S&P 500 Extends Gain to 0.7%, Hits Session High

The leadership is the story here: real estate and consumer discretionary, the most rate-sensitive corners of the index, outpacing a broad advance while energy lags. That rotation suggests the move is being read through a rates-and-demand lens rather than a commodity or inflation one, which matters for how durable the session high proves. Whether energy's underperformance stays contained or widens as the day progresses is the open question.