Somebody blinked Friday, and it wasn't Tokyo.
The U.S. Treasury and Japan's Ministry of Finance ran a coordinated yen-buying operation, the first joint action between the two since 2011. Trump confirmed it Sunday. Japan's Ministry of Finance confirmed it Monday, then said it will not hesitate to do it again.
That's the largest foreign holder of U.S. Treasuries admitting it can't defend its own bond market alone, with Washington signing the check. Rising Japanese Government Bond yields don't politely stay in Japan.
Meanwhile: BP printed its best quarter since 2022 on war-priced crude. Palantir grew revenue 93 percent and the stock is still down more than 30 percent this year. SpaceX reports tonight, two days ahead of a lockup that roughly triples its tradable float.
Mark hosts with Tim in the guest chair.
They'll run the three stories above, then spend real time on the yen: what actually happened, who paid for it, and why a 40-year low in Tokyo lands in your index positions.
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The Daily News Breakdown
SIREN: Palantir (PLTR) grew total revenue 93 percent year over year and its U.S. commercial business 149 percent, which CEO Alex Karp called otherworldly. For once the adjective earns its keep.
Adjusted earnings came in at 41 cents against 35 cents expected. Revenue hit 1.94 billion dollars, free cash flow beat at 1.22 billion, and management raised full-year guidance to 8.16 billion. The stock jumped almost 16 percent premarket.
Here's the part the headline skips: PLTR is still down more than 30 percent this year after the AI disruption scare gutted the software complex. A 93 percent growth rate doesn't fix a multiple problem. It just buys you time to grow into it.
SIGN: SpaceX (SPCX) reports its first earnings as a public company Tuesday after the bell, and the setup is ugly. The stock has shed nearly 30 percent since its 150 dollar debut last month and trades about 50 percent below its all-time high.
Wall Street wants revenue near 6.81 billion dollars and an adjusted loss of 24 cents. Fine. The real problem lands two days later, when the August 6 lockup frees up to 20 percent of shares, roughly triple the tradable float.
Then there's the spending. Analysts see capex climbing from 48.7 billion dollars this year to 118.4 billion by 2028, with debt growing more than 5x over the same stretch. Earnings won't settle that argument tonight.
SNEAKER: BP (BP) more than doubled its quarterly profit to 5.73 billion dollars, its best quarter since 2022, and it didn't need a single new idea to do it. Brent crude averaged just under 104 dollars a barrel in the second quarter, up from about 68 dollars a year ago. Thank the Iran war and the mess in the Strait of Hormuz.
CEO Meg O'Neill still says the company isn't hitting its potential. She's selling the North Sea business after 60 years and dumping the Archaea renewable gas unit, all in the name of value over sentiment. Translation: she knows triple-digit oil isn't a business model.
Campaigners called it profiteering. Trump told Exxon and Chevron they're making too much money. Nobody at BP looked especially worried.