Risk: A Trade Idea for Rising Food Prices

Earnings season kicks off with a bang as bank heavyweights deliver mixed results. JPMorgan's (JPM) strong showing on NII gains clashes with Wells Fargo's (WFC) lending woes, while BlackRock (BLK) continues to ride the ETF wave to new asset highs. Meanwhile, persistent inflation data and rising Treasury yields are prompting officials to reconsider Fed rate cut bets for November, with some, like Raphael Bostic, suggesting a pause.NASDAQ

We are very elevated on underlying selling on the Russell 2000, but this looks more like rotational moves than anything. I am concerned about next week, but I'll be very bullish on tech if we see strong regional banking numbers.

Insider Buying: 

• Blackouts persist, with just 5 purchases reported yesterday

• Buffett sells another $382M of Bank of America (BAC) stock, falling below the 10% reporting threshold.  

Market outlook:

• Futures are down slightly as markets digest sticky inflation and bank earnings

• Treasury yields climb: 30-year at 4.39%, 10-year at 4.1% afte…