A 14-basis-point rate surge erases every sector simultaneously on a single session.
When the ten-year yield clears 4.39% in one day and not a single sector holds ground, the question for long-duration equity holders is no longer which sector to prefer but how much rate sensitivity lives inside each position's valuation.
Every one of the twelve S&P sectors closed lower on March 20, 2026, with Utilities off 3.80% and Technology off 2.28%, as a sharp rates surge — the 10-year yield jumped 14 basis points to 4.39% — repriced rate-sensitive equities across the board.
Since the last briefing
Yesterday's call maintained Energy and AI-capex hardware exposure while explicitly avoiding Materials and Healthcare; that read is partially confirmed and partially overtaken by events.
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.