Good morning! Here's the latest in trending:

Mideast watch: U.S. and Saudi Arabia sign an agreement on a civilian nuclear program.

Musk updates: Tesla (TSLA) falls after earnings. Is a SpaceX (SPCX) merger in the cards?

Shortages: Russia was shipping crude to India, but refined fuel is now flowing in reverse.

What's the best fixed income investment in an uncertain market environment? For years, high short-term yields made cash investments like T-bills, money market funds, and CDs the preferred defensive shelter, but as those rates drift lower, some are advising a shift into core fixed income, such as high-quality long-term bonds. Investors can face reinvestment risk if they fail to lock in income streams at current levels, especially with starting core yields that are now hovering in the mid-single digits.

Snapshot: The argument took another turn this week as the 30-year U.S. Treasury (US30Y) flashed a warning sign for the broader economy, but a potential windfall for income investors. On Wednesday, the bond's yield notched its longest stretch above 5% since the Global Financial Crisis, with 27 sessions in 2026 and counting. Helping push up long-term yields have been structural worries over the massive U.S. government debt pile, as well as sticky inflation fears, with elevated energy prices back in play due to the Iran war.

Those aren't the only factors. The current bond market is facing serious supply pressure alongside a tsunami of private tech debt issued by AI hyperscalers. Institutional buyers have simultaneously reduced their purchases, making conditions ripe for the resurgence of "bond vigilantes." As a result, duration-focused investors are demanding much heavier premiums, not only in the U.S., but across the globe.

Core, cash, other? While the macro landscape may be difficult to discern, it may all boil down to timeframe. While some retail investors sit comfortably in ultra-liquid short-term bills to instantly pivot or trade at a bargain, others may view core bonds as critical protection if economic conditions deteriorate. Elsewhere, retail equity bulls maintain that corporate earnings and stocks remain the real destination for growth, even if elevated bond yields test expensive share valuations and allocations.

I Demand A Future Full Of Cash

Did You Listen When I Shared These Powerfully Bullish Precedents?

Marvell: Time To Double Down On The AI Panic (Upgrade)

Micron: Berkshire-ification Against Possible Greenfield Margin Squeeze

Ondas: The Market Has This Completely Wrong

Worries over Alphabet's (GOOGL) capex and operating margins.

... fined $1B under the EU's landmark Digital Markets Act.

Oil adds to gains as Houthis attack Saudi tankers in Red Sea.

House narrowly passes unprecedented $1.15T defense bill.

Taco Bell (YUM) leans on $1 enchirito to reverse lettuce fallout.

IBM's (IBM) earnings miss hits lighter second time around.

ServiceNow (NOW) results top estimates, outlook raised.

Intel (INTC), AMD ink long-term CPU deals with Chinese clients.

CN (CNI) ends opposition to Union Pacific (UNP)-Norfolk tie-up.

EU greenlights Paramount (PSKY)-Warner Bros. (WBD) merger.

In Asia, Japan +0.5%. Hong Kong +1.3%. China +0.3%. India -0.5%.
In Europe, at midday, London flat. Paris -1.1%. Frankfurt -0.6%.
Futures at 6:30, Dow -0.4%. S&P -0.4%. Nasdaq -0.4%. Crude +4.2% to $90.50. Gold -1.4% to $4,092.20. Bitcoin -0.3% to $65,736.
Ten-year Treasury Yield +1 bp to 4.68%.

Companies reporting today include Intel (INTC) and Lockheed Martin (LMT).

See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.