NACHO Is On, But Memory Chipmakers' Rally Isn’t Over

Published on May 19, 2026

The nothing-burger that came out of the Xi-Trump summit drove home a new reality for global investors. The NACHO trade, which stands for “not a chance Hormuz opens,” is on. Prospects of prolonged inflation have risen, sending global bond yields higher and the US dollar stronger.

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Powell Was Great. The Federal Reserve’s Policy Messaging Was Not

May 19, 2026
Federal Reserve chair Jerome Powell steps down this month after proving himself an exemplary public servant. Compelled to deal with a president intent on telling the central bank what to do, his response was exactly right. Reluctant to confront the White House until he had no choice, he then did so firmly, without needless drama or any trace of ego.

Pending Home Sales Up for Third Straight Month

May 19, 2026
The National Association of Realtors® (NAR) pending home sales index rose 1.4% in April to 74.8, markings its third consecutive increase and highest level since November.