Getting Stopped In

The S&P 500 has reached a new all-time high above 7500, fueled by intense momentum in AI semis and a rebound in retail trading activity. Despite narrow market breadth, institutional and retail demand remains strong, supported by robust Q1 corporate earnings growth of 17%.

Key Takeaways

• 1.The market is experiencing a significant momentum chase in AI-related stocks, with institutional investors being 'stopped into' the tape as buyers despite narrow breadth.
• 2.Retail trading activity has inflected higher, with volumes up 28% since mid-April, partly driven by less stringent margin requirements for day traders.
• 3.Hedge funds are heavily concentrated in Information Technology, with allocations reaching the 100th percentile for gross and 99th for net exposure over a five-year period.

Table of Contents

• Notice to Australian Investors
• Additional Disclaimers
• Notice to Brazilian Investors
• Notice to Investors in the European Economic Area
• Notice to Investors in Korea
• Notice to Investors in Japan
• Notice to Investors in New Zealand
• Notice to Investors in Switzerland

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