Market attention again focused on the Fed and when it might reduce interest rates. At Fed Chairman Powell’s Wednesday press conference, there was enough “Fed Speak” for everyone to take from it whatever they would like. The US stock market did just that, concluding that rate cuts later this year were a certainty which led to big rallies on Wednesday with carryover into Thursday. While there was a broader inclusion of stocks that participated, there was a wide dispersion in the degree of gain. Once again, the perceived prime beneficiaries of AI, tech and internet services stocks (Large Cap Growth) far outpaced all other stock asset classes, as rate cuts would be more favorable to their stock valuations based upon their far into the future earnings........ (click for more)