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The Wartime Economy Shows Up in the Backlogs
Markets are rebounding slightly with Intel bouncing after earnings and Brent Crude back under $100, but this is the dog days of summer and I do not expect a strong Friday. Traders are not going to want to hold into the weekend with the US now thirteen days into striking Iran and talk of a much larger attack.
Nobody wants to write about industrials, which is fine by me. Lockheed Martin, RTX, Union Pacific and Northrop Grumman all reported, Caterpillar is still two weeks out, and when you do find coverage it is AI slop scraped off the transcript. My focus on Substack stays on tech, financials…
The skinny
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