Closing Recap 

U.S. stocks finished mixed in a quiet, low-volume session, with the Nasdaq eking out a small gain while the Dow slipped, as markets consolidated recent gains ahead of key catalysts; small caps outperformed, gold fell, oil gained, and Treasury yields ticked higher. 

Key Takeaways 

• Quiet, Mixed Session: Major indices traded sideways with no major catalysts to drive direction. The S&P 500 and Dow ended slightly lower, while the Nasdaq and Russell 2000 gained. 
• Small Caps Outperform: The Russell 2000 continued to show relative strength, gaining 0.66% and outperforming large-cap indices. 
• Consolidation After Rally: Markets appeared to be taking a breather after a significant run-up, with investors awaiting fresh news on trade or economic data. 
• Sentiment in “Extreme Greed”: The Fear & Greed Index registered 77, indicating high levels of optimism, which can sometimes be a contrarian indicator. 
• Gold & Oil Diverge: Gold prices fell as safe-haven demand eased slightly, while crude oil posted modest gains. 
• Yields & Dollar Edge Higher: Treasury yields were slightly higher across the curve, and the U.S. dollar firmed. 
• Economic Data Mixed: NY Fed survey showed easing consumer inflation expectations, but the NFIB Small Business Optimism Index dipped slightly. 
• Focus on Upcoming Catalysts: Markets await key events later this week, including the FOMC minutes, Treasury auctions, and the start of Q2 earnings. 

Market Overview 

U.S. equity markets experienced a day of quiet, sideways trading, resulting in a mixed close as investors took a pause following yesterday’s broad sell-off. With no major economic data releases or significant trade headlines to steer the market, stocks hovered around the flatline for much of the session. The Nasdaq managed a slight gain, while the S&P 500 and Dow finished marginally lower. A bright spot was the continued outperformance of small caps, with the Russell 2000 posting another solid gain. 

Index	Up/Down	% Change	Last
DJ Industrials	-165.6	-0.0037	44240
S&P 500	-4.44	-0.0007	6225
Nasdaq	5.95	0.0003	20418
Russell 2000	14.51	0.0066	2228

The market seems to be in a consolidation phase, digesting the recent tariff announcements and positioning ahead of several key events later this week. The Fear & Greed Index remains firmly in “Extreme Greed” territory, reflecting the powerful rally off the April lows. However, some underlying indicators, like the sell-side analyst upgrade/downgrade ratio, remain cautious. Goldman Sachs added a bullish voice today, raising its S&P 500 price targets on expectations of “earlier and deeper Fed easing.” 

Sector performance was mixed. Energy, Materials, and Health Care showed strength, while defensive sectors like Consumer Staples and Utilities, along with Financials, lagged. The market’s overall lack of conviction suggests investors are awaiting the next major catalyst, which could come from the FOMC minutes or key inflation data later in the week.

Economic Data

Economic data yesterday was light, with surveys showing easing consumer inflation expectations but a slight dip in small business optimism. 

• NY Fed Survey of Consumer Expectations (June): 1-Year Ahead Inflation: 3.0% (Down from 3.2% in May). 3-Year Ahead Inflation: 3.0% (Unchanged). 5-Year Ahead Inflation: 2.6% (Unchanged). 
• NFIB Small Business Optimism Index (June): Fell slightly to 98.6 from 98.8, with excess inventories being a key concern. The share of owners expecting improved sales also declined. 

Commodities, Currencies, and Treasuries 

Gold prices fell, with August futures settling down $25.90 (-0.77%) at $3,316.90 per ounce. The decline was attributed to a stronger U.S. dollar, higher Treasury yields, and some profit-taking as immediate safe-haven demand moderated amidst a lack of new geopolitical escalations. Crude oil prices posted modest gains, with WTI settling up $0.40 (+0.59%) at $68.33/bbl. The rise was supported by ongoing trade optimism after Monday’s tariff deadline extensions, which could bolster global demand. Treasury yields ticked slightly higher across the curve in a quiet session. The U.S. dollar index firmed, recovering some of the ground lost in recent sessions.

Asset	Up/Down	Unit / % Change	Last
WTI Crude	0.4	USD/bbl	68.33
Brent	0.57	USD/bbl	70.15
Gold	-25.9	USD/oz	3316.9
EUR/USD	0.0013	USD	1.172
USD/JPY	0.65	JPY	146.67
10-Year Note	0.018	%	0.04413

Looking Ahead 

The market will be closely watching today’s release of the FOMC meeting minutes for deeper insights into the Federal Reserve’s thinking on inflation, growth, and the potential impact of tariffs. A 10-year Treasury note auction tomorrow will also be a key test of investor demand for U.S. debt. While trade headlines were absent today, any new developments could quickly shift market sentiment ahead of the now extended August 1st deadline for some tariffs. Q2 earnings season will kick off in earnest next week.