Yesterday was a mixed session with tech stocks and other momentum assets stabilizing after a couple of days of weakness. The more economically sensitive sectors which have been outperforming over the last few sessions came under pressure after some disappointing corporate earnings/commentary. The S&P 500 ended the session up 0.4% however, the equal weight version of the index was down ~0.75%. Corporate earnings since the close have been mostly disappointing but from a macro perspective are signaling disinflationary pressures building (food prices/airlines). Overnight Asian markets closed higher with tech leadership. European indices also opened higher but moved lower throughout most of session to end in the red. US futures followed a similar path to European indices trading lower ahead of the open. Since the open the mega-cap tech bid has re-emerged helping the S&P 500 trade around unchanged but once again the breadth is poor with the equal-weight version of the index down ~0.5% reversing all of the outperformance seen since last Thursday. At the extreme ends of the market capitalization barbell the NYSE FANG+ index is up ~1.5% while the Russell 2k is down 0.5%.