Gold miners dragged Materials down while memory chips rallied inside a weaker Technology sector
The selling was narrow but deep. Owners of discretionary retail, precious-metal miners and application software took the damage, while defensive sectors and memory-chip makers held up.
Only 4 of 12 sectors rose. Materials fell furthest at -2.54% as gold and silver miners sold off: GFI -10.62%, AU -9.37%, KGC -6.00%. Utilities (0.65%), Communication Services (0.37%), Energy (0.31%) and Staples (0.31%) were the only sectors higher.
Since the last briefing
Yesterday we said Hormuz risk was pushing up front-end yields, and we leaned 65/35 toward a Stagflation Squeeze that favours durable energy cash flows over rate-, credit- and fuel-sensitive businesses, with no hiding place in AI hardware.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.