Highlights
• The “Magnificent Seven” have accounted for all of the S&P 500’s rise this year, but mixed tech earnings are weighing on stocks
• The Chicago Fed’s NAI was a study in flatness, a counterpoint to the strong forecasts for Q3 growth elsewhere
• Consumers have turned to credit cards to make up for declining income and a run-down in excess savings
• We expect the ECB to stand pat tomorrow, but will be alert to guidance on the balance sheet
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