US S&P 500 Index

The S&P 500 closed up 0.8% this morning, in positive territory for the week as if the Middle East conflict didn’t exist – as we often say at MM, markets that can hold firm, or go up, on bad news are very strong. The index received a lift from the tech mega-caps, with Amazon +3.9%, Spotify +2.7%, and Nvidia +1.7% catching the eye, as fears of a U.S. economic slowdown faded. A couple of upbeat economic releases helped lift investor sentiment on Wednesday. ADP reported stronger-than-expected private sector job creation in February, while the U.S. services sector also expanded faster than forecast, with inflation pressures easing.

• The market’s resilience over the last 3 trading sessions has us close to turning bullish as we ultimately look for further gains through 2026.