Interesting disconnect between the bullish 8000 S&P target and the weakening macro data. If payrolls come in near 60k and consumer spending keeps slowing, earnings growth expectations may need to be revised lower. The AI capex cycle is still supporting markets, but eventually investors will want to see productivity gains translate into revenue and profits rather than just spending.

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$ISHARES S&P 500 ETF/AUS(IVV.AU)$ 

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