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Friday's market action tells a lot about what's currently going on
1) US large-caps equities index recorded strong gains ($SPX +1.07%; $NDX +1.69%) thanks to huge advance by $META (+20%) and $AMZN (+7%); 2) Underneath the surface, there is some selling taking place - the S&P 500 equally weight is DOWN -0.08% on the day. We need to see decent market breath for the equity bull market extend as the mag7 (or rather the "mag 4" as leadership is even more narrow than in 2023) will not be able to carry the market forward for ever... Source: Bloomberg
sp500 companies excluding magnificent seven.
Source: Daniel Lacalle
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