November 2, 2025 As the S&P 500 enters another pivotal earnings season, one sector holds the market’s fate in its hands: Technology. The Technology Select Sector SPDR (XLK)—up roughly 32% year-to-date and accounting for more than 32% of the S&P 500’s total market capitalization—has been the engine of U.S. equity performance. Yet as the earnings […]
Tech’s High-Wire Moment Read More »
October 19, 2025 Last week we got our first inklings of potential problems underneath the surface within the banking sector in 2025. Equities have faced some corrective price action in the past week and risks around trade, credit and government funding are starting to claim more attention. We wanted to use our weekly letter to
Narrations of a Sector ETF Operator | FOMO vs. “Oh No!” Read More »
October 12, 2025 U.S. equities finished sharply lower on Friday as investors reacted to a re-escalation in trade and technology tensions between Washington and Beijing. The S&P 500 (chart below) fell roughly 2.7%, the Nasdaq Composite dropped 3.5%, and the Dow Jones Industrial Average lost 879 points (-1.9%), erasing several weeks of gains. The sell-off
October 5, 2025 Equities again sit at or near all-time highs on the major indices. A supportive Fed and continued interest in AI concepts have boosted equity prices and Technology shares in the near-term. However, market breadth has narrowed at the stock level despite the advance (chart below). The mega cap. leadership embedded within the
Narrations of a Sector ETF Operator | Once Again, the Consumer is the Pivot Read More »
September 28, 2025 September 2025 has been dominated by renewed focus on AI and automation, even as markets wrestle with tariff headlines and mixed Fed commentary. As investors contemplate the speculative merits of AI vs. its actual delivered results, we continue to explore the expanding AI econ-system. One thing we’ve noticed is that while many
Narrations of a Sector ETF Operator | The Rise of the Machines Read More »
September 21, 2025 The past week was dominated by the Federal Reserve’s September policy meeting, which delivered a widely expected 25 bp rate cut and a dovish dot plot signaling another 50 bp of easing by year-end. Chair Powell characterized the move as a “risk management” cut in response to signs of labor market softening,
September 14, 2025 Equities finished yesterday notching another all-time high on the S&P 500. The August CPI report came in cool enough to support the Fed’s policy intentions with the market pricing in a 100% chance of a 25bp rate cut at next week’s meeting and a further 50bps of cuts into year end. From
September 7, 2025 We’ve seen several developments over the past six weeks that may signal a reprieve from the dominant Mega Cap. Growth and AI trade that has underpinned the equity bull trend since 2023. We’ve mentioned Warren Buffets move to bottom-fish UNH and several prominent homebuilders. The US Government has taken a 10% stake
Narrations of a Sector ETF Operator | Small Cap. Stocks Taking a Leadership Turn Read More »
September 1, 2025 Last week, we detailed the emergence of the Fed as a key player in the 2nd half of the year after Powell signaled intent to lower rates. The stated goal is to support the softening employment picture. Tariffs have added some cost pressure which factored into the Fed’s decision but haven’t registered
Narrations of a Sector ETF Operator | Fed Easing A Tailwind to Value In the Early Going Read More »
August 24, 2025 On Friday, we talked about the retracement of Growth shares playing out over the near-term and concluded with the point that the Fed would play a pivotal role in the 2nd half of the year. We only needed to wait hours for Powell’s Jackson Hole speech to move the markets. This time,
Narrations of a Sector ETF Operator | The Fed has Entered the Chat Read More »
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