US tech and tech-related stocks now reflect nearly 60% of the total stock market cap, an all-time RECORD.
At the same time, defensive stocks account for just 15%, an all-time LOW. Not even the 2000 Dot-Com BUBBLE saw such a divergence with tech peaking at ~50% while defensives remained above 20%. Has a new era of equity market performance come, or are defensive stocks going to catch up over the years? Source: Topdown charts, Global Markets Investor @GlobalMktObserv
We've only had three Fed chairs experience their first "Fed Day" with markets open prior to Warsh yesterday.
All three times, the S&P was higher heading into the 2 PM rate decision only to finish in the red on the day. Warsh was no different as all main US equity indices finished in the red after his (rather hawkish) statement yesterday... Source: Bespoke
South Korea's $KOSPI hit a new all-time high today, even as U.S. markets fell after Fed Chair Kevin Warsh hinted at a possible rate hike this year.
KOSPI is up +113% in 2026, adding over ₩3,860,000,000,000,000 ($2.8 TRILLION) in market value. Source: Bull Theory
Big shift in Fed dot plots with the median member now forecasting 1 rate HIKE this year when previously they were forecasting 1 rate CUT.
The stock market may not like it but this is the right move if the Fed wants to regain any credibility as an inflation fighter. Source: Charlie Bilello @charliebilello
FLOWMAGEDDON: ETF flows have touched $1 trillion YTD, and it's still June...
To be sure, a touch of this is S&P 500 rebalancing but it is looking pretty good that last year's $1.5T record will be broken. Amazing $DRAM is in top 10 overall. Even tho SpaceX has stolen all the attn DRAM is still top 5 story of year. Source: Bloomberg, Eric Balchunas
Anthropic just dropped a 31-page prompting guide.
AI evolution distilled it into 9 practical prompt tips you can learn in under 60 seconds
SpaceX is now the 6th largest market cap in the world ($2.64T). It is very close to Amazon and even overtook it intraday. Space X is not too far away from #4 Microsoft. What a start...
Source: www.companiesmarketcap.com
Alpine Macro beautifully explained what the playbook could be for SpaceX:
Stage 1 (near-term): Scarcity + retail FOMO + passive index buying force a squeeze higher. Indexes absorb 20% of SpaceX float in the first 15 trading days. Stage 2 (months out): Lock-ups expire → insiders sell → float balloons → passive funds scale rebalance → pressure on largest, most liquid names (i.e. Big Tech) Here's a visual that sums it up. The real risk isn't the IPOs failing. It's them succeeding too well, too fast.