Early Update -Banks, Energy and Small Caps Outperform on Another Massive Short Squeeze, While Mega-Caps Lag

11:23 a.m. ET Since the A.M. Update, we got Industrial Production data and it was worse than expected. Industrial production fell -0.5% in June (consensus was looking for 0.0%, or no change) following a prior revised -0.5% decrease in May (from 0.2%). This was the biggest drop since December of 2022. Capacity utilization fell to…