Image Source: UnsplashMixed bag today:Macro (ugly wholesale sales print, implied gasoline demand at decade-lows ex-COVID, GDPNOW up at 4.18%? ),Micro (TRIP exposed as M&A premium evaporates exposing the reality of tourism business, UBER hinting at consumer pain, SHOP signaled more consumer pain, AFRM cut revenues forecasts as BNPL schemes falter - more consumer pain, TSLA tumbled on DoJ probe of FSD),Geopolitical (Rafah invasion begins). “The recent data lead me to believe this will take more time than previously thought,” she said. Source: BloombergTreasury yields were up across the curve with the long-end underperforming (30Y +4bps, 2Y +1bps). In Presidential election years, the SPX is up 75% of the time from June-August on an average return of 7.3%.

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