Sector Rotation Broadens as S&P 500 Nears Record Highs
Sector rotation is broadening beneath a record-high tape, and the setup is more interesting than the headline number suggests. SPY, the ETF tracking the S&P 500, closed Monday's session at $773.26, up 0.61%, while QQQ, the Nasdaq 100 tracker, gained 1.17% to $723.03. Nine of eleven S&P sector ETFs finished higher on the day. The catalyst is not strong economic data. It is weak economic data that markets are reading as a green light for Federal Reserve rate cuts, and that distinction matters for how long the rally can run. Key Takeaways SPY closed at $773.26 (+0.61%) and QQQ at $723.03 (+1.17%) on August 10, with 9 of 11 S&P sector ETFs higher on the session. July nonfarm payrolls fell 23,000…
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