Markets Closed · No. 066 · Published 9:40 AM ET
Make sense of the market, every morning.
← Issue 065 Issue 066
01

Three Things to Know

1

S&P and Nasdaq hit fresh records

The S&P 500 closed at 7,489 and the Nasdaq gained 1%, with the fear gauge dropping to 16. Calm and confident going into a busy week.

2

Bond yields are quietly climbing

The 10-year Treasury yield rose to 4.74%. Higher yields make borrowing costlier and hurt smaller companies — which is why the Russell 2000 slipped while everything else rose.

3

Nikkei rockets 4% as Japan leads global gains

Tokyo's market jumped over 4% in a single day, far outpacing US and European stocks. Worth watching whether the momentum carries into next week.

02

Markets at a Glance

Composite Risk Score
5.0/10
Moderate · Stable Conditions
S&P 500+0.70%
7,490
5-day trend
NASDAQ+1.00%
25,374
5-day trend
10Y YIELD+1.76%
4.74%
5-day trend
VIX-6.44%
15.99
5-day trend
DOW JONES
52,485
+0.53%
RUSSELL 2K
2,931
-0.50%
GOLD
4,049
-1.24%
OIL WTI
84.67
+1.29%
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03

World Markets

North America
S&P 5007,489.72+0.70%
Nasdaq25,373.85+1.00%
Dow Jones52,485.03+0.53%
Russell 20002,931.34-0.50%
Oil (WTI)84.67+1.29%
Gold4,049.10-1.24%
10Y Yield4.74%+1.76%
VIX15.99-6.44%
USD Index99.80-0.21%
Europe
FTSE 10010,868.10-0.27%
DAX25,629.24+0.07%
CAC 408,509.64+0.28%
Euro Stoxx 506,358.01+0.21%
Asia
Nikkei 22564,362.02+4.03%
Hang Seng25,884.43+0.10%
Shanghai3,832.26+0.72%
04

The Big Picture

Stocks closed the week on solid footing. The S&P 500 rose 0.70% to a record 7,489, the Nasdaq tacked on 1%, and the VIX — Wall Street's fear gauge — fell to a sleepy 16. Japan stole the show, with the Nikkei jumping 4%. Under the calm, though, bond yields crept up. The 10-year Treasury rose to 4.74%, its highest in a while. Money is moving back into tech and out of the small-caps, which slipped.

Watch the bond market. Rising yields mean borrowing is getting more expensive again, and that's a headwind for the small companies in the Russell 2000, which fell 0.50% while everything else rose. Next week is stacked: AMD, Eli Lilly, and a wave of data ending with Friday's jobs report. Gold dropped 1.24%, a sign traders feel less need to hide. If the jobs numbers come in hot, those higher yields could stick — and that's when the party gets tested.

05

Story of the Day

Yahoo Finance

Dow Jones Futures: Market Rebounds, Now Watch For This; SpaceX, AMD, Sandisk, Eli Lilly Earnings Loom

The market bounced back and is now sitting near record highs, but the real test comes next week when giants like AMD and Eli Lilly report earnings. Those results tell you whether the AI and drug-company excitement is backed by actual profits or just hope. If they disappoint, the whole rally could wobble.

06

More Headlines

07

Coming Up This Week

MON
3
10:00 AM ET
ISM Manufacturing PMI ★★
First read on whether factories are shrinking or growing again
TUE
4
10:00 AM ET
JOLTS Job Openings ★★
A cooling here would be the first crack in the labor story
WED
5
SMR Earnings ★★
Small-cap nuclear name reports; watch for demand signals from the AI power boom
10:00 AM ET
ISM Services PMI ★★
Services drive the economy — a miss here would worry investors
THU
6
8:30 AM ET
Jobless Claims ★★
A rising number is the earliest warning that layoffs are picking up
FRI
7
8:30 AM ET
Jobs Report (NFP) ★★★
The big one. A hot number keeps yields high and rate cuts distant
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