PremiumGood Sentiment, Bad (Home) Sales, Ugly Semis; Stocks, Bonds, & Gold Weak Amid Summer Doldrums
Tl;dr: Mixed macro (hard data weak, soft data strong), mucho micro (earnings starting to accelerate and look solid), and mideast mayhem ('infra for infra' attack threats) left markets meandering with stocks, bonds, bitcoin, gold (<$4k) all lower; oil flat-ish as the dollar edged higher. Korean chaos reinforced the ongoing rotation out off Semis (into MegaCaps) and momo meltdown stood out.
That semis and memory still traded lower in the face of such a constructive catalyst underscores that perhaps positioning and factor dynamics, and not fundamentals, are currently dictating price action... and perhaps suggesting the (earnings) bar for hardware is high.