• S&P 500 futures rose 33 points, or 0.75%

Nike’s weak earnings may have spooked the rest of the market because it’s a good proxy for consumer spending on apparel, but the broader market shrugged it off despite a 3% drop in NKE shares.

Lower PCE inflation is the main driver of the latest leg of equity gains as the market increasingly senses a soft landing in a snitch scenario.

I have noticed for some time that the first two weeks of July are seasonally the strongest of the year. Here’s a great chart from Goldman Sachs that illustrates this seasonal strength.

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