he S&P 500 was up 0.6% yesterday though breadth was weak as the equal-weight dropped 0.4% and the Rusell 2000 was flat. Semis and tech hardware drove the action. While the market awaited news from the Trump-Xi meeting and scrolled through a lot of memes of Nvidia CEO Jensen Huang hanging on to Air Force One as a last-minute addition to the delegation, a hot PPI print was the primary focus of the day. Inflation upside stepped up from Tuesday’s somewhat hot CPI print. Despite that, treasury yields were rather tame and crude oil fell on the day. The clear winner yesterday was the Islander’s Matthew Schaefer, who took home the Calder Trophy as the NHL’s rookie of the year in a unanimous decision…at the age of 18.

US equity futures traded higher overnight amidst the positive vibes coming out of China and blowout Cisco earnings, reinforcing a bid beneath the tech sector. Futures pulled back modestly from the highs after this morning’s economic data largely due to the third hot inflation print of the week, we’ll discuss more below. However, that pullback was very short lived and equities have continued to push higher throughout the day with the S&P 500 hitting another milestone trading up to 7,500, currently up just under 1%. The Dow Jones Industrial Average is also up ~1% pushing through 50k, trying to close above that level for the first time since February 11th. The breadth is much better today with adv:dec in the S&P 500 just under 3:1.