Weekly Commentary: Rapscallions Crowding Out

The S&P 500 has rallied 17% from its March 30 lows, but that move trails the more aggressive rebound in risk assets, with the Nasdaq 100 up almost 28% and the MAG7 up 27%. The piece is mainly a relative-performance update on market momentum and positioning rather than a new catalyst. Overall tone is neutral, with the data suggesting stronger risk appetite in growth and mega-cap tech than in the broader market.

Analysis

The S&P 500 has rallied 17% from its March 30 lows, but that move trails the more aggressive rebound in risk assets, with the Nasdaq 100 up almost 28% and the MAG7 up 27%. The piece is mainly a relative-performance update on market momentum and positioning rather than a new catalyst. Overall tone is neutral, with the data suggesting stronger risk appetite in growth and mega-cap tech than in the broader market.