S&P 500

Wednesday's tech-led profit-taking paused the streak but the Dow simultaneously hit a new all-time high — the divergence signals healthy sector rotation, not distribution, keeping the bull thesis intact above 7,700.

The S&P 500 remains above the prior June record close (~7,737) after a $3.7 trillion four-session rally, with breadth expanding to 70.34% of stocks above their 200-day MAs — a structurally bullish signal confirming the breakout is broad-based.

Main Risk

Fed Rate Hold / Hike Risk Under Chair Warsh

With Fed funds rate anchored at 3.5%-3.75% and Kevin Warsh newly installed as Fed Chair, stubborn inflation is fuelling bets for a continued hold or even a hike — a hawkish surprise could reprice rate-sensitive growth stocks sharply lower.