US S&P 500 Index

The S&P 500 closed up 0.1% this morning reversing early deep losses with buying evident in the battered software stocks and cash-rich big tech names like Nvidia, Microsoft and Meta, which in some people’s minds are regarded as defensives. Even Bitcoin advanced more than 5% as a “risk on” mood took hold when least expected by most investors.

• The market’s resilience over the last 24 hours has us close to turning bullish as we ultimately look for further gains through 2026.