The S&P 500 (SPX) eked out the tiniest of gains yesterday, but the history books will put it in the plus column. Only three sectors managed to finish in the green, including Technology (XLK), Materials (XLB), and Industrials (XLI). And the same names keep powering ahead of the pack.

Anxiety Rising

The Fear and Greed Index has shifted to neutral, even as the market continues to make new highs.

There is always a smattering of “Mag Seven” names higher, with the only clear name under duress being Tesla (TSLA) after a monumental rally. Entertainment names were slammed, and Consumer Staples (XLP) continues to be unattractive, even with angst in the air.

Market breadth was negative on the New York Stock Exchange (NYSE), as all the action and buying activity remained focused on NASDAQ names. Check out that up to down volume – it’s champing at the bit.

There is no jobs report today, but I have a hunch it would have been disappointing, coming in below the consensus. The market is riding on muscle memory and the Artificial Intelligence (AI) frenzy, but more names have to participate.

Today’s Session

The jobs report was scheduled for today, so in its absence, I crunched the numbers, using a back-of-the-envelope calculation; I think we would be reporting 10,000 job losses and revisions to August of down 25,000.

Yesterday, the Chicago Fed released a forecast of the unemployment rate at 4.3%.

With that in mind, the debate would be whether a 50 bps cut is needed at the next FOMC meeting.