Thursday\u2019s pullback extended, yet technology held up better than the S&P 500 into the close, avoiding the late-session deterioration seen in the broader index. On Friday, incoming data lifted the market-implied odds of no September rate hike, although price action remained choppy, with an intraday move that punished weaker long positions and left the route higher uneven. By the close, QQQ outperformed SPY, reinforcing the session\u2019s tilt towards Nasdaq relative strength.<\/p>\n\n
Market breadth improved as the rally widened beyond megacap technology, even as leadership rotated during the session. Attention now turns to next week\u2019s CPI and PPI releases, which will test the \u201cinflation has peaked\u201d narrative, with the writer contrasting paper oil prices with physical inventory conditions. The jobs report was presented as a catalyst for the broader advance, with materials, consumer discretionary and industrials among the stronger areas, while the US dollar was described as not obstructing risk appetite.<\/p>\n\n\n\n