Any geopolitical premium left?/Bond yields/Tech earnings/See what TriNet said on labor market

After this drop in crude oil prices after the weekend's Israeli attack on highly specific military installations in Iran I can't imagine it leaves much geopolitical risk left in the price. We are remaining long oil and gas stocks. Either way though and notwithstanding the disinflation that comes from lower oil prices, Treasury bond yields continue higher with the 2 yr now at 4.11%, the highest since early August and the 10 yr back at 4.26%, last seen in late July. I've mentioned that 4.30% is the key technical level for the 10 yr with it being the 50% retracement off last year's 5% high and the 3.60% low made within days of the Fed's aggressive rate cut. 

Maybe this move up again today in yields is following the selling seen in JGB yields after the election results in Japan over the weekend where the Liberal Democratic Party (LDP) didn't receive the needed seats to have a majority in the lower house and now needs to politic for some coalition partners. The yen is down but off its lows and sits at the weakest since late July vs the US dollar. That slightly weaker yen did help Japanese stocks withstand the political noise with a 1.8% rally. We remain bullish and long Japanese stocks. 

Yen

10 yr JGB Yield

Ahead of the Q3 big cap earnings from Alphabet, Microsoft, Meta, Amazon and Apple this week, what I found most distinctive in what these companies (less so Apple and more so the others) said and how investors responded to Q2 earnings was the focus on the huge amount of capital spending on AI (about $15b each per quarter, give or take) and the scrutiny now given as to when the payoff would come in terms of returns. Beneficially, the market mostly rewarded the receivers of that spend, particularly Nvidia. Meta's core business has been solid so it has weathered the AI spend microscope more so than Alphabet, Microsoft and Amazon. This will be quite a news week.