Thursday, July 9, 2026

Thursday's postmarket close brought a constructive session for your equity holdings, with all three positions finishing the day in positive territory. Sector rotation and rate-sensitive sentiment continued to shape intraday price action, keeping volatility in focus across the broader tape. Your portfolio navigated the session well, and the individual breakdowns below detail how each name performed.

Portfolio Snapshot

Market Overview

Holdings Breakdown

CRDO closed at $265.65, up 2.69% on the session. Today's gain adds to what has been a remarkable multi-month surge, with Credo sitting well into the upper portion of its 52-week range after more than doubling over the past three months alone. The fundamental story underpinning that run is hard to argue with: Credo surpassed $1.3 billion in revenue in FY2026, growing over 200% year over year, a pace that reflects surging hyperscaler demand for high-speed connectivity silicon as AI infrastructure buildouts intensify. A Seeking Alpha analysis published this morning framed the company as entering the "next AI battleground," suggesting the market sees Credo's active electrical cable and SerDes technology as increasingly central to next-generation data center architectures. At a triple-digit earnings multiple, the valuation leaves little room for execution stumbles, so investors will want to track any signs of customer concentration risk or order-pace normalization as the year-ago comparisons grow more demanding. The stock's intraday range today was notably wide, a reminder that even strong momentum names can carry significant two-way volatility near multi-month highs.

IONQ closed at $44.77, down 0.69% on the session. Looking at the data provided: - No news headlines were provided - 52W range position: 32% through its 52-week range (sitting in the lower third, well off its highs) - Trajectory is notable: strong 3M run but severe 1M pullback, with YTD essentially flat This fits the "quiet session, no news" rule for the day's move, but the trajectory context is meaningful enough to anchor 2 solid sentences.

Today's modest slip continues a sharp retracement from the spring surge, with IonQ now sitting in the lower third of its 52-week range after giving back the bulk of a powerful three-month advance over the past several weeks. The position is essentially flat on the year, meaning the dramatic round trip has returned long-term holders to near their starting point, and price action remains directionless in the absence of a fresh catalyst. Watch for any quantum computing contract announcements or sector-level news to determine whether the current consolidation resolves as a base-building phase or extends the drawdown further.

NOW closed at $108.84, up 0.98% on the session. Today's session featured a tug-of-war between competing narratives, with shares opening under pressure after reports that Starbucks is building in-house AI tools that could displace software purchased from vendors including ServiceNow, only to recover and finish near the top of the day's range. The rebound found support from a countervailing storyline: Hitachi Digital Services announced a partnership with ServiceNow to deploy an AI-powered solution for mission-critical infrastructure monitoring, underscoring that enterprise demand for the platform remains active even as the build-versus-buy debate heats up. Today's action extends a meaningful three-month recovery off the lows, though the stock still sits well below the upper end of its 52-week range, reflecting how much ground remains to reclaim from its steep year-to-date drawdown. A Lakehouse Capital letter noted that NOW sold off despite a solid prior earnings result, a dynamic worth watching as the next earnings window approaches and the market weighs whether the recovery has fundamental legs or is simply relief after an oversold stretch. The key forward watch item is whether partnership momentum and Wall Street's broadly constructive stance can hold against the growing narrative of AI-enabled enterprise self-sufficiency.

Rate Environment

Treasury yields closed Thursday with the curve in a normal configuration, the 10Y at 4.55% and the 30Y at 5.05%, reflecting a market that continues to price duration risk meaningfully. The 2-year yield at 4.19% sits above the Fed Funds rate of 3.63%, a spread that suggests markets are not fully convinced the easing cycle is finished. The Fed Funds rate of 3.63% reflects prior cuts, placing policy in an accommodative posture relative to intermediate and long yields. Corporate spreads remain contained, with AAA paper at 39 basis points over and BBB at 94 basis points over, offering little premium for credit risk and suggesting credit conditions are broadly supportive for equity valuations.

Bottom Line

Equity momentum held into the close, so the posture here is to stay engaged but watch for any overnight catalyst that could shift early Friday tone; conviction favors holding current positions rather than chasing or trimming into strength.