The global macro picture is shifting. Small-cap stocks led the way today, with the IWM ETF posting a gain of 1.32%. The DIA rose a modest 0.12%, while the SPY eked out a gain of 0.07%. Tech stocks also saw slight gains, with the QQQ up 0.21%.
In company-specific news, Moody's (MCO) announced the opening of a new headquarters in Riyadh, Saudi Arabia, signaling a deeper commitment to the Middle East as Saudi Arabia pursues capital market reforms under Vision 2030. Despite this expansion, MCO shares declined -0.86% during the session.
Meanwhile, market strategist Jeremy Grantham has issued a warning about potentially mediocre returns for the U.S. stock market this year, citing factors such as upcoming IPOs. While he didn't name specific companies, the anticipation of large offerings from companies like OpenAI and SpaceX could be impacting broader market sentiment.
Macro regimes don't change overnight—but when they do, it matters.