a fifthstraight win could be on the cards for stocks tuesday but the market must first face down august cpi numbers economists see inflation slowing to 8 from 85 though not likely altering a 75basispoint fed hik this month still if it looks anything like a peak for cpi you’ll want to consult our chart of the day below onto our call of the day which comes from one of wall street’s staunchest bulls jpmorgan’s marko kolanovic who is betting on a soft landing for the global economy the chief market strategist was spot on with a call for stocks to rally this summer and was heard last month telling investors to hang on as the gains aren’t over for starters investors need to trust the data more and obsess over central banks less he says “we maintain that economic data and investor positioning are more important factors for risky asset performance than central bank rhetoric and the data appear to be increasingly supportive of a soft landing rather than global recession given moderating inflation and wage pressures rebounding growth indicators and stabilizing consumer confidence” kolanovic told clients in a new note he sees a global recession as avoidable owing to expectations china and europe will support their needy economies low investor positioning and sentiment should also “continue to provide tailwinds for risky assets despite the more hawkish central bank rhetoric recently” among those assets jpm is keeping an “aggressive overweight” in commodities and commoditysensitive assets due to a supercycle thesis and to hedge for inflation and geopolitical risks kolanovic suggests buying the dip on energy as there is no solution to europe’s current crisis in sight and markets are yet to price in weaker prospects for an iran nuclear deal or g7 progress on russian oil price caps he is also staying bullish on equities specifically cyclicals smallcaps and emchina over expensive defensives unlike energy “defensive industries have outperformed on multiple expansion and are trading at near record premium vs the market” said the strategist who adds that central bank tightening and labor resiliency may keep rates higher for longer capping multiples for longduration growth and tech midterms are also weighing into the bank’s equation for riskier assets “given the lag it takes for rate hikes to work through the system and with just one month before very important us elections we believe it would be a mistake for the fed to increase risk of a hawkish policy error and endanger market stability” said kolanovic stock futures es00 ym00 nq00 are higher and treasury yields tmubmusd10y tmubmusd02y lower as a dollar dxy pullback continues oil prices cl1 are also perking up while gold prices gc00 head the other way ahead of crucial cpi data the latest smallbusiness sentiment index showed a rise in confidence the federal budget is due later oracle orcl disappointed on earnings and its profit forecast thanks to a stronger dollar the stock is up slghtly peloton pton stock is down after cofounders john foley and hisao kushi said they are stepping down hbo had a big night at the emmy’s sweeping past netflix nflx with big awards for “succession” and “euphoria” meanwhile interest has been high in netflix’s “the crown” since the death of queen elizabeth ii twitter twtr shareholders are reportedly expected to approve the 44 billion takeover that tesla’s tsla elon musk has been trying to ditch in a meeting early tuesday the fate of the deal though could end up in court a russian unit designed as a frontline defense against a nato attack has apparently been badly damaged in the latest ukraine advance best of the web in five of seven historical inflationary surges “the sp 500 either bottomed coincident with or in advance of the ultimate inflation peak” says jim paulson chief investment strategist of the leuthold group among the exceptions in one instance the stock market moved sideways for months after that peak though didn’t see big moves lower and in 1970 stocks moved south even after that inflation high though downswing was brief and the sp 500 fully recovered after a few months notes the strategist these were the top searched tickers on marketwatch as of 6 am eastern time coffee vigilantes come to the aid of goldman employees need to know starts early and is updated until the opening bell but sign up here to get it delivered once to your email box the emailed version will be sent out at about 730 am eastern