It’s shaping up to be a good ‘ole Dog Day summer Monday on Wall Street today after stocks saw broad gains last week and most major US indices hit new all-time highs. US futures were slightly higher overnight but drifted lower as we approached the Open. The S&P 500 opened down 0.1% and is currently around flat, trading in a ~30-point range.

Sectors are split about evenly between gainers and decliners. Energy is leading today with crude’s 3% gain. Healthcare is the only other sector with a meaningful gain. A backup in yields is helping push Real Estate and Utilities to the back of the line. Tech is also lower but is seeing divergence between software(+ve) and semis/hardware. Intel (-2%) announced a $15B stock offering and Nvidia (-3%) is reportedly working on a $500B (not a typo) data center financing deal with major Wall Street firms.

Brent crude is trading higher for the fourth straight day, breaking above its 100d ma ~$85.50 and now ~$87. Natural gas is trading higher as well in the US and Europe. Gold's rally last week is continuing at the start of this week with the metal approaching its declining 100d ma ~$4435. Ag is modestly higher with the monthly WASDE report due on Wednesday. Crypto is lower with Bitcoin and ETH down about 2% and hovering above their 50d ma.