil Dips Below $100 (2026-07-24)
- moomoo — Daily Market Briefing July 24, 2026
- CNBC — Stocks Making the Biggest Moves Premarket: INTC, ORCL, AXP (2026-07-24)
- Benzinga — Amkor Stock Jumps After $1.5B Nvidia Partnership (2026-07-24)
- FX Leaders — Intel Falls to $95 as Foundry Masks Weak External Demand (2026-07-24)
- AOL/Reuters — AmEx Lifts Revenue Forecast, Unchanged Profit Outlook Weighs (2026-07-24)
- Benzinga — Charter Warns Broadband Competition Fierce After Losing 172,000 Customers (2026-07-24)
- GuruFocus — SLB Reports Strong Q2 Earnings, Shares Surge 10.4% (2026-07-24)
- Verizon Q2 2026 Earnings: Subscriber Growth Beats Estimates — Yahoo Finance (2026-07-24)
- Benzinga — HCA Healthcare Surpasses Q2 Estimates With Strong Admissions Growth (2026-07-24)
- Bloomberg — Brent Oil Set for Weekly Jump After Topping $100 (2026-07-23/24)
- CryptoDaily — Oil Price Today: Ceasefire Hopes Pull Brent Back (2026-07-24)
- Bloomberg — US Initial Jobless Claims Fall to Lowest Level Since 1969 (2026-07-23)
- Central Banking — ECB Holds Rates at 2.25% in Line With Expectations (2026-07-23)
- FXStreet — Eurozone Flash Manufacturing PMI Rises to 52.0 (2026-07-24)
- Benzinga — Top 5 Upgrades For Friday: Dover, PayPal, Progressive (2026-07-24)
- Benzinga — Deckers, Summit, Robert Half and Other Big Stocks Moving Lower Friday Pre-Market (2026-07-24)
- StockTitan — PNFP Form 4 Insider Trading Activity (2026-07-24)
- AltIndex — WallStreetBets Trending Tickers (2026-07-24)
- Motley Fool — Probability of July Fed Rate Hike Tripled Last Week (2026-07-24)
- Reference: agents-assemble/knowledge/premarket-research/20260723.md

Disclaimer

This report is produced for informational and educational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any security. All data cited reflects information available as of the publication time noted above. Market conditions and geopolitical developments may change materially before or during the trading session. Futures and pre-market levels are indicative only and are not guaranteed opening prices. Past performance of any strategy referenced is not indicative of future results. Consult a qualified financial advisor before making investment decisions.