Hormuz shock splits energy winners from rate-pressured tech losers.
A supply-disruption premium reached crude equities while rising yields simultaneously repriced high-multiple technology, producing the sharpest sector dispersion of the past five sessions.
A Strait of Hormuz escalation to 'severe' dominated the session, lifting Energy 2.76% as crude supply disruption risk priced in, while Technology fell 1.50% and Industrials dropped 2.10% as higher Treasury yields and physical-supply paradoxes pressured rate-sensitive and throughput-dependent names.
Since the last briefing
Yesterday's call held that industrial and technology leadership was real but narrow, and the committee tilted toward infrastructure-adjacent names with pricing power while stepping back from rate-sensitive utilities.
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.