Rally Reverses Lower

its chance, of the story’s futures

−1.1%on the S&P 500, if it happens

The opening rebound proves to be a short-covering move rather than a durable reset. Traders refocus on stretched AI multiples, policy uncertainty under a Democratic Congress and the scale of recent losses across semiconductor shares.

What it moves

Technology−1.6%
Business Services−0.3%
Market volatility▲ up
Riskier companies' borrowing costs▲ up

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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