All major indices rallied yesterday with the S&P 500 hitting new all-time highs. The S&P 500 hit an new intraday high in late afternoon at $5,733.57 before pulling back some into the close.

The 10-Year Treasury Note continues to rise after the cut. This may seem counter-intuitive from the rate cut, but probably stems from Powell’s comment on a higher neutral rate and the normalization of the yield curve (where long-term rates are higher than short-term rates).

Technology (XLK) rebounded sharply yesterday followed by Communication Services (XLC) and Industrials (XLI).

The ‘Mag Seven’ continue to splinter as Nvidia (NVDA) and Meta (META) keep chugging along while the rest are still behind.

The Fear & Greed Index edged further into Greed territory yesterday.

The Leading Index cannot get back into positive territory, signaling slower growth ahead.

Fed Speak starts today.

After the bell yesterday, Nike (NKE) announced Elliott Hill as the new incoming CEO to replace John Donahoe. Shares are currently getting a boost from this news in the pre-market, up 8.46%.

Today’s Session

The big story this morning is the Constellation Energy (CEG) and Microsoft (MSFT) agreement, both currently open in the Hotline model portfolio. (If you are not a current member of our premium Hotline Service, contact your account rep or email Info@wstreet.com to subscribe today.) Constellation Energy (CEG) signed a 20-year deal with Microsoft (MSFT) to restart the Three Mile Island nuclear plant. The deal underscores the insanity of trying to rapidly replace fossil fuels with artificial deadlines.

Futures are lower this morning as the Fed euphoria fizzles. The key for today is the consolidation of gains and to close above the old resistance of the prior all-time high.