Microsoft relaunched Copilot, and Costco beat with a tariff refund in the number
Microsoft rebuilt Copilot around Home, Code and an always-on Autopilot agent and rose 3.7%, while Meta gave back 3.3% of its Muse run. Costco beat on sales and earnings, including a 15-cent IEEPA tariff refund, and rose 2.9%. Short yields fell and the 30-year still edged up to 5.49%, and the S&P finished the week up 1.2%.
- S&P 500
- +0.51%
- Microsoft
- +3.7%
- Meta
- −3.3%
- 2-year
- 4.81%−6bp
- 30-year
- 5.49%+2bp
Microsoft rebuilt Copilot, and Meta gave some back
MSFT +3.7% · META −3.3%Microsoft relaunched Copilot around three pieces. Home puts chat and Word, Excel and PowerPoint in one place. Code lets people outside engineering describe an app or a dashboard and have Copilot build it. Autopilot is an agent you give "a name, a role and a goal" and leave running. Home and Code reach early users in the coming weeks, and Autopilot goes to private preview at month-end. Microsoft rose 3.74% to $516.17. Meta fell 3.32% to $751.66, the day after its own Connect event for Muse. MediaPost framed the relaunch as a direct challenge to Muse, and CNBC as Microsoft chasing Anthropic. Meta has run about 24% on Muse since September 8, so it had plenty to give back.
Costco beat, with a tariff refund in the number
COST +2.9%Costco earned $6.75 a share in its fiscal fourth quarter, against $5.87 a year earlier. That includes a one-off 15 cents from IEEPA tariff refunds, so $6.60 without it, still ahead of the roughly $6.53 expected. Net sales rose 11.2% to $93.9bn. US comparable sales were up 10.7%, and 7.2% without gasoline and currency swings. Membership fees rose 7.3% to $1.85bn. The stock rose 2.91% to $922.77, back above where it sat before the results. The Costco position in the book was closed today.
Short yields fell, and the long end didn't follow
2-yr 4.81% · 30-yr 5.49%The two-year fell 6bp to 4.81% while the thirty-year rose 2bp to 5.49%, a notch above yesterday's 5.47%, which CNBC put as the highest since 2004. The ten-year was little changed at 5.17%. The University of Michigan's consumer sentiment fell to 48.1, a four-month low, with the survey pointing to fuel prices and trade disputes. WTI settled near $92.2, down 2.7%, as hopes for US-Iran talks on reopening Hormuz eased the supply worry.
The week, done
S&P +1.2% on the weekThe S&P rose 1.21% on the week, from 7,650.50 to 7,743.41, and finished today up 0.51%, with the Dow up 0.93% and the VIX down to 14.87. Bonds had the harder week: the ten-year rose 16bp to 5.17% and the thirty-year 15bp to 5.49%. In between, Trump stood down a strike on Yemen and oil fell 8% in a day, Meta's Muse repriced the chip trade, Viking's maintenance data added 36% in a session, the ten-year had its biggest one-day jump in 18 months, and Oracle invoked force majeure on its Stargate site.