“Years of diligent work are beginning to pay off for Snap’s ad business. Snap appears to be developing some credibility as a platform that can deliver.”

 “The US equity market will continue to rely on a handful of megacap stocks for direction until an uptick in real interest rates ignites recession fears... That concentration will remain intact until real 10-year yields — rates adjusted to reflect the true cost of funds — rise to around 3%, or higher yields combine with higher credit spreads to threaten recession.”

 “This report was the worst of both worlds: economic growth is slowing and inflationary pressures are persisting. The Fed wants to see inflation start coming down in a persistent manner, but the market wants to see economic growth and corporate profits increasing.”

 “While Meta will employ AI in its work, right now it doesn’t seem to be the biggest beneficiary of AI adoption... The disappointment on the revenue side is overshadowing any optimism about AI.”

 “The ‘see what sticks’ method of years gone by won’t be tolerated by the investor base... The language around spending plans has become bolder once more, and this could be what’s spooking markets.”