Earnings reports are moving markets faster now

With rates and inflation already priced in, traders are turning their focus to corporate results. Volatility remains steady, but the market is quicker to swing on earnings news than it would be in a calmer backdrop. Micron reports after the bell today, and options positioning suggests traders expect a clean beat. The shift signals a regime change: earnings seasons now drive the tape more than macro headlines do. the rates-and-inflation picture is still the backdrop.

WK SEP 28

Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements

Strait of Hormuz: choked

On watch this week

1 more on the board, staying quiet this week.

Oil loudest for the 3rd straight send

• Cheaper oil helped India's currency recover to 95.83 against the US dollar. — Economictimes Markets
• Trump kept penalties in place on Iran, leading to a small increase in the cost of crude. — Business Standard Markets
• Higher oil prices led foreign funds to pull out of India again. — Business Standard Markets

Where retail attention is climbing fastest - social chatter, not signals.