Equity investor risk appetite has turned positive for the first time since January 2025, driven by improved views on fundamentals and the macroeconomic landscape. Financials and technology sectors are the most favored among investors. Ahead of the New York market open on July 9, 2025, cross-asset models indicated modest gains for the S&P 500 index, with forecasts ranging from +0.11% to +0.13%. Signals from rates and commodities markets were the most bullish, while foreign exchange signals were the least bullish. Over the past 20 days, the S&P 500 has outperformed global risk sentiment indicators by approximately 3.3% to 3.5%. Despite the rally surpassing many investors' expectations, risk sentiment indicators remain broadly neutral, suggesting that a large portion of investors have yet to participate fully in the market upswing.