“I observed in early July that SPX 6,469, which is 10% above the 2024 close, could be a level from which a pivot lower or a pause could occur. An SPX pause at 6,469 is what we have seen to this point…multiple headline risks that might be causing would-be buyers to stop and assess with the SPX 10% above its 2024 close. The headline risks include: poor historical seasonality, tariff uncertainty, questions with respect to Fed policy/lack of independence as inflation and growth concerns surface, and geopolitica ...

Core Viewpoint - The Dow Jones Industrial Average has surpassed 46,000 for the first time, driven by increasing hopes for interest rate cuts and a resurgence in IPO activity [1] Group 1: Market Performance - The Dow crossed the 46,000 mark, indicating strong market performance and investor optimism [1] - The rise in the Dow is attributed to expectations of potential rate cuts, which could stimulate economic growth [1] Group 2: IPO Activity - There is a notable return of IPO mania, suggesting increased market confidence and a favorable environment for new public offerings [1] - The resurgence in IPOs may reflect broader trends in the market, as companies seek to capitalize on favorable conditions [1]