The market executed a dramatic narrative pivot late Wednesday, shifting from macro fear to micro-growth validation. After the S&P 500 sank for its fourth straight day, explosive earnings reports provided the tech relief rally everyone was desperate for. But the pivot is still fragile, and macro uncertainty remains a threat.

In this special PM update, we break down the most volatile session of the week:

* Nvidia delivers a massive beat and strong guidance, vindicating the entire AI infrastructure trade.

* The pre-close divergence: Why the Dow sank while the Nasdaq stayed unnaturally strong ahead of the earnings call.

* FOMC Minutes reveal a concerning split among Fed officials regarding the timeline for 2026 rate cuts.

* The extreme VIX reading near $24.50 and what it signaled about institutional hedging before the twin risk events.

* Palo Alto Networks confirms cybersecurity remains a "defensive growth" priority.

* The key technical level (NDX 20-DMA) that must hold to confirm the correction is over.

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