Jensen Saves the Day (again)

Yesterday started as a sluggish session, with stocks stumbling out of the gate but regaining their footing with a significant deal announcement from Nvidia (NVDA), an upgrade for Apple (AAPL), and a court victory for offshore wind.

The Nvidia deal with OpenAI is intriguing, and some say smoke and mirrors. It's not the first time the company has received this kind of criticism, and yet major firms applauded the news.

Same Tide Misses Most Ships

With the big move in Apple (AAPL), all members of the “Mag Seven” are positive for the year.

But the Chips Are Stirring the Pot

The market closed with another record, led by Technology (XLK), which in turn was led by second-tier semiconductor names.

Top Advancers

Many tech pioneers from the past continue to make their mark. Oracle Corp (ORCL) continues to benefit from its close ties with the White House. Meanwhile, it's been a long time since Teradyne Inc (TER), Western Digital (WDC), and Applied Materials (AMAT) basked in the spotlight.

Investing Landscape

Across the investing landscape, all major indices edged into positive territory.

But the Volatility Index (VIX), aka the Fear Index, also edged higher, and is now above 16.0, while the ten-year yield finished at 4.14.

Party Over There

Ain’t no party like a NASDAQ party because a NASDAQ party never knows when to quit. Yesterday, advancers in the NASDAQ easily outpaced decliners, while new highs dwarfed new lows, and up volume almost doubled down volume.

Market Breadth	NYSE	NASDAQ
Advancers	1388	2661
Decliners	1373	1990
New Highs	141	373
New Lows	48	78
Up Volume	3.04 billion	6.21 billion
Down Volume	2.5 billion	3.48 billion

The move in the NASDAQ Composite is also textbook parabolic.

Large and in Charge

Large-caps continue to reap fresh buying interest in general.

However, it's becoming increasingly complex to find fresh ideas. In fact, buy ratings have declined sharply since June 30th, and only three sectors have more buys now.

In a way, this is odd since many stocks have been marking time, watching the tech parade from the sidelines.

Today’s Session

S&P 500 futures are unchanged this morning, indicating a quiet day, although the persistent buying seen for months could move indexes higher throughout the day. The only economic data today is New Home Sales and preliminary PMI data. There is also a heavy dose of Fed speakers, including Fed Powell shortly after noon.

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