Summer doldrums’ big picture

S&P 500 marginally corrected on no news Friday, yet what has really changed in the sectoral overview? Sure, tech and financials were flat on the day, what else what unappealing? Would it have been reasonable to expect real estate and Russell 2000 to do better on Waller‘s day of rate cut reasoning?

How about if you looked at inflation prospects, examined oil price lately, and accounted for oil companies‘ earnings as this time not demand (by high prices), but supply is being destroyed (through low prices)? Have we seen a broad bump in inflation through tariffs? For now, Bessent is right in saying no, yet Powell won‘t cut in July (only Sep, that‘s a month when perhaps we see a cut, take it as coin toss). Is this though enough to set precious metals back? I had been viewing both metals these past weeks, and check gold keeping high ground while silver surged… and oil obliged by declining by $1 on Friday too.