Indian Prime Minister Narendra Modi’s recent victory in the national elections  was muted at best. While he secured a rare third term in the nation’s highest office, his decisive legislative supermajority failed to materialize. Modi has made revitalizing the Indian economy and increasing foreign direct investment (FDI) a cornerstone of his pro-business platform. With markets adjusting to the unexpected outcome and new legislative circumstances, he and his party now pursue cementing the economic gains generated in his earlier terms, to ensure India continues making strides towards a modern capitalist economy that includes the

To say May was an eventful month for the market is an understatement. Investors navigated around the latter half of first-quarter earnings, a breakout to record highs for the broader market, elevated volatility across fixed income and currency markets, and a mixed bag of economic data — not to mention elevated political uncertainty stemming from the conviction of former President Donald Trump. Overall, markets shrugged off political uncertainty, bad economic data was mostly taken as good news for stocks by reviving hope for interest rate cuts, while good news helped write the goldilocks narrative of economic conditions being just right.

The technology sector was all the rage last week thanks to strong results from artificial intelligence (AI) darling NVIDIA (NDVA). Generally, a top-performing sector over the past decade, it’s hard to overstate technology’s importance to the market. While the official S&P classification results in a roughly 30% weight for the technology sector in the S&P 500 Index, adding tech-focused powerhouses such as Alphabet (GOOG/L), Amazon (AMZN), Meta (META), Netflix (NFLX), Tesla (TSLA), and others, pushes that weighting to around 40%.

Market Concentration of Big Tech Nearing "Dot-Com" Levels

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U.S. equities continued their remarkable run in 2024, with many major indexes reaching new record highs this week. The Dow Jones Industrial Average (DJIA) achieved a particularly significant milestone, briefly surpassing the 40,000 mark. The S&P 500 also achieved and new all-time high and registered its fourth consecutive weekly gain. This positive momentum was fueled by several factors, including a welcome decline in consumer inflation data and continued strength in the technology sector. The fixed income market also benefited from the softer April inflation data as the Benchmark Bloomberg Aggregate Bond Index traded to its highest level