"A quarter of US distribution transformers have outlived their expected design lifetime of roughly 30 years." -Exponential View

"Gap between forward and trailing earnings at multi-year high" -Apollo Slok

"Strong demand has kept IG spreads below 80 bps for the past three months—the longest such stretch since May 1993 through June 1998" -Larry Adam, Raymond James

"CDS spreads [are] widening for hyperscalers. In contrast to overall IG CDS spreads" -Apollo Slok

"Retail investors' net single-stock buying has fallen to a new post-COVID low" Vanda via Kevin Gordon, Schwab

Goldman's Panic Index entered the week at a 2-year low. via GS Stankard

"Correlations across major asset classes sit in roughly the 93rd percentile of their historical range ... At the same time, stock correlations have fallen to their lowest levels in more than a decade." -Isabelle Lee, BBG

"Markets turned the most hawkish right as the latest inflation impulse was already rolling over." -Duality Research

"Memory investors have been trained over four decades to look out for the extreme cycles." -Exponential View

"US Census data shows an explosion of new firms in AI-friendly sectors like professional services." -BBG

"Since June 1, Kalshi is +185% and Polymarket is +180% on US mobile daily active users, both accelerating after the World Cup started on June 11 ... DraftKings is +65% and FanDuel is +22% over the same window, both fading after their peak." -Sean Emory, Avory & Co.

"US tech investment as a share of GDP has surpassed its 1990s peak, and spending plans from the largest cloud and computing companies for 2026 are nearly 50% higher than estimates from just six months ago." -Goldman Sachs

"SMH vs IGV has been +/-4% on 33 sessions this year, compared to just 18 such instances from 2012 through 2025." -Luke Kawa, Sherwood

"Based on the average improvement in the earnings growth rate during the earnings season, the index will likely report earnings growth above 29% for Q2. This would be the highest earnings growth rate reported by the index since Q4 2021 (32.0%)." -John Butters, FactSet

"Stock-to-stock correlation inside the Russell 1000 just touched levels seen only a handful of times in ~40 years. A quiet index $SPX . A loud tape w/ winners and losers canceling each other out. Think alpha vs beta." -RenMac

VIX made a fresh 120-day low below 16 for the first time in 30 days. The forward return profile for the S&P 500 following previous instances featured above-average hit rates but below-average median returns. Study dashboard: studies.dailychartbo...

"Upside risks to inflation continue to outweigh downside risks to employment, and inflation risks extend well beyond oil prices. That explains why, despite a sharp decline in oil prices, FFR futures continue to signal one to two FFR hikes over the next 12 months." -Yardeni

"Stagflation Creeps Into the 2026 Bloomberg Consensus: Economists have cut US GDP forecasts and raised CPI since the strike on Iran - growth now seen at 2.1%, inflation at 3.4%" -Michael McDonough, BBG

"The United States remained the world’s largest crude oil producer in 2025 ... extending a streak that began in 2018 when the United States overtook Russia to become the world’s leading producer." -EIA

"Renowned university professors and academic researchers keep joining frontier AI labs ... Remaining faculty say the brain drain is threatening the development of open source AI models in the West." -Laura Bratton, The Information

"AI slop is flooding LinkedIn ... LinkedIn posts made up a third of scanned items, yet it accounted for nearly two-thirds (62%) of all AI content we flagged." -Pangram

"Since Jul 2, our H100 GPU rental curve has risen yet again with even more providers hiking prices ... Acc to our data, compute market continues to tighten." -Silicon Data

"US earnings revision momentum is at heights not seen since 2021 and has remained positive for the longest stretch since 2022" -Bloomberg Intelligence

"By this measure, bullishness is extremely high right now. History shows we shouldn't expect much in the way of near-term gains and be wary of any emerging macro shock." -DataTrek

"Options traders hit peak fear [Wednesday] ... When the put call ratio reached this extreme, S&P 500 $SPX was higher 10 of 11 times 5 days later, with a median gain 1.2%" -Bluekurtic

Overall wage growth ticked up in June to 3.6% YoY from 3.5%. Wages grew for both job stayers (3.4% from 3.3%) and job switchers (4.1% from 3.7%). via Atlanta Fed

"A sudden burst of extreme price volatility in the coffee market has caught traders and analysts off-guard and left them bracing for more instability." -Bloomberg

"Sector flows in June seem to be more defensive with assets going towards Industrials, Materials, and Utilities. However, there were outflows from Consumer Staples, Communication Services, and Energy." -FactSet

"The number of occupational categories where job postings have started mentioning “AI” in the title has risen sharply across the US and five large European markets – more than tripling in the US since 2022." -Indeed

"Non-AI earnings growth is accelerating, which underpins (although doesn't guarantee) the argument for a broadening out." -Dan Greenhaus