DC Lite #144

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1. CEO outlook. "CEO confidence has rebounded back above 50."

2. Growth vs. rates. "The recent divergence in the relative performance of the Nasdaq 100 versus Russell 2000 and the 10-year yield suggests that the market is increasingly focusing more on growth than rates."

3. Fed vs. market. "The only glaring difference between the Fed and the market is where neutral is at. The Fed still seems to think it’s around 2.5-3.0%, but the market thinks it’s 3.5-4.0%."

4. FMS vs. Tech. "FMS allocation to technology has fallen to net 20% OW, which is the lowest level since Oct'23 ... [and] below the LT average of net 22% OW."

5. Nasdaq vs. SPX profits. Since 2002, Nasdaq profits have risen from just 4.5% of S&P 500 profits to nearly 40% today.