Tuesday - October 13, 2026

About this episode

Brian Szytel recaps a modestly lower, mixed market day with the S&P flat, Dow down 180, and Nasdaq down about 40, led by weakness in semis and some AI names. With CPI due tomorrow, markets were largely rudderless; rates fell across the curve, especially long-end, further flattening the yield curve. Early bank earnings were generally positive even as financial stocks fell. He notes year-to-date gains alongside stronger earnings growth, implying multiple contraction and cheaper stocks. The main stress area is CCC credit, where yields are 15–17% and spreads have widened about 300 bps in five months, while broader credit remains constructive. He discusses bull market context, profit margins (Mag Seven effects, pricing power, PPI vs CPI), and notes NFIB optimism (97.9) and existing home sales (4.0M) met expectations; bonds rallied ahead of CPI. 00:00 Market Wrap Overview 00:29 Earnings Season Begins 00:54 Rates and Yield Curve 01:38 Credit Stress Signals 02:33 Earnings Growth Outlook 02:58 Bull Market Context 04:57 Profit Margins Explained 06:45 Economic Data Check 07:09 CPI Preview and Signoff Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com