Labor data is nuanced. Layoffs were concentrated (Amazon, UPS). Initial claims pop might be weather-related one-off. Key question is whether we're seeing cracks in the 'low firing' part of equation, which needs more data.

Strong ISM manufacturing headline (contraction to expansion) contrasts with dour verbatim comments mentioning tariffs. Similar to consumer confidence being weighed down by inflation experience despite strong growth.

Adds 'disruption' phase. AI market broadening: from hyperscalers (create) to build-out (catalyze) to disruption/beneficiaries (cultivate). Multi-prong story with underlying strength but pockets of weakness.

Momentum is in rotation trade. Traders (retail & institutional/CTAs) looking for opportunities both long and short. Broadening has fundamental underpinnings: equal-weight earnings trajectory improving, MAG7 growth decelerating while other 493 direction is higher, small-cap earnings more stable, cyclical strength explains international equity performance.