Charts & Chat - July 5, 2026

This week, CEO Eric Boyce, CFA discusses:

1. recession risk dropping, although short term interest rates more likely to go up versus down next six months. 2Q 2026 GDP estimates shifting lower

2. crude prices dropping along with trade policy

3. trade policy uncertainty in decline

4. overall P/E multiples for S&P 500 dropping; profit margins expanding in tech sector, but the rest of the market outside of tech not following along

5. pension balances are back to fully funded status

6. ISM manufacturing data and new orders return to positive territory; data centers continue to support construction spending

7. gold/silver off peaks; meanwhile dollar stronger

8. private capital deal flow increasing, driven by mega deals; SPAC's are back