Santoli's Thursday market wrap-up: Investors say Fed won't smother growth

(These are the market notes on today's action by Mike Santoli, CNBC's Senior Markets Commentator. See today's video update from Mike above.) Follow-through from the dovish takeaway to Wednesday's Fed rate cut drives a high-torque rotation into economically sensitive assets, helping to offset another sell-down in secular-growth AI plays. As noted for weeks, the market has been pressing its bets on a reflationary reacceleration of the real economy into 2026, as "run-it-hot" policies kick in, companies lap the initial tariff impacts and the AI capex binge rages on. Whether this ultimately is proven correct by the economic performance next year (a similar bet failed in early 2025), there has been little in the Fed messaging, the earnings outlook or market action to push investors off this view