FN2 Research
Markets, explained.
Cited, no-noise breakdowns of why stocks move — earnings reactions, macro shifts, and the data behind the headlines.
Dow Record, Nasdaq Correction: The Cleanest Rotation Tell in Months
Semiconductor stocks led a global sell-off that pushed the Nasdaq-100 into correction territory, yet the Dow and S&P 500 hit records as healthcare, financials, and industrial earnings beat estimates. The FOMC decision and Microsoft, Meta, Apple, and Amazon earnings this week will test whether the rotation holds.
SpaceX's $117 Billion Unlock Meets a Market Under Reconstruction
SpaceX's August 6 lockup expiry releases ~$117B in shares two days after its first public earnings report, testing whether the market's plumbing — reshaped by CME's new 23-hour single-stock futures and the SEC's proposed Rule 611 rescission — can absorb the largest unlock in U.S. IPO history.
Chip Rout Meets Oil Relief: Two Geopolitical Shocks Split Markets in Opposite Directions
On July 28, 2026, two competing geopolitical shocks split markets: a reported Chinese DUV lithography breakthrough triggered a global semiconductor rout that wiped out over $1 trillion in market cap, while a US-Iran strike pause crashed oil prices and lifted non-tech US equities. The question is which force sets the dominant tone.
Chip Rout Meets Earnings Bid: The Market Is Running Two Tapes
The Nasdaq fell 1% while the Dow rose over 1% as a semiconductor rout driven by AI circular-financing fears and Chinese competition collided with strong earnings from Coca-Cola and a rotation into healthcare and financials. The FOMC decision and Magnificent Seven earnings arrive in the next 48 hours.
Global IPO Pipeline Hits Inflection as SEC Moves to Rewrite Equity Trading Rules
CXMT's record $8.6B Shanghai IPO, Innolight's $6.8B Hong Kong listing, Jersey Mike's $1B NYSE IPO, and Ionic Digital's direct listing all land in one week — while the SEC proposes rescinding Reg NMS Rule 611 and NYSE tokenized securities go live. The IPO calendar and market-structure regulation are hitting inflection points simultaneously.
Three Fronts, One Market: Oil Drops 10% on Iran Pause, Chips Lose $1T to China, Senate Targets Russia
Three geopolitical risk fronts converged on July 28: a US-Iran fighting pause cut crude 10% but Hormuz stays shut, China's CXMT IPO and domestic DUV lithography wiped $1T from chip stocks, and the Senate moved on Graham's Russia sanctions as Zelenskyy met Trump at the White House.
IPO Pipeline Accelerates as SpaceX Lockup Cliff Tests Market Absorption
Oil Plunges as Iran Ceasefire Holds — But the Escalation Map Is Widening, Not Narrowing
Chip Rout, Oil Retreat, Fed Looms: The Tape Is Rotating, Not Retreating
Lockup Flood, Treasury Drain, and a Chip Rout: The Supply Test Coming for Markets
SpaceX's staggered lockup expirations could unleash 6.4 billion shares, $106 billion in net Treasury issuance drains liquidity through Labor Day, and a China chip breakthrough triggers circuit breakers in Seoul — all hitting at once.
Chokepoint Diplomacy: Markets Price a Ceasefire, but Houthis Strike the Safety Valve
Oil fell 10% in two sessions on the US-Iran pause, but Houthi strikes on Saudi Arabia's Yanbu terminal expose the only export route bypassing the closed Strait of Hormuz. Section 301 tariffs on 60 countries and an 11% KOSPI crash compound the risk.