Market Overview - September is historically a weaker month, but the S&P 500 is at new highs, supported by banks, discretionary spending, and industrials [2][3] - There may be shifting macro winds globally, requiring attention to potential global growth reacceleration [3] Global Growth Indicators - Copper has broken out, and the Australian dollar is turning up, suggesting positive momentum for risk assets [4] - Commodity currencies like the Australian and Canadian dollars indicate positive economic momentum [4] - The material sector is only 2% of the S&P, and Chinese stocks and Nikkei have recently broken out, suggesting the global growth renition is still early [5] Sector Analysis and Investment Opportunities - Copper stocks (Freeport, Rio, Valet) and steel (Cleveland Cliffs) are showing signs of resurgence [7] - Consumer discretionary is performing well, indicating the resurgence in materials/commodities isn't at the expense of the consumer [8][9] - Power stocks (CEG, Vistra, GE Vernova) and AI-adjacent infrastructure stocks (Quanta) are recovering after a pause [9] AI and Power Sector - The AI power data center trade is back in gear after a 12-week pause [9][10] Federal Reserve Considerations - The potential impact of Federal Reserve (The Fed) actions on global growth, rates, and the dollar needs to be considered [6]