T&Q teed up today as all about the Fed, and that’s exactly how it played out. Markets were already expecting a 25-bp cut, but the real focus was on what Powell might say next. Inflation and retail numbers were flagged as the key swing factors. Tech giants were driving the gains, while bond yields showed caution. Geopolitical noise and regulatory flare-ups were flagged as background risks, but the bottom line was simple: the rally lives or dies on Fed expectations.

Traders dutifully followed that script. The S&P and Nasdaq touched fresh highs, then slipped as investors stepped back before tomorrow’s Fed call. A surprise jump in retail sales (+0.6% MoM) showed consumers are still spending…  a mixed signal that could shake the narrative. 

Tech headlines stayed center stage: Tesla jumped on Musk’s $1B share buy, Alphabet cracked $3T market cap, while Nvidia sagged under Chinese antitrust scrutiny. The 10-year yield hovered near 4.04% and gold stayed firm, confirming the “cautious optimism” vibe.

In short, as we called it, the day was a waiting game for Powell. 

The data so far is giving both bulls and bears something to chew on. Retail strength showed the economy isn’t rolling over, yet the market’s narrow leadership and regulatory jitters kept a lid on euphoria. Tomorrow’s Fed press conference will decide whether today’s pause was the calm before another leg up… or the start of a rethink.

Futurist Eric Fry say Amazon, Tesla and Nvidia are all on the verge of major disruption. To help protect anyone with money invested in them, he's sharing three exciting stocks to replace them with. He gives away the names and tickers completely free in his brand-new "Sell This, Buy That" broadcast.

Something odd is happening on Wall Street. U.S. stocks keep hitting records, yet global names are moving even faster. Michael Foster at Contrarian Outlook says the real winners are high-yield dividend funds paying 8% or more. These closed-end funds (CEFs) hand investors steady income, trade at discounts, and still give you exposure to hot themes like AI and semis.

Three standouts: CHW, which mixes convertible bonds and tech; SCD, which blends utilities and tech with deep discounts; and NFJ, a combo of U.S./foreign dividend stocks plus covered calls. Each one pays about 8–9% while leaving room for price upside. For anyone who wants both offense and defense, these income plays might be the smartest move you haven’t tried yet.

On Odd Lots, Lux Capital’s Josh Wolfe argues the AI boom is about more than hype and sky-high valuations. He says the way investors, founders, and talent are treated is shifting… and not always in good ways. The idea that Nvidia and a few closed-source giants will stay on top may not hold. Open source models, edge hardware, and unique data could shake up who wins in the long run.

Wolfe also warns about cracks in the system: top engineers are easy targets for poaching, founders may sell too early, and “aqua-hires” are changing incentives. Together, it’s weakening the trust that built Silicon Valley’s rise.

The takeaway: If you’re an investor or founder, this episode shows where AI bets might be at risk — from talent flight to valuation traps — and where hidden opportunities may lie, like in open-source tools or edge computing.