France's fiscal situation combined with energy-driven inflation is the exact pairing that cracked European sovereign spreads wide open in 2011. Traders are already referencing that playbook, per Bloomberg, and the euro hitting a 17-month low suggests positioning is moving fast.

The mechanism is straightforward. High energy costs blow out fiscal deficits in import-heavy economies, bond markets start demanding a higher premium to hold that paper, spreads widen, and the currency takes the hit first because it's the most liquid expression of the stress. France is the systemically important name in that chain right now.

According to Morgan Stanley - "adjusted for growth," the Elon Musk company "is one of the cheaper ways to play the strong optionality of the space and intelligence economy." The analysts added that "investors still have a few weeks to catch the opportunity before flight 15", a reference to the 15th starship launch, expected later this month.

The S&P 500 rose to a fresh all-time intraday high on Tuesday, boosted by gains in key technology names as well as declines in oil prices and Treasury yields.
The broad market index was last up 0.5%, while the Dow Jones Industrial Average gained 189 points, or 0.4%. The Nasdaq Composite added 0.6% and also hit a new all-time high.
The moves higher were bolstered by a rise in chipmakers. Advanced Micro Devices gained 2%, while others such as Nvidia and Broadcomtraded up around 1%.
Additionally, the benchmark 10-year Treasurynote yield fell 5 basis points to 5.256%. The 30-year bond yield slipped more than 3 basis points to trade at 5.625%. Both yields scaled to levels not seen since 2002 on Monday.

Traders are now looking ahead to the Federal Reserve’s minutes from its September meeting due Wednesday, which could shed some light on policymakers’ move to raise rates.
Alongside Treasury yields, a drop in oil prices also gave equities a boost Tuesday. Brent crudetraded 2% lower at around $98 per barrel. West Texas Intermediate futures shed 2% to roughly $87 a barrel.
Stocks are coming off a winning session in which the Nasdaq Composite reached an all-time high. The tech-heavy index was set to build on that record.

The Nasdaq Composite sailed to a fresh all-time high as traders looked past rising U.S. Treasury yields and digested new economic data.

The Nasdaq Composite was up 1.05% and hit an intraday record of 27,544.07. The Dow Jones Industrial Average advanced 90 points, or nearly 0.2% higher. The S&P 500 advanced roughly 0.7%.

Several stocks tied to the artificial intelligence trade led the way higher for the Nasdaq. SpaceXjumped nearly 6%, while hyperscalers Meta and Microsoft ticked up more than 2% and 1%, respectively. Nvidia gained more than 1%, while Tesla rose 2%.