Premium Market Outlook

This week kicks off with the S&P 500 trading at 6,244, just off its all-time high of 6,300. The Nasdaq 100 continues to outperform at 22,884, driven by AI and chip names. Bitcoin is hovering around $119,000 after hitting a record $123,153. Gold is consolidating around $3,330/oz, and Nvidia (NVDA) is trading near $171, up sharply on news it can resume AI chip exports to China.

Macro drivers this week:

• June CPI came in hotter than expected. Inflation is sticky, and Fed rate cut hopes are fading.

• Q2 earnings season is underway — Citi crushed expectations, while JPM and Wells Fargo lagged.

• Tariff-driven price pressures are showing up in data — and they’re now a real market risk.

Equities remain strong, but traders should be selective. Risk-on momentum is intact, but the macro fog is getting thicker.

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