Monday, July 20, 2026

Monday's postmarket session brought a constructive close for your equity holdings, with all three positions finishing the day in positive territory. Sentiment across markets was shaped by ongoing rate expectations and sector-level rotation, providing a generally supportive backdrop. The details on each position follow below.

Portfolio Snapshot

Market Overview

Holdings Breakdown

CRDO closed at $212.07, up 4.63% on the session. Today's rebound adds follow-through after a sharp multi-week pullback that had erased nearly a third of the stock's value over the past month, leaving shares sitting roughly mid-range within their 52-week span despite strong year-to-date gains. The recovery aligns with renewed focus on Credo's longer-term positioning, as analysts highlight a critical revenue pivot from copper to optical networking as the key structural driver, with neocloud demand and 1.6T optics adoption seen sustaining pricing power through 2027. Investors will want to watch whether momentum from the three-month recovery can reassert itself after the recent correction, and how quickly order visibility in high-speed optical interconnects translates into revenue confirmation when Credo next reports results.

IONQ closed at $34.24, down 1.55% on the session. The session's modest decline extends what has been a prolonged and steep retreat from the stock's spring highs, with shares now sitting near the lower end of their 52-week range after months of sustained selling pressure. The only notable institutional signal today came from the options market, where large-money participants showed unusual activity in IonQ alongside other information technology names, suggesting some larger players are positioning around current levels. Given the stretched losses over the past month and quarter, the key question for holders is whether institutional options interest marks early accumulation near a floor or simply hedging activity against continued weakness. Watch for any quantum computing sector catalysts or broader risk-appetite shifts that could either stabilize the name or accelerate the drawdown further.

NOW closed at $104.70, up 1.41% on the session. Today's advance arrives on the eve of a closely watched earnings report, with ServiceNow scheduled to report July 22 as investors look for the company's own numbers to push back against the fear that AI will erode its business model. The setup has drawn notable pre-earnings debate, with analysts previewing key operating metrics and DA Davidson maintaining its Buy rating while trimming its price target to $170, reflecting a recalibration of expectations rather than a change in conviction. The stock sits well below the upper end of its 52-week range, and while the past month has seen a meaningful recovery, the position remains deeply in the red on a year-to-date basis, keeping the broader AI-disruption narrative squarely in focus. What to watch is whether ServiceNow's reported fundamentals contradict the bear case convincingly enough to sustain and extend the recent rebound, or whether any guidance softness reignites the selling pressure that defined the first half of the year.

Rate Environment

Treasuries closed Monday with a normally shaped curve, the 10Y at 4.57% and the 30Y at 5.09%, reflecting persistent term premium at the long end. The 2Y yield of 4.16% sits above the Fed Funds rate of 3.63%, a gap that suggests markets are pricing some uncertainty or modest re-pricing risk even within the current easing cycle. The Fed Funds rate of 3.63% reflects prior rate cuts, and the broader curve shape, spanning 41 basis points from 2Y to 10Y, indicates no near-term inversion pressure. Corporate spreads remain tight, with AAA at 40bp and BBB at 96bp, suggesting credit markets are not pricing significant stress at this stage.

Bottom Line

Equities held their momentum into the close, so the posture here is to stay engaged but watch for any early-week reversal signals that could test today's gains across all three positions.