Economic Data & Tech's Parabolic Rally Test SPX Record Run

• S&P 500 is on an 8-week winning streak, the longest since 2023, with markets ending the week in better shape.
• A disconnect exists between grim consumer sentiment (soft data) and resilient economic data (hard data, manufacturing).
• Tech-led earnings, particularly from companies like Nvidia, have been a significant driver of market strength.
• Clients are rotating out of single stocks into broad-based ETFs, but tech remains a large portfolio component.
• Upcoming PCE and CPI data, and the bond market's response to inflation, are key factors to watch.

The S&P 500 is on its longest weekly winning streak since 2023, driven by strong tech earnings and AI optimism. Despite soft consumer sentiment and elevated inflation expectations, market behavior shows continued buying of dips. The key question is whether the market can sustain its expectation of 18% earnings growth amidst economic headwinds.