U.S. equities posted a strong session, with gains extending into Asian markets the following day. The rally is being driven by above-expectation earnings growth across major companies, and Wall Street banks including UBS are projecting further upside. European equities are beginning to participate more actively, broadening the advance beyond its earlier U.S.-centric base.
A broadening rally, one that pulls in Europe and Asia rather than concentrating in a handful of U.S. mega-caps, historically sustains longer and lifts index-level ETFs like SPY and VGK. Investors with diversified equity exposure stand to benefit, though the widening participation also means more of the easy gains may already be priced in.
Watch for the next batch of major corporate earnings releases in the coming weeks, and the next U.S. CPI inflation report (~mid-July) which will shape expectations for Federal Reserve rate decisions.
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