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BREAKING: Hedge funds bought +$4.8 billion of US equities last week, the 2nd-largest weekly purchase since 2008. As a % of the S&P 500’s market cap, this was the 24th-largest purchase on record. At the same time, institutional investors sold -$3.8 billion, snapping a streak of 4 consecutive weekly purchases. This lowers the 4-week average of institutional purchases to +$3.9 billion. Meanwhile, retail investors recorded modest sales of -$200 million, bringing their 4-week down to +$600 million. Hedge funds are piling back into US stocks.

US small businesses are struggling with inflation: In June, 21% of US small business owners reported inflation as their single most important business problem, the highest reading since October 2024. This percentage has surged +10 points over the last 12 months. By comparison, the reading peaked at ~36% in 2022 and at ~21% during the 2008 Financial Crisis. As a result, the proportion of small firms that raised their average selling prices rose +2 percentage points in June, to 38%, the highest since January 2023. This marks the 4th consecutive monthly increase and is more than double the long-term average of ~14%. Price pressures are hitting US small businesses.

BREAKING: The odds of the Fed cutting interest rates in 2026 are now down to just 21%. Just months ago, markets saw up to 4 rate cuts this year. "Higher for longer" is back.

BREAKING: US equity market futures open lower as investors await detail on US-Iran talks in Switzerland.