Energy and defense extend multi-week leads as war risk and Fed caution shape the tape
The durable moves were in oil-linked and defense businesses; most other sector gains came on a tape grade and have not held for a week, so a broad rally should not be assumed.
Nine of 12 sectors rose, led by Energy at 1.33% (5.32% over five sessions), while Healthcare fell 0.68% as LLY dropped 5.94%; the 10-year yield eased 3bp to 4.20% ahead of tomorrow's Fed decision.
Since the last briefing
Yesterday the committee held a 55/45 Stagflation Squeeze lean and treated AI infrastructure as its own cycle, favouring self-funding businesses over builders that rely on outside financing.
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.