The tech sector's tentative rebound, led by Apple's reassuring guidance, has contributed to gains in the S&P 500, despite ongoing challenges such as declining iPhone sales and geopolitical uncertainties. Broader market sentiment remains cautious, with investors shifting focus towards European equities and value stocks as safer alternatives to the overvalued big tech stocks. This shift is evident in the better performance of the equal-weighted S&P 500 compared to its cap-weighted counterpart, highlighting a move towards broader market opportunities. The S&P 500's rise is also supported by cautious optimism, as it nears its 52-week high.
The ProShares Short S&P500 ETF (SH) experienced a decline, falling 0.68% to $40.97 at 10:40 AM on Friday, January 31.