Markets opened higher today after a better-than-expected CPI print. Futures for the Dow, S&P 500, and Nasdaq 100 all rose on the data. The Redbook retail sales index also beat, up 8.2% year-on-year for the week ended July 11. Consumers are holding up. The macro backdrop is as supportive as it's been in months.
JPM led the charge this morning with results before the open. BAC also reported, continuing the bank earnings parade. Short interest on both names sits well below 2% of free float — the market has been broadly bullish on financials. JNJ reports Q2 earnings shortly too, adding healthcare to the mix.
Crude hit $87 as US-Iran hostilities escalated in the Strait of Hormuz. US strikes on Iranian tanker targets rattled energy markets globally. USO short interest stands at 91.7% of free float — a squeeze risk for anyone betting against oil ETFs. shorts face similar pressure. The FT reports stocks and bonds dropped in risk-off mode, while FX reserves globally came under pressure.
A reported data center freeze in New York spooked META, MSFT, GOOGL, and NVDA. All four carry near-zero short interest, meaning downside would be driven by selling, not covering. Meanwhile, the Russell 2000 is on pace for its best year since 2003. FT notes US small caps are soaring as investors rotate beyond big tech.
Barclays raised its target on FSLR to $279. Evercore trimmed CRM to $250. Baird cut CSGP hard, slashing its target 29% to $34. Asian chipmakers TSEM and peers are drawing fresh attention as they tighten their grip on EM indices.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
