DC Lite #191

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1. Case-Shiller Home Price Index. The national index hit a fresh high in June but growth slowed further to just 0.15% MoM (lowest since Feb'23) and 5.4% YoY (lowest since Nov'23).

2. Global oil inventories. "Global oil inventories are at their lowest seasonal levels in recorded history. This is in spite of absorbing ~216MM net barrels from the US Strategic Political Reserve (SPR) and weak Chinese demand. This is not bearish."

3. Weekly ETF flows. "Over past week, U.S. large caps dominated in terms of fund flows ... most other asset classes had net inflows, but non-cyclical sectors had largest outflow."

4. Sector correlations. "Trailing 30-day S&P 500 sector price return correlations are back to their long run average, a healthy sign regarding the resilience of the current US equity bull market."

5. Hyperscalers capex (I). "Collectively, [hyperscalers] spent $52B in 2Q, +54% YoY (vs. +30% in 1Q), marking the first quarter of a multi-year AI investment cycle."