On October 7, the S&P 500 index hit an intraday high of 7844.52 points, setting a new record and closing above 7800 points for the first time. Meanwhile, the 10-year U.S. Treasury yield surpassed 5.3%, reaching its highest level since 2002, and oil prices returned to $100 per barrel. Despite the Federal Reserve having initiated a rate-hiking cycle, U.S. stocks still set records under these multiple macro pressures. This rally has been primarily led by large-cap tech stocks and the AI sector, with the total market capitalization of the seven tech giants in the S&P 500 rising to approximately $25 trillion, setting a new all-time high, and some individual stocks seeing significant gains recently. However, market breadth continues to narrow, with less than half of the S&P 500 components closing above their 200-day moving averages. Small-cap stocks and the equal-weight S&P 500 index have underperformed, indicating a growing reliance on a few large-cap tech stocks.