Thursday, August 6, 2026

The SPCX lockup — 911.5 million insider shares eligible at today's open — is the session's defining structural event, landing against a stock that closed 13.6% lower Wednesday and sits 20% below its $135 IPO price; whether institutional buyers absorb the unlock and build a base near $95–108, or mechanical supply pressure extends the slide, determines the AI infrastructure narrative for the rest of Q2 earnings season.

The memory bear market is the morning's sharpest cross-current: SNDK beat its $8.71B revenue estimate (+372% YoY to $8.97B) and printed a 14% EPS beat, yet the stock slid on a guidance midpoint that disappointed — the market signaling that the NAND boom's duration is now the only variable that matters, not the scale of the prints. WDC fell −10% AH on the same template. MU is −3.6% premarket and SKHY −6.1%, extending the selloff that drove Nikkei's −0.98% session (SK Hynix −8.7% (KOSPI), Kioxia −10%) — the mirror image of Wednesday's KOSPI +3.76% from AMD's data-center beat. Memory investors are now being asked to price both a demand-confirmation signal (AMD +107% YoY data center) and a guidance-duration question (SNDK: does the NAND boom last two more quarters or six?) simultaneously.The Hormuz deal moved from "today or tomorrow" (Bessent, Tuesday) to "agreed in principle" (Iran/Oman, Thursday morning) — Iran and Oman have agreed on shipping-lane coordinates for a proposed corridor, and Bloomberg reports the deal is "on the verge of being finalised." WTI's $76 close Wednesday (not below $73 as predicted) shows the market's threshold: it will not fully price sub-$73 oil until a formal agreement is signed, CENTCOM confirms, and tankers actually move through the corridor undisrupted. XLE is nonetheless up +0.78% premarket as equity investors position ahead of the signing.At 8:30 AM today: Initial Jobless Claims (consensus 203K vs prior 197K) + Q2 Nonfarm Productivity (consensus +0.7%) + Unit Labor Costs (consensus +2.1%). Gov. Cook's Wednesday lunchtime speech — "I am prepared to act by raising rates, if necessary" — was the week's first hawkish Fed signal and reinforced the CME FedWatch 62.7% probability of a September hike. Today's Claims are the last labor-market read before Friday's NFP (80K consensus).Two insider signals stand out: PFE drew a rare cluster buy on the day after earnings — two independent directors (Blaylock: $999K; Buckley: $960K) both bought open-market on Aug 5 with no pre-arranged plan, one of the highest-signal Form 4 patterns in the universe. On the activist front, Starboard Value disclosed a stake in SHAK (stock +10%+ Wednesday), commencing what will be its third restaurant-sector campaign; formal 13D expected ~August 12.

1. Market Snapshot

Key backdrop: Wednesday produced a split market — the Dow hit a new record at 54,349 (+0.49%) while the S&P slipped −0.17% as AMD's −7.04% and SPCX's −13.61% outweighed LLY's +28% EPS beat and DIS's +4% surge. Today's NQ −0.1% vs DIA +0.2% extends the Dow-leads-Nasdaq dynamic for a third consecutive session. XLF (+0.50%) and XLE (+0.78%) lead premarket; XLK (−0.50%) lags. CME FedWatch at 62.7% September hike probability keeps rate-sensitive sectors in focus ahead of today's 8:30 AM triple-release.

2. Asia Recap

Thursday, August 06 closes (Asia session).

Net read: Asia's Thursday session reversed Wednesday's AI memory optimism almost entirely. SNDK's AH guidance miss and WDC's −10% drop landed in Asian trading hours, confirming that the NAND demand story now hinges entirely on guidance duration, not current-quarter beats. Nikkei's −0.98% (from Wednesday's +3.66%) shows how quickly the KOSPI/Nikkei AI trade reverses on storage guidance. India's resilience on IT strength is the lone bright spot. Relevant: semiconductor_value, korean_chaebols.

3. Europe Now

Thursday, August 06 at open / early session (ET ~3–5 AM).

Read: DAX hitting an all-time high despite Asian chip selloff reflects a European sector rotation — ASML (added to Goldman European Conviction List with EPS estimates 5–18% above Street for FY27–29) anchors the European AI trade while the industrial complex benefits from lower energy-import costs. FTSE's modest opening gain reflects Hormuz de-escalation optimism partially offsetting energy-composition drag. The DAX/FTSE divergence remains the cleanest daily Hormuz de-escalation indicator in European equities. Relevant: uk_european_banking.

4. Economic Calendar

Context: FOMC held 3.50–3.75% at Jul 28–29 (3 hawkish dissents: Hammack, Kashkari, Logan; most recent dot-plot median 3.8% from Jun 17 SEP); BoE held 3.75% (6-3 hawkish split, Jul 30); BoJ held 1.00% (8-1; Takata dissented for immediate hike to 1.25%, Jul 31); ECB held 2.25% (Jul 23); RBI held 5.25% (Aug 5, neutral). No central bank meetings this week. The labor-market trifecta: ADP (Wed ✅ 44K — missed 70K consensus) → Claims (Today ← 8:30 AM) → NFP (Fri ← tomorrow). Gov. Cook spoke Wednesday (hawkish: "prepared to act by raising rates, if necessary"). CME FedWatch: 62.7% Sep hike probability.

Upcoming (out of week)

5. News & Events

SPCX Lockup — 911.5M Insider Shares Eligible at Today's Open

This is the session's primary structural risk event. SpaceX's first 20% lockup tranche (911.5 million shares; Musk's personal holdings remain locked until June 12, 2027) expires at the August 6 open — one of the largest single-day supply events in recent IPO history. The stock closed Wednesday at $108.27 (−13.61% on 201.2M shares, 72% above 3-month average; −20% from the $135 IPO price) before a single insider share had technically been sold. Today's session is the first opportunity for lockup sellers to act. JPMorgan raised PT to $240 post-earnings (most bullish); Wells Fargo cut to $215; Piper Sandler cut to $140. Analyst consensus (~$233 avg; majority Buy/Outperform, 23/31 analysts Buy; Piper Sandler Neutral) reflects Starlink at 12M subscribers and the Starlink broadband margin thesis — but the $18.4B Q2 capex (sixfold YoY expansion, primarily xAI infrastructure) has pushed FCF timeline materially beyond pre-IPO models. Relevant: pre_ipo_innovation_funds, ipo_lockup_expiry.

Memory Bear Market — SNDK/WDC Guide Disappoints Despite Blowout Revenue Beats

SanDisk AH Wednesday: revenue $8.97B vs $8.71B est (+372% YoY), EPS $39.25 vs $34.45 est (+14% beat) — a blowout in every current-quarter metric. The stock fell. Western Digital: revenue $3.75B vs $3.71B est (+43.8% YoY), EPS $3.56 non-GAAP (+7.9% beat) — also fell, −10% AH. The pattern is identical to AMD and SPCX the prior session: record revenues, record margins, and a guidance midpoint that lands below the Street's extrapolation of the current boom rate. MU is −3.6% premarket, SKHY −6.1% — investors rotating out of the entire memory complex. SNDK did announce a $14.0B buyback authorization (combined with prior $6B = ~$15.5B total remaining); if buyback demand provides a floor, the guidance-driven selloff could be short-lived. The question for ai_infra_picks_shovels practitioners is whether the NAND boom lasts two more quarters or six. Relevant: semiconductor_value.

Hormuz — Iran and Oman "Agreed in Principle" on Shipping Corridor Coordinates

Iran's state news agency (IRNA) confirmed Thursday that Iran and Oman have agreed on coordinates for a proposed shipping corridor through the Strait — vessels would enter through Iranian territorial waters and exit through Omani waters. Bloomberg reports the deal is "on the verge of being finalised." President Trump signaled an announcement "could come soon." No formal agreement has been signed; the remaining sticking point is the enforcement mechanism for tanker inspections. WTI's $76 close Wednesday (bouncing from the $73–75 floor of prior two sessions) is precisely the market's signal: full oil price reversion requires a signed deal with tanker passage confirmed, not coordinates agreed in principle. A formal signing during today's session would push WTI toward $70–72 and extend XLE's underperformance streak to a fourth day. Relevant: geopolitical_crisis, oil_down_tech_up.

Key Analyst Actions

Notable overnight actions: Bernstein upgraded ELF from Market Perform to Outperform (PT $60→$113, +88%) on strong early-sales data from the June 2026 hair care line launch; Goldman Sachs U.S. Conviction Buy List added MSFT, AMAT, DAL, ORLY, VIK, UPS, AON while removing AVGO, DKS, JNJ, NOW. Goldman raised S&P 500 year-end target to 8,000 (from 7,600); Citi raised to 8,100. PBF Energy downgraded to Sell on refiner margin compression from Hormuz de-escalation. Q2 2026 S&P 500 blended EPS growth estimate now +23.3% YoY (up from +18.8% at March 31) — analysts cutting less and raising more, a reversal of the typical seasonal pattern. Deutsche Bank raised 2026 S&P EPS to $358 from $342.

PFE Director Cluster Buy — Two Board Members Buy Open-Market After Earnings

Two independent PFE directors bought open-market on August 5 (the session immediately after Q2 earnings): Ronald Blaylock $998,821 (39,231 shares at $25.46) and Mortimer Buckley $960,369 (37,632 shares at $25.52) — a combined $1.96M cluster with zero pre-arranged plan. Two independent directors buying simultaneously on the same session after earnings is one of the highest-signal Form 4 patterns. PFE is near multi-year lows (~$25); Q2 showed adj EPS beat and FY revenue guidance raised to $60.5–62.5B. Relevant: insider_buying_real.

AZN / BMY — Merger Still No Announcement; Argus Upgrades BMY Independently

No formal merger announcement as of Thursday morning. Argus upgraded BMY to Buy ($75 PT) on standalone turnaround momentum from new launches — independent of the merger rumor. The AZN −7% / BMY +6% spread from the Aug 2–3 initial report has partially normalized. Combined oncology antitrust exposure (~40–50% revenue each) makes a sub-week announcement structurally improbable. Relevant: merger_arbitrage.

6. WSB/Retail Sentiment

SNDK dominates Thursday's retail conversation — +258% in mention volume in the prior 24 hours after its AH beat, yet sliding on guidance, creating the "beat and fade" setup retail most intensely debates. The pattern has now repeated three sessions in a row: AMD (record Data Center revenue, −7%), SPCX (record revenue, −13.6%), SNDK/WDC (record revenue, down AH on guidance) — retail is undergoing a collective recalibration of the AI capex earnings template. The community is split between those treating each selloff as a dip-buying opportunity and those concluding that AI capex-chain stocks are structurally overvalued relative to FCF timelines.SPCX's 911.5M-share unlock is the most-debated structural event; retail bulls who tried to "buy the earnings dip" at $108–115 are now underwater, divided between treating today as a one-day flush and viewing it as a multi-week supply overhang. MU, HOOD, and AMZN maintain strong AI-theme Reddit scores independent of the storage drama. PODD's −20.5% selloff on a 1ppt guide trim is attracting a growing "overreaction" thesis in MedTech corners of Reddit.Equity P/C at 1.11 (Aug 4, above 1.0 = net put-heavy); VXX +1.07% premarket Aug 6 while VIX closed at ~15.81 — the contradiction suggests front-month futures are pricing incremental vol for today's data (claims, COP earnings, SPCX unlock) without triggering a systemic fear signal. VIX contango intact. Relevant: vix_mean_reversion, sentiment_reversal.

7. Commodities & Currencies

Energy: WTI at $75.69 reflects the market's strict distinction between "agreed in principle" (current state) and "signed deal with tanker passage confirmed" (what prices sub-$73). The XLE premarket bounce (+0.78%) is equity investors front-running the signing, not oil traders pricing it. A formal Hormuz deal today pushes WTI toward $70–72 and compresses refiner crack spreads (PSX, VLO headwind; PBF already downgraded to Sell). Relevant: oil_down_tech_up, energy_seasonal.

Gold: Gold at $4,279.93 is the session's standout commodity move — up ~$85 from Wednesday's ~$4,200 print. The primary driver is the safe-haven and inflation-hedge bid; 10Y yield at ~4.61–4.64% remained elevated while gold continued higher, reflecting geopolitical premium (no signed Hormuz deal) and central-bank demand. Sub-$4,250 gold would signal a partial reversal if the safe-haven bid fades on a formal signing. Relevant: gold_bug.

8. Earnings This Week

Reported BMO Today (Thu Aug 6):

Reported AH Wednesday (Aug 5):

Reporting AH Tonight (Thu Aug 6):

Friday Aug 7 BMO:

Guidance warnings this week: UBER Q3 bookings guide missed ($58.25–60.25B vs $59.33B consensus); SPOT Q3 soft guide; Air Canada suspended FY26 guidance entirely on jet-fuel volatility; APP Q3 guide slightly light. Relevant: earnings_gap_and_go, earnings_surprise_drift.

9. Strategy Triggers

Memory Bear vs. AI Demand: The Core Split of This Earnings Season

The week's most actionable strategic development is the divergence between the AI demand signal (AMD Data Center +107% YoY, AXON +35% YoY, MELI first $10B quarter) and the AI infrastructure supply signal (SNDK/WDC guidance miss, SPCX capex shock, SKHY −6.1% premarket). The semiconductor_value framework now requires splitting the universe into two cohorts: (1) AI demand beneficiaries without capex burden — PLTR, AXON, MELI, application-layer software; (2) AI infrastructure builders bearing front-loaded capital costs — AMD, SPCX, SNDK, WDC. Cohort 1 is printing beats and holding; Cohort 2 is printing beats and selling off. The correct strategy response is to harvest Cohort 1 drift while waiting for Cohort 2 to base. Relevant: ai_infra_picks_shovels, picks_and_shovels_ai.

NFP Eve: September Hike Decision Tree

Today's Claims (203K consensus, prior 197K) are the last pre-NFP labor signal. Cook's hawkish stance + 62.7% Sep hike probability means the decision tree for Friday's NFP is: below 60K = recession fear overrides hike odds, bonds rally, XLRE/XLU bounce; 60–90K = range-bound, dissents remain vocal but Sep hold stays base case; above 120K = September hike becomes consensus, 10Y retests the 4.70–4.75% range, rate-sensitives sell. A claims print below 195K today (tight labor) extends the hawkish repricing; above 210K (loosening) would be a dovish surprise. Relevant: nfp_momentum, fomc_announcement, unemployment_momentum.

SHAK — Starboard Activist Catalyst

Starboard Value has disclosed a stake in Shake Shack (formal 13D expected ~August 12; stock +10%+ Wednesday). Starboard's restaurant-sector track record (Lamb Weston 2026 cost-reduction campaign; Starbucks 2024 board push) produced restructuring demands within 60 days in both cases. The playbook: accelerate unit economics optimization, reduce G&A, potentially surface real estate value. SHAK's premium brand / inconsistent margin profile is exactly the Starboard entry profile. New SEC guidance (Jul 9) requiring SPV investor disclosure may surface additional backers in the formal 13D. If confirmed above 10%, expect a second catalyst wave on filing date. Relevant: activist_distressed.

PODD — MedTech Dip, Deeply Oversold

Insulet's −20.5% drop on a 1ppt FY guidance trim (21–23% → 20–22% growth) created a technical setup rarely available in large-cap MedTech: RSI deeply oversold (below 30), revenue +23.5% YoY, EPS +14.3% above consensus, and a 23-analyst consensus target of ~$290 against a current price of ~$168 (73% upside gap). The selloff is driven by T2D distribution scaling friction — a known ramp delay, not demand destruction. Truist downgraded to Hold (PT $153 from $210); Jefferies Buy maintained. The Omnipod T2D market thesis (estimated 10× the T1D addressable pool) is intact. Relevant: earnings_surprise_drift, biotech_breakout.

10. Wednesday's Predictions — Scorecard

11. Trade Ideas

Observations from the research briefs — not investment advice.

PODD — Earnings Dip Buy: Deeply Oversold, 73% Gap to Analyst Consensus | STRONG BUY

Insulet's −20.5% drop (to ~$168) on a 1ppt FY guidance trim is a textbook overreaction to a clean beat: Q2 revenue $801.7M (+23.5% YoY), EPS $1.66 (14.3% above est), and the Omnipod T2D expansion thesis intact. The market punished a winner for being approximately one percentage point slower than expected on a multi-year adoption curve. RSI below 30, the session's most oversold reading among large-cap MedTech names. Truist downgraded to Hold (PT $153 from $210); Jefferies Buy maintained; 23-analyst consensus ~$290 (73% upside from current price). Entry zone: $165–175. Stop: $140 (next guide cut threshold). PT: $240 (6-month mean-reversion). Relevant: earnings_surprise_drift, biotech_breakout.

NRG Energy — Utility at 52-Week Low, Transient Miss | STRONG BUY / WATCH

NRG fell −16.7% to its 52-week low on two transient factors: ERCOT spot prices came in at $33/MWh (vs $52 planned — ERCOT mean-reverts seasonally) and front-loaded D&A from the LS Power acquisition. Management reaffirmed full-year EPS guidance of $7.90–$9.90; at ~$118–135 (52-week low), this implies 2026 P/E of ~12–15×, cheap for a utility with 1.2GW Texas data-center power project in backlog. Analyst consensus: $188–$198 (~60% upside). Risk: RSI ~37–39 (deeply oversold) means no technical floor yet — accumulate on further weakness below $120. Stop: $105. Relevant: utility_infra_income, contrarian_fallen_angels.

PFE — Director Cluster Buy Into Post-Earnings Lows | HIGH CONVICTION WATCH

Two independent PFE directors deployed a combined $1.96M in open-market buys on August 5 — the session immediately after Q2 earnings — with no pre-arranged plan. Two independent board members buying on the same session after earnings is one of the highest-signal Form 4 patterns. PFE near multi-year lows (~$25); Q2 adj EPS beat and FY revenue guidance raised to $60.5–62.5B. Entry zone: $24.50–$26. Stop: $22. PT: $32–$35 (12-month; consensus mid-$30s). Relevant: insider_buying_real.

SPCX — Do Not Initiate; Watch for Lockup Floor | STRUCTURAL AVOID

SpaceX remains a structurally compelling business (Starlink 12M subs, $7.81B Q2 revenue +92% YoY) with analyst consensus PT ~$233. But 911.5M insider shares are eligible today, and the stock is already −20% from its $135 IPO price. Do not initiate a long position until lockup supply is absorbed — estimate 2–4 weeks. Watch for a close above $115 with volume normalizing below the 3-month average as the first indicator that institutional demand has absorbed the unlock. Entry zone post-lockup clearance: $95–110. PT: $175–200 (12-month, discounting $233 consensus for near-term dilution risk). Relevant: pre_ipo_innovation_funds, ipo_lockup_expiry.

AMD — Dip Hold; TSMC Cluster Confirmation Intact | HOLD / ADD ON WEAKNESS

AMD closed Wednesday at $482.05 (above the ~$473 premarket low, exactly as predicted), confirming institutional dip buyers held the line. The thesis remains intact — Data Center +107% YoY, Q3 guide $12.7–$13.3B — and TSMC's 30+ insider cluster buy (CEO, CFO, COO, 27+ SVPs; ~$800K aggregate since early July, into a ~20% pullback) provides additional conviction: TSMC insiders who fabricate AMD's Helios chips have already voted with personal capital. The memory bear market concern (SNDK/WDC guidance) is a different supply chain layer from AMD's GPU/compute chips. Maintain existing position; add on further weakness. Relevant: semiconductor_value, insider_buying_real.

The Day Ahead in One Paragraph

Thursday opens with the SPCX lockup as the structural anchor — 911.5M insider shares eligible from the open create mechanical supply pressure that no earnings commentary can offset, and the stock's −13.6% Wednesday close at $108.27 means the first buyers at this price are already in a loss position; today's session resolves whether the $95–108 range holds or breaks.The macro morning is binary at 8:30 AM: Initial Jobless Claims (consensus 203K, prior 197K) sets the final pre-NFP labor read — below 195K reinforces Cook's hawkish framework and re-arms Sep hike pricing; above 210K provides temporary cover for rate-sensitives (XLRE, XLU) and bond bulls ahead of Friday's NFP.The memory complex faces its most concentrated selling day of the week: MU −3.6% and SKHY −6.1% premarket after SNDK/WDC guidance disappointments, with Nikkei −0.98% already pricing the sector selloff — the question is whether SNDK's $14B buyback authorization provides any floor against the distribution.Hormuz remains the live geopolitical binary: Iran/Oman coordinates "agreed in principle" is the most concrete progress to date, but WTI at $76 shows the market's strict requirement for a signed deal with tanker passage confirmed — the moment CENTCOM or State issues a signing confirmation, WTI targets $70–72 and a fourth consecutive XLE underperformance day begins.AH tonight: Cloudflare (NET, $0.665B est) and Atlassian (TEAM, $1.66B est + FY27 guide) are the cleanest AI-adjacent software reads remaining in Q2 earnings season — both carry "application-layer beneficiary without capex burden" narratives that the AXON/MELI beats (35% and 50% YoY respectively) have already validated as the winning cohort of the week.

Today's Predictions

1. S&P 500 closes flat to +0.3% — SPCX lockup pressure and memory selloff (MU/SKHY) create tech drag; XLF/XLE/XLV defensive rotation partially offsets; Claims data below 210K prevents a broader selloff; index holds near the 7,700–7,750 range.
2. SPCX finds no meaningful intraday base — 911.5M share unlock creates supply throughout the session; intraday bounces fail to sustain above $112; stock closes below $110 on elevated volume.
3. Initial Jobless Claims print in the 198–208K range — mild labor loosening above the prior 197K; ADP's 44K miss (vs 70K consensus) already flagged labor softening; Claims in this range would confirm gradual loosening without triggering a dovish pivot.
4. XLF leads all SPDR sectors — financials benefit from the steeper yield curve dynamic and the broad rotation away from tech; earnings season stock-picking within the sector supports relative outperformance over XLK.
5. Hormuz formal signing does NOT occur today — the enforcement-mechanism sticking point on tanker inspections remains unresolved per Al Jazeera's Aug 6 update; "on the verge" does not mean "signed today"; WTI closes in the $74–77 range.
6. SNDK's $14B buyback authorization provides a partial floor — stock stabilizes within 5% of its AH closing level; buyback demand limits downside even as guidance-driven institutional distribution continues.
7. MU closes below Wednesday's close — SNDK/WDC guidance disappointment + SKHY −6.1% premarket creates a memory bear market narrative that takes at least one full session to digest; no technical bounce until oversold signals deepen below RSI 35.
8. Gold closes above $4,250 — the safe-haven bid and sub-100 DXY provide the floor; a Hormuz signing might trim $20–30 from the geopolitical component but the inflation-hedge and central-bank demand channels sustain the level.
9. NET (Cloudflare) AH beats $0.665B revenue estimate — Cloudflare's AI security and inference routing products are the clearest "application-layer beneficiary without infrastructure capex" story in tonight's lineup; AXON's 10th consecutive >30% growth quarter confirms secular cloud/security demand is structural.
10. AZN/BMY produces no formal merger announcement — antitrust exposure (combined oncology ~40–50% revenue each), cross-border regulatory timeline, and board-level process make a sub-week announcement structurally improbable; Argus's standalone BMY upgrade further decouples the turnaround thesis from merger speculation.

Sources
- Yahoo Finance — Stock Market Today Aug 6
- Bloomberg — Hormuz Iran/Oman "agreed in principle" Aug 5
- Bloomberg — Hormuz "on verge of finalization" Aug 6
- CBS News — Hormuz live updates
- Al Jazeera — Hormuz positions Aug 6
- Benzinga — SNDK AH earnings
- SNDK SEC 8-K — Q4 FY2026 results
- StockStory — WDC Q2 2026
- Axon PRNewswire — Q2 2026 results
- MercadoLibre — Investing.com Q2 2026
- Motley Fool — SPCX Aug 5 close
- Investing.com — SPCX lockup expiry
- Washington Post — Aug 5 close
- CNBC — Gov. Cook speech Aug 5
- TradingKey — AMD close Aug 5
- Yahoo Finance — MU memory stocks drop premarket
- BigGo Finance — Nikkei Aug 6
- dimsumdaily.hk — Hang Seng Aug 6 open
- ISM Services PRNewswire — Aug 5
- Benzinga — Premarket Aug 6 futures
- Trefis — S&P 500 Movers Aug 6 (PODD, DVA, CDW)
- GuruFocus — Insulet guidance cut analysis
- NRG Energy Q2 2026 — Investing.com
- JM Bullion — Gold price Aug 6
- 247 Wall St — Goldman Conviction List Aug update
- Benzinga — Analyst actions Aug 5–6
- Investing.com — Initial Jobless Claims calendar
- FactSet — Q2 2026 Earnings Insight
- OpenInsider / EDGAR — PFE Form 4 Aug 5–6
- Bloomberg — Starboard / SHAK stake Aug 5
- Reference: agents-assemble/knowledge/premarket-research/20260805.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.