Summer Fridays are in full swing as the SPX quietly slips into the red following yesterday’s all-time high close. Market volumes are tracking toward a new YTD low of ~14.5bn shares, below the prior record of 14.7bn shares.

Standout movers include Oil, which is modestly higher on the day after Bessent reiterated that the US will keep economic pressure on Iran. AMAT (-5.2%) is a notable underperformer today after the beat and raise was not “good enough”. With limited catalysts moving the market today, focus is on 13F filings that continue to hit throughout the day, which is the last day for 2Q filings.

In terms of tech, following yesterday’s squeeze higher in the software space, we are seeing reversion today with our Software basket (GSTMTSFT Index) -2.3%. After yesterday’s covering in the space into the close, we have notably seen a limited residual covering/buying today. Memory is higher today (GSTMTMEM Index +1.8%) following SNDK’s positive investor day.

Looking to next week, we have the tail end of the 2Q26 earnings season with just 3% of the SPX reporting, largely in the consumer sector with reports from TJX, WMT, HD, and LOW. On the macro side, catalysts include July FOMC minutes and flash PMIs.

We are currently a 2 out of 10 in terms of overall activity levels and overall franchise flows are skewed 2% better for sale. LOs are skewed 10.2% better to buy with demand in macro products, consumer discretionary, and industrials. HFs are skewed 14.3% better for sale with supply in macro products, financials, and utilities.