All major indices are rallying today as the market switches from neutral to greed on the Fear & Greed Index, opposing conventional wisdom that the market highly depends on Nvidia (NVDA).

The Russell 2000 is slightly ahead of the rest, up 1.34%.

The only sectors down today are Real Estate (XLRE) and Consumer Staples (XLP). The leading sectors are Industrials (XLI), Energy (XLE), and Consumer Discretionary (XLY).

On the economic front, we saw the worst Pending Home Sales on record as many would-be homebuyers are waiting for mortgage rates to move lower.

Initial jobless claims dropped to 231k, signaling a potential strength for the August jobs report.

It’s a tale of two stories today. From one side we have Dollar General (DG), which is a proxy for the lower middle class and lower income houses, while Affirm Holdings, Inc (AFRM), where people buy now and (hope) to pay later, is the biggest advancing stock. This is interesting data which could signal that low end consumers are increasingly tapped out, and leaning to Buy Now, Pay Later (BNPL) more.

All eyes on tomorrow’s Fed’s preferred gauge of inflation the PCE.