Today, strong notes of general concern as yesterday could have marked the beginning of a broader weakening in risk sentiment, which has so far been avoided amidst the wild churn in individual stocks in the US even as the overall index has chopped around within the high end of the range. The worst thing for this market might be a sudden return of high correlation across stocks. Elsewhere, the JPY rally stalled out on a modest USD comeback as we await key US CPI data today, while treasuries showed interesting signs of serving as a safe haven yesterday and gold did not - stay tuned there!

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at carnage for additional individual names on AI disruption fears even amidst relative market calm in US equities. Elsewhere, a break down of the US jobs report, going way beyond all of the headlines on the January numbers to indicate how little the wiser we are all on the actual state of the US labor market from this specific report. As well, a look at the chunky further JPY rally and whether and how a possible revaluation of the yen might unfold from here. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

A link to John's The FX Trader piece from today.

Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, we discuss another session marked by notable divergences within the US stock universe, oil markets heading into territory that is starting to look expensive unless geopolitical tensions spill over into actual confrontation, the idea that the best things for gold and silver bulls might be for the price action to just calm down for a while, and the macro backdrop heating up with key US data ahead - especially today's US payrolls revisions, which are far more important than the latest data print. Meanwhile, the JPY is rumbling - can it roar? Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today's episode features a very special guest, Peter Garnry, CEO and co-founder of Gesda Capital, as we discuss everything from Novo Nordisk's performance in the wake of its Wegovy pill release to nearly everything AI-adjacent, from the market's rough treatment of software-as-a-service names of late to the outlook for Mag7 stocks and hyperscalers on their massive AI capital spending arms race. We also look at the risks of passive investing, discuss the SpaceX IPO and much more. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy.

Link: The Acquired podcast episode on Google: The AI Company that we referenced on the podcast.

Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at the US equity market suffering it first real broad sell-off in a while as nearly everything sold off yesterday, with the negative vibes intensifying after the close on news of Amazon.com's titanic spending plans on AI for the coming year. Elsewhere, crypto suffered one of its worst days ever, unsettling risk sentiment further. Also, a look at macro and FX, especially the wobbles in sterling on BoE and political developments. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at a remarkable downdraft in nearly all AI-adjacent stocks, with no category escaping the selling, even as much of the rest of the market posted a positive and even strong day, the latest in wildly gyrating internals. We try to piece together a takeaway and wonder as well whether the European equity market performance has gotten overcooked. Perspectives on the Bitcoin sell-off, FX and macro and much more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, while the software-as-a-service disruption concern has been roiling for quite some time for many companies, yesterday's market action saw a massive new acceleration in the negative focus on companies that face a risk from AI disruption as new agentic AI applications come on board - some of them names that had escaped negative attention before. We look at a number of these names, other key moves in equities, the latest pressure on crypto and whether it can be stopped and macro and FX and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a look at global risk appetite in a happy mood as precious metals markets have stabilized and the US manufacturing sector shows its first interesting sign of revival in years. Palantir shareholders were also able to celebrate their "cosmic reward" for sticking with the company as the company reported strong earnings after the close. Disney shareholders had less to celebrate. Elsewhere, the USD is back at a tipping point as bears need to make a stand or else. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).

Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.