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Dow barely moved, adding just 12 points to 49,609. Old-economy names lagged as money rotated hard into growth and semis.

The Dow's flatness while Nasdaq surges 2.35% signals a classic rotation. Industrials and financials need rate-cut clarity that CPI data could provide.

50,000 psychological level remains the target. Needs breadth expansion from industrials and financials — unlikely without softer inflation data.

EUR edged to 1.1769 as the dollar softened on risk-on flows into Asian equities and tech. DXY held below 98.10 for a third straight session.

Weak dollar momentum is structural — markets are pricing two Fed cuts by September while ECB stays hawkish on sticky services inflation.

US CPI Tuesday 15:30 TRT is the week's pivot. Core above 0.3% MoM would reprice Fed path and reverse dollar weakness sharply.