Sticky inflation kills rate cuts; semis split hard on quality versus duration.
Investors who own high-RevGrowth names at premium multiples are now pricing a September hike, not a cut, and the tape made clear that only names with durable cash flow cleared that bar today.
Semiconductor equipment and memory names surged in multi-week confirmed moves — SNDK, MU, AMAT, KLAC and TER all posted double-digit gains — while Consumer Discretionary and Technology sectors fell, with AAPL down 6.12% and Consumer Discretionary dropping 1.94%, the tape's sharpest sector loss.
Since the last briefing
Yesterday's verdict framed a 60/40 constructive stance on MU into tonight's print and called today's energy move a confirmed structural unwind rather than noise.
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.