It's Friday. Let's first check who made money and who lost money this week.


The S&P 500 hovered around 7350 for the whole week, with a cumulative -2.1% for the month. It may seem unremarkable, but the sector divergence is severe—MU alone led the storage chip rally, while cloud vendors kept getting hit by the CapEx cut narrative. In essence, this week was a "capital relocation" within AI: money moving from software/cloud to hardware/HBM.
There are a few variables to watch over the weekend:
1. The situation in Iran—WTI dropped from 75 to 69.80 this week, putting pressure on energy stocks.
2. Q2 earnings season starts in two weeks, with JPM leading the way next Friday—the entire financial sector will face the NIM test.
3. Before the July Fed meeting's blackout period, whether the last few Fed voters will make hawkish statements over the weekend.
In a volatile market, following the capital flows is more important than betting on direction.
#SP500 #美股 #AI
US500-0.62%
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