Equities (Latest Levels)
- S&P 500: ~7,100–7,150
- Nasdaq Composite: ~24,600–24,800
- Dow Jones: ~48,800–49,000
- STOXX Europe 600: Slightly negative
- Shanghai Composite: Modest gains (~+0.5–0.7%)
Interpretation
- Index stability masks underlying fragility
- Gains remain:
- Concentrated in mega-cap tech
- Supported by energy sector strength
However:
- Breadth remains narrow
- Cyclicals are not confirming upside
➡️ This is not a broad-based rally, but a defensive equilibrium