"U.S. large cap ETFs overwhelmingly had largest inflows last week"

1. AI vs. entry-level hiring. "In one of the biggest surveys on employers' graduate hiring plans this year, nearly three times as many executives at companies using or exploring AI said they were increasing junior-level hiring in 2026 than cutting back."

2. Global long yields. "Across the developed markets, bond markets are staging a slow-motion car wreck. Even Japan is joining in now, and the phenomenon is truly global."

3. Equity/bond yield correlation. "The 2-month correlation between US equities and US 10y yields has turned the most negative since the late 1990s."

4. Weekly ETF flows. "U.S. large cap ETFs overwhelmingly had largest inflows last week ... only U.S. small cap and non-cyclical sectors had outflows".

5. Speculators vs. equities. The latest CoT data shows speculators are short equity futures across the S&P 500, Nasdaq-100 (most net short since Apr'23), S&P 400, and Russell 2000.

ICYMI