Based in Princeton, New Jersey, Integra is a medical device company that develops and markets devices for use in neurosurgery, nerve repair, and skin and wound repair. The company's products are used in cranial and spinal procedures, peripheral nerve repair, the repair of skin and deeper tissue from burns and vehicular accidents, and the repair and reconstruction of soft tissue. The company has two segments: Codman Specialty Surgical and Tissue Technologies. It also sells products through private-label relationships with other medical device companies. Integra has about 4,400 employees. The shares are a component of the S&P 600 Small-Cap Index.

The major stock indices are higher at midday. The Nasdaq is getting a boost from some tech heavy hitters, including Nvidia, which reported strong earnings after the close yesterday. Crude oil is at $82 per barrel. The yield on the 10-year note is at 4.66%.

Based in Princeton, New Jersey, Integra is a medical device company that develops and markets devices for use in neurosurgery, nerve repair, and skin and wound repair. The company's products are used in cranial and spinal procedures, peripheral nerve repair, the repair of skin and deeper tissue from burns and vehicular accidents, and the repair and reconstruction of soft tissue. The company has two segments: Codman Specialty Surgical and Tissue Technologies. It also sells products through private-label relationships with other medical device companies. Integra has about 4,400 employees. The shares are a component of the S&P 600 Small-Cap Index.

New Federal Reserve Chairman, Kevin Warsh and his cohorts at the FOMC left the fed funds target at 3.5% to 3.75%. But it's clear that there's a different sheriff in town and that there will be little, if any, forward guidance on monetary policy and only a bland characterization of how the economy is doing. While acknowledging the Fed's dual mandate of maximum sustainable employment and price stability, Mr. Warsh did acknowledge, 'we've got some work to do on the price stability front.' The 2-year Treasury yield shot up to 4.19% from 4.06% midday and was up 14 basis points (bps) on the day. That was the highest yield close for the 2-year since February 2025 and leaves the historically trusty leading indicator of the fed funds rate looking for at least a few 25 bps hikes. The CME FedWatch Tool is now looking for one or two small hikes by the end of 2026. The stock market sniffed out uncertainty concerning monetary policy with at least a hawkish tint -- and didn't like it one bit. The S&P 500 fell 1.2%, more than filled its recent price gap, and is back below its 21-day exponential moving average (EMA) on a minor basis. The index has given back half of its recent three-day rally. The Nasdaq 100 (QQQ) fell 1%, filled its price gap, and remains above its 21-day EMA. Breadth was weak, with 2.2% to 2.8% losses in four sectors. Communication Services were hit the hardest, followed by Real Estate, Consumer Discretionary, and Consumer Staples. Healthcare, Materials, Utilities, and Energy declined 1.3% to 1.5%. It's only one day and the market knew Warsh would give less guidance, so perhaps cooler heads will prevail.