What Moved Today
Market Recap — Markets sold off into the close as firmer jobless claims and a tailed 7-year auction pushed yields higher ($ZN=F) and supported a stronger dollar ($DX=F). A wider July goods deficit and a below-expectation natural-gas storage build added growth and commodity nuances ($NG=F). The combination weighed on risk appetite into the close while lifting intermediate Treasury yields.
Intraday — Morning data showed initial jobless claims eased but signaled a tighter labor market, lifting rate repricing and sending $ZN=F higher and $DX=F firmer; the Census goods deficit widened notably and flagged weaker net-export GDP contribution. The 7-year Treasury auction tailed, adding pressure to intermediate yields and pressuring equities into the afternoon; natural-gas storage came in smaller than expected, supporting $NG=F prices and energy-linked names.
After Hours — Post-close earnings beat from Workday ($WDAY) and Autodesk ($ADSK) lifted software-growth expectations, while Marvell’s strong data-center revenue and guidance ($MRVL) reinforced AI-infrastructure demand; Ulta ($ULTA) raised buybacks and guidance, and Gap ($GAP) surprised on adjusted EPS. The cluster sets up divergent sector flows: software and semis reacting to upside, while consumer names showed mixed operational beats.
Our Read — Expect tomorrow’s session to trade off earnings momentum versus further Treasury-led rate moves. Watch whether software/AI upside sustains risk-on flows or yields reassert pressure.
