To read our weekly Bespoke Report newsletter and access everything else Bespoke’s research platform offers, start a two-week trial to Bespoke Premium. It was another week of dizzying swings in the equity market, but movements in other asset classes got our attention even more. We dive into all the wild moves and give you a framework for looking past the noise of huge intraday swings to focus on what matters.
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Fastenal’s (FAST) Q1 2025 earnings call.
Fastenal (FAST) is an industrial distributor that supplies a broad range of MRO (maintenance, repair, and operations) products, including fasteners, tools, safety gear, and inventory management solutions. FAST serves manufacturers, construction firms, schools, governments, and logistics providers across North America and internationally, with a growing presence in Mexico and Canada. Q1 2025 results showed daily sales growth of 5% despite sluggish macro conditions, driven largely by internal execution and momentum in national and regional contracts. Management cited tariff-related inventory buildup and sourcing diversification, noting that some products are now routed directly to Mexico and Canada to avoid double-duty costs. The company began taking price actions in April, expecting a 3–4% uplift in Q2, potentially doubling in the second half of the year. FMI device deployments grew 12.5%, and 61% of total sales came through digital footprints, inching toward Fastenal’s 66–68% target. Executives also highlighted weaknesses in the e-commerce platform, particularly among small customers, as a key area for future improvement. FAST shares were up close to 7% on 4/11 on a sales beat…
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“Never interrupt your enemy when he is making a mistake.” – Napoleon Bonaparte
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To see yesterday’s segment from CNN’s OutFront, click on the image below.
Looking at futures now, we may see a positive end to the week, but if you look in a few minutes, the picture could look entirely different. Banks have kicked off the earnings season positively with all of the major banks that have reported exceeding EPS forecasts. In response to the reports, most of the stocks are modestly higher, but with gains of less than 1%, the moves are hardly convincing.
The only economic reports on the calendar are PPI and Michigan Sentiment. Just like yesterday’s CPI, PPI cam in weaker than expected with both the headline and core readings showing negative readings on a m/m basis. Given the brushing off yesterday’s CPI, it doesn’t look like the market will pay much attention to that report. Regarding the UMIch report, we would expect to see another round of extremely divergent views based on political leanings, but an overall weaker trend.
If there are years where nothing happens, the last few weeks have been a period where years happened, and this weekend can’t come soon enough. As the President has torn up the playbook for global trade, financial markets have responded with some of the most violent moves in years. The most extreme aspects of the volatility started last Wednesday night, but this week has seen just as notable moves across the financial spectrum.
During periods of the most heightened volatility and uncertainty in markets, three areas where investors often flock are gold, the dollar, and US Treasuries. This week, only one of those safe havens caught a bid.
After pulling back to its 50-day moving average earlier this week, gold has bounced in the last three days. It’s still early, but if today’s gains hold, it will be gold’s third straight day of rallying more than 1.5% and the longest streak of gains in the magnitude or more since 2011/ During the last three days, gold is up over 8% and on pace for its largest three-day move since March 2020. Before that, you would have to go back to the financial crisis to find the last time it rallied as much in three days.
Bespoke’s Consumer Pulse Report is an analysis of a huge consumer survey that we run each month. Our goal with this survey is to track trends across the economic and financial landscape in the US. Using the results from our proprietary monthly survey, we dissect and analyze all of the data and publish the Consumer Pulse Report, which we sell access to on a subscription basis. Sign up for a 30-day free trial to our Bespoke Consumer Pulse subscription service. With a trial, you’ll get coverage of consumer electronics, social media, streaming media, retail, autos, and much more. The report also has numerous proprietary US economic data points that are extremely timely and useful for investors.
We’ve just released our most recent monthly report to Pulse subscribers, and it’s definitely worth the read if you’re curious about the health of the consumer in the current market environment. Start a 30-day free trial for a full breakdown of all of our proprietary Pulse economic indicators.
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Constellation Brands’ (STZ) Q4 2025 earnings call.
Constellation Brands (STZ) is best known for its top-selling Mexican beer imports like Modelo, Corona, and Pacifico. The company also owns a premium wine and spirits business, with a focus on higher-end brands following recent divestitures of its mainstream wine labels. Serving primarily US consumers, STZ provides unique insight into consumer trends, particularly among Hispanic buyers who account for about half of its beer volume. STZ lowered its beer sales growth outlook to 0–3% for FY26 (previously 7–9%), citing persistent weakness among Hispanic consumers, who remain cautious due to inflation, immigration concerns, and job insecurity. Despite this, brand health remains strong with Modelo, Corona, and Pacifico all showing increased awareness and favorability. Tariff-related cost pressures, especially on aluminum cans, are expected to weigh on margins, but the company reaffirmed its 39–40% beer margin target. STZ shares opened 4.2% lower but ended the day up slightly on 4/10…
Continue reading our Conference Call Recap for STZ by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below:
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers CarMax’s (KMX) Q4 2025 earnings call.
CarMax (KMX) is the largest used car retailer in the United States, operating over 250 stores and a digital platform that enables customers to buy, sell, and finance vehicles seamlessly online or in-store. What sets KMX apart is its fully integrated omni-channel experience and its ability to scale vehicle sourcing, reconditioning, and financing through its proprietary tech and logistics infrastructure. KMX posted strong results with EPS up 81% to $0.58, as used unit comps rose 5.1%. Omni-channel sales reached 67% under a newly expanded definition, with digital tools like the AI assistant “Skye” answering over 50% of customer questions. Sourcing hit a record 269,000 vehicles, driven by a 114% YoY jump in dealer-sourced units. Management highlighted rising demand amid tariff-driven new car price fears and began recapturing Tier 1 loans into CarMax Auto Finance (CAF). There was also notable discussion about cost efficiency gains, a seemingly large focus for the company. Despite growth, results were weaker than expected, and amid macro volatility, shares fell close to 20% on 4/10…
Continue reading our Conference Call Recap for KMX by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below: