What Matters Today

Strong S&P 500 earnings and AI-driven semiconductor outperformance are driving markets higher despite geopolitical tensions and a projected $24bn pension fund month-end sell-off.

Key Takeaways

• 1.S&P 500 earnings season is showing significant strength, with 81% of reporting companies beating forecasts.
• 2.US pension funds are expected to sell $24 billion in equities for month-end rebalancing, which ranks in the 91st percentile since 2000.
• 3.Semiconductors are drastically outperforming Software, with the SOX index rising for 17 consecutive sessions.

Table of Contents

• Jared Cohen's views on the Middle East
• Market Views
• Semi > Software
• What Happens After Pension Sell a Ton of Equities?
• Notice to Australian Investors
• Additional Disclaimers

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