Editorial companion

What stands out

Kevin Hincks argues the Federal Reserve will hold rates today and probably leave most of the detail to Kevin Warsh’s press conference, so market reaction will hinge on corporate earnings, not Fed clarity. He singles out Microsoft and Alphabet as the principal litmus tests that could calm worries about an AI-driven rally, with earnings from SK Hynix, Seagate, and Vertiv adding context. He also flags crude oil volatility and Middle East tensions as a key lingering risk to market sentiment.