That gap reflected buying in industrial and value shares as investors weighed corporate earnings and fresh macroeconomic data, while tech remained restrained by inflation and Fed-rate uncertainty.
Recent Fed comments have reinforced a higher-for-longer rate outlook, keeping pressure on rate-sensitive growth stocks even as stronger blue-chip earnings helped steady the broader market after a volatile week.
Upcoming jobless claims and consumer sentiment data are the next tests for whether the early rally can hold and whether rotation toward defensive, value-oriented positions continues.
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Nvidia is worth $5.4 trillion but has zero China revenue. Is the AI-driven market rally built on a fragile foundation?