Mady Mills

Some personal news featured in @oliverdarcy’s newsletter: I’m thrilled to be joining @axios as a senior markets reporter! Can’t wait to get started with this incredible newsroom.

How Low Volatility Streaks End Matter! Difference in S&P 500 performance is eye-popping when separating past S&P 500 low volatility streaks (closing w/<+/- 1%) since 1950. Streaks that ended w/ a gain were bullish, those that ended w/ a loss were bearish. jeffhirsch.tumblr.com/post/789794128…

One reason tariffs haven't affected the stock market more is that they primarily affect the "old economy". GM has $187B in sales but a market cap of just $50B, while Nvidia has $135B in sales and a market cap of $4.1 trillion. GM is much more exposed to tariffs than Nvidia.

Why Blackrock's @RickRieder says credit is "in the best shape I've seen in my career" cnbc.com/video/2025/07/…

Blair, Vought, Pulte to visit the Fed on Thursday via @ShelbyTalcott semafor.com/article/07/22/…

I can't believe there are investors out there wasting their time on good businesses with durable moats, competitive advantages, etc. When you can buy bankrupt retailers like Kohl's and make 100% in a morning.

$KSS opens up 100%. We’re at that point in the cycle where meme-y, high-short-interest department store stocks start doubling in a day. This one had 49% short interest.

I spoke with @elerianm about his view that Powell should resign to protect Fed independence yesterday. More here on his view: axios.com/2025/07/22/jer…

NEWS: @elerianm tells me Fed Chair Jerome Powell should resign in order to protect Fed independence, as the Trump administration’s criticism widens from the individual to the institution of the central bank. Our interview here on @axios axios.com/2025/07/22/jer…

The S&P 500 just closed above the 20-day MA for 60 days in a row, the longest streak since '98. Going back 50 yrs, this has happened 4 other times. Up a yr later between 20% and 26%. Never lower 3 months later. It is what it is, yet another clue this bull market has legs.

Schwab Extends 24‑Hour Trading to All Retail Clients •Now live 24/5: Retail clients can trade S&P 500 and NASDAQ‑100 stocks, plus hundreds of ETFs, around the clock—Monday through Friday

BTIG's Jonathan Krinsky: "Party Like it's 1999. As we discussed last week, the Nasdaq 100 has now gone 60 trading days without closing below its 20 DMA, the second-longest streak in its history (back to 1985). The longest was ended in early 1999."

S&P 500 equity risk premium just 2.16% Very close to the lowest since 2002 @WisdomTreeFunds

Treasury Secretary Scott Bessent in recent days privately laid out his case to President Trump for why he believed Trump shouldn’t try to oust Federal Reserve Chair Jerome Powell, people familiar with the matter said. @schwartzbWSJ wsj.com/economy/centra…

Tariff announcements...smaller stock market impact...

New newsletter: HOW THE HOUSING MARKET FOR YOUNG PEOPLE BECAME A 'TOTAL DISASTER' In 1991, the median age of first-time homebuyers was 28. Now it’s 38. This is the hardest time for young people (defined, generously, up to 40) to buy their first home in modern history. The…

Mag-7 is so last year. Here are 27 global stocks with better profitability, earnings growth and valuations than the Mag-7.

"The US stocks most exposed to exports have far outperformed domestic-focused companies ever since Trump announced a 90-day pause on tariffs in April. Stock markets are assuming tariffs are definitively over." @johnauthers

"Consumers remained resilient, with healthy spending and asset quality, and commercial borrower utilization rates rose" - BofA's Moynihan

Direct lender realizing their 9x-levered illiquid pref is now sitting in a janitor’s 401k.

The banks just had their worst day relative to the S&P 500 since the day after Liberation Day