Today’s market session delivered fresh highs for U.S. equities, but the gains were anything but broad. The S&P 500 and Nasdaq Composite both closed at record levels, lifted almost entirely by the largest technology names. Roughly seventy percent of S&P components finished lower even as the indexes advanced, underscoring just how concentrated the rally has become.

Microsoft joined Nvidia in the $4 trillion valuation club, catapulted by a significant agreement with OpenAI permitting major changes to its governance model. Nvidia extended its dominance, climbing nearly five percent to a market value approaching $5 trillion. Eight of eleven S&P sectors ended in the red, with only technology meaningfully in the green. Gold fell more than one percent as risk appetite held firm.

To assign a label to it, the mood was measured rather than euphoric. Futures were muted and traders appeared content to hold near highs ahead of Wednesday’s twin catalysts: the Federal Reserve’s policy decision and earnings from Microsoft, Meta, and Alphabet. Meanwhile, the Conference Board’s consumer-confidence reading eased to a six-month low, a reminder that optimism at the top of the market has yet to translate across the broader economy.

Bitcoin’s drop from $126K spooked traders… but the pros are buying harder than ever.

Bitcoin ETFs are scooping up 6× more coins than miners can produce — and when that imbalance snaps, prices could explode.

Those waiting for “the bottom” will miss it.

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Gareth Soloway’s latest market recap at Verified Investing isn’t a doom call… but it’s close. He notes that while the S&P 500 keeps grinding higher, its usual “warning cousins,” gold and Bitcoin, have already cracked. Both have seen technical breakdowns that, in his view, often precede equity pullbacks.

Soloway points to a bearish wedge pattern forming in the S&P 500 and fading momentum across risk assets as hints the market’s near-term upside is thinning. Gold’s failed breakout and Bitcoin’s sharp retreat are, he says, early tremors in a larger rotation toward safety. His roadmap: watch gold near $3,900, Bitcoin in the mid-$90Ks, and semiconductors for signs of strain.

His bottom line is tactical, not panicked: tighten stops, fade the over-extension, and be ready for a “healthy correction” that could clear the way for the next leg higher. Consider their contrarian read… the time to get cautious is when everyone else finally feels relaxed.

In this episode of Investing Insights, Amy Arnot of Morningstar breaks down which asset classes are winning and losing as 2025 winds toward its close. Gold has hit record highs, buoyed by central-bank buying and dollar worries. Meanwhile, small-cap stocks and commercial real-estate sectors are lagging as investors focus on large-cap tech, international equities and core bonds.

Arnot points out that the iconic 60/40 portfolio is still doing “reasonably well” (up in the low double-digits year-to-date) but warns that its cushion is thinner than many assume given weaker breadth and elevated valuations in U.S. stocks.

She argues that diversification still matters and that portfolios tilted toward under-owned regions or sectors might offer more upside from here. International equities, for example, trade at a discount and may benefit even if U.S. markets continue to outperform.

For traders the key takeaways are: don’t assume broad portfolios are safe simply because major indices are up; watch leadership divergence for signs of rotation; consider diversifying into overlooked areas (like certain real-estate segments or non-U.S. equities) while maintaining quality. The subtle warning: when multiple smaller asset-class cracks appear — in CRE, small caps, perhaps private credit — they can signal the next move even if headlines stay calm.

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Tomorrow’s tape will hinge less on dramatic headlines and more on whether this rally has momentum or is simply resting. Verizon and Kraft Heinz report before the open, offering a read on consumer resilience and telecom margins, while traders brace for Fed Chair Powell’s press conference later in the day. The market’s mood leans dovish… any hint of hawkishness or a pushback on early 2026 cuts could jolt yields and test the rally’s footing.

Right now, the bias stays cautiously bullish but finely balanced. If earnings stay solid and Powell validates the “soft-landing with liquidity” story, the S&P could break decisively higher. If he reminds traders that inflation’s decline isn’t victory yet, the market’s recent calm may prove as fleeting as the gold dip that preceded it.

Also Watch: yields, dollar strength, and small-cap breadth… if any of those wobble tomorrow it may be a sign the “all-clear” isn’t as clear as it looks today.