Rally, meet gravity
Wall Street spent Friday in victory lap mode. The S&P 500 and Nasdaq-100 both punched up to new all-time highs, which is basically the market’s way of saying, “Cool story, now prove you deserve it.”
What’s keeping the tape alive?
Kevin Green’s read here is that the move isn’t just about one shiny corner of the market. It’s been broadening out, with different sector signals — including energy-related inputs like diesel and yield trends — flashing the kind of cross-market action traders love to obsess over.
That matters because a rally powered by just a couple mega-cap names is one thing. A rally with more breadth behind it? That’s the kind that can keep flexing.
The next boss fight: CPI and PPI
The real test is coming next week, when CPI and PPI hit the tape. Inflation prints can change the whole mood in a hurry. If they come in tame, the market gets to keep pretending the good times are structural. If they run hot, suddenly everyone remembers that rates, yields, and valuation math still exist.
Big picture
For now, the bulls have the ball. But next week’s inflation data could decide whether this is a sustainable climb — or just the market doing cardio before stepping on a rake.