Major indices gave back all of Wednesday’s gains, driven by pressure from yields, which rebounded following their losses on Wednesday.

Yesterday was tough sledding, as only Energy (XLE) and Real Estate (XLRE) finished in the plus column.

And almost all factors finished in the red.

The yield rebound eased only slightly after Treasury Secretary Bessent announced the accelerated buyback of government debt could be higher than the announced $4 billion. This announcement seems to be creating less confidence on the Street as we head into a season that is frequently rough for the markets.

The Treasury buyback announcement shows that competition for capital is becoming the macro story, which, for now, is small and technical. Time will tell.

IPO Update

Anthropic is expected to file for its initial public offering (IPO) by the end of August. A potential listing is targeted by the end of October. The company’s IPO is expected to be as large as, if not larger than, SpaceX’s (SPCX).

Today’s attention will be on options expiration, which could bring some volatility, but otherwise expect a light day with the Purchasing Managers’ Index (PMI) as the only economic data on the macro calendar.

Today’s Session

Nvidia (NVDA) is reportedly in advanced talks to invest in Cloverleaf, a company that secures future data center site power, and has already sold over 7 GW, with over 10 GW in backlog.

It is also in early talks with Rebellions, a South Korean Neural Processing Unit (NPU) maker, for an investment, acquisition, or partnership.

In other news, Trump posted on Truth that he will allow up to 300,000 metric tons of ground beef imports over 90 days with no quota tariff and committed to selling the beef 25% lower than current prices to help with costs.

The market has opened in green, we want to see it holding its gains.