US equities lower on the week, with growth trailing value by around 300 bps. Treasuries saw a huge rally across the curve. A couple of key bearish themes were in focus, notably concerns that consensus earnings are still too high. However, market expectations around inflation continued to cool. Several key economic releases next week should improve the read on a 50 vs 75 bps hike for July.

US equities finished lower Thursday, though off worst levels. Q2 was the worst quarter for the SandP 500 since the height of pandemic concerns in Q1 of 2020, and the index logged its worst first half performance since 1970. May PCE softer than expected. The earnings risk theme only gained traction as RH cut guidance for the second time in a month.

U.S. Equities closed little changed today, with the Dow Jones rising 27 basis points, while the SandP500 and Nasdaq finished down 7 points and 3 points respectively after an overall choppy trading session. Big tech, HPCs, biotech, and pharma areas of relative strength, while travel, autos, and energy lagged. Powell reiterated the possibility of a soft landing at Sintra, while Mester supports a 75bps hike if conditions are unchanged. Worries that consumer resilience is showing signs of cracking, and overall too much optimism still baked into analysts earnings estimates. General Mills higher on earnings, while McDonald's and Ulta rose on upgrades. Bed, Bath, and Beyond went down the drain after first quarter losses were worse than expected. Data Centers lower after the Financial Times reported on Jim Chanos shorting the legacy operators.

US equities lower Tuesday, ending near worst levels, with softer US macro data (June Consumer Confidence, Richmond Fed) more than outweighing positive China Covid developments. Nike earnings disappoint.

US equities were mostly lower in Monday trading, following prior week's sharp rally when stocks snapped a big three-week losing streak. The Dollar was better on the yen cross but weaker vs the euro. Gold finished down. Bitcoin futures is also down. There was a lack of meaningful directional drivers today, the path of least resistance seemingly oversold conditions and contrarian buy signals from depressed sentiment and positioning indicators. The IMF predicted the US will narrowly avoid a recession in 2022 and 2023. The G7 is finalizing plans for a price cap on Russian oil. The Disney board is set to discuss CEO Chapek's contract. Meanwhile, FTX's Bankman-Fried is reportedly seeking path for a Robinhood deal.

US equities well higher in a catalyst-light, holiday-shortened week, and following sharp losses last week. Alongside mounting recession/earnings risk fears, the market took on something of a "bad news is good news" atmosphere, with recent softer economic data encouraging the market to scale back rate-hike estimates (albeit slightly), and there was a notable drop in Treasury yields. Looking ahead, next week's economic calendar is somewhat more robust.

US equities higher Thursday, finishing near session highs, with the SandP and Nasdaq on pace to break a streak of three-straight weekly declines. The market has been in "bad news is good news" mode of late, with negative macro surprises providing some traction for the decline in Treasury yields, which has been flagged as supportive of sentiment. The same can be said for the recent pullback in oil and base metals.

US equities slightly in fairly uneventful Wednesday trading, with few changes to the broader narrative. Treasuries saw a big rally across the curve. Not much new from Fed Chair Powell's testimony today. Oil and commodities weakness getting some attention.

US equities sharply higher Tuesday coming off of another big selloff last week. Nothing specific behind today's bounce, with the easiest excuses revolving around deeply oversold conditions and depressed sentiment and conditioning indicators. Kellogg (K) splitting itself in three. JetBlue (JBLU) boosts offer for Spirit (SAVE).

US equities sharply lower this week with the SandP 500 posting its worst weekly performance since March of 2020. The Fed hiked its benchmark interest rate by 75 bps on Wednesday, as had quickly become expected following last week’s hotter-than-expected May CPI print and some telegraphing by the press early in the week. Skepticism around the central bank's ability to engineer a soft landing continues to rise, with more strategists pointing to downside risk to earnings estimates and increasing scrutiny on the health of the consumer. Crypto takes a bath, with Bitcoin falling nearly 30% on the week.