Yields drop five to seven basis points and lift every sector in unison.
When the rate signal is this clear and breadth this wide, the session is less about stock selection and more about what the bond market is telling you about the growth outlook.
All twelve sectors closed higher Monday in the narrowest possible sweep — a less-than-one-point spread top to bottom — as falling Treasury yields anchored a broad but shallow risk-on session that rewarded cyclicals at the margin.
Since the last briefing
Friday's position called for a defensive tilt with active intra-Technology selectivity favoring confirmed AI-hardware semis over software, and for avoiding Materials and discretionary retail until multi-week persistence grades reversed.
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.