New Delhi, Dec. 18 -- U.S. markets have stepped into December with surprising strength. That alone would be encouraging, but it comes at a moment when several November indicators are moving in the opposite direction. For young Indian investors who now invest in the U.S. through platforms like Appreciate, this contrast can feel oddly familiar, almost like watching two different stories unfold at once. One is the upbeat version told by stock prices; the other is the quieter, more cautious version reflected in economic data. When these two diverge, it's worth pausing to understand what the numbers are actually saying.

The recent market rally rests on a familiar mix of optimism: hopes of easing inflation, the possibility of interest rates dr...