S&P 500

Key insight

7,677 extends ATH territory — next structural target is 8,000 round number; oil's -2.6% drop to $93.9 cuts inflation pressure and supports multiple expansion if sustained.

7,677 holds above the 200-day MA near 7,200 and July ATH breakout zone; broad global equity advance with DAX, CAC all green confirms risk-on tone into week open.

Main risk

Treasury yield spike above 5%

Re-acceleration above 5% on 10-yr UST would compress equity multiples fast; watch Friday's PCE print as the nearest catalyst.