Happy Thursday! After a nearly 45% rally off the April lows, a growing number of investors are snapping up “disaster puts.” What are these contracts, and why are they suddenly in high demand? Read on to find out and see what it could mean for your portfolio.

Also, what looked like a green light for rate cuts this fall has started flashing yellow. A deeper look into the Fed’s latest minutes reveals a surprising twist. Find out what it means and what comes next.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Wall Street Braces For Tech Carnage: 'Disaster' QQQ Options Tell The Story

After soaring nearly 45% from the April lows, indexes and popular ETFs such as QQQ have been unstoppable. However, the sharp rise has some of the most sophisticated investors on Wall Street positioning for a big pullback.

In the options market, traders are buying up “disaster puts,” contracts that only pay off if the QQQ, which tracks the Nasdaq 100, drops significantly. These aren’t just routine hedges against volatility — they’re signals of something bigger with put skews near their highest level in three years.

That spike suggests concerns about the sustainability of the rally, especially with the market’s gains concentrated in a handful of mega-cap tech names. How low does Wall Street see the indexes going, and what puts are they buying? Read on to find out.

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Yesterday: U.S. indexes had another repeat performance as the Dow eked out another positive day, while the S&P 500 and Nasdaq tumbled once again. Wednesday’s slide is the fourth straight day for the S&P 500, pressured by a broad decline in tech. Retail earnings remained in focus, as Target and Lowe’s reported better-than-expected results, including stronger sales that suggest consumer spending remains resilient despite signs of a slowing labor market. Bond yields moved lower, with the 10-year Treasury yield at 4.30%, and oil prices rose following a report of declining U.S. crude inventories. Despite recent market weakness, the earnings season has remained strong, with 82% of S&P 500 companies beating estimates.

On Our Radar: Analysts will be watching a number of key reports this morning, including initial jobless claims, U.S. services PMI, U.S. manufacturing PMI, existing home sales and U.S. leading economic indicators. On the earnings front, all eyes will be on Intuit (INTU), Workday (WDAY) and Ross (ROST), which will report after the market close today.

This week of the earnings season features major retailers, and all eyes were on Target yesterday. However, the company fell short of expectations, sending its shares sharply lower. Read on for all the details and see what other stocks were making big moves...

Discover how the market is moving with our interactive heatmap. Filter by market cap, or click on any box to explore specific sectors or assets in more detail.

Get Ahead Of Tomorrow’s Biggest Earnings Moves

Retail earnings are front and center this week with Walmart and Ross reporting results today that could shift the entire market. Our Earnings Command Center gives you real-time alerts, key data and actionable insights so you can position before Wall Street reacts.

On This Day In 1897…

Ransom Eli Olds founded Oldsmobile, one of the first American car companies. The company would go on to play a major role in shaping the early auto industry, pioneering mass production techniques even before Ford. Oldsmobile's innovations helped pave the way for modern car manufacturing and made automobiles more accessible to everyday Americans.

QUOTE OF THE DAY

“There are old traders and there are bold traders, but there are very few old, bold traders.“

— Ed Seykota

Fed Just Poured Cold Water On Rate Cut Hopes – And This Reason Is To Blame

Just when markets thought the Federal Reserve might finally be warming up to rate cuts, the July FOMC minutes dropped a cold dose of reality.

Inflation is still the top concern from the committee, and now tariffs are playing a bigger role than expected. Despite some signs of labor market softening, most officials agreed the risks of rising prices, especially from trade policy, are too high to justify easing just yet.

In a rare show of disagreement, two Fed governors pushed for a cut. However, the majority pushed back, pointing to growing evidence that businesses are passing those costs on to consumers. With the economic outlook murky, the Fed is staying cautious.

How does this tug-of-war inside the Fed impact your portfolio? Read on for the full breakdown and what to watch as the battle over inflation, tariffs and rates heats up.

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