The U.S. stock market has reached new all-time highs despite deteriorating macroeconomic conditions, driven by the strong tech concentration in the S&P 500 which represents 40% of the index. S&P 500 company earnings are expected to show growth of more than 29% in the third quarter, the third consecutive quarter above 25%. The 10-year Treasury yield has reached its highest level since 2007, while Brent crude oil trades around $106 per barrel and U.S. WTI crude near $93. Consumers remain resilient despite economic confidence dropping to its lowest level in over a decade, with the unemployment rate holding at 4.2%.
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