Afternoon Note
Major indices continue to climb off early lows as resilience from the market offsets renewed pressure across semiconductor names.

Even with these gains the market is on track for weekly losses following yesterday’s brutal for “Mag Seven”.

All eleven sectors are higher as yields and oil prices eased (more below). Real Estate (XLRE) is seeing strong leadership driven by data center operators following the upbeat results from Digital Realty Trust (DLR).

Crude oil is down below $90 after reports that Pakistan and Iran are considering a new path, with China intervening, toward peace talks with the U.S.

Jensen on X
Nvidia (NVDA) CEO made his first post on X with an endorsement of open-weights models posting a policy essay titled, “Open Weights and American AI Leadership.” In this essay, Jensen makes the call for keeping open-weight AI models freely available as he notes, “open models strengthen safety and cybersecurity, accelerate innovation and diffusion, and enable sovereignty.” This essay is cosigned by companies such as Meta Platforms (META), Palantir (PLTR), Microsoft (MSFT) and many others.

Economic Data
The S&P US Composite PMI increased to 53.6 in July, its highest level since November. Services sector saw accelerated business activity; however, manufacturing output expanded at a much slower pace with factories reporting the weakest increases in production since March.

June new home sales increased 1.6% MoM, missing consensus of +4.8%. This is the first increase in three months and likely reflects continued discounting by builders, with median new home prices declining 3.3% MoM to $398,300.

Have a great weekend!
| Tweet |
| 7/24/2026 1:18 PM | Jensen Sets the Tone |
| 7/24/2026 9:44 AM | MAG SEVEN CAN'T WIN WITH INVESTORS (FOR NOW) |
| 7/23/2026 1:22 PM | Thursday's Tangled Tape |
| 7/23/2026 9:39 AM | THE SPENDING CONTINUES AMID SIGNS OF PAYOFFS |
| 7/22/2026 12:59 PM | Alphabet On Deck |
| 7/22/2026 9:31 AM | MARKETS BOUNCE AHEAD OF BIG EARNINGS RELEASES |
| 7/21/2026 1:19 PM | Solid Rebound |
| 7/21/2026 9:29 AM | MALAISE SPREADS |
| 7/20/2026 1:27 PM | Earnings Season Heating Up |
| 7/20/2026 9:01 AM | Another Bite at the Apple |
| 7/17/2026 1:18 PM | Beyond The Narrative |
| 7/17/2026 9:18 AM | MORE CHIP CARNAGE |
| 7/16/2026 1:25 PM | Looking Under The Hood |
| 7/16/2026 7:07 AM | MOMENTUM IN THE WRONG DIRECTION |
| 7/15/2026 1:25 PM | Hyperscalers Watch |
| 7/15/2026 9:36 AM | RATE HIKE FEARS FADE |
| 7/14/2026 12:48 PM | Inflation Cools While the Market Heats Up |
| 7/14/2026 9:41 AM | WAR, INFLATION, & RISING ANXIETY |
| 7/13/2026 1:26 PM | Weakness Pressures Stocks |
| 7/13/2026 9:35 AM | HERE COMES WARSH |
| 7/10/2026 1:20 PM | Slow Summer Day |
| 7/10/2026 9:37 AM | SOLID REBOUND… WELCOMING SK HYNIX |
| 7/9/2026 1:25 PM | Chipmakers Rally Lift The Market |
| 7/9/2026 9:49 AM | WHAT A RIDE (IT ISN’T OVER) |
| 7/8/2026 1:23 PM | Middle Eastern Tensions |
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