In today’s pre-mkt summary for Subscribers: Stocks opened lower, extending yesterday's declines and 10-year TYs dipped below 4.0% for only the second time since April 2025 amid renewed tariff jitters from the Trump administration. Precious metals were mixed, #BTC slipped, and Brent crude rose. $NVIDIA(NVDA.US) stabilized after a -5.5% drop yesterday despite strong 4Q results and upbeat 1Q guidance. $Netflix(NFLX.US) +8% to $91 as it backed away from raising its $Warner Bros. Discovery(WBD.US) streaming bid, paving the way for $Paramount Skydance Corporation - CL B(PSKY.US) to secure the storied Hollywood studio. $Coreweave(CRWV.US) fell -12% pre-mkt after reporting a bigger-than-expected loss and boosting capital expenditures.
Investors remain focused on balancing AI disruption risks, tariff uncertainty, and Middle East tensions against expectations for two Fed rate cuts in 2026 and solid S&P 500 earnings growth (+12% YoY) to $310 supporting a forward P/E of 22.2x, an implied earnings yield of 4.5%, and a ~50bp equity risk premium over 10-year yields, consistent with non-recessionary history. On $Tesla(TSLA.US), the once-dominant narrative around exclusive unsupervised autonomy leadership has weakened as $Alphabet - C(GOOG.US), $Baidu(BIDU.US) and others have scaled to a combined 850K paid unsupervised rides/week without safety monitors, while $NVIDIA(NVDA.US)'s 2Q26 plan to open its AI stack to other OEMs further democratizes autonomous driving. With weakening global EV demand, ongoing downward revisions to 2026-2030 EPS estimates, and heavy capex in autonomy/robotics, we remain cautious on $Tesla(TSLA.US) (no position).The copyright of this article belongs to the original author/organization.
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