Today all major indices are rallying after we got the Michigan Consumer Sentiment report, and the Street expectations of an interest rate cut next week.

The Russell 2000 is once again leading the way today up 2.29% so far.

All sectors are currently in the green, with the leading sectors being Materials (XLB), up 1.42%, and Industrials (XLI), up 1.32%. Technology (XLK) is the weakest performing sector, trading a step behind of the S&P 500.

The Michigan Consumer Sentiment report increased for the second consecutive month to 69 from 67.9 and above estimates of 68. In addition, Consumer Inflation Expectations declined to 2.7% below estimates of 2.8% and reaching their lowest level since December 2020. This is a potential good omen for the consumer sector, suggesting increased confidence in spending and potentially easing inflationary pressures.

Today, we saw the Fear & Greed index shift back into the neutral zone from the fear zone.