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Futures were mixed ahead of the June CPI report, but a much higher than expected print has been met initially with selling in equity futures and rising bond yields.  So far, the declines haven’t been too large, but as traders digest the internals of the report, we’ll be watching to see how things play out.  One driver of the gains this month was used car prices which rose 10.5% m/m and accounted for one-third of the total increase.  New car prices also increased by 2.0% m/m which was the largest m/m increase since 1981!

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, the latest US and international COVID trends including our vaccination trackers, and much more.

Like home runs coming off the bat of Pete Alonso in last night’s Home Run Derby, the S&P 500 is racking up record highs at an incredible pace lately.  Over the last 12 trading days, there have been 10 record closing highs, bringing the YTD total up to 39.  If the year ended today, 2021 would be tied for the 12th most record closing highs in a given year.  At the current pace, though, the S&P 500 is on pace to have 74 record highs on a closing basis this year, and that would rank as the second most of all time, behind only 1995.  The only other years even close to 1995’s total were 1964 (65) and 2017 (62). One caveat here is that, as the last two weeks have shown, new highs tend to come in bunches, but if the S&P 500 experiences a pullback, the rapid pace will dry up quickly.  Wherever the 2021 total winds up, the pace so far this year has been impressive, to say the least.