The big things you need to know:

• First, with the S&P 500 having finally entered what we consider to be tier 1 / garden-variety-pullback territory on Thursday, we review what we’re watching to help us gauge if / when the pullback has run its course.
• Second, with old leadership within US equities under pressure, we review which trades are working best right now (or might be starting to work) among the data sets we track regularly (Small Caps – at least on Friday and Value, sectors with valuation appeal, and safer factors).
• Third, we review what we learned from the consumer companies that reported over the past week (companies highlight a mixed macro backdrop, ongoing and intense consumer challenges, ample inventories, their ability to manage through tariffs, and more specific AI use case examples).