Yields fall, defensives lead, and technology's five-week slide deepens further.
A broad-based flight to quality in bonds and defensive equities on the final Monday of March leaves holders of technology and industrial positions facing confirmed, multi-session deterioration with no near-term catalyst for reversal yet visible.
Defensive rotation dominated Monday's session as eight of twelve sectors rose, led by Consumer Staples and Utilities at 0.72% each, while Technology fell 1.46% and Industrials dropped 1.82%, extending confirmed five-session losing streaks in both sectors.
Since the last briefing
Friday's standing call was that a steepening curve would punish growth multiples and reward hard assets — Energy, Materials, and regulated Utilities — for a second consecutive week.
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.