Software earnings puncture a tariff-led macro fog while most sectors retreat.
A handful of enterprise-software beats did what tariff headlines could not — they gave long-term holders a concrete earnings anchor on a day when everything else was pulled between policy noise and rate uncertainty.
Technology led the four sectors that finished higher on May 1, with Atlassian and Twilio surging on earnings beats that drove a narrow but powerful software rally atop an otherwise broadly declining tape.
Since the last briefing
Yesterday's position held that a broad relief rally was masking violent earnings-driven dispersion, and that the committee's highest conviction sat in quality industrial and healthcare earnings re-ratings while skepticism on broad semiconductor exposure
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.