As of Monday, July 13, 2026 (4:00 PM ET close), the S&P 500 closed at 7,515.34, down -0.79% on the session versus Friday July 10's 7,575.39 close. Monday was a textbook pre-CPI de-risking pattern ahead of Tuesday's June CPI print (consensus: core +0.2% MoM/+2.9% YoY). Technology led decliners (XLK -2.49%, QQQ -2.01%), energy extended the Iran-Hormuz bid (XLE +3.29%), defensives drew a partial bid. The 1-month target of 7,500 is essentially met (-0.20% below current). The 3-month target of 7,600 is +1.13% above current. The desk's preference is AI infrastructure on the drawdown, financials into earnings, and energy tactically.