Yardeni QuickTakes (Page 2)

GLOBAL MARKET CALL: Damage From AI & War Shocks Has Been Minimal

Aug 2, 2026 4 min read paid

The global economy has been hit by two shocks this year and absorbed them well. The war that started in March pushed oil prices higher and disrupted global supply chains. The AI trade then took a dive in July, with Asian semiconductor stocks hit the hardest. Neither the initial shocks nor the aftershocks seem to have damaged the global economy so far. President Donald Trump said on Saturday that he

Ed Yardeni
Toby Hearst

US SECTORS CALL: Information Technology Is On Sale

Aug 2, 2026 4 min read paid

The S&P 500 closed Friday at 7,489.72. It has been stuck around 7,500 in a summer stall that actually started May 14. Below the calm surface of the market, there has been plenty of turbulence. Adding to last week's volatility was the forced liquidation of Leopold Aschenbrenner's Situational Awareness hedge fund. Apparently, Leo was unaware of the risks of leverage bets

Ed Yardeni
Toby Hearst

ECONOMIC WEEK AHEAD: August 3-7

Aug 2, 2026 4 min read

After a week dominated by the Fed news, Q2's GDP release, and four Mag-7 earnings reports, the week ahead is jam-packed with labor market data, capped by Friday's employment report. Fedspeak resumes as well, with Governor Lisa Cook and SF Fed Bank President Mary Daly both speaking on Wednesday. They were not among the three hawkish dissenters at last week's FOMC meeting.

Ed Yardeni
Toby Hearst

US MARKET CALL: Situational (Un)Awareness Hedge Fund Blows Up Without Blowing Up The Market

Aug 1, 2026 5 min read

So far, so good. We predicted a summer stall in the stock market, with bouts of volatility rather than a correction, and that is how June and July played out. The S&P 500 has gone nowhere since May 14, fluctuating around 7,500, while the market has churned underneath. The rotation of leadership among sectors that we expected has continued. Breadth has improved. Nothing in the past month

Ed Yardeni
Toby Hearst

US Economy Is Still Flying

Jul 30, 2026 4 min read paid

The latest batch of economic data suggests that the US economy remains in remarkably good shape. Domestic demand is strong, and the labor market continues to show resilience. Inflation isn't as picture-perfect. While June's PCED report provided some welcome relief, recent inflation shocks may spread in coming months. They include another round of tariffs, the AI building boom, high energy prices, and supply-chain disruptions.

Ed Yardeni
Elias Griepentrog

Warsh Fails First Credibility Test: Bond Vigilantes Want More Than Hawkish Squawks

Jul 29, 2026 4 min read paid

Fed officials just won't listen to us! We warned them that the economy didn't need the four cuts in the federal funds rate (FFR) at the end of 2024. The Bond Vigilantes agreed with us and pushed the 10-year Treasury bond yield up by 100bps at the time (chart). The same happened late last year. The Fed lowered the FFR three times. The bond yield

Ed Yardeni
Elias Griepentrog

Inflation Risks Still Outweigh Labor Market Risks

Jul 28, 2026 4 min read paid

All eyes are on Wednesday’s FOMC meeting. Markets expect the Fed's monetary policy committee to leave the federal funds rate (FFR) unchanged at 3.50%-3.75%, with the CME FedWatch assigning roughly a 70% probability to no change and a 30% probability to a 25bps rate hike. Investors will be closely watching the FOMC statement, Fed Chair Kevin Warsh's press conference, and the degree

Ed Yardeni
Elias Griepentrog

AI Capex Boom Continues to Boost US Economic Growth

Jul 27, 2026 4 min read Premium Member tier

I. On Industrials Investors are suffering from AI fatigue. They've concluded that there is no way to estimate whether all the capital spending on AI infrastructure will generate good ROIs in the coming years. What they do know is that hundreds of billions of dollars are being spent on AI capex in the here and now. That explains why S&P 500 Industrials is the second-best-

Ed Yardeni
Elias Griepentrog

GLOBAL MARKET CALL: Getting Yin-Yanged By The Latest Gulf War

Jul 26, 2026 4 min read Premium Member tier

The re-escalation of the latest Gulf War pushed the price of Brent crude oil back up to $101.06 on Thursday. It was back down this evening as low as $86.58 after Iran reportedly said it would suspend attacks as long as the US does the same. Last week, rising oil prices were a headwind for the Go Global trade relative to Stay Home, because they fall harder

Ed Yardeni
Toby Hearst

US SECTORS CALL: Follow The Money

Jul 26, 2026 4 min read paid

The S&P 500 has been holding up around 7,500 as the war in the Middle East escalates. It closed at $7411.98 on Friday, just below its 50-day moving average (chart). Alphabet and Tesla both reported great Q2 revenues on Thursday. Yet both stocks were crushed, down 6.9% and 14.5%, as free cash flow turned negative for both. Investors have decided that AI capital

Ed Yardeni
Toby Hearst

ECONOMIC WEEK AHEAD: JULY 27 - 31

Jul 26, 2026 4 min read

The S&P 500 closed Friday at 7,411.98, down 0.6% on the week, while the Nasdaq fell 2.1%. Oil was the dominant story: The price of Brent crude jumped 7% Thursday to settle at $100.69 a barrel, its first close above $100 since May 26, after Yemen's Houthi militants claimed strikes on two Saudi oil tankers in the Red Sea (chart). President

Ed Yardeni
Toby Hearst

US MARKET CALL: MTM & Chips' Profit Margin Distorting S&P 500 Earnings, But FEMO Lives On!

Jul 25, 2026 6 min read paid

I. Stocks Stop the music! S&P 500 earnings per share (EPS) have been significantly distorted by huge capital gains on investments by Alphabet and Amazon and a tax-related gain from Meta. Because GAAP accounting rules force companies to record unrealized equity gains and losses directly on the income statement, a small group of tech and venture-heavy mega-caps can create significant noise in the S&

Ed Yardeni
Joe Abbott
Toby Hearst

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