The market cap of the top 10 stocks in the S&P 500 is now at a record $20.9 TRILLION.

Since the August 5th low, the top 10's market value has risen by $4.5 trillion.

This year, these 10 stocks have added $7.3 trillion in market cap, marking a 54% increase.

Furthermore, these 10 stocks are now are worth more than the German, Canadian, UK, Indian and Japanese stock markets COMBINED.

In effect, the top 10 accounts now for a record 39% of the S&P 500 index.

The market is convinced a soft landing is coming:

The S&P 500 has risen 9% since the Fed began cutting interest rates in September.

In previous rate cut cycles where a recession was avoided, the S&P 500 gained ~3% on average at this point of the cycle.

On the other hand, when the US economy entered a recession, the index was down ~3%.

In other words, the market is now significantly stronger than it was during previous periods when a soft landing was achieved.