Fed Holds, Chips Carry a Narrow Tape
The Fed held and the indexes edged up, but fewer than half of stocks rose; chips and AI infrastructure did the lifting while rate-sensitive sectors fell.
The Signal
The Fed held rates and stocks closed modestly higher, but under half of S&P 500 members advanced. Chipmakers and AI infrastructure names such as Broadcom, Micron, Oracle and Vertiv led, while real estate, staples and utilities lagged and Nvidia, Apple and Meta fell. Money flow leaned positive, yet lower highs still outnumber higher highs.
The Noise
A green close reads like a healthy market, but the gain rested on a handful of large names. Tomorrow's growth and inflation data test the rate story, and the rate-sensitive groups that already struggled are the most exposed.
Multi-Signal Confluence
Alphabet: selling pressure was fading into the close, then after the bell revenue grew about a quarter and Cloud roughly doubled, but profit fell and EPS missed. The signal predates the news; let the price settle.
Tapestry: Coach-led growth and a modest valuation, with sellers losing steam after target cuts. Earnings are expected in about six sessions, so the setup carries event risk.
Zscaler: a sharp run on a raised price target, still loss-making and richly valued. Signals point to distribution and tired momentum.