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Good evening,
Major stock indexes were mixed and little changed with the Nasdaq Composite finishing slightly higher as the House of Representatives passed Trump’s tax and spending package which now awaits the Senate’s vote. The bond market sold-off initially but later stabilized and benchmark yields ended a few basis point lower after the steep jump on Wednesday following a poor 20-yr treasury auction. The treasury yield curve shifted lower today by 5 to 6bps although 30-yr yields remain above 5%.
The $ recovered modestly, mainly against the € and the Aussie dollar and is now 8% down for the year. Bitcoin reached an all-time high of more than $111k, accumulating a 19% rally in 2025 after the Senate voted to advance a bill directed at regulating stablecoins.
European equity indices declined ~0.5% across the board following yesterday's weakness on Wall Street but still significantly outperform US indexes YTD.
In single stocks, chipmaker Analog Devices (mcap $105bn) fell 5% despite beating revenues (+22% YoY) and earnings (+32% YoY) estimates as most of its growth is exposed to the new tariffs. The company reported its best quarter in nearly two years during which it saw sales decline.
Also, the Solar energy sector plunged as Trump’s bill cuts green energy subsidies. Shares in SunRun, SolarEdge Technologies and Enphase Energy plummeted between 18 and 37%. The Invesco Solar ETF (TAN) lost 7.5% and is 32% lower in the LTM. (Reuters)
In economics, US existing home sales fell marginally to 4mn following the recent record for property prices. Also, the 10-yr TIPS $18bn auction was priced at a 2.22% yield, higher than the previous auction 3 months ago (1.94%).
In takeover updates, private equity firm Clearlake Capital lined up $5.5bn in private debt (price at SOFR +550) financing for its $7.7bn acquisition of Dun & Bradstreet Holdings (mcap $4bn). DNB shares have lost 27% YTD. The deal was led by Ares Management and Morgan Stanley.
Day ahead data: inflation update in Japan, retail sales in the UK and Canada, and new home sales in the US.
See you tomorrow.
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