Valuation Friction Emerges

20%its chance, of the story’s futures

−0.2%on the S&P 500, if it happens

Retail demand proves less price-insensitive than expected, especially if Anthropic pursues a valuation well above its last marked level. The IPO still moves forward, but bankers may need to moderate valuation language or allocation expectations.

What it moves

Technology−0.4%
Finance−0.3%

Sectors in percent; other series by direction only.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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