US Equities Mid-Day Color

The S&P 500 is struggling to maintain an 8-day winning streak amidst violent thematic rotations, most notably a +7.45% surge in Software relative to Semiconductors. Overall market volumes are elevated, but ETF participation remains near record lows as investors focus on individual stock dynamics.

Key Takeaways

• 1.Thematic rotation is favoring Software over Semiconductors (+7.45%), driven by bullish commentary from Jensen at Computex and LO demand shifting from Megacap Internet/Semis.
• 2.The S&P 500 is attempting to extend its winning streak to 8 consecutive sessions despite early volatility from Iran headlines.
• 3.Exchange stocks (CBOE, CME, ICE) are facing pressure due to regulatory concerns ('terminal growth overhang') regarding potential CFTC approval of perpetual future products on mainstream indices.

Table of Contents

• Key Focus:
• Our Franchise:
• Chart of the day:
• Notice to Australian Investors
• Additional Disclaimers

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial