US equities were mixed yesterday following Tuesday’s Tech and momentum-driven weakness. The S&P 500 fell slightly while the equal-weight rose 0.7% and Russell 2000 rose 0.4%. Treasuries saw a strong bid especially at the long end (down ~10bp) and gold, oil and bitcoin also had notable declines. Tech tried to rally earlier in the session but faded as we hit the afternoon, though it managed to close off its lows. Six sectors were higher with Industrials, Utilities, Discretionary and Healthcare leading. Energy, Tech and Comms Services lagged.

Futures traded higher overnight ahead of the deluge of data this morning (PCE, Final GDP, Claims, etc). They moved higher following the prints but are coming the best levels. Overall, the data showed resilient consumer spending, elevated (though not out of hand) inflation and a solid labor market.