KG: Broadening Market Adds Muscle to Rally, Keep Eye on Warsh Confirmation

• Software (Microsoft, Oracle) and financials (Citi, JPM) are leading the market rally, with Nvidia battling a key breakout level.
• Positive economic data includes better-than-expected pending home sales (1.5% vs 0.0% estimate), increased business inventories (0.4% vs 0.3% estimate), and strong retail sales (1.7% vs 1.4% estimate), potentially leading to an upward revision in GDP forecasts.
• The market is holding up well despite geopolitical headlines, with futures driving sentiment, and S&P 500 resistance at 7170 and support at 7100/7060.
• Kevin Warsh's Senate confirmation hearing is a focus, with his views on a productivity boom led by AI and potential disinflationary impact largely factored into bond markets.

The market is exhibiting a risk-on sentiment with stocks up in early Tuesday trading, driven by strong performance in software and financials, and better-than-expected economic data. The potential confirmation of Kevin Warsh to the Fed is also discussed, with his dovish views largely priced in, contributing to a broadening market rally.