The stock market is in a mood. Nothing is good enough right now and everything has a pessimistic tint.

Positive signs are being ignored and bad signs are being punished. That’s not great ahead of key inflation data in the form of the Consumer Price Index this morning.

ASML kicked off tech earnings season with a bang, signaling that the artificial-intelligence boom looks set to last for several years. Some customers have even expressed interest in placing orders for its chipmaking machines as far ahead as 2030.

Yet chip stocks were on track for a seventh consecutive fall—their worst run since May 2025 as the rotation away from tech continues.

Bank of America was dropping sharply after its $1.2 billion Treasury Department fine hit earnings. But the bank would have missed expectations regardless. BlackRock is the exception as the market rewarded the asset manager’s earnings.

Elon Musk had high praise for Micron Technology, which should be great for the memory-chip maker given Tesla and SpaceX’s chip ambitions. But the stock was down again, having dropped 12% in the past five days.

Even today’s winners look a bit ominous. The OG meme stock GameStop is set for a 16-month high—perhaps an ill-timed display of froth.

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