MarketAxess Holdings Inc. (MKTX)

Founded in 2000, MarketAxess is a leading electronic fixed-income trading platform that connects broker/dealers and institutional investors. The company is primarily focused on credit-based fixed-income securities, with its main trading products being US investment-grade and high-yield bonds, eurobonds, and emerging-market corporate debt. The company has expanded more aggressively into Treasuries and municipal bonds with the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. The company also provides pre- and post-trade services with its acquisition of Regulatory Reporting Hub from Deutsche Börse Group in 2020, adding to its product offerings.

MarketAxess Holdings operates a global electronic trading platform, primarily for corporate bonds and other fixed-income instruments. The company enables institutional investors and broker-dealers to trade securities anonymously and offers clearing and market-data services. The company has approximately 860 employees.

Earnings continue to roll in this week, but the end is nearing. The big retailers are now in focus. Last week, the Dow Jones Industrial Average fell less than 1% while the S&P 500 and the Nasdaq were up less than 1%. Year to date, all three indices are in positive territory, with the Dow up 12%, the S&P 500 up 14%, and the up 15%. On the earnings calendar, headliners include Home Depot and Toll Brothers on Tuesday; TJX, Lowe's, and Target on Wednesday; Walmart on Thursday; and Williams-Sonoma and BJ's on Friday. Some 91% of S&P 500 companies have reported as of Friday. Earnings so far are up a whopping 52% from last quarter, with Energy and Communication Services leading the charge, and Healthcare at the bottom. On the economic calendar, perhaps the most interesting news this week will come from the minutes from the Fed's July FOMC meeting, which are due to be released on Wednesday. Gas prices ticked up last week by four cents to an average of $4.08 per gallon for regular gas. The Atlanta Fed GDPNow forecast calls for 3Q GDP growth of 4.3%, lower than the 5.8% reported last week. The Cleveland Fed Inflation Nowcast forecast is now at 3.4% for August. Mortgage rates dropped two basis points last week, with the average 30-year fixed-rate mortgage now at 6.67%, according to FreddieMac. The next Federal Open Market Committee rate decision is on September 16. Odds for a rate hike at that meeting are at 33%, much lower than the 42% from last week -- seemingly the result of the recent weak jobs report and mild inflation data. Taking a deeper dive into performance so far in 2026, a leading industrialized global stock market index, the ETF EFA, is up 13% year to date, while the leading emerging market ETF (EEM) is up 21%. U.S. growth stocks are up 5% year to date when looking at the ETF IWF, while value stocks (IWD) are up 22%. Crude oil prices continue to be volatile. On Friday, oil closed at $82 per barrel and is up 42% for the year. In other asset classes for the year to date, AGG bonds are down 3%, gold is up 1%, and Bitcoin is down 28%. The U.S. dollar is up 1%, tracking DXY. The VIX Volatility Index was about 14 on Friday, below its historical average of 20. Turning to sector performance, the list from first to worst so far in 2026 is Energy (+37%), Information Technology (+33%), Industrials (+20%), Materials (+15%), Real Estate (+12%), Consumer Staples (+11%), Healthcare (+9%), Financials (+6%), Utilities (+3%), Consumer Discretionary (-1%), and Communication Services (-4%).

Founded in 2000, MarketAxess is a leading electronic fixed-income trading platform that connects broker/dealers and institutional investors. The company is primarily focused on credit based fixed income securities with its main trading products being US investment-grade and high-yield bonds, Eurobonds, and Emerging Market corporate debt. Recently the company has expanded more aggressively into Treasuries and municipal bonds with the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. The company also provides pre- and post-trade services with its acquisition of Regulatory Reporting Hub from Deutsche Börse Group in 2020 adding to its product offerings.