Did you see the market was down?  The print never tells the story and certainly misrepresents what happened yesterday.

Nine sectors were higher. Roughly three-quarters of the S&P 500, S&P 400, and S&P 600 finished higher.

I was thrilled to see the reaction in homebuilders to a better-than-expected existing home sales report. Real Estate (XLRE) is usually a defensive sector, but yesterday it had cyclical qualities.  Moreover, the market might see positive developments in rates.

Only Energy (XLE) and Technology (XLK) were down in the session.

Dropping the AI Anchor

Technology capped the session's high; some of the individual decisions were eye-popping.  It was the best session for the broad market sans AI stocks, ever.

This is a great sign. We know AI names have to pull back from time to time, but cash isn’t racing to the sidelines.  Instead, it is looking for fresh opportunities.

Factors

Growth was down, and momentum tried to sneak into the green, but it ran out of time.

Semiconductors

The chips got nicked again. I think we are beginning to see investors and the market differentiate among Semiconductors (SOX) following Broadcom's (AVGO) financial release.

Retailers posted strong profits in the first quarter, led by high-end names. Yesterday, Ralph Lauren (RL) made a new high, and Williams-Sonoma (WSM) was the tenth best performer in the S&P 500.

SpaceX Time

Apparently, the SpaceX IPO is four times oversubscribed.  This is going to be something. Meanwhile, Susquehanna says the $1.77 trillion valuation is valid, and the total addressable market could reach $28.5 trillion.

Elon’s Lofty Goals: Colonize Mars