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What the rise in "real yields" says about markets

A line chart that tracks 5-, 10- and 30-year U.S. inflation-protected Treasury yields from July 8, 2010, to July 8, 2026. On July 8, 2026, yields were 2% for 5-year, 2.31% for 10-year and 2.86% for 30-year. In the listed points, 5-year fell to -0.29% in 2014.

Yields on U.S. inflation-protected Treasury securities

Data: FactSet, Federal Reserve; Chart: Matt Phillips/Axios

Macro

Axios Macro

The economy's K-shaped dynamic could be changing

What the momentum trade tells us about the stock market

A line chart that tracks daily year-to-date returns for the iShares Core S&P 500 ETF and iShares MSCI USA Momentum Factor ETF from Dec. 31, 2025, to July 8, 2026. The S&P 500 ETF ranged from minus 7.3% to 11.41% and ended at 8.51%; the momentum ETF ranged from minus 7.81% to 37.92% and ended at 23.87%, outperforming after early April.

Year-to-date percentage change 

Data: FactSet; Chart: Matt Phillips/Axios

SK Hynix plans $28 billion stock offering

A line chart that tracks SK Hynixâs daily market value from July 8, 2025, to July 8, 2026. It rises from $142.3 billion to $1.02 trillion, with a low of $121 billion on Aug. 21, 2025, and a peak of $1.34 trillion on June 22, 2026.

SK Hynix market valuation 

Note: Value calculated in U.S. dollars; Chart: Matt Phillips/Axios

Chip stocks plunge despite strong report from Samsung

Wall Street expects blockbuster earnings

A line chart that tracks daily consensus expectations for Q2 2026 earnings growth from July 2, 2025, to July 2, 2026. Estimates rose from 8.7% to 22.5%, the period high. Growth expectations climbed steadily, with a brief drop from 21.2% on May 7, 2026, to 19.2% on May 8.

Consensus expectations for Q2 2026 earnings growth

Schwab: Retail investors keep on buying tech stocks

Why the memory chip boom is a problem

Earnings per share expectations over the next 12 months at select memory chip makers 

Data: FactSet; Note: For non-U.S. companies converted to U.S. dollars; Chart: Matt Phillips/Axios

Democrats plot subpoena storm over Trump's $2 billion gold rush

Why AI and semiconductor stocks stumbled

Philadelphia Stock Exchange Semiconductor index 

Data: FactSet ; Chart: Matt Phillips/Axios

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