Tuesday - October 13, 2026
Notas del episodio
Brian Szytel recaps a modestly lower, mixed market day with the S&P flat, Dow down 180, and Nasdaq down about 40, led by weakness in semis and some AI names. With CPI due tomorrow, markets were largely rudderless; rates fell across the curve, especially long-end, further flattening the yield curve. Early bank earnings were generally positive even as financial stocks fell. He notes year-to-date gains alongside stronger earnings growth, implying multiple contraction and cheaper stocks. The main stress area is CCC credit, where yields are 15–17% and spreads have widened about 300 bps in five months, while broader credit remains constructive. He discusses bull market context, profit margins (Mag Seven effects, pricing power, PPI vs CPI), and notes NFIB optimism (97.9) and existing home sales (4.0M) met expectations; bonds rallied ahead of CPI.
00:00 Market Wrap Overview
00:29 Earnings Season Begins
00:54 Rates and Yield Curve
01:38 Credit Stress Signals
02:33 Earnings Growth Outlook
02:58 Bull Market Context
04:57 Profit Margins Explained
06:45 Economic Data Check
07:09 CPI Preview and Signoff
Links mentioned in this episode: DividendCafe.com