AI Spending Is Becoming Impossible to Budget

Chuck, Mike, and Tucker with you here.

And as we kick things off today, we've got, uh, markets mostly up, but that, uh, cheeky little Dow, uh, just isn't, uh-

Ain't budging

... isn't moving in the right direction today.

So, uh, we've got the Dow off 99 points.

Uh, let me see what is, uh, dragging it there.

Oh, it's basically everything in the Dow, actually.

Most of it.

Uh, so there you go.

That's the, uh, that's the deal.

Most of the Dow not doing well.

Uh, whereas we have the S&P 500, uh, which is now up 31 points, the NASDAQ Composite up 201 points, uh, and even the Russell 2000 up about three points.

So, uh, you got, uh, few of your major indices in the green.

One just lagging right now.

10-year Treasury, unfortunately, continuing its sell-off at 5.324%, up 4.7 basis points.

Uh, 30-year Treasury closing in on 5.7%, uh, which I believe we touched 5.7 last week very briefly maybe, but actually, no, I'm not seeing that we did.

Uh, so the 30-year heading for potentially, uh, a new, uh, year to date high.

10-year, remember, uh, at this range, uh, y- you've gotta go back 25 years to- when you start getting to, like, 5.5%, we haven't seen these kinds of rates on the 10-year in, uh, 25 years.

So it's, it's, it's been a minute since we've, you know, been north of where we are today.

Dollar index strengthening on the back of higher rates, 101.96, up a quarter percent.

So remember, if you were actually seeing a fiscal panic in the United States, it would be yields up, dollar down.

We are not seeing that.

The interesting piece to me is that even with yields up and the dollar up, gold finding a bit of a bid today.

Again, it's one day, but you sort of sit there and you say, "Okay, maybe gold finally finding its footing after about a week or two of, uh, suck." Maybe, maybe not.

We'll just have to see how it evolves from here.

Chuck, Mike, and Tucker with you here.

And as we kick things off today, we've got, uh, markets mostly up, but that, uh, cheeky little Dow, uh, just isn't, uh-

Ain't budging

... isn't moving in the right direction today.

So, uh, we've got the Dow off 99 points.

Uh, let me see what is, uh, dragging it there.

Oh, it's basically everything in the Dow, actually.

Most of it.

Uh, so there you go.

That's the, uh, that's the deal.

Most of the Dow not doing well.

Uh, whereas we have the S&P 500, uh, which is now up 31 points, the NASDAQ Composite up 201 points, uh, and even the Russell 2000 up about three points.

So, uh, you got, uh, few of your major indices in the green.

One just lagging right now.

10-year Treasury, unfortunately, continuing its sell-off at 5.324%, up 4.7 basis points.

Uh, 30-year Treasury closing in on 5.7%, uh, which I believe we touched 5.7 last week very briefly maybe, but actually, no, I'm not seeing that we did.

Uh, so the 30-year heading for potentially, uh, a new, uh, year to date high.

10-year, remember, uh, at this range, uh, y- you've gotta go back 25 years to- when you start getting to, like, 5.5%, we haven't seen these kinds of rates on the 10-year in, uh, 25 years.

So it's, it's, it's been a minute since we've, you know, been north of where we are today.

Dollar index strengthening on the back of higher rates, 101.96, up a quarter percent.

So remember, if you were actually seeing a fiscal panic in the United States, it would be yields up, dollar down.

We are not seeing that.

The interesting piece to me is that even with yields up and the dollar up, gold finding a bit of a bid today.

Again, it's one day, but you sort of sit there and you say, "Okay, maybe gold finally finding its footing after about a week or two of, uh, suck." Maybe, maybe not.

We'll just have to see how it evolves from here.