Overnight, S&P contracts were down close to 0.8 percent on the Iran headlines, then clawed all the way back to green as oil eased, now the Nasdaq-100 futures are +117 points.
Macro Pulse
The US struck Iran for a second straight day, and Iran answered by targeting Gulf sites.
Trump called the ceasefire over and pulled the oil-sanctions waiver.
Brent spiked above 78 dollars Wednesday, then gave back half a percent this morning near 77.60. The market is treating the escalation as noise... so far.
Tickers To Watch
SK Hynix (SKHYV) prices its 28-billion-dollar US listing tonight, the second-largest foreign debut on record, with trading Friday.
Demand ran seven times the shares offered. It is the purest way yet to own the AI-memory boom... and it is already up more than 200 percent this year in Seoul.
Phillips 66 (PSX) rode the oil spike up 5 percent.
Stock Highlight: PepsiCo (PEP)
While everyone crowds the chip debut, a Dividend King reported this morning.
PepsiCo posted Q2 core earnings of 2.20 dollars a share against a 2.21 expectation... a rounding error of a miss, with management holding its full-year guidance of 4 to 6 percent core profit growth.
The soft note was North American consumers tightening their budgets, which is worth hearing.
The stock has gone nowhere for a year, up around 8 percent while the S&P ran better than 22 percent, and it now trades near the low 140s.
That underperformance pushed the yield to roughly 4.1 percent... the fattest payout this name has offered in more than a decade.
Behind it sits 53 straight years of dividend increases and about 10 billion in free cash flow covering a 7.9-billion-dollar dividend.
This is not a stock that will double. It is the kind of boring, durable income you buy when the crowd is chasing something shinier.
The turnaround in the Frito-Lay snack business is the swing factor... if volume growth holds, patient holders get paid better than 4 percent to wait for the multiple to recover.
Best
- Greg
The US struck Iran for a second straight day, and Iran answered by targeting Gulf sites.
Trump called the ceasefire over and pulled the oil-sanctions waiver.
(sponsored) The REAL Reason Trump is Invading Iran
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