Core PCE inflation came in at just 0.1% month-on-month in June. That is the Fed's preferred price gauge — and it is running cold. Futures rallied on the print. AAPL and AMZN both report after the close today. With a combined market cap near $8 trillion on the line, this is the biggest earnings day of the season. META and MSFT are also in focus as investors assess AI spending plans.
The AI sell-off is still reverberating. Leopold Aschenbrenner's $20 billion AI hedge fund is raising fresh cash after getting caught in the rout. NVDA remains at the centre of the storm. Options flow on MU is running heavily negative — the stock is up 187% year-to-date, and longs are buying put protection. Short sellers are not backing off either. Short interest on Wolfspeed hit 119% of free float despite a 162% three-month price surge.
US borrowing costs hit a 19-year high as the Fed held rates. Investors are worried an Iran war could reignite inflation. Shell posted its second-highest profits ever as traders cashed in on Iran supply disruption. Chinese equities are on track for their worst month in a decade. European defence stocks rallied after Ukraine ratified a €105 billion EU loan deal.
General Motors CEO Mary Barra filed a $4.7 million share sale yesterday — joined by two other GM executives on the same day. CHWY short interest jumped 14 points in seven days to 80% of free float. Bears are clearly betting the pet retail rally has peaked. HTZ also sits at 84% short interest. Car rental names are under sustained pressure.
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.
