Despite some eye-watering intraday volatility, an aggressive late-November swoon, some revulsion around OpenAI and Oracle, questions about the US labor market, a Fed no longer seen to be very dovish, higher global rates, hikes priced in for many countries, and extremely weak cryptocurrency vibes… Here we are. An 18-foot putt away from ending the year at the all-time high in stocks. The S&P 500 cash all-time high is 6920.34, and we closed yesterday at 6901.01. Wild. For now, the Andrew Ross Sorkin bell ringer high remains in place and there has been significant selling each time we get back near it. In macroland, ... (full story)