The lack of major news or data has created an environment where investors are cautiously optimistic, continuing to support value and cyclical stocks, as seen in the Russell 2000's 1.5% gain.
The broader equity markets seem poised for gains, particularly with favorable conditions for stocks as the Trump Administration is expected to push through tax cuts that could stimulate economic growth.
Despite the rotation out of tech stocks impacting the Nasdaq negatively, the bull case for equities remains strong with potential shifts possible depending on upcoming Nvidia earnings.
The persistent strength of the USD suggests that the narrative of 'US exceptionalism' continues, especially with broad-based gains leading up to significant economic reports like retail sales.
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