WS #15320
The US economy continues to show remarkable resilience, with the S&P Global Services PMI coming in at 58.8, beating estimates of 58.7. This data supports the 'soft landing' thesis, allowing equities to rally even as the 30-year Treasury yield climbed to 5.656%. The combination of strong growth data and sticky yields is driving a sector rotation away from rate-sensitive defensives toward growth-oriented technology and consumer discretionary stocks.
US Macro Resilience
The US economy continues to show remarkable resilience, with the S&P Global Services PMI coming in at 58.8, beating estimates of 58.7. This data supports the 'soft landing' thesis, allowing equities to rally even as the 30-year Treasury yield climbed to 5.656%. The combination of strong growth data and sticky yields is driving a sector rotation away from rate-sensitive defensives toward growth-oriented technology and consumer discretionary stocks.