Equities (Apr 27 – latest levels)
- S&P 500: ~6,800
• Nasdaq Composite: ~22,600
• Dow Jones: ~40,450
• STOXX Europe 600: ~585
• Nikkei 225: ~55,200
• Shanghai Composite: ~3,210
• Hang Seng: ~17,250
• MSCI ACWI: ~1,040
Interpretation
Recent upside is driven by:
• Earnings resilience
• Continued strength in mega-cap tech and energy
However:
• Breadth remains narrow
• Cyclical participation is limited
➡️ This remains a selective rally, not a broad-based expansion