Good evening, this is Markets Desk with your closing brief.
Momentum traders are watching their backs this July. One strategist is warning that the red-hot momentum trade may be approaching a violent unwind, noting that July has historically been rough terrain for these positions — and with this year's particularly stretched valuations, the unwind could hit harder than usual. Early rumblings are already surfacing in the tape.
Shifting to geopolitics, a cargo vessel in the Red Sea has reported coming under attack, according to the UK maritime body. The incident lands at a delicate moment — a fragile ceasefire between Iran and the United States remains in place, but this strike on one of the world's most critical trade corridors raises fresh questions about supply chain disruption and energy market risk heading into the back half of the year.
And in a story that tells you something about where consumer technology is heading, Mark Zuckerberg says he took a business call on a jet ski wearing his eight-hundred-dollar Meta glasses — and insists the other person had no idea. It sounds like a stunt, but Zuckerberg is making a serious strategic point: wearables, he believes, are the next computing platform, and Meta is betting heavily on that conviction.
That's the tape. Markets Desk, signing off the floor.
