Mega Caps and Macro Collide

Earnings and the geopolitical macro backdrop are colliding in today’s stock market action. The market had largely ignored building geopolitically-driven macro headwinds since the weekend, staying fixated on mega-cap and hyperscaler earnings. But with WTI crude oil surging +6.7% and the 30-year yield knocking on the door of its highest closing level since 2007 (roughly…