CLOSE: green day, red Nvidia 📈
Dow +0.98%, Russell 2000 +0.85%.
S&P 500 +0.43%, Nasdaq +0.41%.
Both tech heavy indexes came in at about half the pace of the other two, and Nvidia actually closed down 0.81% on a day the whole market went up 👀
My best guess is the long end. Bessent doubled Treasury's buybacks to at least 4 billion per operation, and cheaper long term borrowing does a lot more for small caps and cyclicals than it does for a megacap already sitting on a pile of cash.
Half my feed is posting about Bitcoin right now. The quieter story is that today's green came from more names, not fewer, and I'll take that version of a rally every time.
Not financial advice, just my read.
