Stocks reached new highs as markets lean on Fed easing, favorable inflation data, and solid earnings, while select sectors lead gains and only a few lag.

Despite a broadly supportive macro backdrop, markets are overbought and vulnerable to sharp corrections in assets with large "air pockets" such as gold and cryptocurrencies.

Key themes include below-consensus CPI, limited fresh U.S. data due to the government shutdown, resilient corporate earnings supported by AI investment, and ongoing risks from inflation and geopolitical/political events.

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