Another day, another record close for the S&P 500 yesterday, as nine sectors moved higher and only Materials (XLB) suffered material (I can’t help myself) losses.

NXP Semiconductors NV (NXPI), not named Nvidia (NVDA), continues to rock and roll.

Special Shoutout

I used to love Garmin (GRMN) stock and then began assuming it was losing out to larger Technology (XLK) names. From time to time, it comes across my radar, and I have never dug deeper. However, there will be case studies on how management found so many avenues of opportunities. Check out their Marine business segment (below).

Less Broadening

There were more decliners than advancers for all the major equity indices except the S&P 500 (SPX), and 59% of the names moved higher.

The story remains large-cap stocks, particularly growth, making significant moves under the assumption that any other configuration is folly.

I love headlines that read, “Market Higher, Despite Tariffs.” Perhaps the next headline should read, “Market Higher, Love Tariffs!”

Just Saying.

Today’s Session

Picking up on the financial media’s fixation by making tariff policy a negative, hoping at some point, it shows up in the market are reactions to Walmart (WMT) which offered lower guidance. Headlines automatically pointed to tariffs.

But here’s the rub: Walmart (WMT) did not blame tariffs for lower guidance.

On the earnings call, they mentioned that tariffs will be managed. There is no assumption of tariff impact in guidance, and no large inflation assumptions.

I think this is more of a consumer story.