US equities rallied overnight—Dow hit a record and the Nasdaq rose about 2%—but
internals show a split between headline gains and defensive positioning.
Benzinga reports the move was driven by dip-buying in previously oversold tech
leaders and lower oil easing inflation fears. The CNN Fear & Greed index remains
neutral-to-fearful, indicating limited broad risk appetite. Morgan Stanley
strategists warn elevated long‑end US Treasury yields continue to physically
squeeze high‑valuation stocks. Bernstein analyst Douglas Harned says investors
remain highly cautious about returns from tech giants' large AI capex.
