Lower yields lifted every sector, but only energy and financials show moves lasting a week
For long-term holders, a broad relief day hid the moves that matter: regional-bank stress, weak memory chips and faltering branded consumer names all got worse even as the index rose.
All 12 sectors rose, with only 2.5 points between the best and the worst, as Treasury yields fell 5 to 6bp along the curve. Most of the bounce is graded tape, meaning it has not held for a week.
Since the last briefing
Yesterday the committee held a 60/40 Stagflation Squeeze lean. It favoured gas and oil producers with their own cash flow and fee-earning brokers, and was cautious on AI-linked power producers, metals and discretionary names.
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.