US equities finished higher in Monday trading, though ended well off best late-morning levels. Stocks extended last week's gains and last week's rotation into small caps, value, and cyclicals, and out of big tech, long momentum, and high beta groups. Fed Chair Powell said he wouldn't send signals around any particular meeting, which some early economist reads said suggests July may be off the table.

US equities ended higher this week, with the Dow Jones +1.59%, the S&P500 +0.87%, and the Nasdaq +0.25%. Small-caps and equal weight S&P 500 strongly outperforming the other major indexes following post-CPI rotation out of big tech, while at the same time, the official S&P 500 index reached all-time highs this week. June's CPI disinflation sparked rotation from big tech toward small caps and non-big tech groups, creating a relative drag on the S&P and Nasdaq. Big banks kicked off first round of corporate results and mostly underwhelmed. Biden spent the better part of the week rejecting calls for him to exit the presidential race. Fed Chair Powell concluded a largely uneventful two-day testimony before Congress, with big takeaway the two-sided risks to economy.

US equities finished mixed in Thursday afternoon trading. This morning's cooler-than-forecast June CPI report drove today’s price action. However, disinflation sparked rotation from big tech toward small caps and non-big tech groups, creating a relative drag on S&P and Nasdaq.

US equities finished higher in Wednesday trading, ending near session highs, with the Dow Jones, S&P500, and Nasdaq closing up 109bps, 102 bps, and 118bps respectively. Chair Powell's second day of congressional testimony noted recent improvements in the data but hopes for increased confidence in the disinflationary path. Today's $39B auction of 10Y notes stopped through, with solid bid-to-cover and strong demand from directs. Street expecting tomorrow’s June core CPI to increase 0.2% m/m in June, which would leave the y/y rate at 3.4%.

US equities ended mixed on Tuesday with S&P 500 and Nasdaq locking in sixth-straight gain. Chair Powell's appearance offered no change Fed rate cut path outlook, while latest Treasury auction the latest in a string of well-received sales. Bank earnings the focal point and another report today about less onerous capital requirements.

US equities ended mostly higher Monday, though off best levels. It was a fairly quiet session with the market in waiting mode ahead of this week's inflation data and the kickoff of earnings season. New York Fed one- and five-year inflation expectations for June declined month over month with consumers seeing slower expected price gains for rent and food.

Stocks were higher this week with the S&P 500 rebounding after snapping a three-week streak of gains last week, while the Nasdaq was higher for a fifth-straight week as both hit fresh-record highs. The key near-term upside narrative this week was more support for a September Fed rate cut after data showed cooling inflation and weaker labor market data. Cooler data this week included Friday's June payrolls report beat, but the prior two months were revised down a combined 111K while the unemployment rate rose for a third-straight month to 4.1%, the highest since November of 2021.

US equities were mostly higher in Wednesday trading, with the Dow Jones ending down 6bps, while the S&P500 and Nasdaq closed up 51bps and 88bps respectively. The S&P and Nasdaq both posted fresh record closes. June ISM services re-entered contractionary territory, and the final S&P services PMI for June was also lower. ADP private payrolls were a bit below consensus, with wage growth job stayers slowest since August of 2021. Initial jobless claims were a bit above expectations, and continuing claims also higher than expected. FOMC minutes out this afternoon noted participants continued to look for ‘greater confidence’ in disinflation trajectory.