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Holding Push Towards New Resistance Mark, Nasdaq Outperforming

  • The S&P e-mini extended gains to a new high of 4502.50 before nudging back below 4500 in another step towards resistance at 4510.13 (former bull channel base drawn from Mar 13).
  • SPX sits +1.3%, with gains led by communication services (+2.0%), IT (+2.0%) and consumer discretionary (+1.8%). Apple (+2.0%) and Nvidia (+4.5%) lead the contribution, whilst Tesla sees largest outright increases with +6.4%. Consumer staples (+0.2%) and utilities (+0.3%) lag.
  • The performance attributions are consistent with Nasdaq’s outperformance (+1.9%), whilst Dow Jones lags (+0.7%).
  • The broader markets backdrop helps, with VIX holding its push through 15 and at lows since Aug 1 whilst 10Y real yields are down 7bps on the day after softer than expected US labor data.

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