The market isn’t blinking.
Dow Jones futures moved higher early Friday, along with the S&P 500 and Nasdaq, extending a relentless rally that’s starting to feel like something more than just a bounce. With inflation data on deck and political noise swirling, some might expect hesitation. Instead, Wall Street appears to be leaning in.
Some analysts are even speculating that this could be the start of a “power trend”—a rare, aggressive market phase that tends to reward momentum and punish indecision. While it’s not an official signal, it’s the kind of backdrop where hesitation can be costly in terms of opportunity.
Resilience Over Reaction
Thursday’s session began with plenty of reasons to retreat—shaky earnings and global trade concerns topping the list. But the market flipped the narrative again: the Dow added 0.6%, the S&P 500 climbed 0.4%, and the small-cap Russell 2000 posted a 0.5% gain. The Nasdaq cooled slightly, but after a solid winning streak, the pause seemed more like digestion than decline.
Even more encouraging was the rebound in equal-weight indexes—a signal that participation is broadening. That’s not just noise. That’s strength under the hood.
Tariffs, Inflation, and a Market That’s Not Worried
All eyes are now on the University of Michigan’s consumer sentiment data and, more specifically, inflation expectations. While headlines remain mixed and tariffs linger in the background, the market doesn’t seem particularly fazed. There’s even growing chatter that tariff relief from China could arrive sooner than expected.
Meanwhile, the 10-year Treasury yield fell to 4.4%, giving growth-oriented sectors some much-needed breathing room.
Earnings Noise vs. Market Focus
Several names posted mixed results this week. Take-Two, Doximity, and Cava all slipped post-report, but none caused significant ripple effects. In fact, market attention has quickly shifted to other narratives—like long-term secular growth, sector rotations, and technical setups.
Take-Two continues to hover near recent highs. Applied Materials and Cava saw short-term pullbacks but remain far from their lows. Doximity dropped, but was largely overshadowed by strength in other areas.
This selective reaction suggests a more mature phase of the rally, one where quality leadership matters more than broad-based speculation.
Key Stocks to Watch
Booking Holdings is testing resistance near the 5,250 level, supported by travel momentum and strong consumer demand.
Walmart moved back above a key technical level and could benefit from any easing in tariffs that impact consumer goods.
LandBridge is gaining attention with its pivot from oil to data infrastructure—a move that could signal longer-term transformation.
Boston Scientific broke above a recent high, reinforcing the growing strength in healthcare.
And then there’s BYD, the Chinese EV giant, which continues to push higher. With millions of vehicles already on the road and growing global reach, it’s offering a real-time counterpoint to other high-profile electric vehicle ambitions.
Tesla, meanwhile, cooled after a massive multi-day run, but the momentum in speculative bets like robotaxis hasn’t gone anywhere.
Sector Rotation in Full Swing
Healthcare, industrials, financials, and energy sectors all showed strength. Technology, while quieter, remains firm. And falling bond yields are giving growth names more flexibility.
Oil dipped slightly, which might offer some tailwinds to transportation and consumer-related companies.
The Big Picture
This rally continues to defy the usual roadblocks: inflation, tariffs, and uneven earnings. The broader indexes are holding their ground, while individual leaders are stepping up across multiple sectors.
With new technical trends forming and sentiment holding steady, this market isn’t just surviving—it’s evolving.
The question now isn’t whether the rally is real. It’s how long it can keep going, and who’s ready to navigate the next chapter.
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