 World equity markets are lower this morning after a choppy Wednesday in the U.S. with the Dow closed with another lifetime high while the S&P fell nearly 1.5%. There is rotation occurring in the stock market with markets that were previously depressed gaining favor and recently high-flying stocks being sold. This is due to the idea that the economy is still likely to have a soft landing and that strong economy and lower interest rates will likely help all of the stocks, not just a few that were driven by equity gains throughout most of 2024.