Eight of 12 sectors rose, led by Materials (+1.94%) and Industrials (+1.60%). Energy fell 2.33%, and that loss agrees with its five-session move. Top-to-bottom dispersion was 4.27 points, so this was a day of rotation rather than a broad rally.
Since the last briefing
Yesterday the committee kept its preference for regulated and contracted cash flows over AI-hardware suppliers at 60/40. It said it would change only if the rebound turned five-session trends positive.
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.