Eight of twelve sectors fell on March 27, with Technology down 2.10% and Financials down 2.20% leading the decline, while only Energy, Materials, Consumer Staples, and Utilities closed higher, producing a top-to-bottom dispersion of 3.23 points.
Since the last briefing
Yesterday's briefing called the rate-regime thesis primary, flagged Energy as the only confirmed multi-week beneficiary, and trimmed conviction on undifferentiated AI hardware at a 60/40 weight.
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.