CTA programs bought about $10 billion of S&P 500 futures last week even as Apple’s drop through the 200-day moving average weighed on the tape. Delta-one desks sold a few longs into pops, while Goldman flow strategists warn cover bids should hold amid compelling dislocations and balanced-bear conditions, with a key Core CPI print looming as a potential risk-off trigger.

Investment-banking fees reached $9.34 billion, a 21% year-over-year increase, reflecting robust deal execution and revenue growth.

Middle East conflict threatens oil and aluminum supplies, potentially pushing Brent crude above $100 and slicing 0.4% off global GDP growth, while manufacturing suppliers grapple with sharply longer delivery times amid emerging bottlenecks. Private credit funds enforce a 5% quarterly redemption limit, and China’s anticipated 10-bp rate-cut forecast has been withdrawn. Hyperscaler capex is projected to reach $1.15 trillion from 2025-2027, underscoring elevated funding demands.

Cautious skepticism coexists with selective tech enthusiasm, as traders warn of complacent markets and poor risk/reward while others highlight cheap valuations in technology and buy-rated growth names fueled by AI spending.