Geopolitical risk premium lifts Energy while Materials and cyclicals surrender ground broadly.
A session where only oil-levered names and a narrow band of optical-networking stocks found buyers is not a recovery — it is a rotation into the last pockets of momentum while the rest of the tape deflates.
Only two of twelve sectors closed higher on March 19, with Energy rising 1.79% on geopolitical risk while Materials collapsed 2.24%, dragged by multi-week confirmed losses across gold miners and Alcoa, leaving the tape overwhelmingly defensive in character.
Since the last briefing
Yesterday's call maintained concentrated exposure to Energy infrastructure and AI-capex sub-sectors and explicitly avoided Healthcare and broad cyclicals until the ten-year yield sustained a move below 4.10%.
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.