Yields bite growth as defensives absorb a genuine rotation day.
When the two-year yield jumps six basis points and Technology drops while Staples and Energy lead, the market is not rotating within growth — it is repricing duration risk across the entire equity stack.
Defensive sectors led Tuesday's tape — Consumer Staples gained 1.54% and Energy added 1.46% over five sessions — while Technology fell 1.32% on the day, reversing the semiconductor-led narrative that dominated last week's positioning.
Since the last briefing
Yesterday the committee held that semiconductors were anchoring the tape while nine other sectors quietly eroded underneath — a 60/40 reaffirmation of the NVDA-led bifurcation thesis.
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.