S&P 500 and Nasdaq close at record high

Market Outlook & Strategy - The market anticipates three rate cuts, which differs from the potential of a one-time cut, impacting market highs [6] - Economic data holding steady is positive for stocks, leading to a steeper curve and growth [2] - Focus on interest rate-sensitive sectors and mega-cap growth stocks for continued outperformance [4][5] - Low rate volatility, lower dollar volatility, and lower oil prices are conducive to buying risk assets globally [15] Economic Indicators & Concerns - Labor market weakening is a key factor influencing potential interest rate cuts [4] - A bifurcated economy exists where the stock market performs well, but challenges remain for new graduates and the working class [8] - Consumer strength, especially among lower-end and younger consumers, is crucial for a healthier bull market [10] Global Trade & China - Optimistic China trade news signals the worst is behind us, providing clarity for companies to plan costs [11][12] - Peak aggregate rates are expected to be 30%, allowing companies to better judge costs and plan [12] - China's economy may be performing worse than its stock market, similar to the US labor situation [13]