Equities
(Approximate latest global levels)
| Index | Latest |
| S&P 500 | ~7,450 |
| Nasdaq Composite | ~26,200 |
| Dow Jones | ~49,800 |
| STOXX Europe 600 | ~605 |
| Nikkei 225 | ~60,500 |
| Shanghai Composite | ~4,120 |
| Hang Seng | ~25,900 |
| MSCI ACWI | ~1,120 |
Interpretation
Upside continues to be supported by:
- AI capex cycle
- Mega-cap tech earnings
- Liquidity concentration
However:
- Market breadth remains narrow
- Energy and AI dominate leadership
- Small caps continue underperforming
➡️ Current rally remains selective rather than broad-based.