Goldman: "We are seeing a clear theme of buying Hyperscalers vs selling Semis as our Mag7 basket is outperforming NDX by nearly 3%.
Momentum (memory) drawdown continues with our pair basket (GSPRHIMO) down another -6.5% today despite the modest reprieve yday, taking MTD performance to -24% (worst month since April 2009)"
Semiconductor Stocks
Semis have entered a technical correction and are on the verge of a bear market after falling 16% from June's all-time high Source: Barchart
In case you missed it... Just like Tuesday’s CPI, US PPI inflation came in significantly softer than consensus forecasts, across the board.
Headline PPI moderated to 5.5% year-over-year (vs. 6.2% expected), driven by a -0.3% monthly decline (vs. 0.0% expected) The core rate fell to 4.7% yoy (on a 0.2% monthly increase). These much better-than-expected figures are set to further temper market expectations for upcoming interest rate hikes. Source: zerohedge
The U.S. will impose 25% tariffs on imports from Brazil, the world's 10th-largest economy.
The U.S. cited Brazil's unfair trade practices, including weak anti-corruption enforcement and trade barriers, despite running a goods trade surplus with the country for years. Some products include Beef, chicken meat and coffee will be exempt from the new tariffs. The tariffs will take effect on July 22. Source: Bull Theory
$TSM Q2 EARNINGS DOUBLE BEAT
EPS: $4.31 vs $3.77 est REV: $40.20B vs $39.76B est Gross Margin: 67.7% Operating Margin: 60.3% Net Profit Margin: 55.6% Source: Trend Spider
A tiny group of Americans now owns wealth equivalent to nearly 12% of all the national income generated in the United States in a single year
Source: FT
Peak optimism?
Source: Peter Berezin
Total Margin Debt has increased by more than 40% over the last 12 months
A level only seen at prior market tops, including the Dot Com Bubble and the Global Financial Crisis Source: Barchart, CNBC
