Volatility has come for Corporate America’s bonds, not just its stocks

We all know the US stock market has been ridiculously volatile lately, with last week’s moves registering among the craziest ever. But the credit market’s gyrations have also been exceptional lately.

This stunning factoid comes to us from Goldman Sachs Global Head of Hedge Fund Coverage Tony Pasquariello, passed along from his colleague Kevin Boova.

“CDX IG moved 20 basis points from peak to trough on Wednesday; peak to trough for all of last year was 14 basis points,” he wrote.

CDX IG refers to the cost of five-year credit-default swaps on a basket of US companies deemed to be investment grade. This insurance typically get costlier in times of market angst and economic hardship (when worries about defaults rise) and cheaper in more benign environments.

Even if we take intraday values for 2024, the range for last Wednesday is still larger than last year, too (by a smidge).

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Credit markets have a “debt” problem, not a “risk” problem

We’re getting a lot of borrowing, and that borrowing is risk-reducing (for now!)

New York City Architecture And Monuments

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Meet the newly public, Bezos-backed company that’s recreating the sun and stars

General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

Luke Kawa

7/2/26

US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

Floridians Seek Employment Opportunities At Job Fair In Sunrise

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7/1/26

Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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