https://andramarkets.com/The Andra Markets daily US close note and research reports.enFri, 30 Oct 2026 22:18:26 +0000 https://andramarkets.com/reports/2026-10-30/https://andramarkets.com/reports/2026-10-30/Fri, 30 Oct 2026 22:18:26 +0000Close noteThe S&P fell 1.82% and the Nasdaq 100 fell 3.46% on a day when Treasury yields dropped across the curve and the VIX jumped 12.91%. That combination, equities down with yields down and vol up, is the setup to watch into next session. https://andramarkets.com/research/pdf/2026-77-big-oil.pdfhttps://andramarkets.com/research/pdf/2026-77-big-oil.pdfFri, 30 Oct 2026 12:00:00 +0000ResearchCommoditiesEquitiesExxon earned $15.4 billion and set $20 billion of 2027 buybacks; Chevron’s profit nearly tripled. Where the money came from, what they do with it and what it says about the oil market. https://andramarkets.com/research/pdf/2026-76-inflation-central-banks.pdfhttps://andramarkets.com/research/pdf/2026-76-inflation-central-banks.pdfFri, 30 Oct 2026 12:00:00 +0000ResearchMacroRatesFxUS PCE inflation at 3.6%, a split Fed, an ECB losing Lagarde early and a Bank of Japan at its 2% target. Where each central bank stands, what markets price and what to watch into December. https://andramarkets.com/research/pdf/2026-75-tech-selloff.pdfhttps://andramarkets.com/research/pdf/2026-75-tech-selloff.pdfFri, 30 Oct 2026 12:00:00 +0000ResearchEquitiesIntel fell 29% on a weak guide, the chip index lost 7.2% and the Nasdaq 2.9%. What moved, why it spread across the chain and what it says about where the AI cycle stands. https://andramarkets.com/research/pdf/2026-74-us-china-truce.pdfhttps://andramarkets.com/research/pdf/2026-74-us-china-truce.pdfFri, 30 Oct 2026 12:00:00 +0000ResearchMacroEquitiesCommoditiesThe US-China truce is extended in politics to 10 January, but its legal texts still expire on 9 and 10 November. What lapses, how tariffs and trade have shifted, and what is at stake for markets. https://andramarkets.com/research/pdf/2026-73-hyperscaler-capex.pdfhttps://andramarkets.com/research/pdf/2026-73-hyperscaler-capex.pdfFri, 30 Oct 2026 12:00:00 +0000ResearchEquitiesCreditCloud growth accelerated at Alphabet, Microsoft and Amazon, yet the market sold two of them as capex outran cash flow. The results, the funding, the accounting and the scenarios for 2027. https://andramarkets.com/research/pdf/2026-72-binance-breach.pdfhttps://andramarkets.com/research/pdf/2026-72-binance-breach.pdfFri, 30 Oct 2026 12:00:00 +0000ResearchFxBillions left Binance hot wallets, issuers froze about $1.8 billion of stablecoins and Bitcoin fell below $79,000. What is confirmed, what is only claimed, and what it means for a market in a bear phase. https://andramarkets.com/research/pdf/2026-71-midterms.pdfhttps://andramarkets.com/research/pdf/2026-71-midterms.pdfFri, 30 Oct 2026 12:00:00 +0000ResearchMacroEquitiesRatesPrediction markets and models point to a change in control of at least one chamber on 3 November. What is priced, the Senate races that decide it, what history says and what each outcome means for policy. https://andramarkets.com/research/pdf/2026-70-us-consumer.pdfhttps://andramarkets.com/research/pdf/2026-70-us-consumer.pdfFri, 30 Oct 2026 12:00:00 +0000ResearchMacroEquitiesSentiment near record lows, gasoline above $4 and real wages falling, yet retailers forecast a first trillion-dollar holiday season. What holds spending up, who carries it and where it could crack. https://andramarkets.com/research/pdf/2026-68-europe-gas.pdfhttps://andramarkets.com/research/pdf/2026-68-europe-gas.pdfFri, 30 Oct 2026 12:00:00 +0000ResearchCommoditiesMacroTTF crossed €100/MWh for the first time since 2022 with storage at a record low for the season. Prices, storage, the contest with Asia for LNG, policy, exposed industries and the winter outlook. https://andramarkets.com/reports/2026-10-29/https://andramarkets.com/reports/2026-10-29/Thu, 29 Oct 2026 21:33:21 +0000Close noteThe S&P 500 fell 0.31% as Nasdaq 100 dropped 1.38% on a GOOGL-led unwind, but the Russell 2000 rose 1.01% and advancers outnumbered decliners 16 to 10. Positioning now hinges on whether the rotation into value and small caps has legs or is just a one-day relief from a crowded tech trade. https://andramarkets.com/research/pdf/2026-67-big-tech-q3.pdfhttps://andramarkets.com/research/pdf/2026-67-big-tech-q3.pdfThu, 29 Oct 2026 12:00:00 +0000ResearchEquitiesAlphabet, Microsoft and Meta all grew revenue by about a fifth or more in the September quarter, but the market only paid where operating cash covered the spending. The three quarters compared. https://andramarkets.com/reports/2026-10-28/https://andramarkets.com/reports/2026-10-28/Wed, 28 Oct 2026 23:20:40 +0000Close noteThe S&P 500 closed at 7743.98, up 0.28%, a fresh high reached on thinning volatility rather than broad conviction. Underneath, investment grade and EM credit sold off while megacap tech names outside of semis and software lagged, a split worth tracking into month end. https://andramarkets.com/research/pdf/2026-67-warsh-fed.pdfhttps://andramarkets.com/research/pdf/2026-67-warsh-fed.pdfWed, 28 Oct 2026 12:00:00 +0000ResearchRatesMacroThe Fed held at 3.75% to 4.00% on 28 October with two officials voting to hike, and plans fewer meetings. The decision, inflation and jobs, the bond market, the Warsh agenda and the path into December. https://andramarkets.com/reports/2026-10-27/https://andramarkets.com/reports/2026-10-27/Tue, 27 Oct 2026 23:35:51 +0000Close noteThe S&P gained +0.60% and the Nasdaq 100 rose +1.29% as semiconductor names led and volatility fell across the surface. Positioning looks constructive but narrow, with energy, staples, and communications sold even as breadth turned mildly positive. https://andramarkets.com/research/pdf/2026-66-oil-gulf.pdfhttps://andramarkets.com/research/pdf/2026-66-oil-gulf.pdfTue, 27 Oct 2026 12:00:00 +0000ResearchCommoditiesMacroClaimed attacks on Saudi oil infrastructure pushed Brent above $115 with damage still unconfirmed. Hormuz and the bypass routes, the supply balance, gas, inflation, winners and losers, and the scenarios. https://andramarkets.com/reports/2026-10-26/https://andramarkets.com/reports/2026-10-26/Mon, 26 Oct 2026 23:39:02 +0000Close noteThe S&P 500 added +0.70% and the VIX dropped 5.45% even as the 10-year yield rose to 5.00%, a combination that rewarded risk without punishing duration yet. Positioning into month end favors the names that led today: chipmakers and a handful of megacap outliers, while communications services and high yield lagged. https://andramarkets.com/reports/2026-10-23/https://andramarkets.com/reports/2026-10-23/Fri, 23 Oct 2026 21:20:49 +0000Close notePublished in quantitative mode. Editorial commentary is unavailable in this edition; tables and exhibits reflect the official close. https://andramarkets.com/reports/2026-10-22/https://andramarkets.com/reports/2026-10-22/Thu, 22 Oct 2026 22:11:47 +0000Close noteThe S&P fell 1.21% and the Nasdaq 100 dropped 2.90% as AMD, META and NVDA led losers, while the Dow and Russell 2000 held flat to positive. Positioning now favors defensives and income proxies over growth, with the rates move doing as much damage to risk appetite as the equity price action itself. https://andramarkets.com/reports/2026-10-21/https://andramarkets.com/reports/2026-10-21/Wed, 21 Oct 2026 22:26:19 +0000Close noteThe S&P 500 added +0.58% and the VIX fell to 16.68 as the risk barometer printed 0.38, constructive but not stretched. Positioning looks comfortable pressing winners, not chasing them, with breadth positive but dispersion still wide across names. https://andramarkets.com/research/pdf/2026-63-uk-inflation-gilts.pdfhttps://andramarkets.com/research/pdf/2026-63-uk-inflation-gilts.pdfWed, 21 Oct 2026 12:00:00 +0000ResearchMacroRatesFxSeptember inflation rose to 3.5%, borrowing ran above forecast and net debt passed £3 trillion in the week before the Budget. Inflation, jobs, the Bank of England, gilts, public finances and the scenarios. https://andramarkets.com/research/pdf/2026-62-tesla-spacex-merger.pdfhttps://andramarkets.com/research/pdf/2026-62-tesla-spacex-merger.pdfWed, 21 Oct 2026 12:00:00 +0000ResearchEquitiesElon Musk confirmed that Tesla and SpaceX boards have formed committees to study a combination. No terms exist yet. The two businesses, the valuation gap, the governance hurdles and the likely outcomes. https://andramarkets.com/reports/2026-10-20/https://andramarkets.com/reports/2026-10-20/Tue, 20 Oct 2026 21:03:07 +0000Close noteThe Russell 2000 rose +1.65% and health care gained +2.37% while the Nasdaq 100 slipped -0.13%, a rotation out of the winners' trade and into cyclicals and defensives. Positioning into month-end should note the curve is bear steepening even as equity vol compresses, a combination that rewards breadth over concentration. https://andramarkets.com/research/pdf/2026-61-us-deficit.pdfhttps://andramarkets.com/research/pdf/2026-61-us-deficit.pdfTue, 20 Oct 2026 12:00:00 +0000ResearchRatesMacroCreditInterest now costs more than defence and the 10-year yields above 5%. The deficit, the cost of interest, the debt, Treasury supply and demand, ratings and the policy options. https://andramarkets.com/research/pdf/2026-60-russia-sanctions.pdfhttps://andramarkets.com/research/pdf/2026-60-russia-sanctions.pdfMon, 19 Oct 2026 12:00:00 +0000ResearchCommoditiesMacroPresident Trump waived the new sanctions and secondary tariffs two days before they took effect; existing sanctions remain. What was suspended, why oil and diesel drive the decision, and what it means for markets. https://andramarkets.com/reports/2026-10-16/https://andramarkets.com/reports/2026-10-16/Sat, 17 Oct 2026 10:03:23 +0000Close noteThe S&P fell 1.09% and the Nasdaq 100 gave back 2.50% as chip and software names led declines while Treasuries rallied across the curve. Money moved into energy, staples and financials, and the VIX jumped above its prior level, a setup that favors defensive positioning until the flattening move either extends or reverses. https://andramarkets.com/reports/2026-10-15/https://andramarkets.com/reports/2026-10-15/Thu, 15 Oct 2026 22:02:39 +0000Close noteThe Russell outperformed the Nasdaq by over a point as yields fell across the belly and long end and gold rose +2.06%. Positioning looks like a rotation into rate-sensitive cyclicals funded out of mega-cap tech, with credit and vol both confirming the risk-on read. https://andramarkets.com/reports/2026-10-14/https://andramarkets.com/reports/2026-10-14/Wed, 14 Oct 2026 21:00:49 +0000Close noteEquities sold off across the board with small caps and tech leading declines while bonds rallied and the curve flattened. Defensive positioning dominated, with staples and health care bid even as credit and growth cyclicals gave ground. https://andramarkets.com/research/pdf/2026-56-anthropic.pdfhttps://andramarkets.com/research/pdf/2026-56-anthropic.pdfTue, 13 Oct 2026 12:00:00 +0000ResearchEquitiesAnnualised revenue has risen from about $1bn to more than $65bn in nineteen months and the company is preparing to list. What the latest data show and what an IPO valuation would assume. https://andramarkets.com/research/pdf/2026-55-lockheed-martin.pdfhttps://andramarkets.com/research/pdf/2026-55-lockheed-martin.pdfTue, 13 Oct 2026 12:00:00 +0000ResearchEquitiesA record $230bn backlog and a world that is rearming, against costly programme losses and a share price a quarter below its March high. Results, segments, the defence budget and the valuation. https://andramarkets.com/reports/2026-10-12/https://andramarkets.com/reports/2026-10-12/Mon, 12 Oct 2026 22:35:25 +0000Close noteThe S&P closed slipped 0.06% and the Nasdaq 100 fell 0.71% as semis and software gave back gains into a bond market that rallied across the curve, with 10-year yields down 6bp to 5.22%. Breadth stayed firm at 2.12 advancers to decliners, so the index-level weakness was a large-cap tech story, not a market-wide one. https://andramarkets.com/research/pdf/2026-53-private-credit.pdfhttps://andramarkets.com/research/pdf/2026-53-private-credit.pdfMon, 12 Oct 2026 12:00:00 +0000ResearchCreditRatesA US$2 trillion market lending mostly at floating rates to mid-sized, highly leveraged companies, now facing a hiking Fed. Defaults, hidden stress, retail redemptions, contagion channels and the 2007 comparison. https://andramarkets.com/research/pdf/2026-52-us-housing.pdfhttps://andramarkets.com/research/pdf/2026-52-us-housing.pdfMon, 12 Oct 2026 12:00:00 +0000ResearchRatesMacroEquitiesThe 30-year mortgage rate has risen from 5.98% in February to 7.40%. Affordability, the lock-in effect, prices, builders, rents, mortgage credit against 2006, policy and the scenarios for 2027. https://andramarkets.com/research/pdf/2026-51-earnings-quality.pdfhttps://andramarkets.com/research/pdf/2026-51-earnings-quality.pdfMon, 12 Oct 2026 12:00:00 +0000ResearchEquitiesCreditAI chips are expensed over five or six years while the chipmaker books the profit at once. How much that timing gap and other AI-era accounting flatter S&P 500 earnings, and when the bill arrives. https://andramarkets.com/research/pdf/2026-50-ai-financing-2027.pdfhttps://andramarkets.com/research/pdf/2026-50-ai-financing-2027.pdfSun, 11 Oct 2026 12:00:00 +0000ResearchCreditEquitiesRatesAI infrastructure spending passes $1 trillion next year, more than Big Tech’s own cash covers. Who funds the gap, through which markets, at what cost, and where the risk ends up. https://andramarkets.com/reports/2026-10-09/https://andramarkets.com/reports/2026-10-09/Fri, 09 Oct 2026 21:27:46 +0000Close noteThe S&P closed at a fresh high while the 10-year yield fell 6bp, a combination that argues the rally has duration support rather than just a short squeeze. Breadth confirmed the move, with advancers outpacing decliners better than three to one. https://andramarkets.com/research/pdf/2026-48-eurusd.pdfhttps://andramarkets.com/research/pdf/2026-48-eurusd.pdfFri, 09 Oct 2026 12:00:00 +0000ResearchFxRatesMacroThe euro is at its lowest against the dollar since May 2025 after four weekly declines. The drivers, from monetary policy and energy to French fiscal stress, tested against the data. https://andramarkets.com/research/pdf/2026-47-usdcny.pdfhttps://andramarkets.com/research/pdf/2026-47-usdcny.pdfFri, 09 Oct 2026 12:00:00 +0000ResearchFxThe renminbi is at its strongest against the dollar since mid-2022, in a move tightly managed by the People’s Bank of China. How controlled the trend is and how the central bank is now slowing it. https://andramarkets.com/research/pdf/2026-46-usdcad.pdfhttps://andramarkets.com/research/pdf/2026-46-usdcad.pdfFri, 09 Oct 2026 12:00:00 +0000ResearchFxThe dollar is at a one-year high against the Canadian dollar in one of the calmest moves on record. Why oil has stopped helping the loonie, and what the numbers say before the Bank of Canada meets. https://andramarkets.com/research/pdf/2026-45-audusd.pdfhttps://andramarkets.com/research/pdf/2026-45-audusd.pdfFri, 09 Oct 2026 12:00:00 +0000ResearchFxThe Australian dollar is still up for the year, helped by the most hawkish central bank in the G10, but it has lost almost 4% in a month. The trend break, record-low volatility and the role of risk appetite.