Summary

• Semiconductor strength led by Intel and Texas Instruments drove index-level gains, while weak guidance and capex concerns punished software and select industrial names.
• U.S.–Iran tensions and shifting ceasefire headlines repeatedly moved crude prices and dictated intraday market direction.
• Strong economic data masked underlying price-driven demand, complicating the outlook for rates and corporate margins.

By Ryan J. Puplava

Earnings Run the Tape

Earnings season took center stage this week, but unlike prior quarters where beats alone were enough, this market demanded clarity on margins, capital spending, and forward guidance. The result was a

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