Last wk, S&P +0.9% its 8th straight up wk as oil fell 8.4% to $97. But 2yr bond yields rose 5pbs to 4.12% further discounting a Fed rate hike by year-end. The mkt also shrugged off the Mag7 decline of 0.7% on avg led by the 4.4% drop in $NVDA last wk despite solid results. In addition, oil prices are impacting consumer demand with $WMT falling 8.5% last week on earnings call comments that “the lower-income consumer is more budget-conscious and perhaps navigating financial distress.” Walmart had $750B in sales last year. But with a framework for a deal with Iran over the weekend, oil initially looks like it will decline to ~$90 driving a decline in bond yields and rally in stock prices to new all time record highs when US markets re-open on Tuesday. Over the short-term, follow-through fo
View on X ↗