Last week, America learned payrolls shrank 23,000 in July (versus the 83,000 gain economists expected) and revisions to May and June data erased another 103,000 jobs. Investors heard the news and piled money into stocks anyway, with the confidence of the guy who insists gas-station sushi is safe.

Last week, America opened football training camp and released the first reading of 2Q gross domestic product. Both looked great on paper, neither counts yet, and the real results won't arrive for another month.

Last week, America celebrated 57 years since we strapped three guys to a building-sized firecracker and yeeted them at the moon. The labor market saw that anniversary and said, “Hold my clipboard.”

Last week, America enjoyed its largest monthly decline in inflation since April 2020. That lasted roughly three days, until renewed fighting around the Strait of Hormuz pushed oil back above $80. Bagged lettuce gets a better run than that. Oh, wait…

Last week, markets divided between mega caps, AI-linked tech, and energy driving the winning side, while small and mid caps sank lower. All eyes are now on housing, inflation, and retail sales data due out this week, along with Fed Chair Warsh’s congressional testimony.