But first, a quick look back at last week. The S&P 500 had its best week since June, the Nasdaq closed the week up by almost 9% and had its best two-day run since 2008. The move up came in reaction to softer-than-expected CPI data, which sent treasuries rallying off recent lows and the TNX back below 4% on expectations that the Fed may be able to slow the pace of rate hikes into the end of the year. 

This morning, investors and traders are focusing on U.S. President Joe Biden meeting with Chinese President Xi Jinping in Indonesia on the sidelines of the G20 meeting. Both sides have framed discussions as an opportunity to calm existing tensions. 

Crude oil begins the week at $87 a barrel; this morning OPEC cut their oil demand forecast and warned of “considerable uncertainties” facing oil supply. We have 10-year yields below 3.9%, supportive of the move up in the indices, all of which is weighing on the U.S. dollar—it’s back to 106.

So, as always, lots to stay dialed in on!

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