Republic Risk: A Bullish Time

Earnings season optimism is high, and disinflation has finally arrived. Can this wake up the Russell 2000 and give us an optimistic small-cap run?

Equity Storm Watch Is GREEN on the S&P 500 and GREEN on the Russell 2000

Futures are where we left them after Thursday's tech rout, which saw the Nasdaq 100 (QQQ) down over 2%, driven by losses in the "Magnificent Seven," who collectively dropped $598 billion in market cap. 

Tesla (TSLA) led the declines, falling 8.4% due to news of its delayed robotaxi event, marking its largest drop since January. Nvidia (NVDA) and Meta (META) also suffered, plummeting over 4%. Amidst this tech shake-up, the yen weakened back to around 159 per dollar following a suspected intervention from the BOJ, which in turn caused gold prices to jump above $2400 as investors sought a hedge. This morning's focus is on PPI and key earnings from JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C), who get Q2 earnings kicked off before the market opens.