US markets were mixed last week with the push and pull of the post Oracle AI optimism and more economic data pointing to a stagflationary backdrop. Investors are taking the weakening labor market data in stride as expectations for the Federal Reserve to begin its rate cutting cycle later this week. US futures were pretty much unchanged for much of the overnight session which was just about as exciting as the Sunday night football game, unless you are a big fan of field goal kickers. However, futures did start to improve this morning after Elon disclosed a ~$1B purchase of Tesla shares and positive commentary started to emerge from the China trade negotiations despite some of the negative semiconductor headlines that have hit over the past couple of days. Equities have extended to the upside with mega-cap tech doing much of the heavy lifting. The NYSE FANG+ index is up ~1.5% driving a 0.5% gain for the S&P 500, but the equal weight version of the index is hovering around unchanged.

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