SOME IMPORTANT MACRO STATS TO LOOK AT: 1. Bank of America says institutional clients were net buyers of U.S. equities last week, led by $4.3 billion in ETF inflows, largest since December 2022. 2. Hedgefunds and Retail were actually net sellers, institutional investors were net buyers. Outflows from Tech and inflows into Staples and Healthcare. 3. As per Bloomberg, ETF inflows continue to be strong, +13B yesterday alone, +40B for the past 5 days and now +1.16T YTD. While there are plenty of concerns around inflation and the labor market, equity exposure continues to be strong even if there is a rotation into different sectors, which is actually very healthy to see to support the broadening of the market.