yeah, the most significant changes overnight were not in stocks but in bonds and currencies imho..usd rallied, which seems to mainly reflect management by others to try to minimise fallout from usd depreciation and loss of competitive advantage by others; and the usa bond rally, suggesting not only lower rates ahead for usa (not new news) but a flight to safety from stocks as well. Bonds will return 9-10% in aggregate pa in a recession.
There are cracks appearing in the usa stock market rally, small as they are atm. With spx again coming up for its 3rd try at a record high, this is either a handle from which it will zoom up or the beginnings of the next leg down. Employment data on Friday is probably the key. Good employment data esp hourly pay rate changes lessens the chance of a fed rate cut, and this rally has been heavily based on the expectation of rate cuts, one of which has been provided.
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