Eleven of 12 sectors rose. Healthcare was the only one down, falling 1.11% as MRNA dropped 10.83% and ARWR 9.05%. Security and data software also sold off while META and CBRS led AI-linked gains.
Since the last briefing
Yesterday's theme was AI hardware bouncing and staples sliding while falling yields contradicted the room's rate thesis. Today, yields rose from the 3-month to the 30-year, with the 2Y up 5bp, so the falling-rate contradiction went away for now.
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.