AI, crypto and market breadth drive the trading day 10/7/26

Record S&P/Nasdaq highs are being driven almost entirely by tech while underlying market breadth and private-credit valuations deteriorate.

• SpaceX's $40B raise: FT reports SpaceX is in early talks with Apollo Global and PIMCO for ~$10B in bank loans plus $30B in investment-grade debt to buy NVIDIA chips; shares fell 2% pre-market despite a 16% three-session win streak.
• Breadth warning amid record highs: Piper Sandler's Craig Johnson flags that under 20% of stocks are in uptrends despite S&P/Nasdaq records, calling the rally potentially a 'head fake' and keeping a 7,500 year-end S&P target.

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