Equities hold gains as the rate path narrows into year-end

Broad US equity benchmarks have spent the last several sessions in a tight range as traders weigh a narrowing path for interest rates against resilient corporate earnings.

Beneath the index level, leadership has been shifting. Cyclical and mid-cap names have absorbed a larger share of inflows, while the megacap technology complex has traded sideways.

Rate expectations remain the dominant variable. Positioning data suggests investors are reluctant to commit to a directional view before the next inflation print.

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