The broad market is higher, with the S&P 500 and the 10-year yield both near session highs.

The heavy lifting is being carried by growth names while small-cap and value names are deeply in the red amid the rise in yields.

Near the Middle

It felt like the market was living in fear but seems to be changing its pulse, with the Fear & Greed Index moving closer to the middle (neutral). All sectors are higher with Materials (XLB) and Energy (XLE) leading, and the latter is higher due to strength in refiners. Meta Platforms (META) continues to do the heavy lifting for the Communication Services (XLC) sector, with the stock's continued momentum following the release of its Muse AI agent.

Economic Data

The S&P September services PMI came in at 58.8,up from 56.5 in August, marking its fourth successive monthly improvement. In addition, growth broadened out for the first time in 10 months in all five broad sectors.

However, the sector’s growth was pressured by substantial price pressure, with input cost inflation moving to its fastest pace since November 2022.

Power Demand

Goldman Sachs raised its 2026 data-center capacity forecast to 64 GW while trimming 2027 to 90 GW, showing how quickly these demand estimates are still shifting.

The strain is visible in household electric bills and a constant debate during these elections.