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U.S. stocks posted modest gains, pushing the S&P 500 and Nasdaq to fresh all-time highs as investors absorbed a batch of balanced economic data and stronger-than-expected earnings results.
Impact Snapshot
Powell Speech - Tuesday
Unemployment Claims - Thursday
Services PMI - Thursday
Key Earnings: TSLA, GOOGL, IBM, KO, GM, VZ, INTC
Macro Viewpoint
U.S. equities posted modest gains, with both the S&P 500 and Nasdaq 100 notching new all-time highs as the market digested a run of well-balanced economic reports, including CPI, PPI, retail sales, Philly Fed, and Michigan sentiment data.
This strength was further supported by a wave of upbeat earnings, with 61% of reporting companies topping analyst expectations by more than a standard deviation—well above the historical average of 48%.
Wall St. Prime Intel
If you've been with us since the April lows, you'll know we've consistently highlighted how underweight positioning was—and that this provided plenty of fuel for equities to move higher.
Since then, positioning has steadily climbed and has now flipped slightly overweight for the first time since late February.
As we’ve outlined in recent weeks, even with markets hitting all-time highs, current positioning still hasn’t reached the extremes we’ve seen in past cycles.
In today’s Prime Intelligence: We reveal the latest institutional data and market flows. Is there still fuel for this rally—or are we hitting a wall? 👇
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