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Andrew and Thomas break down the AI selloff and the rally in homebuilders as the 10-year slips under 5%, preview next week's big tech earnings, and run through the weekend's college football slate. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Ben and Tom break down the bond rally driven by worries about off-balance-sheet AI debt, Meta's earnings and new Class C shares, and Zuckerberg weighing a move out of California. Tom's camera died in the middle of recording today FYI. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Ben, and Tom break down SpaceX's 55% incremental AI margins and Elon's possible Tesla merger, SMCI's $4B guidance raise, and signs the consumer is getting stretched across Elevance, Netflix, and United. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Tom and Thomas break down rising subprime auto delinquencies and GM's narrowed guidance, why oil's 4% pop is mostly an expiration-day move, and earnings from Steel Dynamics, 3M, and Northrop Grumman. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing

Andrew and Ben break down Elon's pledge of SpaceX shares for every US kid, Anthropic's new 5% Public Benefit Fund, Microsoft walking away from Nscale's Essex data center, and the hedge fund selloff behind last week's weakness. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Ben, and Tom break down why bonds rallied on hot inflation data as AI stocks fell, Warsh declining to precommit on rates, and Apple partnering with Meta to run Muse on Mac Studio. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Ben and Tom break down Larry Fink's capital-shortage warning, Anthropic's Q3 revenue, and the selloff in CoreWeave and Oracle, plus hot PPI and retail sales data and TSMC's strong outlook. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Ben, and Tom break down the hotter core CPI print and how AI is soaking up capital while housing freezes, plus the FBI's arrest of an OpenAI engineer accused of bugging a conference room and earnings from ASML, BlackRock, and Bank of America. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Ben, and Tom break down Meta's Muse Wonder launch and why it changes the AI race, plus Kroger cutting 37% of its corporate jobs, Albertsons' $8B lawsuit, and big bank earnings. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Ben, and Tom break down why refinery capacity is driving record diesel prices and the IMF warning that AI is a "slow-moving tsunami" for office jobs, plus the Houthi attack on Riyadh's airport and Bessent's latest letter to Senator Warren. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Ben, and Tom break down the FT's report on OpenAI's revenue and why gross vs. net accounting matters, plus SpaceX's $8B spectrum deal hitting telecom stocks and the 30-year bond's sharp outside reversal. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Ben, and Tom break down why rate hikes aren't slowing AI spending while the rest of construction shrinks, plus Iran stepping up tanker attacks, a strong 10-year auction, and Wolfspeed's conditional Department of War loan. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Ben, and Tom break down heavy short bets against Treasuries, the 3-year auction, and lessons from the 2013 taper tantrum, plus Paramount closing its $110B Warner Bros. Discovery deal as Skydance. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Tom, and Thomas break down ISM Services prices hitting their highest since 2022, Google's 20-year nuclear deal with Constellation, and Trump letting red diesel onto public highways. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures

Andrew, Tom, and Thomas cover the FBI's arrest of an alleged China spy realtor at LAX, Flávio Bolsonaro beating the polls in Brazil's election, and tanker attacks picking back up in the Strait of Hormuz. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosures