Highlights
• Markets display weak internals beneath Tech’s strength
• Dollar weakness has weighed on U.S. asset gains from foreign investors
• Platinum and palladium move higher on strong Chinese demand
• Consumers cut back on credit as they start to feel the pinch
Key Takeaways
• Equity Market Breadth Remains Weak: The +4.3% gain pushed Nvidia back to being the most valuable company in the world with a market cap of $3.77 trillion — edging out Microsoft, which also hit an all-time high on Wednesday (now worth $3.66 trillion). But the good news ended there as the economic-sensitive Russell 2000 index slipped -1.1% and even on the Big Board, the internals were soft: volume was lower on both the New York Stock Exchange and Nasdaq; and breadth was negative with decliners ahead of advancers by roughly 5-to-2 on the NYSE and slightly less than 2-to-1 on the Nasdaq.
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