The market drifted lower on a combination of 1) disappointing tech prints (MSFT -6% & META -4%), 2) Poor liquidity (according to Goldman Sachs trading desk), and 3) Core PCE posting its biggest monthly gain since April. Not exactly 'goldilocks'!! Inflation surprises are picking up post rate-cut... {chart} ...bolstering the case for a slower pace of rate cuts... {charts} Goldman's trading desk noted that market volumes continue to be strong, +14% vs the 20dma, although S&P top of book poor compared to the start of the week. We are better to buy as a floor (~1B net demand) led by HFs buying pockets of Tech & ... (full story)