A new tech deal between Microsoft and OpenAI drove Wall Street to new highs. U.S. stock markets are heavily concentrated in ‘Big Tech,’ but global comparisons show less extreme concentration. Amazon and UPS announced job losses amidst a weakening labor market. The Federal Reserve is expected to cut interest rates and make changes to its balance sheet.

Market concentration may not be as extreme on Wall Street as feared. The U.S. ranks fifth in market cap concentration globally. Concentration risks are more extreme in other countries. High concentration can impact returns and increase risk. The tech bubble burst concerns have not materialized yet. Diversification is key for balanced portfolios.

Key events for tomorrow include RBNZ Governor speaking, Australia inflation data, Japan consumer confidence, and U.S. Federal Reserve rate decision. Stay informed with Trading Day newsletter for market updates. Opinions expressed are the author’s own. No bias or promotional content.

Read more at Yahoo Finance: Tech it to the limit, one more time