As the S&P 500 inches higher by 10 basis points, there’s a notable rotation back into speculative growth stocks. This move is particularly evident in our Long/Short Quality factor, which has reached new lows. Meanwhile, gold miners and rate cut winners have faded intraday after President Trump hinted he may no longer consider nominating (dovish) Hassett to the Fed.

In space-related news, satellite company ASTS has been awarded a prime contract for Trump’s Golden Dome effort. This development has sent the space basket soaring by 4.7%, with the group now up an impressive 85% over the last two months. It’s worth noting that this basket is well represented in our Speculative Growth & High Short Interest basket, which may help explain its outperformance today.

Looking ahead to next week, investors will be keeping a close eye on global PMIs and the Bank of Japan meeting (which is expected to hold). Earnings highlights include Johnson & Johnson, Netflix, and General Electric.