GOLDMAN DESK: “.. we currently have the perfect recipe for the S&P 500 to pierce through 8k in short order: robust corporate demand, negative investor sentiment, low net HF exposure, potential for supercap IPOs .. and what should be another stellar earnings season kicking off this week ..”

Billy Joel releases “52nd Street”, his 6th studio album, 48 years ago today. “.. we were really leaning more into a jazzy style," he said, “and the studio was on 52nd Street .. So we decided, 'Well, hey, The Beatles could call an album Abbey Road, we can call an album 52nd Street.’” “Honesty”

GOLDMAN DESK: “.. I understand why the dark blue line makes folks uncomfortable with how top heavy S&P is. With that said, I’m still not inclined to pick a big fight with the light blue line ..” [Pasquariello]

GS Q4 GDP growth forecast? Just 1.9% saar

Lionel Ritchie releases “Can’t Slow Down” 43 years ago today — with its single “All Night Long”. “.. I noticed that, anytime I would come on vacation, everybody [was doing] some form of calypso or .. reggae. All I had to do was find that beat that everybody dances to when they go on vacation."

BARCLAYS DESK: “.. indices still haven’t done much but there has been an abundance of market stress elsewhere with over 50% of SPX down at least 20% from all-time highs, and some of the poorest breadth divergences witnessed since data collection began in the 1990s.”

BARCLAYS DESK: “.. let’s face facts; the combined disclosed lab revenues of circa $150bn .. is not going to cut it when the ecosystem needs well in excess of $1trn .. I’ve yet been presented with a credible framework as to where this money is going to come from ..”

It’s early in earnings season but .. Pepsi Levi’s Delta Constellation “.. The micro is already offering a glimpse of what it takes to deliver under pressure, with early results suggesting there is more to the story than simply beating expectations.” - Morgan Stanley [Savone]

BofA Merrill: Surge in U.S. AI-related imports, tariff front-running, shipping disruptions and fuel- price spike feed acyclical inflation

FEDWATCH: “.. As the 10-year yield has moved above 5.25%, stock–bond correlations have ‘collapsed’ toward zero. That breakdown in co-movement is why equities are holding up even as yields keep climbing.”