US equities finished higher in very uneventful Monday trading, near session highs, with the Dow Jones, SandP500, and Nasdaq up 45 basis points, 40 basis points, and 62 basis points respectively. Airlines were among the best performers. Energy was the worst performer. Treasuries rallied with the curve steepening; 2Y/10Y spread holding just under -40 bp. Empire manufacturing index plunged to its lowest level since June 2020 while homebuilder sentiment fell into contraction for the first time since May 2020 in some of the first August data points. Disney was boosted by news Third Point has acquired a significant stake and is pushing for a spinoff of ESPN and integration of Hulu directly into Disney+. Elliott has reportedly taken a large stake in Cardinal Health. Gap got a boost from a report the company is exploring a spin-off of Athleta.

US equities posted solid gains this week, with the SandP 500 up for the fourth straight week and the Nasdaq back above 13K for the first time since late April. The 'peak-inflation' theme was the key focus this week, gaining more traction after July CPI and PPI both showed softening pricing pressures. Still, Fed officials continue to push back against the 'peak Fed' narrative, and skepticism over rates and whether we're in a bear-market bounce remain overhangs.

US equities finished mixed, surrendering early strength, but still on track for solid weekly gains. July PPI came in softer than expected, following yesterday's softer July CPI print. Fed officials continue to argue that the bank's inflation-taming work remains unfinished. The big question for investors remains whether we're in a bear market rally or something more substantial. DIS beats on Parks strength.

US equities finished notably higher in Wednesday trading on the back of a cooler July inflation print; Dow Jones, SandP500 and the Nasdaq jumping 163 basis points, 213 basis points, and 289 basis points respectively. Treasuries were mostly stronger with the curve steepening (though the front end remained well above 3%). July CPI surprised to the downside on both headline and core measures, with the year-over-year increase dropping to 8.5% from June's 9.1% pace. Fed speakers continued to push back against hopes for a dovish policy pivot. Still some concern that the bear market bounce may be running out of steam, particularly given an earnings reset risk.

US equities lower in another fairly quiet session ahead of tomorrow's much-anticipated July CPI report. Some overhand today from another warning out of the semi space, this time from Micron (MU). AppLovin (APP) announced an all-stock proposal to combine with Unity Software (U) in a $17B deal.

US equities finished mixed in fairly quiet Monday trading. Stocks came off some morning strength and hovered near the unchanged mark for much of the afternoon. There was little incremental in today's headlines. The NY Fed survey showed substantial declines in consumers' inflation expectations in July across all time horizons. Some weekend Fedspeak included Fed's Bowman saying 75bp rate hikes should remain on the table until inflation declines in a consistent, meaningful and lasting way. The market seems to be largely playing a waiting game ahead of Wednesday's July CPI report.

US equities were mostly higher this week, following on last week's big gains (and despite the SandP logging declines in four out of five sessions). It was a somewhat mixed week for equities, though the mood was generally positive and the path of least resistance seemed to remain to the upside. Peak inflation theme was undermined by the unexpectedly strong nonfarm payrolls report results. Earnings continued to come in somewhat better than feared. July's ISM manufacturing report came in at its lowest level since June 2020.

US equities mostly lower in quiet, fairly rangebound Thursday trading following a big Wednesday rally that saw the SandP close at its highest level since early June. Energy (crude) the big sector decliner on the day. Not much in the way of headlines. A lot of focus in the press on changes Senator Sinema wants in the Democrats' reconciliation bill. A much-anticipated July nonfarm payrolls report awaits tomorrow.

US equities were higher in Wednesday trading, ending just off best levels; Dow Jones +129 basis points, the SandP500 +156 basis points, and the Nasdaq +259 basis points, with the latter finishing at the highest level since May 4th, and the SandP 500 since June 2nd. Treasuries were mostly firmer with the curve flattening after an outsized backup in yields in yesterday’s session. The Dollar index up.10 basis points with the best performance coming against the yen. Gold finished down 70 basis points, while Bitcoin futures were up 2.4%. WTI crude settled down 4.0%, near the worst levels. July ISM services surprised to the upside following a contraction in Markit's US services PMI, while the price index fell for a third consecutive month. Fed speak pushing back against a potential pivot the major theme of the day.

US equities were lower in fairly choppy Tuesday trading, finishing just off worst levels. They followed a mostly lower but relatively uneventful Monday session. The biggest driver to today's action was Fedspeak and impact on peak inflation and peak Fed narratives. Fed's Daly said the Fed's work on inflation is nowhere near done, while also stressing the need to make good on commitment to tightening. House Speaker Pelosi landed in Taipei. RBA raised rates by 50 bp as expected. June job openings came in below consensus, but still well above new hires.