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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.

S&P closed at 7,398.9, within 3 points of its all-time high. Tech and semis led the charge as AI capex optimism overrode Iran headlines.

The market is pricing peak earnings growth — AI spending is accelerating faster than even bulls expected. Breadth is narrowing though, which historically precedes corrections.

Intraday ATH test at 7,401.5 is imminent. Clean break targets 7,500. CPI miss Tuesday could trigger the breakout; hot CPI kills it.