WS #15393
The S&P 500 reached a new intraday record, pushing total US market cap above $82 trillion, as a weak US jobs report effectively eliminated the probability of an October rate hike. This macro pivot has fueled a broad risk-on rally, with institutional positioning showing neutral-to-bullish flows in SPX options. The removal of rate hike fears is providing a tailwind for growth stocks and high-multiple tech, although the rally is concentrated in mega-caps with strong earnings visibility.
Rate Cut Pivot & Market Rally
The S&P 500 reached a new intraday record, pushing total US market cap above $82 trillion, as a weak US jobs report effectively eliminated the probability of an October rate hike. This macro pivot has fueled a broad risk-on rally, with institutional positioning showing neutral-to-bullish flows in SPX options. The removal of rate hike fears is providing a tailwind for growth stocks and high-multiple tech, although the rally is concentrated in mega-caps with strong earnings visibility.