Let's talk more now about what is going on. Gunjan Bannerjee is a lead writer for markets live at the Wall Street Journal and of course a CNBC contributor. Gunjen, great to have you on.Happy Thanksgiving by the way. >> Happy Thanksgiving. >> What are the retail investors investing in.>> I think it's really been the year of the retail investor. We have never seen them quite as active as they are in markets this year. Everyday Americans, mom and pop investors, they've been pouring into broad-based ETFs.think ...

Market Overview - The current equity rally is characterized as a global affair with significant participation from various markets, driven by different dynamics [2][3] - Earnings growth is crucial for sustaining market momentum, with companies reporting favorable earnings despite external uncertainties [3][12] Capital Expenditure Trends - A notable increase in capital expenditure (capex) is observed, with a projected 50% rise this year, amounting to $350 billion, and expectations of close to a trillion dollars over the next three years [7] - The hyperscale capex trend, particularly in AI, is expected to benefit companies involved in this sector [4][7] Fiscal Policy Changes - There is a shift towards fiscal expansion in regions like Germany, with increased spending in sectors such as defense and infrastructure, which is expected to positively impact corporate fundamentals [8][9] - The unification and reform efforts in Europe are progressing, albeit slower than anticipated [8] Currency and Global Growth - Global growth is showing positive trends across key markets, with implications for currency dynamics, including a weakening yen and a strengthening dollar [6][10] - Central banks are diversifying reserve positions away from the dollar, although it remains the primary reserve currency [10][11] Corporate Earnings and Valuations - Despite potential corrections in the market, corporate earnings are expected to remain strong, with many companies demonstrating pricing power to pass costs onto consumers [12][15] - Valuations, particularly for larger cap companies, are viewed as relatively healthy, with ongoing earnings growth providing comfort despite high trading multiples [14][15]