The S&P500 gained 14.5% over the first half of the year. Most equity investors would be happy with 10% for the full year but
such has been the narrowness of the manner of the gain that once interest rates begin to be reduced, the market should broaden.
Some 40% of US stocks are actually down year to date.
The most obvious area for gains to be seen outside technology (Apple, Nvidia and Microsoft generated 90% of the first half
S&P500 gain) are small caps. In the meantime, investors should expect some form of pullback in US equities as valuations of
megacap tech become somewhat stretched. Yet such is the search for anything related to artificial intelligence, especially the
aforementioned leaders (plus Arista Networks, GOOGL, AMZN, ARM, Broadcom), that even a 5-7% pullback will be
vigorously bought.

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