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Rule changes for the SpaceX $SPCX IPO: Index providers waived the profitability requirement and cut the seasoning window from 90 days to 5. This forces over $30 trillion in passive 401k and retirement money to buy SpaceX at IPO valuations. Bloomberg Intelligence estimates S&P 500 funds must absorb 19% of SpaceX's float within 6 months. Russell 1000 and Nasdaq 100 funds will absorb 24%. The rules built to protect passive investors: 1. S&P 500 has required 12 months of trading and 4 quarters of GAAP profitability since 2002. Both waived. 2. Nasdaq cut its inclusion window from 90 trading days to 15. 3. FTSE Russell cut its to 5. All three benchmarks are now structured to buy SpaceX at IPO pricing.

The S&P 500 is set for a nine-week win streak

U.S. distillate fuel inventories fall to the lowest level since 2003

The S&P 500 is on track for one of the strongest clusters of all-time highs in the past 75 years.

The S&P 500 closed at a new all-time high

U.S. orders for defense capital goods surged to the second-highest level on record

U.S. Strategic Petroleum Reserve (SPR) stocks fall to 2-year low

U.S. Crude Oil Inventories fall -3.3M (Est. -3.8M, Prev. -7.9M)

U.S. average sales price of new houses sold was $508,800, down -1.1% YoY

$VIX sinking lower:

This is an admission that the U.S. Dollar has lost 60% of its purchasing power since 1990. $250 today buys what $100 did then.

The S&P 500 has made a new all-time high

JUST IN: U.S. officials at the Treasury Department are pushing to create a new $250 bill

Solar stocks ripping to fresh Cycle Highs We remain long in $TAN terms.

Introducing $ADDS . The Hedgeye Index Adds ETF is an active ETF managed designed to target companies before they are added to major U.S. indexes. Why it matters: when a company is added to a major index, index funds often have to buy it. ADDS seeks to position ahead of that forced buying. The strategy is built and executed by PM Brooks Cutright around process: Proprietary models. Probabilistic forecasts. Defined exits. Monthly rebalance. Liquidity discipline. 20% per-name cap. This is a systematic approach to a specific market opportunity. Not generic equity exposure. Not traditional stock picking. A differentiated source of return rooted in flow timing and @Hedgeye Risk Management. For important investor information, including prospectus and risk considerations, visit: http:// hedgeyeam.com/adds

Nice report from $MRVL with big guidance raise but it only hit our super bullish expectations; thus, we have a new #1 Long. $MRVL $ANET pair trade already returned >70%.

Ethereum $ETH plunges below $2,000

Palladium crashes -8.3% in the last month to new Cycle Lows We remain short in $PALL terms

The ten biggest companies in the S&P 500 make up nearly 40% of the index

Here's what $78 trillion in U.S. equity really means: If we add up the next 9 largest stock markets on Earth, the U.S. is still $20 trillion bigger. The U.S. market added nearly $7 trillion in value in 2025 alone, roughly the size of the entire UK and French markets combined. Americans are 4% of the world's population but make up nearly 50% of the world's stock market. The U.S. is in a league of its own.

BREAKING: $USDT falls to $0.98 on Coinbase, most since 2022

U.S. 30-year mortgage rates rise to 9-month high

U.S. gas prices soar to $4.41, the highest level in nearly 4 years

Memory stocks have more than doubled in the last 8 weeks We remain long in $DRAM terms.

ADP : U.S. Private Employers Added 35,750 Jobs/Week (Prev. 40,800)

Xiaomi $XIACY http:// 1810.HK had been a triple digit winner (up ~200% and #1 Long idea for a while) for us back in 2024-2025. We turned cautious on Xiaomi in August 2025 given rare missteps from mgmt and given our extensive smartphone/memory data. It was a pivotal moment. Since then, the stock cratered almost 50% and is currently at 52-week lows. Huge market share dynamics and component constraints playing out as we expected.

The S&P 500 closes at a new all-time high

Semiconductors now make up a record 18% of the S&P 500

38% of Americans now live within five miles of a data center. Now, nearly 3/4 of of U.S. adults now oppose the construction of AI data centers in their local communities. Read the full note

Roughly $33 billion of 401(k) flows are funneled into U.S. equities every month

BREAKING: Micron Technology $MU market cap tops $1 trillion

U.S. CB Consumer Confidence falls to 93.1 (Est. 91.9, Prev. 93.8)

U.S. Credit card delinquency rate surges to 13.1%, highest in 15 years

BREAKING: Memory rips +11.2% to all time highs. We remain long in $DRAM terms.

Only 25% of active funds beat the S&P 500 in 2026 so far

The S&P 500 has made a new all-time high

BREAKING: Memory rips +11.2% to all time highs. We remain long in $DRAM terms.

U.S. IPOs on pace for the biggest year in history

U.S. money supply is growing at the fastest rate in four years

U.S. consumer sentiment at lowest level ever recorded, worse than 2008 and 2020 — UMich

Steiner: "Housing Hates Stagflation" Mortgage rates have retraced half the drop they took during the Iran war, and Hedgeye Housing Sector Head Josh Steiner @HedgeyeFIG says that tailwind is now completely gone. The 30-year fixed rate mortgage started 2025 near 7% and had fallen to 6% in the week before the Iran war kicked off. The latest Freddie Mac Primary Mortgage Market Survey print landed at 6.51%, unwinding half the move. "Any tailwind that may have been there from the mortgage rate side is completely gone," Steiner explained. Our positioning reflects the shift. We remain short US Home Construction $ITB and Steiner has layered on two single-name shorts in the space, Zillow $Z and Rocket Mortgage $RKT , the latter added just this week. The bigger call ties back to the Quads. "Housing hates stagflation. It's by far the worst environment. It's much worse than quad four," Steiner said, noting that the problem with stagflation is that growth is weakening and the Fed cannot respond because of the pressure on inflation. Backtest any housing stock and it looks its worst, by far, in Quad 3. The average quarterly return for Rocket Mortgage in Quad 3 is -28%. With hints of a Quad 3 shift taking place, the setup turns brutal from here for the housing sector. To learn more about our GIP Model on which the Quads are build on, visit our Process Guide: https:// app.hedgeye.com/education#iii- macro-strategy-the-gip-model-and-quads … Subscribe to The Call @ Hedgeye for insights you won't get anywhere else: https:// insights.hedgeye.com/the-call/

The U.S. Dollar has lost 30% of its purchasing power over the last six years