In today’s Macro Briefing, View from the Peak say import prices across the world will become an essential data release for investors in the foreseeable future as investors search for any sign of supply chain disruption from the coronavirus outbreak points to rising inflation. On commodities, Ned Davis Research and TD Securities assess the fallout in the worst performing asset class since the outbreak, there’s an argument to be made that much of the worst is already priced into market. As for US equities, any coronavirus panic was extremely short lived, it has almost been business as usual, with investors so far ignoring any supply chain concerns on the large cap technology companies. So today, we highlight two interesting notes looking at some of the major large cap technology names. Empirical Research have taken a forensic look at the corporate earnings season, and conclude that when it comes to margins and operating leverage, tech stocks have no peer. Why own anything else? That’s all well and good, says Harlyn Research, but the ongoing upward price momentum must swing back at some point, and their research makes the case that Apple and Microsoft may be just about to do that.