Wall Street just had a rather unusual session. Oil prices remained high, bond yields continued to exert pressure, yet money kept flowing into AI stocks. Dow +0.93% S&P 500 +0.51% Nasdaq +0.48% Microsoft and other tech giants drove the market higher, while the S&P 500’s forward P/E ratio fell to its lowest level since 2023. The current market is sending a clear message: Macroeconomic conditions aren’t ideal, but capital still won’t leave AI.
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