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The argument that rates matter more than economic growth is increasingly compelling for US equities. The Fed’s terminal rate fell to 3.5% this week from +4% last week and this coincided with a rebound.

Today we received more news suggesting an economic slowdown as the S&P Global US PMI indices fell, but that didn’t matter for stocks.

  • S&P 500 up 36 points, or 0.95%, at 3,795
  • Nasdaq +1.6%
  • Russell 2000 +1.2%
  • DJIA +0.6%

Tomorrow will be an important day with the Nasdaq approaching the mid-June “gap” on the chart:

cnbctv18-forexlive-benzinga -Sp

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