Daily desk note · the session before

Market analysis

A short, honest read on what moved indices, commodities, forex and crypto the prior session — the data, the news and the why.

Market Analysis
Desk note - Jul 28: oil relief meets chip stress

Monday, July 27 unwound part of the Iran oil premium, but chip weakness left US equities mixed and crypto's bounce faded.

4 min read
Market Analysis
Desk note - Jul 25: oil eases, tech stays weak

Friday, July 24 brought partial relief from oil and yields, but another chip selloff kept the Nasdaq under pressure.

4 min read
Market Analysis
Desk note - Jul 24: oil and AI spending hit risk

Thursday, July 23 was an oil-and-tech selloff: Brent cleared $100, yields rose and expensive growth stocks took the damage.

4 min read
Market Analysis
Desk note - Jul 23: oil sets the risk premium

Wednesday, July 22 was an oil-led risk session: crude and yields rose while tech, the dollar and bitcoin softened.

4 min read
Market Analysis
Desk note - Jul 22: chips outrun oil and rates

Tuesday, July 21 was a risk rebound led by chips, but oil above $90 and higher Treasury yields kept the tape uneven.

5 min read
Market Analysis
Desk note - Jul 21: oil risk stalls the rebound

Monday, July 20 was a stalled rebound: oil and yield pressure erased an early chip-led lift in U.S. equities.

6 min read
Market Analysis
Desk note - Jul 18: chip rout and oil risk hit tape

Friday, July 17 was driven by AI-chip selling and renewed oil risk: equities fell, crude jumped and the dollar stayed flat.

5 min read
Market Analysis
Desk note - Jul 17: AI-chip unwind hits risk

Thursday, July 16 was a split risk session: resilient U.S. data lifted yields, but AI-chip selling pulled indices lower.

5 min read
Market Analysis
Desk note - Jul 16: cool PPI, earnings steady risk

Wednesday, July 15 was a mixed relief session: soft PPI and earnings lifted equities while oil kept the tape restrained.

5 min read
Market Analysis
Desk note - Jul 15: cool CPI steadies risk

Tuesday, July 14 was led by softer U.S. CPI: yields and the dollar fell, tech rebounded, while oil risk stayed live.

5 min read
Market Analysis
Desk note - Jul 14: oil shock breaks chip bid

Monday, July 13 repriced energy inflation: oil jumped, yields rose, tech sold off, and crypto stayed mostly range-bound.

4 min read
Market Analysis
Desk note - Jul 11: chip bid offsets oil-and-rate drag

Friday, July 10 was a quiet risk session: AI-chip demand lifted U.S. equities while oil and rates kept the tape restrained.

4 min read
Market Analysis
Desk note - Jul 10: oil relief and chip bid lift risk

Thursday, July 9 was driven by lower oil stress, easier yields and a semiconductor-led rebound in risk.

4 min read
Market Analysis
Desk note - Jul 09: oil shock, split tape, Fed caution

Wednesday, July 8 was driven by renewed Iran oil risk, higher yields and a split equity tape led by AI strength.

4 min read
Market Analysis
Desk note - Jul 08: AI selloff, oil shock, firmer dollar

Tuesday, July 7 was driven by AI-stock weakness, a renewed Iran oil shock and a modestly firmer dollar.

4 min read
Market Analysis
Desk note - Jul 07: AI bid, oil drag, firmer dollar

Monday, July 6 was led by a narrow AI-stock rebound while oil slipped on OPEC+ supply and the dollar firmed.

4 min read
Market Analysis
Desk note - Jul 04: holiday-thin tape, softer dollar

Friday, July 3 was a holiday-thin global session: U.S. cash was shut, Europe firmed, oil stayed calm and crypto bid.

4 min read
Market Analysis
Desk note - Jul 03: soft jobs split the tape

Thursday, July 2 was driven by a soft U.S. jobs report: the dollar fell, gold and crypto bounced, Dow led, tech lagged.

4 min read
Market Analysis
Desk note - Jul 02: softer U.S. data, incomplete relief

Wednesday, July 1 brought softer ADP and ISM price signals, but chip weakness still pulled the Nasdaq lower while gold rose and oil fell.

4 min read
Market Analysis
Desk note - Jul 01: quarter-end tech bid, firm dollar elsewhere

Tuesday, June 30 closed well for U.S. equities, but higher yields kept the dollar firm, gold pinned, oil softer and crypto lagging.

4 min read
Market Analysis
Desk note - Jun 30: tech rebound, split tape elsewhere

Monday, June 29 was a relief bounce in beaten-up tech, but oil, FX and crypto did not confirm a clean all-clear across assets.

4 min read
Market Analysis
Desk note - Jun 27: tech unwind masks softer-dollar relief

Friday, June 26 was another split tape: tech and semis stayed heavy even as yields eased, the dollar softened and gold bounced.

4 min read
Market Analysis
Desk note - Jun 26: hot PCE, easier yields, split tape

Thursday, June 25 was a split tape: hot PCE cooled yields at the margin, but Apple-led tech weakness kept risk appetite uneven.

4 min read
Market Analysis
Desk note - Jun 25: oil relief, cooler yields, softer tech

Wednesday, June 24 was a split tape: cheaper oil eased inflation pressure, but tech, the dollar and bitcoin still reflected a tighter regime.

4 min read
Market Analysis
Desk note - Jun 24: AI unwind outweighs cheaper oil

Tuesday, June 23 was a hawkish-dollar tech session: semis hit equities and crypto even as oil kept sliding on U.S.-Iran talks.

3 min read
Market Analysis
Desk note - Jun 23: oil relief meets a firmer dollar

Monday, June 22 was a split session: Iran oil relief knocked crude lower, but a firmer dollar and higher yields still weighed on gold and Big Tech.

4 min read
Market Analysis
Desk note - Jun 22: narrow rebound, dollar still in charge

With Friday's Juneteenth holiday removing U.S. cash trade, Thursday still read as a hawkish-Fed dollar session with only a narrow tech rebound.

4 min read
Market Analysis
Desk note - Jun 20: strong dollar outlasts the holiday lull

Friday's June 19 session was holiday-thin but clear: the Fed-driven dollar stayed firm, oil bounced, and gold and crypto stayed heavy.

4 min read
Market Analysis
Desk note - Jun 19: oil relief lifts stocks, dollar stays firm

Thursday's June 18 session was split: cheaper oil and easier yields lifted stocks, but the post-Fed dollar bid kept gold and crypto heavy.

4 min read
Market Analysis
Desk note - Jun 18: hawkish Fed resets risk

Wednesday's session turned on the Fed: rates stayed put, but a higher-inflation, hike-leaning message hit stocks, gold and the euro.

4 min read
Market Analysis
Desk note - Jun 17: oil unwind meets tech wobble

Tuesday's session kept unwinding the oil shock, but it was a split tape: the Dow hit another record while AI-heavy tech sold off into the Fed.

4 min read
Market Analysis
Desk note - Jun 16: Iran truce relief resets oil and risk

Monday's session was a relief trade: a US-Iran framework deal hit oil, lifted equities and crypto, softened the dollar, and pulled gold higher too.

4 min read
Market Analysis
Desk note - Jun 12: Hormuz deal hopes knock oil lower

Friday's session centered on U.S.-Iran deal hopes: oil fell sharply, equities rallied, FX stayed mixed and crypto bounced only modestly.

4 min read